Semi-non-parametric estimates of substitution for Canadian monetary assets
We estimate the dynamic Fourier expenditure system to obtain consistent estimates of short-run and long-run Morishima elasticities of substitution for Canadian liquid assets. We argue that the variability of the estimated elasticities and evidence of less than perfect substitution between monetary assets interferes with the successful use of simple-sum aggregates and traditional log-linear money-demand functions.
Year of publication: |
2002
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Authors: | Fleissig, Adrian R. ; Serletis, Apostolos |
Published in: |
Canadian Journal of Economics. - Canadian Economics Association - CEA. - Vol. 35.2002, 1, p. 78-91
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Publisher: |
Canadian Economics Association - CEA |
Saved in:
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