作者：Egan, Mark; Lewellen, Stefan; Sunderam, Adi
作者单位：Harvard University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the determinants of value creation in U.S. commercial banks. We develop novel measures of individual banks' productivities at collecting deposits and making loans that we relate to bank market values. We find that deposit productivity is responsible for two-thirds of the value of the median bank and most variation in value across banks. Variation in productivity is driven by differences across banks in technology, customer demographics, and market power. We also find evidence of syner...
作者：Backus, David K.; Chernov, Mikhail; Zin, Stanley E.; Zviadadze, Irina
作者单位：New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of California System; University of California Los Angeles; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：Long-run asset pricing restrictions in a macro term structure model identify discretionary monetary policy separately from a policy rule. We find that policy discretion is an important contributor to aggregate risk. In addition, discretionary easing coincides with good news about the macroeconomy in the form of lower inflation, higher output growth, and lower risk premiums on short-term nominal bonds. However, it also coincides with bad news about long-term financial conditions in the form of ...
