Regulatory Changes and Federal Mutual Thrift Behavior: Evidence from the 1980s
首次用传统微观经济学分析1980年代放松监管对联邦互助储蓄机构资产组合的影响，发现早期经验决定扩权使用程度，而1980年代末出现收缩，经济解释力减弱。
This paper provides the first traditional microeconomic analysis of the effects of a deregulated environment as evidenced by federal mutual thrifts' shifts in portfolio composition. Empirical results for the early 1980s indicate that prior experience relating to nonhousing assets plays a substantial role in determining the extent to which expanded powers are employed. Evidence of a retrenchment away from expanded powers in the late 1980s and a much diminished explanatory power of the economic approach in the late 1980s suggest the late 1980s was not a period of deregulatory response by previously constrained firms in contrast with the early 1980s. Copyright 1993 by Ohio State University Press.