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Working Paper
Credit Ratings, Private Information, and Bank Monitoring Ability
Nakamura, Leonard I.; Roszbach, Kasper (2016-06-16)
In this paper, we use credit rating data from two large Swedish banks to elicit evidence on banks' loan monitoring ability. For these banks, our tests reveal that banks' internal credit ratings indeed include valuable private information from monitoring, as theory suggests. Banks' private information increases with the size of loans.
Working Papers , Paper 16-14

Working Paper
Accounting for Growth in the Age of the Internet The Importance of Output-Saving Technical Change
Nakamura, Leonard I.; Hulten, Charles R. (2017-07-31)
We extend the conventional Solow growth accounting model to allow innovation to affect consumer welfare directly. Our model is based on Lancaster?s New Approach to Consumer Theory, in which there is a separate ?consumption technology? that transforms the produced goods, measured at production cost, into utility. This technology can shift over time, allowing consumers to make more efficient use of each dollar of income. This is ?output-saving? technical change, in contrast to the Solow TFP ?resource-saving? technical change. One implication of our model is that living standards can rise at a ...
Working Papers , Paper 17-24

Working Paper
Branch banking and the geography of bank pricing
Nakamura, Leonard I.; Calem, Paul S. (1995)
Finance and Economics Discussion Series , Paper 95-25

Working Paper
Is U.S. economic performance really that bad?
Nakamura, Leonard I. (1995)
Working Papers , Paper 95-21

Working Paper
Is GDP Becoming Obsolete? The 'Beyond GDP' Debate
Nakamura, Leonard I.; Charles, Hulton (2022-11-08)
GDP is a closely watched indicator of the current health of the economy and an important tool of economic policy. It has been called one of the great inventions of the 20th century. It is not, however, a persuasive indicator of individual well-being or economic progress. There have been calls to refocus or replace GDP with a metric that better reflects the welfare dimension. In response, the U.S. agency responsible for the GDP accounts recently launched the GDP and Beyond program. This is by no means an easy undertaking, given the subjective and idiosyncratic nature of much of individual ...
Working Papers , Paper 21-37

Working Paper
Rents have been rising, not falling, in the postwar period
Nakamura, Leonard I.; Voith, Richard; Cronin, Bridget (2008)
Until the end of 1977, the U.S. consumer price index for rents tended to omit rent increases when units had a change of tenants or were vacant, biasing inflation estimates downward. Beginning in 1978, the Bureau of Labor Statistics (BLS) implemented a series of methodological changes that reduced this nonresponse bias, but substantial bias remained until 1985. The authors set up a model of nonresponse bias, parameterize it, and test it using a BLS microdata set for rents. From 1940 to 1985, the official BLS CPI-W price index for tenant rents rose 3.6 percent annually; the authors argue that ...
Working Papers , Paper 08-28

Working Paper
Measuring the “Free” Digital Economy Within the GDP and Productivity Accounts
Soloveichik, Rachel; Nakamura, Leonard I.; Samuels, Jon (2017-10-23)
We develop an experimental methodology that values ?free? digital content through the lens of a production account and is consistent with the framework of the national accounts. We build upon the work in Nakamura, et al. (2016) by combining marketing- and advertising-supported content and find that the impact of ?free? digital content on U.S. gross domestic product (GDP) has accelerated in recent years, particularly since 2005. However, the explosion in ?free? digital content is partially offset by a decrease in ?free? print content like newspapers. Including these, real GDP growth would grow ...
Working Papers , Paper 17-37

Working Paper
Information losses in a dynamic model of credit
Nakamura, Leonard I.; Lang, William W. (1988)
Working Papers , Paper 88-15

Working Paper
The impact of the home valuation code of conduct on appraisal and mortgage outcomes
Nakamura, Leonard I.; Ding, Lei (2015-07-24)
Supersedes Working Paper 14-23. The accuracy of appraisals came into scrutiny during the housing crisis, and a set of policies and regulations was adopted to address the conflict-of-interest issues in the appraisal practices. In response to an investigation by the New York State Attorney General?s office, the Home Valuation Code of Conduct (HVCC) was agreed to by Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency. Using unique data sets that contain both approved and nonapproved mortgage applications, this study provides an empirical examination of the impact of the HVCC on ...
Working Papers , Paper 15-28

Journal Article
Lessons on lending and borrowing in hard times
Nakamura, Leonard I. (1991-07)
Business Review , Issue Jul , Pages 13-21

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