Search Results
Journal Article
Fluctuating fortunes and Hawaiian house prices
Real estate prices in a local market can be driven by an identifiable group of purchasers. In Hawaii, residents of both the U.S. mainland and Japan have been significant purchasers of homes. An analysis suggests that house prices in Hawaii were driven primarily by purchasers from the U.S. mainland for most of the 1975?2008 period. But, during Japan?s ?bubble economy? in the late 1980s and immediately thereafter, house prices in Hawaii were driven primarily by demand from Japan.
Conference Paper
Bank credit and economic activity
Journal Article
Economies of scale and continuing consolidation of credit unions
This Economic Letter shows that, in contrast to banks, larger credit unions, on average, have decidedly lower average costs and higher net incomes, as we might expect in the presence of important economies of scale. It further notes that these economies of scale put pressure on the credit union industry to continue consolidating into fewer, larger credit unions. It also describes how some recent legislation may have further added to the pressures on both the banking and credit union industries to consolidate.
Journal Article
Performance divergence of large and small credit unions
By various measures, larger credit unions have recently had stronger financial performance than smaller credit unions, indicating that these institutions face large and pervasive economies of scale. This Economic Letter uses data from the 1980-2004 period to show that this performance difference is a long-running state of affairs. Moreover, these data reveal increasing performance divergence over this period--that is, a widening in the gap in financial performance between large and small credit unions. Thus, it is not surprising that the number of smaller institutions has been shrinking, ...
Journal Article
Real rates and recovery
Journal Article
Inflation: retreating or reheating?
Journal Article
Inflation-proof long-term bonds
Journal Article
Tax-free bonds
Journal Article
Real wages and unemployment