Seasonal Fluctuations and the Demand for Money
利用美国、德国、英国和加拿大的数据，分析货币持有者对交易量季节性变化的反应，发现半耐用品、非耐用品和服务的消费支出是货币需求函数中交易量的良好代理变量，且货币需求的交易弹性显著低于1。
The reaction of money holders to the systematic seasonal changes in the level of transactions represents an interesting "experiment" for learning about the money demand function. An analysis of the seasonal fluctuations of the real quantity of money and several measures of transactions in the United States, Germany, the United Kingdom, and Canada reveals the following. First, Consumption Expenditures in Semidurables, Nondurables, and Services appears to be a good proxy for transactions in a money demand function, and superior to Gross Domestic Product or Consumption Expenditures. Second, the transactions elasticity of the demand for money is substantially lower than one.