A review of the arguments as to whether the location of the securities unit in a banking conglomerate should be subject … to regulation. The author contends that correcting the safety nets distortions and allowing banks to choose where to … locate their securities units is better than retaining such distortions and relying on corporate separateness to limit the …

An analysis of the potential effects of commercial banks' expansion into the securities business, focusing on gains …

capital. This allows us to incorporate novel elements from the microfoundations literature on trading with frictions …

An examination of the business cycle implications of productive public capital in a two-sector, dynamic general … capital tax is more variable than the labor tax--features also observed in annual U.S. data. …

capital in the U.S. economy over the last 70 years, with an application to examining some possible causes of the slowdown in …

surprising since real business cycle theory suggests that the return to capital should be measured by the return to aggregate … market capital, not stock market returns. We construct a quarterly time series of the after-tax return to business capital … volatility in the return to capital (relative to the volatility of output). We consider several departures from the benchmark …