NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation

Thomas Philippon

NBER Working Paper No. 18077
Issued in May 2012

---- Acknowledgements -----

This has been a very long project. The first draft dates back to 2007, with a focus on corporate finance, and without the long term historical evidence. This paper really owes a lot to other people, academics and non-academics alike. Darrell Duffie, Robert Lucas, Raghuram Rajan, Jose Scheinkman, Robert Shiller, Andrei Shleifer, and Richard Sylla have provided invaluable feedback at various stages of this project. Boyan Jovanovic, Peter Rousseau, Moritz Schularick, and Alan Taylor have shared their data and their insights, and I have greatly benefited from discussions with Lewis Alexander, Patrick Bolton, Markus Brunnermeier, John Cochrane, Douglas Diamond, John Geanakoplos, Gary Gorton, Robin Greenwood, Steve Kaplan, Anil Kashyap, Ashley Lester, Andrew Lo, Andrew Metrick, William Nordhaus, Matthew Rhodes-Kropf, David Robinson, Kenneth Rogoff, David Scharfstein, Hyun Shin, Jeremy Stein, Gillian Tett, Wallace Turbeville, and Luigi Zingales, as well as seminar participants at Stanford, Yale, NYU, Harvard, Chicago, Princeton, and the Paris School of Economics. I also thank Paul Krugman for his discussion at the 2011 NY Area Monetary conference, Axelle Ferrière, Peter Gross, Andrea Prestipino, Robert Turley, and Shaojun Zhang for research assistance, and the Smith Richardson Foundation for its financial support. I gratefully acknowledge funding from the Smith Richardson Foundation. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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