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THE ROLE OF LIQUID ASSETS IN THE FINANCIAL ALLOCATION
The Fisherian Model With Risky Financial Assets
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adaptive expectations allocation decision analysis assumption average bank time deposits basis points behavior bill yield capital markets Chapter choice coefficient commercial bank competition constraints cross-section demand deposits demand for money demand functions deposit rate deposit share deposit yields disintermediation distributed lag econometric effect equation equity errors estimates examine expected expected utility hypothesis explanatory variables financial assets flows into liquid future consumption household sector hypothesis impact initial stock interest rates interest sensitivity investment balances lagged stock liquid asset allocation long-run marginal MSB deposits non-bank savings deposits opportunity costs period permanent personal income portfolio balance positive pure stock model rate of growth Regulation Q rise risk risky assets savings and loan SLA shares SLA's Slutsky equation speed of adjustment stock adjustment model stock of liquid stock-flow model Table thrift institution deposits transactions balances transactions costs transitory Treasury bills variance-covariance matrix wealth wealth effects yield differentials