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THE MODELHYPOTHESIS FORMULATION
b The Central Bank and Exchange
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analysis bank credit market Banque de France base money holdings behavior ceilings Central Bank Central Bank's rate changes close economy CM CM constraint cost demand for borrowing demand for domestic deposit rate discount rate domestic loans domestic time deposits dummy variables Durbin-Watson statistics E.D. market E.D. rate earning assets elasticities eligible papers empirical endogenous equations equilibrium Euro-dollar market Euro-dollar rate excess base money excess reserves exchange control exogenous variables financed foreign assets foreign exchange foreign reserves Furthermore government securities Hence holdings of base increase induce influence interest rate investment liquidity loan coefficient loan market loan rate loan supply monetary authorities monetary base monetary policy monetary processes money and credit money illusion money market money stock multiplier negative non-residents open economy open market portfolio price level public's demand ratio rediscount required reserves reserve requirement Table treasury bills TSLS estimates wealth effect yield