The Appropriate Scale Variable in the U.S. Money Demand: An Application of Nonnested Tests of Consumption Versus Income Measures
美国货币需求的适当规模变量：消费与收入指标的非嵌套检验
The purpose of this article is to employ several nonnested procedures to empirically test the proposition put forward by Mankiw and Summers that consumption rather than income is the appropriate scale measure in the money demand function. Real income, real disposable income, consumer spending on nondurables, personal consumption expenditures, and total private spending are tested as candidates for the scale variable. Tests are carried out for both M1 and M2 concepts of…