Buffer-Stock Money: Interpreting Short-Run Dynamics Using Long-Run Restrictions
利用向量自回归模型，通过长期中性约束识别货币冲击，发现缓冲存货效应在短期实际M1变动中起重要作用，但对M2的证据不明确。
Time-series techniques are used to assess the quantitative importance of buffer-stock money--the short-run response of real money holdings to nominal money supply shocks. The empirical model, a vector autoregression of real and nominal money balances, captures general dynamic properties of the time series but requires theoretical restrictions for sensible interpretation. The authors just-identify the system by imposing a long-run neutrality restriction: nominal money shocks have no permanent effects on real money. They find that buffer-stock effects play an important role in the evolution of real M1 in the short-run. The evidence for M2 is less conclusive. Copyright 1994 by Ohio State University Press.