Money-Demand Variability: A Demand-Systems Approach
使用傅里叶灵活形式分析美国季度货币数据，发现金融资产需求曲面高度非线性，弹性随时间变化，尤其在商业周期低谷附近，这解释了以往货币需求估计失败的原因。
This article tests the Fourier flexible form on quarterly U.S. monetary data. The data have been prescreened for consistency with the general axiom of revealed preference, and subindexes are formed using the Divisia approach. In this article, the global Fourier model fits well, although there is a potential problem of overfitting and certain data points exhibit behavior inconsistent with the model. The elasticities are variable over time, particularly around business-cycle troughs. It appears that financial asset demand surfaces are highly nonlinear and the many unsuccessful existing attempts to estimate money demand may not have worked well for this reason.