A Comparison of Nonparametric Tests of Weak Separability for Annual and Quarterly Data on Consumption, Leisure, and Money
用非参数方法检验了年度和季度人均数据中消费、休闲和货币资产的效用最大化与弱可分离性假设，发现年度数据支持更广义的货币总量，而季度数据不满足货币资产的可分离性。
Among the most fundamental assumptions made in economics are utility maximization and the separability of the arguments in the representative consumer's utility function. These assumptions are important for theoretical and empirical applications of economics. In this article, we present results from nonparametric tests of these assumptions of consumer behavior. We find that utility maximization generally obtains with either annual or quarterly per capita data on consumption goods, leisure, and relatively liquid monetary assets. Annual data on consumption goods, leisure, and all monetary assets are consistent with utility maximization. There is some evidence in support of using partial adjustment models when estimating quarterly data models of the demand for monetary assets. Further, annual data on consumption goods and leisure and on liquid monetary assets meet the necessary and sufficient conditions for weak separability. These results support the notion of a monetary aggregate more broadly based than currency plus demand deposits. Separability of monetary assets does not obtain for quarterly data.