Endogenous Financial Innovation and the Demand for Money
将实证文献中关于金融创新性质的两个关键思想嵌入一个均衡货币模型，为捕捉金融创新效应的货币需求计量模型提供理论支持，并解释数据中的异常货币动态。
This paper embeds two key ideas about the nature of financial innovation taken from the empirical literature into a familiar equilibrium monetary model. It provides formal support for several alternative econometric specifications for money demand that attempt to capture the effects of financial innovation and demonstrates that a popular theoretical model of money demand, when suitably modified, can account for some unusual monetary dynamics found in the data. Thus, it helps to establish both the theoretical relevance of recent empirical work and the empirical relevance of recent theoretical work on the demand of money.