Dynamic Credit Rationing in the Home Mortgage Market
研究利润最大化的金融机构在住房抵押贷款市场中如何实施动态信贷配给，并发现存款多样化（如1978年引入货币市场账户）会减少这种配给的程度。
In this study a model of dynamic credit rationing in the home mortgage market by a profit‐maximizing financial institution is developed. In the 1960s and 1970s it was widely believed that credit rationing was very important in the mortgage market. The recent deregulation and innovation in financial markets is belived to have resulted in a significant weakening of these availability effects. For the model developed it is shown that deposit diversification, such as the introduction of money market accounts in 1978, would tend to reduce the amount of any dynamic credit rationing that was occurring.