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Working Paper
Climate Shocks in the Anthropocene Era: Should Net Domestic Product Reflect Climate Disasters?
Nakamura, Leonard I.; Sliker, Brian (2025-01-07)
The asset costs of natural disasters in the United States grew rapidly from 1980 to 2023, with the trend rising 4.9 percent annually in real terms to $90 billion in 2023. Much of this trend in costs is likely due to climate change and, as a loss of assets, implies a faster depreciation of real assets. We argue that the expected depreciation from these events should be included in Consumption of Fixed Capital (CFC), leading to lower levels and slightly lower growth rates for Net Domestic Product (NDP) and Net Domestic Investment. We use Poisson pseudo-maximum-likelihood regressions to estimate ...
Working Papers , Paper 25-01

Working Paper
The dynamics of credit markets in a model with learning
Nakamura, Leonard I.; Lang, William W. (1989)
Working Papers , Paper 89-23

Working Paper
Housing appraisals and redlining
Nakamura, Leonard I.; Lang, William W. (1991)
Working Papers , Paper 91-3

Working Paper
Branch banking and the geography of bank pricing
Nakamura, Leonard I.; Calem, Paul S. (1994)
Working Papers , Paper 94-19

Working Paper
Credit ratings and bank monitoring ability
Nakamura, Leonard I.; Roszbach, Kasper (2013)
In this paper we use credit rating data from two large Swedish banks to elicit evidence on banks? loan monitoring ability. For these banks, our tests reveal that banks? credit ratings indeed include valuable private information from monitoring, as theory suggests. However, our tests also reveal that publicly available information from a credit bureau is not efficiently impounded in the bank ratings: The credit bureau ratings not only predict future movements in the bank ratings but also improve forecasts of bankruptcy and loan default. We investigate possible explanations for these findings. ...
Working Papers , Paper 13-21

Working Paper
Credit ratings and bank monitoring ability
Nakamura, Leonard I.; Roszbach, Kasper (2010)
In this paper, the authors use credit rating data from two Swedish banks to elicit evidence on banks' loan monitoring ability. They test the banks' ability to forecast credit bureau ratings, and vice versa, and show that bank ratings are able to predict future credit bureau ratings. This is evidence that bank credit ratings, consistent with theory, contain valuable private information. However, the authors also find that public ratings have an ability to predict future bank ratings, implying that internal bank ratings do not fully or efficiently incorporate all publicly available information. ...
Working Papers , Paper 10-21

Working Paper
The impact of branch banking on pricing and service availability: theory and evidence
Nakamura, Leonard I.; Calem, Paul S. (1993)
Working Papers , Paper 93-23

Working Paper
Loan workouts and commercial bank information: why banks are special
Nakamura, Leonard I. (1989)
Working Papers , Paper 89-11

Working Paper
Climate Shocks in the Anthropocene Era: Should Net Domestic Product Be Affected by Climate Disasters
Nakamura, Leonard I.; Sliker, Brian (2023-10-30)
The monetary costs of weather and climate disasters in the U.S. have grown rapidly from 1980 to 2022, rising more than 5 percent in real terms annually. Much of this real growth in costs is likely due to climate change. Regardless of its cause, these costs imply a faster depreciation of real assets. We argue that the expected depreciation from these events could be included in the consumption of fixed capital, leading to lower levels, and slightly lower growth rates, for net domestic product (NDP). We use Poisson pseudo-maximum-likelihood regressions to estimate this expectation and to ...
Working Papers , Paper 23-24

Working Paper
Commercial bank information: implications for the structure of banking
Nakamura, Leonard I. (1991)
Working Papers , Paper 92-1

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