Stability of the U.S. Short‐Run Money Demand Function, 1959–81
使用切换回归技术检验美国传统货币需求方程的稳定性，识别出1974年的变化并非常数项下移，对相关实证研究提出质疑。
ABSTRACT Stability tests are performed for the conventional U.S. money demand equation using switch regression techniques. This methodology provides for the identification of the shift point and the type of shift (abrupt or drift), and is conducive to hypothesis testing to determine the sources of the shift for the regression equation. Our findings do not support the contention that the 1974 change in money demand equation is a downward shift in the constant term, as suggested by many recent empirical money demand studies.