Search Results
Journal Article
Currency: time for change?
Despite the increasing use of credit and debit cards and the emergence of various electronic payment instruments, currency remains king-at least for small-dollar-value transactions. The author examines the Federal Reserve's present role in providing currency and explores the challenges and opportunities in developing forward-looking currency policies.
Working Paper
Decomposing TFP growth in the presence of cost inefficiency, nonconstant returns to scale, and technological progress
A decomposition of observed total factor productivity (TFP) growth that examines changes in returns to scale, cost efficiency, and technology and that develops several decompositions using production and cost frontiers.
Journal Article
A Monte Carlo examination of bias tests in mortgage lending
An exploration of the effectiveness of testing procedures in uncovering discrimination by mortgage lenders, reflecting perceived shortcomings in the scope of data provided by the Home Mortgage Disclosure Act, which indicates that the rejection rate for black mortgage applicants is much higher than for whites. The authors find that for plausible levels of bias, the sample size is critical, but that low levels of bias can be difficult to detect even with large sample sizes.
Journal Article
"Don't panic": a primer on airline deregulation
A summary of the theory behind airline deregulation, and a look at the future evolution of the airline industry as it adapts to its new environment.
Journal Article
Competition, concentration and fares in the U.S. airline industry
An examination of the true state of competition and concentration in the airline industry by taking into account the function and effects of the hub-and-spoke networks that have developed in the market.
Working Paper
U.S. air passenger service: a taxonomy of route networks, hub locations, and competition
In this paper, we analyze the service provided by the 13 largest U.S. passenger airlines to the 100 most populous U.S. metropolitan areas in 1989. We classify the route systems by their nature and geographical extent using a variety of measures based on route-level data. We then identify individual airline hub locations and derive and calculate several measures of the extent of competition both on individual routes and at the airports in our sample. The results show the wide diversity of route networks that existed in the airline industry in 1989--a phenomenon that may help to explain the ...
Journal Article
The determinants of direct air fares to Cleveland: how competitive?
Using a model developed to examine the determinants of air fares, the authors discuss the relationship between airline industry competitiveness and fare increases.
Working Paper
A technique for estimating a cost system that allows for inefficiency
The presentation of a new econometric technique for estimating a system of cost and input share equations that allow for inefficiency.
Working Paper
Optimal employment of scale economies in the Federal Reserve's currency infrastructure
Given estimates of shipping costs and scale economies for high-speed currency sorting, the authors investigate whether the Federal Reserve might lower its costs by reallocating the volume of sorting among its processing sites.