The Federal Funds Market under Bank Deregulation
分析存款利率竞争如何改变银行对联邦基金利率的预测，进而影响其最优决策；当存款与基础货币可替代时，竞争性存款利率会扩大美联储维持存款目标所需的基础货币规模，并降低联邦基金市场的不确定性。
The introduction of competitive interest rates on deposits is shown to effect the optimal decisions of banks by altering their optimal forecast of the federal-funds rate. The movement toward co mpetitive deposit rates increases the size of the monetary base neces sary for the Fed to maintain its deposit targets when deposits and the monetary base are substitutes. In addition there is less uncertainty in the federal-funds market under competitive deposit rates when deposits and the monetary base are substitutes, and the source of uncertainty is not from the supply of deposits. Copyright 1987 by Ohio State University Press.