The Model Structure of Discount Window Borrowing
实证发现贴现窗口借款函数存在异方差性和非线性，并提出一个简单理论框架内生解释这些现象，源于存款机构对贴现信贷配给和美联储抵押品限制的响应。
This article investigates the specification of discount window borrowing. The author establishes empirically that the borrowing function is heteroskedastic and nonlinear. Subsequently, he proceeds to propose a simple theoretical framework that generates endogenously these anomalies. In particular, the author demonstrates that such phenomena are precipitated by the response of depository institutions to discount credit rationing and Federal Reserve collateral limitations. Copyright 1991 by Ohio State University Press.