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MICROFOUNDATION OF ASSET DEMAND EQUATIONS
ISSUES IN EMPIRICAL ANALYSIS OF DISEQUILIBRIUM MODELS
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adjustment coefficient aggregation analysis asset demand equations asset holdings assumed bank loan market behavioral equations Chapter column constraints costs demand and supply demand for bonds demand function desired disequilib disequilibrium approach disequilibrium model disturbance terms effective demand equilibrium model error terms estimation results excess demand expected value F-test Finland Finnish bond market given government bonds GTZ specification Helsinki Stock Exchange homoscedasticity interest rate investors issues Kanniainen likelihood function logistic distribution Maddala-Nelson minimum condition misspecification MN specification model specification normally distributed null hypothesis obtained OLS estimates optimal parameter estimates partial adjustment model portfolio separability price adjustment equation Quandt quantity adjustment quantity rationing model Rantala rationing scheme recursive residuals redemption payments regime classification regime indicator regressors restrictive seasonally adjusted speed of adjustment spillover effects stochastic structure stock adjustment model stock of bonds submarkets supply equation supply of bonds Table tion trade offers utility function Walrasian yield zero