An Application of Nonlinear Bounded Influence Estimation to Aggregate Bank Borrowing from the Federal Reserve
非线性有界影响估计在美联储银行总借款中的应用
Forecasting aggregate discount window borrowing has posed difficulties for the Federal Reserve, due in part to outliers resulting from numerous institutional changes and special borrowing situations. This article applies bounded influence estimation and influence diagnostics to identify and adjust for outliers in the case of discount window borrowing. Since most banks borrow from the Federal Reserve infrequently, the model is nonlinear and of the switching regression class.…