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Financial-Firm Production of Monetary Services: A Generalized Symmetric Barnett Variable-Profit-Function Approach

Author

Listed:
  • Barnett, William A
  • Hahm, Jeong Ho

Abstract

A financial firms' production model is employed to investigate 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 the variable profit function and the method does not require homotheticity of the aggregator function. The authors utilize 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.

Suggested Citation

  • Barnett, William A & Hahm, Jeong Ho, 1994. "Financial-Firm Production of Monetary Services: A Generalized Symmetric Barnett Variable-Profit-Function Approach," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(1), pages 33-46, January.
  • Handle: RePEc:bes:jnlbes:v:12:y:1994:i:1:p:33-46
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    Citations

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    Cited by:

    1. Barnett, William A. & Erwin Diewert, W. & Zellner, Arnold, 2011. "Introduction to measurement with theory," Journal of Econometrics, Elsevier, vol. 161(1), pages 1-5, March.
    2. William A. Barnett & Yi Liu, 1996. "Beyond the Risk Neutral Utility Function," Macroeconomics 9602001, EconWPA.
    3. William Chin, 2003. "Estimating and testing preferences for consumption, work hours and savings using the PSID, the profit function and the true dynamic budget constraint," Microeconomics 0312005, EconWPA.
    4. William A. Barnett & Marcelle Chauvet, 2011. "International Financial Aggregation and Index Number Theory: A Chronological Half-Century Empirical Overview," World Scientific Book Chapters,in: Financial Aggregation And Index Number Theory, chapter 1, pages 1-51 World Scientific Publishing Co. Pte. Ltd..
    5. Nguyen, Duong T.M. & McLaren, Keith Robert & Zhao, Xueyan, 2008. "Multi-Output Broadacre Agricultural Production: Estimating A Cost Function Using Quasi-Micro Farm Level Data From Australia," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6009, Australian Agricultural and Resource Economics Society.
    6. William A. Barnett & Milka Kirova & Meenakshi Pasupathy, 1996. "Technology Modeling: Curvature is not Sufficient for Regularity," Econometrics 9602002, EconWPA, revised 24 Jun 1999.
    7. Barnett, William A. & Chauvet, Marcelle, 2011. "How better monetary statistics could have signaled the financial crisis," Journal of Econometrics, Elsevier, vol. 161(1), pages 6-23, March.
    8. William Barnett & Barry E. Jones & Milka Kirova & Travis D. Nesmith & Meenakshi Pasupathy1, 2004. "The Nonlinear Skeletons in the Closet," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200403, University of Kansas, Department of Economics, revised May 2004.
    9. Barnett, William A, 1997. "Which Road Leads to Stable Money Demand?," Economic Journal, Royal Economic Society, vol. 107(443), pages 1171-1185, July.
    10. Diewert, W. Erwin, 2015. "A Note on the Flexibility of the Barnett and Hahm Functional Form," Economics working papers erwin_diewert-2015-1, Vancouver School of Economics, revised 09 Jan 2015.
    11. William Chin, 2004. "Estimating and testing intertemporal preferences: A unified framework for consumption, work and savings," GE, Growth, Math methods 0409002, EconWPA.
    12. Guohua Feng & Apostolos Serletis, 2009. "Efficiency and productivity of the US banking industry, 1998-2005: evidence from the Fourier cost function satisfying global regularity conditions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 24(1), pages 105-138.

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