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Working Paper
Capital and the slowdown of growth in the United States: a review

Working Paper Series / Economic Activity Section , Paper 87

Working Paper
Money and capital as competing media of exchange in a news economy

Conventional theory suggests that fiat money will have value in capital-poor economies. We demonstrate that fiat money may also have value in capital-rich economies, if the price of capital is excessively volatile. Excess asset-price volatility is generated by news; information that has no social value, but is privately useful in forming forecasts over the short-run return to capital. One advantage of fiat money is that its expected return is not linked directly to news concerning the prospects of an underlying asset. When money and capital compete as media of exchange, excess volatility in ...
Working Papers , Paper 2009-046

The CAPM is alive and well

In empirical studies of the CAPM, it is commonly assumed that, (a) the return to the value-weighted portfolio of all stocks is a reasonable proxy for the return on the market portfolio of all assets in the economy, and (b) betas of assets remain constant over time. Under these assumptions, Fama and French (1992) find that the relation between average return and beta is flat. We argue that these two auxiliary assumptions are not reasonable. We demonstrate that when these assumptions are relaxed, the empirical support for the CAPM is very strong. When human capital is also included in measuring ...
Staff Report , Paper 165

Why international trends in leverage have been so different

Research Paper , Paper 9002

Journal Article
Capital formation and competitiveness

FRBSF Economic Letter

Journal Article
Evaluating recent trends in capital formation

Quarterly Review , Volume 14 , Issue Aut , Pages 7-19

Working Paper
Money and capital: a quantitative analysis

We study the effects of money (anticipated inflation) on capital formation. Previous papers on this topic adopt reduced-form approaches, putting money in the utility function or imposing cash in advance, but use otherwise frictionless models. We follow a literature that is more explicit about the frictions making money essential. This introduces several new elements, including a two-sector structure with centralized and decentralized markets, stochastic trading opportunities, and bargaining. We show how these elements matter qualitatively and quantitatively. Our numerical results differ from ...
Working Papers , Paper 2009-031

Journal Article
Dividing up the investment pie: have we overinvested in housing?

Business Review , Issue Mar , Pages 13-23

Journal Article
TIB—The Independent BankersBank forms small business investment company

Banking and Community Perspectives , Issue 1 , Pages 5

Conference Paper
Patterns of international capital flows and their implications for economic development : commentary

Proceedings - Economic Policy Symposium - Jackson Hole



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anonymous 9 items

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