Journal of Money, Credit & Banking

Reports major findings in the study of financial institutions, financial markets, monetary and fiscal policy, credit markets, money and banking.

Articles from Vol. 30, No. 2, May

Banks as Multioutput Oligopolies: An Empirical Evaluation of the Retail and Corporate Banking Markets
The distinction between retail and corporate banking markets is of much importance in real life banking organizations. The two markets differ with respect to concentration, the importance of informational asymmetries, and the extent of customer mobility....
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High and Uncertain Inflation: Results from a New Data Set
We use a data set of inflation expectations that covers twenty years and forty-four countries to investigate the relationship between the level and uncertainty of inflation. While there is strong and robust evidence of a relationship between average...
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Insider Money as a Source of Investment Finance
Households demand bank deposits for the liquidity services such assets provide. Higher-yielding assets usually are available to finance future consumption. Nevertheless, the demand for bank liabilities enables banks to finance investment. One might therefore...
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Is Nonprice Competition in Currency Inefficient?
Some economists believe that the competitive survival of non-interest-bearing currency--the absence of price competition from markets for stored-value cards, banknotes, and token coins--implies a waste of resources on nonprice competition. We argue to...
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Nonparametric Frontier Models for Assessing the Market and Cost Efficiency of Large-Scale Bank Branch Networks
In this paper we propose models for assessing the efficiency in large networks of bank branches. We distinguish bank branch efficiency into market and cost components suitably modified to capture different tiers of bank management. The paper proposes...
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Permanent and Transitory Shocks in Real Output: Estimates from Nineteenth-Century and Postwar Economies
This paper reexamines Blanchard and Quah's (1989) aggregate supply/demand model interpretation of output shocks using data from ten countries. Although postwar data support their interpretation, the model is not supported by nineteenth-century data....
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Seigniorage in a Cross-Section of Countries
Empirical investigation of the average level of seigniorage in a cross-section of (up to) ninety countries for the period 1971-1990 suggests that optimum tax theory explains up to 40 percent of the cross-country variation in seigniorage, since seigniorage...
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The Link between Inflation and Output Variability in Canada
One of the costs of high levels of inflation maybe misperceptions of relative prices and excessive volatility in sectoral output. This paper therefore examines the relationship between the level of inflation and sectoral output growth variability in...
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