We argue for a shift in the focus of modeling production from the traditional assumptions of profit maximization and … the analysis of production and recover value-maximizing technologies. We show how this shift can be implemented using the … Almost Ideal Demand System. In addition, we suggest a more general way of measuring efficiency that can incorporate a concern …

reflect contemporaneous information about bank riskin the United States and in Europe.2 In our study, we firstexamine the …

bankingindustry. This goal is served by taking a broad view of thepayments business and analyzing information provided bylarge bank … now furnish material onsources of noninterest income and the amounts earned thatis much more detailed than the information … filed in regularreports to supervisors. This information is used to estimatethe size of the payments area.[...] …

length of time between bank examinations affects thequality of information available to supervisors. For thesepurposes, we … define the quality of information in terms ofhow accurately the information from a prior examinationreflects the current … condition of a bank. Our analysisassumes that examination information incorporates twotypes of data: information available from …

This paper considers the determination of aggregate price level under dispersed information.A Central Bank sets policy …. Information revealed to theagents and the bank is determined endogenously. It is shown that the aggregate state ofthe economy is … representative agent has perfect informationwhile the Bank has partial information. The Bank’s information set affects fluctuations …

by consumers. These last two findings are indicative of the two-sided nature of payments. The marginal costs of accepting …