Inflation Expectations and the Specification of Demand for Money Equations: Note
指出中等通胀国家（尤其是智利）的货币需求实证研究存在两个问题：需求函数设定错误，以及预期通胀率决定过程中的滞后被高估。后者导致通胀下降时，被动货币供给政策实际上变成了降低经济活动的主动政策。
The aim of this paper is to bring to light two problems found in much of the empirical work on the demand for money in countries with intermediate inflation and, in particular, in Chile. These are that the demand function itself has been wrongly specified and, second, that there has been a large overestimation of the lag involved in the process of determining the expected inflation rate. A consequence of the latter has been that, in periods of decreasing inflation, a passive policy of equalizing the money supply to the quantity of money demanded has, due to the underestimation of the latter, in practice been an active policy of reducing the level of economic activity.l Section 2 develops the model to be estimated, and in section 3 the econometric results are reported and analyzed.