Money Demand: The Effects of Inflation and Alternative Adjustment Mechanisms
调和了部分调整货币需求模型的多种设定检验，指出若通胀独立影响长期货币需求，则无法区分实际与名义部分调整模型，并探讨了通胀在更一般分布滞后模型中的短期与长期效应。
The paper first reconciles a variety of specification tests for partial adjustment money demand models and points out a fundamental identification problem which makes it impossible to distinguish between the real and nominal partial adjustment models if inflation has an independent effect on the long-run demand for money. The paper also finds that empirical estimates of simple partial adjustment models have some undesirable properties and then considers the shortand long-run effects of inflation in a more general distributed lag model.