Financial-Firm Production of Monetary Services: A Generalized Symmetric Baroett Variable-Profit-Function Approach
提出一种新的金融企业货币生产模型，通过可变利润函数检验货币产出总量的一致性，使用广义对称巴内特函数形式，无需同质性假设。
An alternative monetary-production model of financial firms is employed to investigate supply-side monetary aggregation. Financial firms are conceived to produce monetary services as outputs through financial intermediation. A new method for testing the existence of consistent monetary-output aggregates in financial firms' production technology is developed in terms of a multiproduct firm's variable profit function, and the method does not require homotheticity of the aggregator function. We use a generalized symmetric Barnett flexible functional form. That specification satisfies global curvature conditions and retains its flexibility under the null hypothesis of weak separability. Neither of those properties is possessed by other flexible functional forms.