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1991 Working Papers

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Information-Aggregation Bias
By Marvin Goodfriend
Working Paper 91-6
Released: June 1991

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Survey Evidence of Tighter Credit Conditions: What Does It Mean?
By Raymond E. Owens & Stacey L. Schreft
Working Paper 91-5
Released: May 1991

Since early 1990, the results of the Federal Reserve Board's Senior Loan Officer Opinion Survey on Bank Lending Practices have been cited frequently as an indicator of general credit availability. Results from the Board's survey suggest that a...

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Money, Trade Credit and Asset Prices
By Stacey L. Schreft & Jeffrey M. Lacker
Working Paper 91-4
Released: February 1991

We describe a stochastic economic environment in which the mix of money and trade credit used as means of payment is endogenous. The economy has an infinite horizon, spatial separation and a credit-related transaction cost, but no capital. We find that...

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Scope Economies: Fixed Costs, Complementarity, and Functional Form
By David B. Humphrey & Lawrence B. Pulley
Working Paper 91-3
Released: February 1991

Bank scope economies have been derived from either the standard or generalized (Box-Cox) multiproduct translog (or other logarithmic) functional form. Reported results have ranged from strong economies to diseconomies and are far from conclusive. The...

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External Increasing Returns, Short-Lived Agents and Long-Lived Waste
By Stacey L. Schreft, D. Schimmelpfennig, R. Pecchenino & A. John
Working Paper 91-2
Released: November 1990

Actions that affect environmental quality both influence and respond to macroeconomic variables. Further, many environmental and macroeconomic consequences of current actions will have uncompensated effects that outlive the actors. This paper presents...

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Welfare-Improving Credit Controls
By Stacey L. Schreft
Working Paper 91-1
Released: January 1991

Credit controls are generally believed to result in an inefficient allocation of resources. This paper presents a counterexample. It displays a general equilibrium, multi-good model with spatial separation for which steady state equilibria exist in...

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