Risultati della ricerca
Creator: Olsen, Claire L. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 011 Parola chiave: Organizational structure, Federal Reserve System, and Organizational change Soggetto: N22 - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913- and E58 - Central Banks and Their Policies
Creator: Weber, Warren E. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 642 Abstract:
Prior to the Civil War there were three major differences among states in how U.S. banks were regulated: (1) Whether they were established by charter or under free-banking laws. (2) Whether they were permitted to branch. (3) Whether the state established a state-owned bank. I use a census of the state banks that existed in the United States prior to the Civil War that I recently constructed to determine how these differences in state regulation affected the banking outcomes in these states. Specifically, I determine differences in banks per capita by state over time; bank longevities (survival rates) by state, size, and type of organization; and bank failure probabilities also by state, size, and type of organization. In addition, I estimate the losses experienced by note holders and determine whether there were systematic differences in these depending on whether or not a bank was organized under a free banking law.
Soggetto: N22 - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-
Creator: McGrattan, Ellen R. and Prescott, Edward C. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 294 Abstract:
Many stock market analysts think that in 1929, at the time of the crash, stocks were overvalued. Irving Fisher argued just before the crash that fundamentals were strong and the stock market was undervalued. In this paper, we use growth theory to estimate the fundamental value of corporate equity and compare it to actual stock valuations. Our estimate is based on values of productive corporate capital, both tangible and intangible, and tax rates on corporate income and distributions. The evidence strongly suggests that Fisher was right. Even at the 1929 peak, stocks were undervalued relative to the prediction of theory.
Soggetto: N22 - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-, E62 - Fiscal Policy, and G12 - Asset Pricing; Trading Volume; Bond Interest Rates