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  • 5999n338s?file=thumbnail
    Creator: Kehoe, Patrick J.
    Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
    Number: 373
    Abstract: This paper presents a simple counterexample to the belief that policy cooperation among benevolent governments is desirable. It also explains circumstances under which such counterexamples are possible and relates them to the literature on time inconsistency.
    Description:

    Versions of this report were published under the titles “International Policy Cooperation May Be Undesirable” and “Policy Cooperation Among Benevolent Governments May Be Undesirable.”

    Keyword: Policy coordination, Cooperation, Macroeconomics, and Policy games
    Subject: F11 - Trade - Neoclassical models of trade, F33 - International finance - International monetary arrangements and institutions, and D46 - Market structure and pricing - Value theory
  • 6d56zw644?file=thumbnail
    Creator: Kehoe, Patrick J.
    Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
    Number: 373
    Abstract: This paper presents a simple counterexample to the belief that policy cooperation among benevolent governments is desirable. It also explains circumstances under which such counterexamples are possible and relates them to the literature on time inconsistency.
    Description:

    Versions of this report were published under the titles “International Policy Cooperation May Be Undesirable” and “Policy Cooperation Among Benevolent Governments May Be Undesirable.”

    Keyword: Policy coordination, Cooperation, Macroeconomics, and Policy games
    Subject: F11 - Trade - Neoclassical models of trade, F33 - International finance - International monetary arrangements and institutions, and D46 - Market structure and pricing - Value theory
  • 8c97kq49n?file=thumbnail
    Creator: Kehoe, Timothy J. and Prescott, Edward C.
    Series: Staff Report (Federal Reserve Bank of Minneapolis. Research Dept.)
    Number: 418
    Abstract: Three of the arguments made by Temin (2008) in his review of Great Depressions of the Twentieth Century are demonstrably wrong: that the treatment of the data in the volume is cursory; that the definition of great depressions is too general and, in particular, groups slow growth experiences in Latin America in the 1980s with far more severe great depressions in Europe in the 1930s; and that the book is an advertisement for the real business cycle methodology. Without these three arguments — which are the results of obvious conceptual and arithmetical errors, including copying the wrong column of data from a source — his review says little more than that he does not think it appropriate to apply our dynamic general equilibrium methodology to the study of great depressions, and he does not like the conclusion that we draw: that a successful model of a great depression needs to be able to account for the effects of government policy on productivity.
    Description:

    In 2008, Peter Temin wrote a review of the book that appeared in the Journal of Economic Literature. This staff report and accompanying data file are in response to the review.

    Citation for review: Temin, Peter. 2008. "Real Business Cycle Views of the Great Depression and Recent Events: A Review of Timothy J. Kehoe and Edward C. Prescott's Great Depressions of the Twentieth Century." Journal of Economic Literature, 46 (3): 669-84. DOI: https://doi.org/10.1257/jel.46.3.669

  • 3n203z130?file=thumbnail
    Creator: Schulhofer-Wohl, Sam
    Series: Staff Reports (Federal Reserve Bank of Minneapolis)
    Number: 462
    Abstract: This appendix contains seven sections. Section A reports results from running regressions of labor earnings on GDP using data from the PSID, for comparison with the results using HRS data in the body of the paper. Section B examines the relationship between family income, aggregate shocks, and risk preferences in the PSID. Section C gives technical details on the Markov Chain Monte Carlo estimation employed in table 1 of the paper and reports the complete parameter estimates for the regressions summarized in that table. Section D reports results when the relationship between earnings and aggregate shocks is estimated with individual-specific coecients rather than common coecients for each risk-tolerance group. Section E reports results comparable to table 1 of the paper and table D.1 of this appendix using only Social Security covered earnings instead of the combination of Social Security and W-2 earnings. Section F reports robustness checks for tables 2 and 3 of the paper under alternative definitions of the household and the consumption and income variables. Section G reports robustness checks for tables 2 and 3 under an alternative definition of the leisure variable.
    Keyword: Risk preferences, Heterogeneity, Imperfect insurance, and Risk sharing
    Subject: E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth and E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital
  • Dr26xx39d?file=thumbnail
    Creator: Boyd, John H. and Gertler, Mark.
    Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
    Number: 531
    Abstract: This paper reexamines the conventional wisdom that commercial banking is an industry in severe decline. We find that a careful reading of the evidence does not justify this conclusion. It is true that on-balance sheet assets held by commercial banks have declined as a share of total intermediary assets. But this measure overstates any drop in banking, for three reasons. First, it ignores the rapid growth in commercial banks' off-balance sheet activities. Second, it fails to take account of the substantial growth in off-shore C&I lending by foreign banks. Third, it ignores the fact that over the last several decades financial intermediation has grown rapidly relative to the rest of the economy. We find that after adjusting the measure of bank assets to account for these considerations there is no clear evidence of secular decline. To corroborate these findings, we also construct an alternative measure of the importance of banking, using data from the National Income Accounts. Again, we find no clear evidence of a sustained declined. At most the industry may have suffered a slight loss of market share over the last decade. But as we discuss, this loss may reflect a transitory response to a series of adverse shocks and the phasing in of new regulatory requirements, rather than the beginning of a permanent decline.
    Keyword: Bank assets, Commercial banks, Intermediation, Lending, and Banking
    Subject: G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages
  • G445cd15v?file=thumbnail
    Creator: Boyd, John H. and Gertler, Mark.
    Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
    Number: 531
    Abstract: This paper reexamines the conventional wisdom that commercial banking is an industry in severe decline. We find that a careful reading of the evidence does not justify this conclusion. It is true that on-balance sheet assets held by commercial banks have declined as a share of total intermediary assets. But this measure overstates any drop in banking, for three reasons. First, it ignores the rapid growth in commercial banks' off-balance sheet activities. Second, it fails to take account of the substantial growth in off-shore C&I lending by foreign banks. Third, it ignores the fact that over the last several decades financial intermediation has grown rapidly relative to the rest of the economy. We find that after adjusting the measure of bank assets to account for these considerations there is no clear evidence of secular decline. To corroborate these findings, we also construct an alternative measure of the importance of banking, using data from the National Income Accounts. Again, we find no clear evidence of a sustained declined. At most the industry may have suffered a slight loss of market share over the last decade. But as we discuss, this loss may reflect a transitory response to a series of adverse shocks and the phasing in of new regulatory requirements, rather than the beginning of a permanent decline.
    Keyword: Bank assets, Commercial banks, Intermediation, Lending, and Banking
    Subject: G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages
  • Description:

    This data set consists of individual bank balance sheets for the antebellum period in the United States compiled from reports of state banking authorities. The data set is updated periodically. For each state, data are available in two forms. The worksheet “detailed” contains the data in as detailed a form as in the original source. In the worksheet “standardized”, data are presented in a consistent set of asset and liability categories for each bank.

    In the compilation, individual asset and liability categories have been preserved as much as possible. The data have also been modified in two primary ways: •Where the original data have both differences between assets and liabilities for a given bank and corresponding differences in reported aggregated totals for individual asset/liability categories, the data have been changed to eliminate such differences. •Where the original data have obvious inaccuracies (e.g., capital of $100,000 for several years in a row and then $10,000 for one year), such inaccuracies have been corrected.

    Note also that for many dates, aggregate totals for individual asset/liability categories do not match reported data, presumably due to calculation and other errors by the original compilers.

    Some of the downloadable Excel files that follow use Pre-1900 dates that Excel does not natively handle.

    The financial assistance of the Financial Services Research Group of the Federal Reserve System in compiling this data set is gratefully acknowledged.

    Data compiled by Warren Weber.

  • 5d86p025z?file=thumbnail
    Creator: Weber, Warren E.
    Description:

    This spreadsheet contains the disaggregated national bank call reports by state and reserve city for each call report date. These data appear as compiled by the Comptroller of the Currency. These data are a “cleaned” version of the data published in the Annual Reports of the Comptroller of the Currency. Where assets and liabilities were not equal for a state or reserve city in the original, they have been corrected to be equal in this data set. This was done by comparing for each asset and liability category differences between totals as reported by the Comptroller and totals category obtained by aggregating the individual state and reserve city data. It should also be noted that aggregates for the entire National Banking System should be based on the individual data in this dataset and not those reported by the Comptroller. After 1900 the dates for the data for Alaska and Hawaii that the Comptroller used in his totals do not match the dates given in the individual state reports.

  • Cr56n097m?file=thumbnail
    Creator: Weber, Warren E.
    Description:

    This spreadsheet contains data for Argentina, Brazil, Canada, Chile, France, Germany, Italy, Japan, Netherlands, Norway, Portugal, Spain, Sweden, UK, and US for the period 1810 – 1995. The data reported are for specie, M0, M2, prices, and output. The results in Rolnick-Weber, Journal of Political Economy (1997) are based on the data in this spreadsheet. For a description of how the data are constructed, see Rolnick and Weber, Staff Report 175 (1995) : https://www.minneapolisfed.org/research/staff-reports/inflation-money-and-output-under-alternative-monetary-standards.