Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation
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I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is produced
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美国国家经济研究局创建时间：
2012-05-01
