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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