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动态渐近理想模型与有限阶逼近AI 解读

The authors extend W. A. Barnett and A. Jonas's (1983) asymptotically ideal model (AIM) to model for the possibility that the data were generated by a dynamic process. Prediction errors for dynamic and static AIM models are compared for various simulated datasets. Monetary data are also used to evaluate the AIM specifications. There is substantial evidence that an AR(1) correction considerably improves the quality of low-order finite approximations of AIM with the cost of…

非位似偏好下经济货币总量的界限AI 解读

We construct nonparametric bounds on true-quantity indexes for the realistic case of nonhomothetic preferences. These bounds do not require assumptions about the form of the underlying aggregator function. We construct these bounds using monetary assets that meet necessary conditions for the existence of an aggregate. We find that a Tornqvist index of these monetary assets falls within the nonparametric bounds on true-quantity indexes almost all of the time, whereas a simple…

消费、闲暇与货币的弱可分性：年度和季度数据的非参数检验比较AI 解读

Among the most fundamental assumptions made in economics are utility maximization and the separability of the arguments in the representative consumer's utility function. These assumptions are important for theoretical and empirical applications of economics. In this article, we present results from nonparametric tests of these assumptions of consumer behavior. We find that utility maximization generally obtains with either annual or quarterly per capita data on consumption…