Abstract
Barnett and Chen [4–6] have displayed evidence of chaos in certain monetary aggregates, but the tests have unknown statistical sampling properties. Using monthly growth rates in monetary aggregates, we conduct bispectral tests for nonlinearity. Our tests have known sampling properties, and we find deep nonlinearity in some monetary aggregate series.
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Barnett, W.A., Hinich, M.J. Empirical chaotic dynamics in economics. Ann Oper Res 37, 1–15 (1992). https://doi.org/10.1007/BF02071045
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DOI: https://doi.org/10.1007/BF02071045