Multiple and pairwise non‐nested tests of the influence of taxes on money demand
利用线性嵌入技术对具有不同因变量的自回归非嵌套模型进行多元和成对检验，并应用于交易性货币需求模型，支持税前变量优于GNP的假设。
Abstract The minimal computational requirements of the linear embedding techniques initiated by Davidson and MacKinnon (1981) accommodate multiple and binary tests of autoregressive, non‐nested regression models with different dependent variables. The small sample adjustments of Fisher and McAleer (1981) effectively reduce the size of the P‐tests for our models. Our application to transactions demand for money models supports the Holmes and Smyth (1972) hypothesis that pre‐tax variables are preferred to GNP in M1 money equations.