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Financial network structure is an important determinant of systemic risk. This paper examines how the U.S. interbank network evolved over a long and important period that included two key events: the founding of the Federal Reserve and the Great Depression. Banks established connections to...
Persistent link: https://www.econbiz.de/10012867063
This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the...
Persistent link: https://www.econbiz.de/10011794864
American (LA) countries and the four largest economies in the world (namely the US, the Euro area, Japan and China) over the …
Persistent link: https://www.econbiz.de/10009683383
By 1981, Japan achieved both internal and external equilibrium; exports and imports roughly balanced at sixteen percent …
Persistent link: https://www.econbiz.de/10013324483
financial crisis of the 20th century - the Great Depression. Using balance-sheet and systemic risk measures at the bank level …, we build an econometric model with incidental truncation that jointly considers bank survival, the type of bank closure … (consolidations, absorption, and failures), and changes to bank risk. Despite roughly 9,000 bank closures, risk did not leave the …
Persistent link: https://www.econbiz.de/10014323137
Measures of productivity growth typically include in the Productivity "residual" the impacts of subequilibrium from fixity of factors, costs of adjustment, returns to scale and markups. This paper proposes a general two part framework for adjusting the residual measure to take these impacts into...
Persistent link: https://www.econbiz.de/10013213436
Canada, the U.S.and Japan. Utilizing an econometric cost function methodology, we are able to isolate the major source of …
Persistent link: https://www.econbiz.de/10012755399
This study compares labor and total factor productivity (TFP) in France, Japan, the United Kingdom and the United … extent also to France and Japan, a relative decline that was interrupted by the second world war (WW2); (iii) the remarkable … catching-up to the United States by France and Japan after WW2, that stopped in the case of Japan during the 1990s. Capital …
Persistent link: https://www.econbiz.de/10013149831
Bundesbank and the Bank of Japan each focus on one money target, described by the Bundesbank as a target, and by the Bank of … Japan as a projection. None of the countries has stuck rigorously to the targets, though the Bank of Japan has come close …Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and …
Persistent link: https://www.econbiz.de/10012777224
. Results are presented for the U. S., Japan, and an aggregate called "Europe" consisting of eleven European economies. The … uptrend in previously developed wage gap indexes for Japan and Europe between the 1960s and 1980s. If anything real wages in … Europe and Japan were too flexible rather than too rigid, in the sense that much of the increase in wage gap indexes in …
Persistent link: https://www.econbiz.de/10013244903