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We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the credit crisis and evaluate hypotheses that have been advanced to explain these holdings. We find that holdings of highly-rated tranches were economically trivial for the...
Persistent link: https://www.econbiz.de/10013121733
A common view is that deposit rates are determined primarily by supply: depositors require higher deposit rates from risky banks, thereby creating market discipline. An alternative perspective is that market discipline is limited (e.g., due to deposit insurance and/or enhanced capital...
Persistent link: https://www.econbiz.de/10013016009
U.S. Bank deposits by individuals grew from 4% of GDP at the time of the National Banking Acts in 1863-64 to 23% by the time of the Federal Reserve's founding. A comprehensive collection of bank- level data shows that most gains occurred immediately after the Acts, Specie Resumption in 1879, and...
Persistent link: https://www.econbiz.de/10013016655
This study investigates the stability of long-run log-linear demand functions for narrowly defined monetary aggregates (M1, Monetary Base) in the U.S. during the post World War II period. The hypotheses that the individual time series which appear in such equations (real M1, real Monetary Base,...
Persistent link: https://www.econbiz.de/10013218424
This paper measures changes in electricity generation costs caused by the introduction of market mechanisms to determine output decisions in service areas that were previously using command-and-control-type operations. I use the staggered transition to markets from 1999- 2012 to evaluate the...
Persistent link: https://www.econbiz.de/10012965429
implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account …
Persistent link: https://www.econbiz.de/10013135057
markets. Deregulation has been accompanied by substantial market consolidation and today the three largest companies control … more than one-third of all U.S. nuclear capacity. We find that deregulation and consolidation are associated with a 10 …
Persistent link: https://www.econbiz.de/10013121046
techniques relative to matched plants that were not subject to any regulatory change. Deregulation also led to a shift toward …
Persistent link: https://www.econbiz.de/10013054040
U.S. airlines have lost nearly $60 billion (2009 dollars) in domestic markets since deregulation, most of it in the … that challenges the economics of deregulation. I examine some of the most common explanations among industry participants …
Persistent link: https://www.econbiz.de/10013130786
While neoclassical models assume static cost-minimization by firms, agency models suggest that firms may not minimize costs in less-competitive or regulated environments. We test this using a transition from cost-of-service regulation to market-oriented environments for many U.S. electric...
Persistent link: https://www.econbiz.de/10013218426