B. N. Kiser

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Although the modern theory of financial intermediation portrays liquidity creation as an essential role of banks, comprehensive measures of bank liquidity creation do not exist. We construct four measures and apply them to data on U.S. banks from 1993-2003. We find that bank liquidity creation increased every year and exceeded $2.8 trillion in 2003. Large(More)
If consumers value 'mix and match' combinations of network complements , incompatibility between different sellers' components should affect prices. In ATM markets, a 1996 governance change exogenously generated such incompatibility, by allowing banks to impose surcharges when other banks' deposit customers use their ATM's. In our data, incompatibility(More)
Bank of Canada working papers are theoretical or empirical works-in-progress on subjects in economics and finance. The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada. Abstract This paper studies the role that market structure plays in affecting the diffusion of electronic(More)
for their valuable comments. The analysis and conclusions set forth are those of the authors and do not reeect the views of the Federal Reserve Board staa or the Board of Governors. Abstract We model the relationship between market power and both loan interest rates and bank risk without placing strong restrictions on the moral hazard problems between(More)
This paper provides evidence on the empirical separability of input and output market imperfections. We specify a model of banking competition and simultaneously estimate bank conduct in output (loan) and input (deposit) markets. Our results suggest that firms display some degree of noncompetitive behavior in both the loan and the deposit markets. Moreover,(More)
Although the modern theory of financial intermediation portrays banks as liquidity creators, comprehensive measures of bank liquidity creation do not exist. We construct such measures and apply them to data on U.S. banks from 1993-2003. Based on our preferred measure, the amount of liquidity created by the banking sector has grown by approximately(More)
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