Savings and Loan Demand for Liquid Assets: Theory, Evidence and Implications for Policy*
研究了储蓄与贷款协会如何管理流动性资产，结合投资组合理论和库存理论，分析了1974-1978年198家机构的超额流动性需求，发现联邦住房贷款银行委员会的政策能影响部分机构的资产组合，进而影响抵押贷款市场。
In this study a model of liquid asset management for individual savings and loan associations is developed. The model combines features of portfolio theory and inventory theory and is used to draw hypotheses on the relationship between the demand for excess liquidity and a variety of independent variables. Pooled cross section‐time series equations are estimated for the demand for excess liquidity of 198 S & Ls over the period 1974–1978. In addition to conclusions on the role of individual variables, the estimated equations reveal that the FHLBB can affect the portfolios of some, but not all, S & Ls. This implies that FHLBB liquidity policy can have an effect on the mortgage market.