Translog Flexible Functional Forms and Substitutability of Monetary Assets
通过估计四种嵌套的超越对数需求系统，检验货币资产的同质偏好和准同质偏好，发现广义超越对数模型最优，且拒绝了两阶段优化的假设。
AbstractThis article attempts to establish the nature of the relationship between monetary assets by estimating a sequence of four nested demand systems: the generalized translog, the basic translog, the linear translog, and the homothetic translog. The principal attraction of the empirical work is that I am able to test separately for both homothetic and quasi-homothetic preferences over monetary assets. The tests reject both homotheticity and quasi-homotheticity and thus consistency of the Strotz–Gorman two-stage optimization. I also perform tests on economic theory to establish whether the parameter estimates are consistent with the utility-maximizing hypothesis underlying the models. These tests indicate that the generalized translog is the preferred model.KEY WORDS: Generalized translogDemand systemsHomotheticityQuasi-homotheticity