The Role of Commercial Banks' Portfolio Behavior in the Determination of Treasury Security Yields
分析商业银行作为主要金融中介，其投资组合调整如何影响国债收益率，对理解货币政策传导和金融市场动态有参考价值。
BECAUSE OF THE PROMINENCE of commercial banks in the U.S. financial system, banks' portfolio behavior is instrumental in most discussions of financial markets. Commercial banks interact directly with all sectors of the economy through their role as depository financial intermediaries. Commercial banks also hold more different categories of assets than any other type of financial institution . Thus, changes in monetary policy and/or the nonbank public's demands forboth money and credit are immediately reflected by adjustments in commercial banks' portfolios, which may be ultimately transmitted throughout the entire financial system. An important element of the transmission mechanism linking commercial banks' portfolio adjustment to other financial markets is their Treasury security portfolios. l The determinants of commercial banks' holdings of Treasury securities may include such items as deposit flows, changes in the nonbank public' s demand for bank credit, and other factors reflecting the short-run determinants of commercial banks' invest-