The Problem of Identification of the Money Demand Function
反驳了Cooley和LeRoy关于货币需求函数无法识别的观点，指出只要货币当局对货币需求函数之外的变量做出反应，识别就是可行的。
Cooley and LeRoy (1981) have argued that if random shifts in money demand are at least partially accommodated by the Federal Reserve, then there is no obvious way to identify the money demand function for the purposes of estimation. We argue that this is not correct, and that identification is in fact straightforward, provided that the monetary authority reacts to at least one variable not in the money demand function. If the monetary authority looks at everything in making its policy, this condition is likely to be fulfilled.