The Model Structure of Discount Window Borrowing
AbstractThis article investigates the specification of discount window borrowing. The author establishes empirically that the borrowing function is heteroskedastic and nonlinear. Subsequently, he proceeds to propose a simple theoretical framework that generates endogenously these anomalies. In particular, the author demonstrates that such phenomena are precipitated by the response of depository institutions to discount credit rationing and Federal Reserve collateral limitations. Copyright 1991 by Ohio State University Press.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 23 (1991)
Issue (Month): 1 (February)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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- Thornton, Daniel L., 2001.
"The Federal Reserve's operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect,"
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- Daniel L. Thornton, 1998. "The Federal Reserve's operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect," Working Papers 1998-009, Federal Reserve Bank of St. Louis.
- Christopher F. Baum & Meral Karasulu, 1996.
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- Michael Tindall & Roger Spencer, 1997. "Borrowed reserves and deposit variation: The risks to monetary policy," Atlantic Economic Journal, International Atlantic Economic Society, vol. 25(3), pages 297-306, September.
- Spence Hilton & James McAndrews, 2011. "Challenges and lessons of the Federal Reserve's monetary policy operations during the financial crisis," Chapters, European Central Bank.
- Dutkowsky, Donald H. & McCoskey, Suzanne K., 2001. "Near integration, bank reluctance, and discount window borrowing," Journal of Banking & Finance, Elsevier, vol. 25(6), pages 1013-1036, June.
- Daniel L. Thornton, 1996. "Identifying the liquidity effect: the case of nonborrowed reserves," Working Papers 1996-002, Federal Reserve Bank of St. Louis.
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