Portfolio Redistribution Impacts within the Narrow Monetary Aggregate
研究1980年代货币金融变化是否改变了M1的特征，通过分析多种金融资产在1980年前后的替代弹性，发现M1子成分与储蓄型资产存在显著替代，但投资组合再分配影响不仅限于有息支票存款，且该行为并非1980年代独有。
A number of important monetary and financial changes occurred in the 1980s. A rising question among monetary economists is whether the character of M1 has changed substantially as a result. In particular, a frequent contention is that interest-bearing checkable deposits behave as a savings-type asset, thus subjecting M1 to portfolio redistribution effects in the modern era. This research examines the elasticities of substitution for a variety of financial assets pre- and post-1980. Results indicate that M1 subcomponents do show significant substitution with savings-type assets. However, the portfolio redistribution impacts are not confined to the interest-bearing checkable deposits. Further, results indicate that this behavior is not unique to the 1980s. Copyright 1992 by Ohio State University Press.