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Sluggish deposit rates: endogenous institutions and aggregate fluctuations

  • Joseph G. Haubrich

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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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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  1. Haubrich, Joseph G, 1988. "Optimal Financial Structure in Exchange Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(2), pages 217-35, May.
  2. 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.
  3. 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.
  4. Gorton, Gary B. & Haubrich, Joseph G., 1987. "Bank deregulation, credit markets, and the control of capital," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 26(1), pages 289-333, January.
  5. Robinson, Joan, 1972. "The Second Crisis of Economic Theory," American Economic Review, American Economic Association, vol. 62(2), pages 1-10, May.
  6. 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.
  7. Sanford J. Grossman & Oliver D. Hart & Eric Maskin, 1982. "Unemployment with Observable Aggregate Shocks," NBER Working Papers 0975, National Bureau of Economic Research, Inc.
  8. 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.
  9. 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.
  10. 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.
  11. 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.).
  12. 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.
  13. 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.
  14. 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.
  15. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
  16. 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.
  17. 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.
  18. Sheffrin, Steven M, 1984. "The Dispersion Hypothesis in Macroeconomics," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 482-85, August.
  19. 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.
  20. 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.
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