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Autor:innen: 
Erscheinungsjahr: 
1999
Schriftenreihe/Nr.: 
Queen's Economics Department Working Paper No. 979
Verlag: 
Queen's University, Department of Economics, Kingston (Ontario)
Zusammenfassung: 
We take up the hypothesis that risk premiums on equities are embodying the costs incurred by equity holders in monitoring the firms which they have invested in. This idea is a key ingredient in our construction of a two sector neoclassical model with widget producing firms and commercial banks. So-called user costs or interest rate spreads are key prices of commercial bank services in the model. Commercial banks produce deposit services (check-writing services or transactions services) and lending services to widget producers.
Schlagwörter: 
Commercial Banking
Monitoring Activity
General Equilibrium
National Accounting
JEL: 
G21
P12
Dokumentart: 
Working Paper

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