The growing reluctance to borrow at the discount window: an empirical investigation
Article Abstract:
The reluctance of banks to borrow adjustment credit from the discount window as a result of the Federal Reserve Systems' imposition of formal guidelines has weakened the demand for borrowed reserves during the 1980s. Federal Reserve Regulation A, which was introduced to ensure that borrowed reserves are used for appropriate purposes, imposes a nonprice mechanism that forces banks to exercise greater prudence in borrowing from the discount window. The growing reluctance of banks to borrow can be attributed to their declining financial position during that period.
Publication Name: Review of Economics and Statistics
Subject: Mathematics
ISSN: 0034-6535
Year: 1998
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Estimating the effect of racial discrimination on first job wage offers
Article Abstract:
A technique for evaluating the impact of labor market discrimination on the differences in labor compensation has been developed and tested. The methodology is derived from a two-sided, search-matching model that takes into consideration such factors as unobserved offered wages and unobserved heterogeneity. The results of the tests suggest that the entire difference in racial-wage offer for high-school graduates and high-school dropouts can be accounted for by discrimination.
Publication Name: Review of Economics and Statistics
Subject: Mathematics
ISSN: 0034-6535
Year: 1999
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Near unit roots and the predictive power of yield spreads for changes in long-term interest rates
Article Abstract:
The usual rejection of the notion that yield spread analysis has the ability to predict changes in long-term interest, as implied by the expectations hypothesis, is examined. The rejection is believed to be due to the high persistence in the spread that occurs with the use of standard inference. The use of the asymptotically valid technique designed by Cavanagh et al. has resulted in the acceptance of the analysis put forward by the expectations hypothesis.
Publication Name: Review of Economics and Statistics
Subject: Mathematics
ISSN: 0034-6535
Year: 1999
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