Measuring Substitution in Monetary-Asset Demand Systems
指出货币文献中广泛使用的Allen替代弹性（AES）有缺陷，并比较了五种替代性测量方法，帮助研究者选择适合各自问题的替代弹性指标。
The Allen elasticity of substitution (AES) is widely used to study monetary-asset substitution and structural demand stability. Blackorby and Russell showed that the AES is uninformative and that the Morishima elasticity of substitution (MES) is the appropriate measure, a point overlooked in the monetary literature. Use of improper measures can lead to incorrect inferences. This article considers five alternative measures of substitution—the AES, the MES, the Hicksian and Marshallian elasticities of demand, and Mundlak's unencountered, but appealing, constant-cost elasticity of substitution. Selection of the substitution measure appropriate to respective research questions is addressed.