An Analysis of Countercyclical Policies of The FHLBB
分析了联邦住房贷款银行委员会的三项逆周期政策，发现前两项优惠贷款计划的大部分新增借款并未用于抵押贷款市场，而降低最低流动性要求虽能增加抵押贷款，但效果滞后约一年。
ABSTRACT Three policies of the Federal Home Loan Bank Board, the Specially Priced Advances Program in 1970–1, a program of advances at a reduced interest rate in 1974, and changes in the minimum liquidity ratio, are analyzed. A model of portfolio allocation is developed and estimated for savings and loan associations. Most of the net increase in advances borrowed under the first two programs have not been lent in the mortgage market. Reductions in the minimum liquidity requirement have resulted in an increase in mortgage lending, but substantial effects are not felt until a year after the liquidity requirement is reduced.