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Persistent link: https://www.econbiz.de/10005512296
applying these standard techniques to central banks, and reviews some of the literature that has attempted to apply these … techniques to central banking. The uniqueness of some of the activities of central banking, the difficulty in measuring some of … the central banking outputs, and the complicated and multiple objectives pursued by central banks makes application of the …
Persistent link: https://www.econbiz.de/10005512321
Over the last decade, the legal and institutional frameworks governing central banks and financial market regulatory … of central banks in achieving their objectives and ultimately yielding better economic outcomes. Although much has been … written pointing out the potential role institutional form can play in central bank performance, little empirical work has …
Persistent link: https://www.econbiz.de/10005389603
The authors study credible information transmission by a benevolent central bank. They consider two possibilities … of transmitting information have very different consequences. Since the objectives of the central bank and those of … individual investors are not always aligned, private investors might rationally ignore announcements by the central bank. In …
Persistent link: https://www.econbiz.de/10004967540
particular, we define an operational procedure for a central bank capable of ensuring the stability of the monetary system. …
Persistent link: https://www.econbiz.de/10010562441
rule cannot be implemented when the central bank uses standing facilities, while it can be implemented with open market …
Persistent link: https://www.econbiz.de/10008627184
In perfectly competitive markets, prices aggregate inputs and outputs into a money metric that allows production plans to be ranked by their profitability. When informational asymmetries in competitive markets lead to adverse selection, prices in these markets assume an additional role that...
Persistent link: https://www.econbiz.de/10005512325
Great strides have been made in the theory of bank technology in terms of explaining banks’ comparative advantage in producing informationally intensive assets and financial services and in diversifying or offsetting a variety of risks. Great strides have also been made in explaining sub-par...
Persistent link: https://www.econbiz.de/10005389529
Estimates of bank cost efficiency can be biased if bank heterogeneity is ignored. The author compares X-inefficiency measures derived from a model that constrains the cost frontier to be the same for all banks in the nation and a model that allows the cost functions and error terms to differ...
Persistent link: https://www.econbiz.de/10005389659
The authors investigate the effects of technological change, deregulation, and dynamic changes in competition on the performance of U.S. banks. The authors' most striking result is that during 1991-1997, cost productivity worsened while profit productivity improved substantially, particularly...
Persistent link: https://www.econbiz.de/10005389674