The Demand for Borrowed Reserves: A Switching Regression Model
基于成本最小化构建银行对美联储借入准备金的微观需求模型，发现需求函数符合未知转折点的转换回归问题，估计参数符合理论预期，且模型显著性超过99%。
ABSTRACT A microeconomic model of bank demand for borrowed reserves from the Federal Reserve is developed based upon constrained cost minimization. The derived demand function was found to correspond to behavior appropriate to the unknown switchpoint switching regression problem. When estimated, parameters generally conformed to theoretical expectations. The model was also tested for existence of switching regression behavior against a model similar to Goldfeld and Kane [12]. Significance exceeded 99% in all cases. With the advent of reserve intermediate targeting, it appears especially necessary to reinvestigate the behavior determining this important source of reserves.