GMM Estimates of Currency Substitution between the Canadian Dollar and the U.S. Dollar
利用广义矩方法估计加元与美元之间的货币替代弹性，发现替代弹性和美元在加拿大流动性服务中的份额都很小，但国内外实际余额组合能显著降低交易成本。
This paper investigates the empirical strength of currency substitution between the Canadian dollar and the U.S. dollar. Euler equations implied by a small, open economy, money-in-the-utility-function model are estimated and tested by Hansen's generalized method of moments procedure. The major empirical finding is that both the elasticity of currency substitution and the share of U.S. currency in the production of Canadian liquidity services are economically small even though the combined domestic and U.S. real balances appear to provide statistically significant economizing on transactions costs. Copyright 1994 by Ohio State University Press.