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...

In this paper nonnested tests are used to contrast the performance of the capital asset pricing (CAPM) and consumption capital asset pricing (CCAPM) theories in describing the U.S. stock market. The procedures employed include the N-test, the NT-test, the W-test, the J-test, and the Encompassing...

In this paper nonnested tests are used to contrast the performance ofthe capital asset pricing (CAPM) and consumption capital assetpricing (CCAPM) theories in describing the United States stock market. The procedures employed include the N-test, the NT-test, the W-test, the J-test,and the...

In this paper nonnested tests are used to contrast the performance of the capital asset pricing (CAPM) and consumption capital asset pricing (CCAPM) theories in describing the U.S. stock market. The procedures employed include the N-test, the NT-test, the W-test, the J-test, and the Encompassing...