Is Money Really Exogenous? Testing for Weak Exogeneity in Swiss Money Demand
检验瑞士货币总量M0和M1在价格方程中是否为弱外生变量，结果否定了这一假设，支持货币需求方程中货币作为因变量的传统观点。
Although exogeneity is often associated with controllable policy variables, Engle, Hendry, and Richard (1983) show that the one condition is neither necessary nor sufficient for the other. Whether variables such as monetary aggregates are (weakly) exogenous depends on the conditioning properties of the data generating process. Testing exogeneity claims represents an important step in analyzing money demand functions. Although Switzerland adheres to fairly strict monetarist prescriptions, we reject the hypothesis that M0 and M1 are weakly exogenous for a price equation. Our results for M1 support the conventional view in which money market equations reflect the demand for money as the dependent variable. Copyright 1993 by Ohio State University Press.