A Disequilibrium Model of Savings and Loan Associations
在金融市场非均衡模型中，一致地设定并估计了储蓄与贷款协会的有效资产需求，考虑了抵押贷款市场的配给，发现非均衡估计与假设无配给的名义需求估计差异不大。
ABSTRACT This paper discusses the consistent specification and estimation of asset demand equations in a disequilibrium model of financial markets. We estimate the effective asset demands of savings and loan associations, allowing for rationing in the mortgage market. These disequilibrium estimates are not very different from the estimates of notional demands with no rationing assumed. Savings and loans seem to be least affected by excess demand situations in that they are apparently not reluctant to raise mortgage rates and/or to ration borrowers.