Nonlinear Monetary Dynamics
使用相关维度技术及残差和洗牌检验，分析多种周度货币总量及其组成部分的非线性动态结构，发现Divisia M2、M3及简单加总M2等存在非线性证据。
Abstract This article uses the correlation-dimension technique, along with the residual and shuffle tests, to look for evidence of nonlinear dynamic structure in various weekly monetary aggregates, their components, the monetary base, and the money multipliers. The results support the Barnett and Chen (1988) and Chen (1988) findings of nonlinearity in Divisia M2, Divisia M3, and simple sum M2. Evidence of nonlinear structure is also found for simple sum M1, currency, demand deposits, all checkable deposits, M3 minus M2, the monetary base, and the multipliers of M1, M2, and M3. KEY WORDS: ChaosCorrelation dimensionResidual testShuffle test