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Journal Article
Speeding up the broadband wagon

Southwest Economy , Issue Nov , Pages 8-9

Working Paper
Financial innovation, strategic real options and endogenous competition : theory and an application to Internet banking

Innovations in financial services continuously influence the scope of financial intermediation and the nature of competition between intermediaries. This paper examines the optimal exercise of strategic real options to invest in such an innovation, Internet banking technology, within a two-stage game, parameterized by the distribution of bank size and uncertainty over the profitability of investment, and empirically tests the results on a novel data set. Unlike traditional options, in which the distribution of the future value of the underlying asset is exogenous and the timing of exercise ...
Payments System Research Working Paper , Paper PSR WP 03-01

Journal Article
Atlanta Fed conference explores e-finance and its effect on markets

Financial Update , Volume 13 , Issue Oct , Pages 1-2

Working Paper
Internet banking: an exploration in technology diffusion and impact

This paper studies endogenous diffusion and impact of a cost-saving technological innovation -- Internet Banking. When the innovation is initially introduced, large banks have an advantage to adopt it first and enjoy further growth of size. Over time, as the innovation diffuses into smaller banks, the aggregate bank size distribution increases stochastically towards a new steady state. Applying the theory to a panel study of Internet Banking diffusion across 50 US states, we examine the technological, economic and institutional factors governing the process. The empirical findings allow us to ...
Payments System Research Working Paper , Paper PSR WP 05-05

Working Paper
Evidence of Accelerating Mismeasurement of Growth and Inflation in the U.S. in the 21st Century

Corporate equity market values, profitability, and intangible investment have reached high proportions of income. Are these investments and their outcomes evidence of a wellfunctioning society? We do not see the rapid growth in aggregate measures of output that would justify these investments and rewards. And why did the yield curve invert as the U.S. federal funds rate reached 2⅜ percent in early 2019, if the inflation rate was near 2 percent? We present the broad case that mismeasurement of growth and prices accelerated in the U.S. during the 21st century and may be responsible for the ...
Working Papers , Paper 20-41

Journal Article
The financial performance of pure play Internet banks

In theory, banks that conduct all their business over the Internet will have low overhead expenses. If these saving materialize, Internet banks could use them to fuel fast growth while still earning normal profits. This article analyzes a small sample of "pure lay" Internet banks launched during the late 1990s. Compared with young branching banks, these young Internet banks have low physical overhead and grow fast--but they earn low profits due to high labor expenses, low noninterest income, and low core deposits.
Economic Perspectives , Volume 25 , Issue Q I , Pages 60-78

Journal Article
'Net interest' grows as banks rush online

Southwest Economy , Issue Mar , Pages 1-5

Journal Article
A fresh approach to Financial Update

Financial Update , Volume 15 , Issue Oct , Pages 5

Journal Article
The diffusion of electronic business in the United States

The authors provide a recent account of the diffusion of electronic business in the U.S. economy using new data from the U.S. Bureau of the Census. They document the extent of the diffusion in three main sectors of the economy: retail, services, and manufacturing. For manufacturing, they also analyze plants' patterns of adoption of several Internet-based processes and conclude with a look at the future of the Internet's diffusion and a prospect for further data collection by the U.S. Census Bureau.
Review , Volume 87 , Issue Jan , Pages 11-34



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