Retail sweep programs and monetary asset substitution
Barry Jones (),
Adrian R. Fleissig,
Thomas Elger () and
Donald Dutkowsky ()
Economics Letters, 2008, vol. 99, issue 1, 159-163
This paper examines how retail sweep programs affect monetary asset substitution. Estimates from the Fourier flexible form reveal that sweeping generates systematic and sometimes large distortions in estimated bank depositor substitution elasticities.
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Persistent link: http://EconPapers.repec.org/RePEc:eee:ecolet:v:99:y:2008:i:1:p:159-163
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