J. G. A. Haubrich

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The consolidation of banks around the world in recent years is intensifying public policy debates on the influences of concentration and competition on the performance of banks. In light of these developments, this paper first reviews the existing literature on the impact of bank concentration and competition. Second, the paper summarizes the main findings(More)
While the Too Big To Fail issue has received wide attention in the academic literature and popular press, there is little agreement regarding economies of scale for financial firms. We take the stand that systemic risk increases when the larger players in the financial sector have a larger share of the output. Our calculations indicate that the cost to the(More)
This paper examines the stochastic properties of aggregate macroeconomic time series from the standpoint of fractionally integrated models, focusing on the persistence of economic shocks. We develop a simple macroeconomic model that exhibits long-range dependence, a consequence of aggregation in the presence of real business cycles. We then derive the(More)
by Robert B. Avery, Patricia E. Beeson, and Mark S. Sniderman Robert B. Avery is an associate professor in the Department of Consumer Economics and Housing, Cornell University, and Patricia E. Beeson is an associate professor of economics at the University of Pittsburgh; both are visiting scholars at the Federal Reserve Bank of Cleveland. MarkS. Sniderman(More)