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The demand for financial assets and the term structure of interest rates
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addition adjustment aggregate AMUN bank class bank holdings bank loans bank portfolio bank's bill rate billion capital cash changes commercial banks commercial loans components considerations consumption consumption function cost country banks currency decisions demand deposits differential disaggregation discount rate discount window discussion durable effect endogenous variables examine example excess reserves exogenous expected expenditures Federal Reserve final fixed investment free reserves function funds government securities Hence impact multipliers income increase influence interest elasticities interest rates inventory investment lagged Leeuw linear loan demand loan rate long-run maturity measure member banks monetary policy money supply municipals negative noted obtained open-market operations opportunity cost period quarter reasonable relationship relevant reserve requirement sector short-run short-term securities significant specification standard errors structural estimation suggests supply variables types U.S. Government unfilled orders utilize various yield