Money demand revisited: An operational subjective approach
基于Bruno de Finetti的不确定知识哲学，提出一种可操作的主观数据分析方法，研究利率对M1预测的信息含量，并重新评估货币需求的利率敏感性。
This paper proposes a method of data analysis founded on the philosophy and understanding of uncertain knowledge developed by Bruno de Finetti. Specifically, the paper investigates the informational content of interest rates for the prediction of M1. This empirical application replicates that of Cooley and Leroy (1981) and McAleer, Pagan, and Volker (1985), but the procedures and their interpretation follow the operational subjective approach. The issue of an autocorrelated error structure is recast in the operational subjective context. Methods are developed to assess the interest sensitivity of the demand for money in this context. © 1996 John Wiley & Sons, Ltd.