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Bank:Federal Reserve Bank of San Francisco  Series:Working Papers in Applied Economic Theory 

Working Paper
Leverage and cyclicality

Working Papers in Applied Economic Theory , Paper 90-01

Working Paper
Crowding out and the wealth role of government debt

Working Papers in Applied Economic Theory , Paper 85-02

Working Paper
An analysis of inefficiencies in banking: a stochastic cost frontier approach

This paper examines the properties of X-inefficiencies in U.S. banking firms. We find that, after controlling for scale differences, the average small size banking firm is less efficient than the aerate large firm. Smaller firms also exhibit higher variation in X-inefficiencies than their larger counterparts. X-inefficiency on average appears to be declining over time. However, the rank ordering of X-inefficiency is significantly correlated with smaller banking firms' stock returns. ; Published in FRBSF Economic Review (1996 no. 2, p. 16-26)
Working Papers in Applied Economic Theory , Paper 95-12

Working Paper
The role of private placement debt issues in corporate finance

Private placement debt issues are more effective than public bonds in resolving information asymmetries and controlling moral hazard problems. Firms that issue only private placements (non-switchers) are found to have more information problems than firms that have access to the public bond market (switchers), and therefore are required to pay more for their private placements. Moreover, switchers switch to private placements when the financing situation involves material information asymmetry that is unsuitable for issuing public bonds. For general purposes financing, switchers switch to ...
Working Papers in Applied Economic Theory , Paper 95-13

Working Paper
Housing prices and the (in)stability of mortgage prepayment models: evidence from California

Most empirical models of mortgage terminations emphasize refinancing incentives related to interest rate movements. We consider three sources of risk that lead to observed mortgage payment terminations: interest-rate related refinancing, default, and moving. We estimate models that identify the relative importance or regional risk factors leading to termination, using data on mortgage and housing market activity in fifteen California counties from 1992 through 1996. As expected, we find that the time-series dynamics of interest rates and house prices are important determinants of the ...
Working Papers in Applied Economic Theory , Paper 98-05

Working Paper
Is monetary policy becoming less effective?

This paper estimates the amount by which the effectiveness of monetary policy in changing real output for a given change in interest rates has declined due to the increased size of the federal government debt.
Working Papers in Applied Economic Theory , Paper 95-05

Working Paper
Fiscal policy and productivity growth in the OECD

We use a simple endogenous growth model with productive public capital to investigate the degree to which observed fiscal policies in eight OECD countries can account for slowdowns in the growth rates of aggregate labor productivity since 1970. In model simulations, we find that none of the observed public capital policies can generate slowdowns of sufficient magnitude to match those in the data. For most countries in our sample, a simulation that combines the observed public capital policy with the observed tax policy does a better job of accounting for the slowdown than either policy in ...
Working Papers in Applied Economic Theory , Paper 99-02

Working Paper
Common trends, the government's budget constraint, and revenue smoothing

Working Papers in Applied Economic Theory , Paper 87-11

Working Paper
Presidential popularity, presidential policies

Working Papers in Applied Economic Theory , Paper 92-01

Working Paper
A macroeconometric model of the U.S. economy

Working Papers in Applied Economic Theory , Paper 89-01

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