Financial-Firm Production of Monetary Services: A Generalized Symmetric Barnett Variable-Profit-Function Approach
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.
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Volume (Year): 12 (1994)
Issue (Month): 1 (January)
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