FINANCIAL-FIRM PRODUCTION OF MONETARY SERVICES - A GENERALIZED SYMMETRICAL BARNETT VARIABLE-PROFIT-FUNCTION APPROACH

被引:9
作者
BARNETT, WA [1 ]
HAHM, JH [1 ]
机构
[1] BANK KOREA,INST MONETARY & ECON RES,SEOUL 100794,SOUTH KOREA
关键词
FINANCIAL INTERMEDIATION; FLEXIBLE FUNCTIONAL FORMS; MONETARY AGGREGATION; PRODUCTION;
D O I
10.2307/1391922
中图分类号
F [经济];
学科分类号
02 ;
摘要
An alternative monetary-production model of financial firms is employed to investigate supply-side monetary aggregation. Financial firms are conceived to produce monetary services as outputs through financial intermediation. A new method for testing the existence of consistent monetary-output aggregates in financial firms' production technology is developed in terms of a multiproduct firm's variable profit function, and the method does not require homotheticity of the aggregator function. We use a generalized symmetric Barnett flexible functional form. That specification satisfies global curvature conditions and retains its flexibility under the null hypothesis of weak separability. Neither of those properties is possessed by other flexible functional forms.
引用
收藏
页码:33 / 46
页数:14
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