Human and Nonhuman Wealth in Demand-for-Money Functions
利用美国人力与非人力财富数据，估计货币需求函数，发现非人力财富的长期弹性最大，人力财富弹性最小，但差异不显著。
Using Kendrick's recently published data on human and nonhuman wealth in the United States, log-linear money demand functions of the "partial adjustment" variety are estimated by introducing in each nonhuman, total, or human wealth as the scale or the "constraint" variable. It is found that the long-run elasticity of money demand with respect to nonhuman wealth is somewhat larger than that with respect to total wealth, and the elasticity with respect to human wealth is the lowest. Such a structure in the elasticities is observed consistently, although differences between the elasticities are not large and perhaps not statistically significant.