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dc.contributor.authorBasu, Susantoen_US
dc.contributor.authorInklaar, Roberten_US
dc.contributor.authorWang, J. Christinaen_US
dc.date.accessioned2012-02-23T08:29:00Z-
dc.date.available2012-02-23T08:29:00Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/55661-
dc.description.abstractRather than charging direct fees, banks often charge implicitly for their services via interest spreads. As a result, much of bank output has to be estimated indirectly. In contrast to current statistical practice, dynamic optimizing models of banks argue that compensation for bearing systematic risk is not part of bank output. We apply these models and find that between 1997 and 2007, in the U.S. National Accounts, on average, bank output is overestimated by 21 percent and GDP is overestimated by 0.3 percent. Moreover, compared with current methods, our new estimates imply more plausible estimates of the share of capital in income and the return on fixed capital.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of Boston Boston, MAen_US
dc.relation.ispartofseriesWorking paper series // Federal Reserve Bank of Boston 08-4en_US
dc.subject.jelE01en_US
dc.subject.jelE44en_US
dc.subject.jelO47en_US
dc.subject.ddc330en_US
dc.subject.stwBankgeschäften_US
dc.subject.stwRisikoen_US
dc.subject.stwGebühren_US
dc.subject.stwZinsstrukturen_US
dc.subject.stwGewinnermittlungen_US
dc.subject.stwSchätzungen_US
dc.subject.stwUSAen_US
dc.titleThe value of risk: Measuring the service output of U.S. commercial banksen_US
dc.typeWorking Paperen_US
dc.identifier.ppn586158669en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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