Towards a Reconciliation of the Empirical Evidence on the Monetary Approach to Exchange Rate Determination
研究汇率决定的货币方法，发现结构性检验常否定该模型，而非结构性检验则支持；作者通过小样本检验发现后者检验力低，从而质疑标准货币方法的有效性。
The monetary approach to exchange rate determination has served as a theoretical workhorse in open economy macroeconomics, yet empirical evidence concerning its validity is mixed: tests based on structural forms of the model are typically negative, while cross-equation restrictions tests based on nonstructural representations are typically favorable. The authors s eek a reconciliation of these results by investigating the small-sample performance of cross-equation restrictions tests. Their investigatio n indicates that the tests have surprisingly low power in detecting nontrivial departures from the model, thus the authors conclude that something is amiss with standard versions of the monetary approach t o exchange rate determination. Copyright 1993 by MIT Press.