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Sluggish deposit rates: endogenous institutions and aggregate fluctuations

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  • Joseph G. Haubrich

Abstract

An equilibrium analysis of how endogenously rising financial institutions, altering the impact of macroeconomic shocks, induce sluggishness in bank interest rates relative to other short-term rates.

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File URL: http://www.clevelandfed.org/Research/Review/1992/92-q2-haubrich.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1992)
Issue (Month): Q II ()
Pages: 23-35

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Handle: RePEc:fip:fedcer:y:1992:i:qii:p:23-35:n:v.28no.2

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Keywords: Bank deposits ; Interest;

References

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  1. Sanford J. Grossman & Oliver D. Hart & Eric Maskin, 1982. "Unemployment with Observable Aggregate Shocks," NBER Working Papers 0975, National Bureau of Economic Research, Inc.
  2. Sheffrin, Steven M, 1984. "The Dispersion Hypothesis in Macroeconomics," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 482-85, August.
  3. Merton, Robert C., 1977. "On the microeconomic theory of investment under uncertainty," Working papers 958-77., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  4. Diamond, Douglas W & Dybvig, Philip H, 1983. "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 401-19, June.
  5. Klein, Michael A, 1972. "On the Causes and Consequences of Savings and Loan Deposit Rate Inflexibility," Journal of Finance, American Finance Association, vol. 27(1), pages 79-87, March.
  6. G. B. Gorton & J. G. Haubrich, . "Bank Deregulation, Credit Markets and the Control of Capital," Rodney L. White Center for Financial Research Working Papers 8-86, Wharton School Rodney L. White Center for Financial Research.
  7. Joseph Haubrich, . "Optimal Financial Structure in Exchange Economies," Rodney L. White Center for Financial Research Working Papers 18-84, Wharton School Rodney L. White Center for Financial Research.
  8. Robinson, Joan, 1972. "The Second Crisis of Economic Theory," American Economic Review, American Economic Association, vol. 62(2), pages 1-10, May.
  9. Judd, Kenneth L., 1985. "The law of large numbers with a continuum of IID random variables," Journal of Economic Theory, Elsevier, vol. 35(1), pages 19-25, February.
  10. Flannery, Mark J, 1982. "Retail Bank Deposits as Quasi-Fixed Factors of Production," American Economic Review, American Economic Association, vol. 72(3), pages 527-36, June.
  11. Danziger, Sheldon & Gottschalk, Peter, 1986. "Do Rising Tides Lift All Boats? The Impact of Secular and Cyclical Changes on Poverty," American Economic Review, American Economic Association, vol. 76(2), pages 405-10, May.
  12. Mirrlees, James A, 1971. "An Exploration in the Theory of Optimum Income Taxation," Review of Economic Studies, Wiley Blackwell, vol. 38(114), pages 175-208, April.
  13. David Neumark & Steven A. Sharpe, 1989. "Market structure and the nature of price rigidity: evidence from the market for consumer deposits," Finance and Economics Discussion Series 52, Board of Governors of the Federal Reserve System (U.S.).
  14. Brunner, Karl & Meltzer, Allan H., 1987. "Bubbles and other essays," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 26(1), pages 1-8, January.
  15. Smith, Bruce D., 1984. "Private information, deposit interest rates, and the `stability' of the banking system," Journal of Monetary Economics, Elsevier, vol. 14(3), pages 293-317, November.
  16. Jacklin, Charles J & Bhattacharya, Sudipto, 1988. "Distinguishing Panics and Information-Based Bank Runs: Welfare and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 568-92, June.
  17. Dooley, Martin D & Gottschalk, Peter, 1984. "Earnings Inequality among Males in the United States: Trends and the Effect of Labor Force Growth," Journal of Political Economy, University of Chicago Press, vol. 92(1), pages 59-89, February.
  18. Gerald I. Weber, 1966. "Interest Rates On Mortgages And Dividend Rates On Savings And Loan Shares," Journal of Finance, American Finance Association, vol. 21(3), pages 515-521, 09.
  19. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
  20. Hannan, Timothy H & Berger, Allen N, 1991. "The Rigidity of Prices: Evidence from the Banking Industry," American Economic Review, American Economic Association, vol. 81(4), pages 938-45, September.
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