Dynamic implicit cost and Discount Window borrowing
研究贴现窗口借款中的动态隐性成本，利用Goodfriend模型和广义矩估计发现正向系统性成本结构随时间递减，并验证了隐性成本作为过去借款几何递减分布滞后的设定。
This paper investigates dynamic implicit cost in aggregate Discount Window borrowing. We utilize Goodfriend's formulation, with nonprice rationing based upon the bank's current request and its past borrowing record. Estimation by Generalized-Method-of-Moments reveals a positive, systematic implicit cost structure which dampens over time. Significance extends back to nine biweekly reserve maintenance intervals. We also specify implicit cost as a geometrically declining distributed lag of past borrowing and derive a semi-reduced form for borrowed reserve demand. Empirical results support this specification as well.