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- W2091601173 abstract "TE PURPOSE OF THIS PAPER* is to state a few simple propositions about the variable which most appropriately reflects the relative costs which affect aggregate borrowing from the Federal Reserve System by member banks. The nature and role of the cost variable is an important issue raised by recent econometric investigations of the borrowing function. On the one hand, there is some question about the proper definition of the cost variable itself: in some cases the spread between the Treasury bill rate and the Federal Reserve discount rate has been used, while in others the spread between the Federal funds rate and the discount rate has been used. In addition, the time pattern of the influence of the cost variable on the level of borrowing remains a matter about which there is some doubt.l" @default.
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- W2091601173 date "1970-02-01" @default.
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- W2091601173 title "Money-Market Rates, the Discount Rate, and Borrowing from the Federal Reserve" @default.
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- W2091601173 doi "https://doi.org/10.2307/1991313" @default.
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