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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

Abstract: 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.

Date: 2008
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Handle: RePEc:eee:ecolet:v:99:y:2008:i:1:p:159-163