Monetary anticipation and the demand for money in the U.K.: Testing rationality in the Shock‐Absorber hypothesis
检验Carr-Darby冲击吸收假说，即未预期的货币供给变化影响实际余额，而预期变化只影响价格水平。使用两步法和联合估计法对英国数据测试，发现两步法支持该假说，但更优的联合估计法明确拒绝该假说，尤其是隐含的理性预期跨方程约束。
Abstract The Carr‐Darby shock‐absorber hypothesis that unanticipated changes in the money supply cause changes in real balances but anticipated changes have a unit impact on the price level (and therefore leave real balances unchanged) is tested using two‐step and joint estimation techniques. For the U.K., two‐step methods appear to support the shock‐absorber hypothesis, but the superior joint estimation technique decisively rejects the hypothesis, particularly the implicit rational expectations cross‐equation restrictions.