GMM Estimates of Currency Substitution between the Canadian Dollar and the U.S. Dollar
GMM Estimates of Currency Substitution between the Canadian Dollar and the U.S. Dollar
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加元和美元之间货币替代的 GMM 估计
DOI：
10.2307/2077947
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发表时间：
1994
期刊：
影响因子：
--
通讯作者：
Selahattin Imrohoroglu
中科院分区：
文献类型：
--
作者：
Selahattin Imrohoroglu
本文研究了加元和美元之间货币替代的实证强度。本文用汉森的广义矩量法对一个小型开放经济的货币效用函数模型所隐含的欧拉方程进行了估计和检验。主要的实证研究结果是，货币替代的弹性和美国货币在加拿大流动性服务生产中的份额在经济上是小的，即使国内和美国的真实的平衡似乎提供了统计上显着的节约交易成本。版权所有1994年由俄亥俄州州立大学出版社。
This paper investigates the empirical strength of currency substitution between the Canadian dollar and the U.S. dollar. Euler equations implied by a small, open economy, money-in-the-utility-function model are estimated and tested by Hansen's generalized method of moments procedure. The major empirical finding is that both the elasticity of currency substitution and the share of U.S. currency in the production of Canadian liquidity services are economically small even though the combined domestic and U.S. real balances appear to provide statistically significant economizing on transactions costs. Copyright 1994 by Ohio State University Press.