DISEQUILIBRIUM BUFFER STOCK MODELS: A SURVEY
综述了货币传导过程中缓冲存货模型的文献，将模型分为四类，并讨论了其经验含义及理论实证批评，指出当前模型难以进行实证检验。
Abstract. This paper surveys the growing literature on buffer stock models of the monetary transmission process. The first part indicates the basic issue of how (assumed) exogenous changes in the money supply work their way through the economic system via disequilibrium in the money market. After a brief historical development, buffer stock models are divided into four types depending upon whether the disequilibrium arises in stocks and/or flows, and to whether changes in the money stock are purely exogenous. The empirical implications, including how buffer stock models explain the recent behaviour of money demand functions are given. Theoretical and empirical criticisms of the models are presented in terms of the classification system. The survey concludes that whilst the buffer stock notion is an interesting idea, the current models do not lend themselves to empirical testing, and those models which do have performed poorly.