Financial Innovation and Money Demand: Application to Chile and Mexico
用智利和墨西哥的季度数据重新估计货币需求方程，发现传统变量无法解释货币需求的永久性成分，并将其归因于金融创新。
This paper reexamines one estimation of money demand equations using quarterly data for Chile and Mexico. The authors find no evidence of cointegration of traditional long-run money demand equations. In light of this evidence, they argue that there is an important permanent component of the demand for money not captured by traditional variables (interest rates and income). The authors call this phenomenon financial innovation and they include it in the traditional specification by assuming that it follows a random walk. Copyright 1993 by MIT Press.