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随机游走、趋势函数断点与货币流通速度的混沌结构AI 解读

This paper examines the times-series properties of U.S. velocity series, using E. Zivot and D. W. K. Andrews's (1992) variation of P. Perron's (1989) test. It also tests for deterministic noisy chaos using the Nychka, Ellner, Gallant, and McCaffrey (1992) nonparametric test for positivity of the maximum Lyapunov exponent. Comparisons are made among simple sum and Divisia aggregates using the Thornton and Yue (1992) series of Divisia monetary aggregates for an extended sample…

货币、价格与收入的经验关系再考察AI 解读

This article investigates the relationship between sum, Divisia, and monetary velocity money, prices, and income using the notion of Granger (1969) causality. This is achieved by evaluating empirically (using Dickey–Fuller unit-root tests) whether the macroeconomic time series under consideration are trend stationary or difference stationary and by conducting tests using three different, ad hoc, lag lengths—8, 6, and 4 quarters—as well as a statistically determined—using…

This article attempts to establish the nature of the relationship between monetary assets by estimating a sequence of four nested demand systems: the generalized translog, the basic translog, the linear translog, and the homothetic translog. The principal attraction of the empirical work is that I am able to test separately for both homothetic and quasi-homothetic preferences over monetary assets. The tests reject both homotheticity and quasi-homotheticity and thus…