INSTABILITY OF THE U.S. MONEY DEMAND FUNCTION
回顾了美国货币需求函数两次主要的不稳定时期（“失踪货币之谜”和“大速度下降”），并评估了开放经济货币需求模型在解释浮动汇率后货币需求异常行为方面的作用。
Abstract. The paper surveys the two major episodes of instability of the U.S. money demand function known respectively as ‘the mystery of missing money’ and ‘the great velocity decline’. It also assesses the recent literature on open economy money demand models and their usefulness in explaining the puzzling behaviour of money demand manifested shortly after the transition to floating exchange rates.