Risultati della ricerca
Creator: Sargent, Thomas J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 066 Parola chiave: Business cycles, Difference equations, and Random variables Soggetto: E37 - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
Creator: Herder, Richard John, 1931- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 007 Parola chiave: Small rural unit bank, Bank performance, Agricultural lending, Banking structure, and Competitive behavior Soggetto: Q10 - Agriculture: General and G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Creator: Townsend, Robert M., 1948- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 077 Abstract:
This thesis consists of a series of essays on the theory of exchange under uncertainty. The first essay examines the welfare implications of futures markets in the context of complete markets for contingent claims. It is shown that in a C-good, S-state world the equilibrium allocations resulting from the operation of pre-state noncontingent futures markets and post-state spot markets may be Pareto optimal. This proposition turns on the fact that a futures contract can be interpreted as a security whose state-specific return is the post-state spot price. If the matrix of spot prices has rank S, then, with futures and spot markets, agents can achieve the same allocations over states as with complete markets for contingent claims.
Parola chiave: Uncertainty and Markets Soggetto: D80 - Information, Knowledge, and Uncertainty: General, Y40 - Dissertations (unclassified), and G10 - General Financial Markets: General (includes Measurement and Data)
Creator: Nelson, Clarence W. (Clarence Walford), 1924- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 000 Descrizione:
This paper was published with no issue number.
Parola chiave: 9th District, Lumber, Logging, and Black Hills Soggetto: Q56 - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth, Q21 - Renewable Resources and Conservation: Demand and Supply; Prices, and Q23 - Renewable Resources and Conservation: Forestry
Creator: Lin, Lizbie Gee-Sun Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 000 Descrizione:
This paper was published with no issue number.
Simultaneously published as part of the Ninth District Economic Information Series.
Parola chiave: Technical colleges, Community colleges, Students, and Colleges and universities Soggetto: R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes, H52 - National Government Expenditures and Education, and I22 - Educational Finance; Financial Aid
Creator: Boyd, John H., Daley, Lane A., 1953-, and Runkle, David Edward Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 515 Abstract:
This paper examines the seasonal pattern of accruals for loan-loss provisions and chargeoffs chosen by bank managers. Using the existing literature on intra-year discretionary accruals, knowledge of the incentive systems used to evaluate bank managers' performance, and various regulatory characteristics, we predict that accruals for provisions and chargeoffs will cluster in the fourth quarter of each year. We examine quarterly data for 105 large bank holding companies from the first quarter of 1980 through the fourth quarter of 1990. Our results indicate that: (1) provisions and chargeoffs are clustered in the fourth quarter, (2) this clustering is not related to the level of business activity of the banks, (3) the proximity of a bank's actual capital to its regulatory capital requirement does not affect this clustering, and (4) current provisions are affected both by current chargeoffs and by expectations about future chargeoffs. To examine whether the systematic characteristics of these loan-loss provision and chargeoff decisions are understood by users, we also estimate a quarterly equity valuation model in which quarterly provisions should be differentially weighted to reflect their seasonal characteristics. We find strong evidence to indicate that equity prices behave as if the market participants take these seasonal properties into account.
Parola chiave: Bank lending, Loan-loss provision, Seasonality, Loans, Loan losses, Charge-off, and Banks Soggetto: G14 - Information and Market Efficiency; Event Studies; Insider Trading and G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Creator: Green, Edward J. and Oh, Soo-Nam Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 499 Abstract:
In this paper we explain why markets in noncontingent debt securities might be a stable form of market organization for intermediation to households. Efficient-contract allocation might be supported by these markets because households' relationships with their intermediaries do not exactly parallel the explicit form of the noncontingent contracts that they explicitly sign with one another. Also we show that the efficient-contract model can be distinguished from alternative models within the time-series framework that has been widely used to study households' consumption patterns.
Paper prepared for the 'Debt and Credit' Conference at the LSE.
Parola chiave: Households, Credit contracts, Consumption, Credit, and Debt securities Soggetto: G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages, C22 - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes, and D11 - Consumer Economics: Theory
Creator: Miller, Preston J. and Todd, Richard M. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 494 Abstract:
This paper investigates the macroeconomic and welfare effects of a particular public finance decision. That decision was to use debt rather than current taxation to finance deposit insurance payments related to the savings and loan debacle. We find that this decision could have significantly raised real interest rates and affected welfare. The analysis is conducted in a dynamic, open-economy, monetary general equilibrium model in which parameters are set based on empirical observations.
Parola chiave: Savings and loan, Welfare, Real interest rates, Deposit insurance, Government debt, Public finance, Taxation, and S & L Soggetto: H63 - National Debt; Debt Management; Sovereign Debt and G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages