A Model of the Commercial Loan Rate
基于垄断竞争假设，构建了银行商业贷款利率的理论与实证模型，并利用1953-1980年数据验证了银行在不完全竞争市场中主动设定贷款利率的假说。
ABSTRACT This paper explores the theoretical and empirical determinants of the commercial loan rate charged by commercial banks based on a model of financial intermediary behavior which assumes monopolistic competition in asset and liability markets. The model incorporates the constraint that banks must maintain at least a minimum quantity of bonds in asset portfolios. Equations are estimated on a time series basis to explain the behavior of commercial loan rates over the period 1953 to 1980. The evidence appears consistent with the hypothesis that commercial banks operate in a market characterized by imperfect competition and that they explicitly set loan rates.