Testing for Financial Buffer Stocks in Sectoral Portfolio Models
在支出与投资组合行为的部门模型中，同时纳入缓冲货币的冲击吸收和溢出效应，利用英国个人部门季度数据检验不同资产和负债的金融缓冲作用。
Empirical implementation of the buffer stock money (DSM) notion tends to concentrate either on the 'shock absorber aspects or the 'spillover' ('disequilibrium money') aspects but rarely combines both. Moreover, a potential buffer role for non-money assets is usually precluded without explicit empirical testing. This paper examines the role of financial buffers in an ex ante sedtoral model of expenditure and portfolio behaviour incorporating both the shock absorber and spillover aspects in terms of cross-equation parameter restrictions. These are tested for a range of different assets and liabilities using quarterly data for the UK personal sector.