On the Effectiveness of the Federal Reserve's Margin Requirement
构建了一个最优保证金账户的投资组合模型，通过实证分析发现美联储的保证金要求能有效影响投资者权益比率，是一种有效的监管工具。
ABSTRACT A portfolio‐theoretic model of the optimal margin account is developed. It is argued that the Federal Reserve's goal in setting the margin requirement is to influence investor equity ratios. Using the average equity ratio as the dependent variable and the arguments of the model as independent variables, an empirical model is estimated. It is concluded that the margin requirement is an effective regulatory tool.