A quantitative investigation of financial intermediation in the United States over the past 130
years yields the following results:(i) the finance industry's share of gross domestic product …

We investigate the flattening Phillips relation by making two departures from standard
specifications. First, we measure slack using real activity variables that are bandpass filtered …

This paper examines empirically whether the measurement of trend inflation can be
improved by using disaggregated data on sectoral inflation to construct indexes akin to core …

This paper discusses the role that finance plays in promoting the capital development of the
economy, with particular emphasis on the current situation of the United States and the …

Banks' ratio of the market value to book value of their equity was close to 1 until the 1990s,
then more than doubled during the 1996–2007 period, and fell again to values close to 1 …

Abstract We develop a New Keynesian model where all payments between agents require
bank deposits, bank deposits are created through disbursement of bank loans, and banks …

Measuring the growth of incomes is more complex than most people realize. The author
thoroughly examines the issue in what amounts to an important tutorial on the subject of …

We estimate growth rates of real incomes in the US by quintiles using the Congressional
Budget Office's (CBO) post-tax, post-transfer data as basis for the period 1979-2011. We …

I use the neoclassical growth model to study financial intermediation in the US over the past
140 years. I measure the cost of intermediation on the one hand, and the production of …

Abstract The Basel Committee proposed the Net Stable Funding Ratio (NSFR) to curb
excessive maturity mismatch within the banking sector. However, it remains to be …