Details about Leonard I. Nakamura

Workplace:

Research Department, Federal Reserve Bank of Philadelphia, (more information at EDIRC)

Access statistics for papers by Leonard I. Nakamura.

Last updated 2024-11-06. Update your information in the RePEc Author Service.

Short-id: pna565

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Working Papers

2025

1. Climate Shocks in the Anthropocene Era: Should Net Domestic Product Reflect Climate Disasters?
   Working Papers, Federal Reserve Bank of Philadelphia

2023

2. Climate Shocks in the Anthropocene Era: Should Net Domestic Product Be Affected by Climate Disasters
   Working Papers, Federal Reserve Bank of Philadelphia
3. The Increasing Pace of Weather-Related Cost Shocks: Should Net Domestic Product be Affected by Climate Disasters?
   BEA Papers, Bureau of Economic Analysis

2022

4. Is GDP Becoming Obsolete? The 'Beyond GDP' Debate
   Working Papers, Federal Reserve Bank of Philadelphia
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2022) View citations (2)

2020

5. Evidence of Accelerating Mismeasurement of Growth and Inflation in the U.S. in the 21st Century
   Working Papers, Federal Reserve Bank of Philadelphia
   Also in Economic Statistics Centre of Excellence (ESCoE) Discussion Papers, Economic Statistics Centre of Excellence (ESCoE) (2020) View citations (3)
6. Expanded GDP for Welfare Measurement in the 21st Century
   Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (4)
   See also Chapter Expanded GDP for Welfare Measurement in the 21st Century, NBER Chapters, National Bureau of Economic Research, Inc (2020) View citations (2) (2020)
7. “Don’t Know What You Got Till It’s Gone”—The Community Reinvestment Act in a Changing Financial Landscape
   Working Papers, Federal Reserve Bank of Philadelphia
   See also Journal Article “Don't Know What You Got till It’s Gone”: The Community Reinvestment Act in a Changing Financial Landscape, Journal of Real Estate Research, Taylor & Francis Journals (2021) (2021)

2019

8. Toward a Framework for Time Use, Welfare, and Household Centric Economic Measurement
   Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
   Also in Economic Statistics Centre of Excellence (ESCoE) Discussion Papers, Economic Statistics Centre of Excellence (ESCoE) (2019) View citations (3)

2018

9. Appraising Home Purchase Appraisals
   Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
   Also in Working Papers, Federal Reserve Bank of Philadelphia (2017) View citations (6)
   See also Journal Article Appraising home purchase appraisals, Real Estate Economics, American Real Estate and Urban Economics Association (2021) View citations (2) (2021)
10. “Free” Internet Content: Web 1.0, Web 2.0, and the Sources of Economic Growth
    Working Papers, Federal Reserve Bank of Philadelphia View citations (4)

2017

11. Accounting for Growth in the Age of the Internet The Importance of Output-Saving Technical Change
    Working Papers, Federal Reserve Bank of Philadelphia View citations (6)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (14)
12. Measuring the Free Digital Economy within the GDP and Productivity Accounts
    BEA Working Papers, Bureau of Economic Analysis View citations (7)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2017) View citations (1)
    Economic Statistics Centre of Excellence (ESCoE) Discussion Papers, Economic Statistics Centre of Excellence (ESCoE) (2017) View citations (1)
13. “Don't Know What You Got Till It’s Gone” — The Effects of the Community Reinvestment Act (CRA) on Mortgage Lending in the Philadelphia Market
    Working Papers, Federal Reserve Bank of Philadelphia

2016

14. Credit Ratings, Private Information, and Bank Monitoring Ability
    Working Papers, Federal Reserve Bank of Philadelphia View citations (6)
    See also Journal Article Credit ratings, private information, and bank monitoring ability, Journal of Financial Intermediation, Elsevier (2018) View citations (11) (2018)
15. Valuing Free Media in GDP: An Experimental Approach
    BEA Working Papers, Bureau of Economic Analysis View citations (6)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2016) View citations (4)

2015

16. Creativity and economic growth: theory, measures, and potentials for morocco
    Working Papers, Federal Reserve Bank of Philadelphia
17. House-price expectations, alternative mortgage products, and default
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2013) View citations (1)
    See also Journal Article House‐Price Expectations, Alternative Mortgage Products, and Default, Journal of Money, Credit and Banking, Blackwell Publishing (2016) View citations (9) (2016)
18. Information losses in home purchase appraisals
    Working Papers, Federal Reserve Bank of Philadelphia View citations (8)
19. The impact of the home valuation code of conduct on appraisal and mortgage outcomes
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2014) View citations (1)
    See also Journal Article The Impact of the Home Valuation Code of Conduct on Appraisal and Mortgage Outcomes, Real Estate Economics, American Real Estate and Urban Economics Association (2016) View citations (19) (2016)
20. The system of national accounts and alternative economic perspectives
    Working Papers, Federal Reserve Bank of Philadelphia
21. Valuing “free” media across countries in GDP
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)

2014

22. Should defaults be forgotten? Evidence from variation in removal of negative consumer credit information
    Working Papers, Federal Reserve Bank of Philadelphia View citations (5)
23. Sourcing substitution and related price index biases
    Working Papers, Federal Reserve Bank of Philadelphia View citations (8)

2013

24. Credit ratings and bank monitoring ability
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2010) View citations (8)
    Other publications TiSEM, Tilburg University, School of Economics and Management (2010) View citations (4)
    Other publications TiSEM, Tilburg University, School of Economics and Management (2010) View citations (4)
    Discussion Paper, Tilburg University, Center for Economic Research (2010) View citations (4)

2012

25. Building the Innovation Union: Lessons from the 2008 Financial Crisis
    Working Papers, Federal Reserve Bank of Philadelphia
26. Durable financial regulation: monitoring financial instruments as a counterpart to regulating financial institutions
    Working Papers, Federal Reserve Bank of Philadelphia
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2010) View citations (1)
    NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (2)
    See also Chapter Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions, NBER Chapters, National Bureau of Economic Research, Inc (2014) View citations (1) (2014)
27. Should defaults be forgotten? Evidence from legally mandated removal
    Working Papers, Federal Reserve Bank of Philadelphia View citations (4)

2011

28. Credit Cycle and Adverse Selection Effects in Consumer Credit Markets – Evidence from the HELOC Market
    Other publications TiSEM, Tilburg University, School of Economics and Management View citations (6)
    Also in Other publications TiSEM, Tilburg University, School of Economics and Management (2011) View citations (6)
    Working Papers, Federal Reserve Bank of Philadelphia (2011) View citations (6)
    Discussion Paper, Tilburg University, Center for Economic Research (2011) View citations (5)
29. Subprime mortgages and the housing bubble
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)
    See also Journal Article Subprime mortgages and the housing bubble, Journal of Urban Economics, Elsevier (2012) View citations (54) (2012)

2009

30. Intangible assets and national income accounting: measuring a scientific revolution
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)

2008

31. Intangible assets and national income accounting
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
    See also Journal Article INTANGIBLE ASSETS AND NATIONAL INCOME ACCOUNTING, Review of Income and Wealth, International Association for Research in Income and Wealth (2010) View citations (26) (2010)
32. Rents have been rising, not falling, in the postwar period
    Working Papers, Federal Reserve Bank of Philadelphia View citations (5)
    See also Journal Article Rents Have Been Rising, Not Falling, in the Postwar Period, The Review of Economics and Statistics, MIT Press (2010) View citations (20) (2010)

2007

33. Mismeasured personal saving and the permanent income hypothesis
    Working Papers, Federal Reserve Bank of Philadelphia View citations (6)

2006

34. Bench Mark Revisions and the U.S. Personal Saving Rate
    2006 Meeting Papers, Society for Economic Dynamics
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2005) View citations (2)
35. National income accounts
    Working Papers, Federal Reserve Bank of Philadelphia
36. The CPI for rents: a case of understated inflation
    Working Papers, Federal Reserve Bank of Philadelphia View citations (7)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2004) View citations (1)
37. The Democratization of U.S. Research and Development after 1980
    2006 Meeting Papers, Society for Economic Dynamics

2005

38. Advertising, intangible assets, and unpriced entertainment
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
39. Transactions accounts and loan monitoring
    Working Papers, Federal Reserve Bank of Philadelphia View citations (5)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2004) View citations (4)
    See also Journal Article Transactions Accounts and Loan Monitoring, The Review of Financial Studies, Society for Financial Studies (2007) View citations (90) (2007)

2004

40. Hedonic estimates of the cost of housing services: rental and owner-occupied units
    Working Papers, Federal Reserve Bank of Philadelphia View citations (14)

2002

41. Checking Accounts and Bank Monitoring
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (15)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2001) View citations (15)
    Working Papers, Federal Reserve Bank of Philadelphia (1998) View citations (33)

2001

42. Banking and finance in Argentina in the period 1900-35
    Center for Latin America Working Papers, Federal Reserve Bank of Dallas View citations (1)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2001) View citations (2)
    Working Papers, Federal Reserve Bank of Dallas (2001)
43. Education and training in an era of creative destruction
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)
44. Measuring American rents: a revisionist history
    Working Papers, Federal Reserve Bank of Philadelphia View citations (4)
45. What is the U.S. gross investment in intangibles? (At least) one trillion dollars a year!
    Working Papers, Federal Reserve Bank of Philadelphia View citations (17)

1999

46. Measuring housing services inflation
    Working Papers, Federal Reserve Bank of Philadelphia View citations (10)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (1998)

1998

47. Measurement of retail output and the retail revolution
    Working Papers, Federal Reserve Bank of Philadelphia View citations (4)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (1997) View citations (2)
    See also Journal Article The measurement of retail output and the retail revolution, Canadian Journal of Economics, Canadian Economics Association (1999) View citations (17) (1999)

1997

48. Economic growth in Argentina in the period 1900-30: some evidence from stock returns
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)

1995

49. Branch banking and the geography of bank pricing
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (6)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (1994) View citations (1)
    See also Journal Article Branch Banking And The Geography Of Bank Pricing, The Review of Economics and Statistics, MIT Press (1998) View citations (27) (1998)
50. Is U.S. economic performance really that bad?
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)
51. New directions in information and screening in real estate finance
    Working Papers, Federal Reserve Bank of Philadelphia

1994

52. Information and screening in real estate finance: an introduction
    Working Papers, Federal Reserve Bank of Philadelphia View citations (2)

1993

53. Loan screening within and outside of customer relationships
    Working Papers, Federal Reserve Bank of Philadelphia View citations (28)
54. Recent research in commercial banking: information and lending
    Working Papers, Federal Reserve Bank of Philadelphia View citations (40)
55. The impact of branch banking on pricing and service availability: theory and evidence
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)

1992

56. Bank branching
    Working Papers, Federal Reserve Bank of Philadelphia
57. \"Flight to quality\" in bank lending and economic activity
    Working Papers, Federal Reserve Bank of Philadelphia View citations (6)

1991

58. Commercial bank information: implications for the structure of banking
    Working Papers, Federal Reserve Bank of Philadelphia View citations (6)
59. Delegating monitoring with diseconomies of scale
    Working Papers, Federal Reserve Bank of Philadelphia
60. Housing appraisals and redlining
    Working Papers, Federal Reserve Bank of Philadelphia
61. Optimal acceptance policies for journals
    Working Papers, Federal Reserve Bank of Philadelphia
62. Worker debt with bankruptcy
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)

1990

63. Optimal bank closure for deposit insurers
    Working Papers, Federal Reserve Bank of Philadelphia
64. Reforming deposit insurance when banks conduct loan workouts and runs are possible
    Working Papers, Federal Reserve Bank of Philadelphia

1989

65. Entry-deterring debt
    Working Papers, Federal Reserve Bank of Philadelphia View citations (4)
    See also Journal Article Entry-Deterring Debt, Journal of Money, Credit and Banking, Blackwell Publishing (1992) View citations (5) (1992)
66. Learning in the marketplace: free entry is free riding
    Working Papers, Federal Reserve Bank of Philadelphia
67. Loan workouts and commercial bank information: why banks are special
    Working Papers, Federal Reserve Bank of Philadelphia View citations (5)
68. The dynamics of credit markets in a model with learning
    Working Papers, Federal Reserve Bank of Philadelphia
    See also Journal Article The dynamics of credit markets in a model with learning, Journal of Monetary Economics, Elsevier (1990) View citations (17) (1990)

1988

69. Information losses in a dynamic model of credit
    Working Papers, Federal Reserve Bank of Philadelphia
    See also Journal Article Information Losses in a Dynamic Model of Credit, Journal of Finance, American Finance Association (1989) View citations (8) (1989)

Journal Articles

2022

1. Time Use, Productivity, and Household-centric Measurement of Welfare in the Digital Economy
   International Productivity Monitor, 2022, 42, 165-186

2021

2. Appraising home purchase appraisals
   Real Estate Economics, 2021, 49, (S1), 134-168 View citations (2)
   See also Working Paper Appraising Home Purchase Appraisals, Working Papers (2018) View citations (2) (2018)
3. “Don't Know What You Got till It’s Gone”: The Community Reinvestment Act in a Changing Financial Landscape
   Journal of Real Estate Research, 2021, 43, (1), 96-122
   See also Working Paper “Don’t Know What You Got Till It’s Gone”—The Community Reinvestment Act in a Changing Financial Landscape, Working Papers (2020) (2020)

2018

4. Credit ratings, private information, and bank monitoring ability
   Journal of Financial Intermediation, 2018, 36, (C), 58-73 View citations (11)
   See also Working Paper Credit Ratings, Private Information, and Bank Monitoring Ability, Working Papers (2016) View citations (6) (2016)

2017

5. Improving the Treatment of Holding Gains and Default Losses in National Accounts
   Review of Income and Wealth, 2017, 63, S321-S354 View citations (3)

2016

6. House‐Price Expectations, Alternative Mortgage Products, and Default
   Journal of Money, Credit and Banking, 2016, 48, (1), 81-112 View citations (9)
   See also Working Paper House-price expectations, alternative mortgage products, and default, Working Papers (2015) View citations (1) (2015)
7. The Impact of the Home Valuation Code of Conduct on Appraisal and Mortgage Outcomes
   Real Estate Economics, 2016, 44, (3), 658-690 View citations (19)
   See also Working Paper The impact of the home valuation code of conduct on appraisal and mortgage outcomes, Working Papers (2015) View citations (3) (2015)

2014

8. Brewing bubbles: how mortgage practices intensify housing booms
   Business Review, 2014, (1), 16-24
9. Hidden value: how consumer learning boosts output
   Business Review, 2014, (Q3), 9-14 View citations (2)

2013

10. What you don’t know can hurt you: keeping track of risks in the financial system
    Business Review, 2013, (Q1), 21-29

2012

11. Subprime mortgages and the housing bubble
    Journal of Urban Economics, 2012, 71, (2), 230-243 View citations (54)
    See also Working Paper Subprime mortgages and the housing bubble, Working Papers (2011) View citations (1) (2011)

2011

12. Price dynamics, retail chains and inflation measurement
    Journal of Econometrics, 2011, 161, (1), 47-55 View citations (35)
13. Wal-Mart innovation and productivity: a viewpoint
    Canadian Journal of Economics, 2011, 44, (2), 486-508 View citations (6)
    Also in Canadian Journal of Economics/Revue canadienne d'économique, 2011, 44, (2), 486-508 (2011) View citations (3)

2010

14. How much is that home really worth? Appraisal bias and house-price uncertainty
    Business Review, 2010, (Q1), 11-22 View citations (14)
15. INTANGIBLE ASSETS AND NATIONAL INCOME ACCOUNTING
    Review of Income and Wealth, 2010, 56, (s1), S135-S155 View citations (26)
    See also Working Paper Intangible assets and national income accounting, Working Papers (2008) View citations (3) (2008)
16. Rents Have Been Rising, Not Falling, in the Postwar Period
    The Review of Economics and Statistics, 2010, 92, (3), 628-642 View citations (20)
    See also Working Paper Rents have been rising, not falling, in the postwar period, Working Papers (2008) View citations (5) (2008)

2009

17. The housing bubble and a new approach to accounting for housing in a CPI
    Journal of Housing Economics, 2009, 18, (3), 156-171 View citations (37)

2008

18. The mismeasured personal saving rate is still useful: using real-time data to improve forecasting
    Business Review, 2008, (Q4), 9-20 View citations (1)
19. What does the Philadelphia Fed's Business Outlook Survey say about local activity?
    Research Rap Special Report, 2008, (Dec) View citations (2)

2007

20. Gimme shelter! rents have risen, not fallen, since World War II
    Business Review, 2007, (Q2), 25-33 View citations (1)
21. Transactions Accounts and Loan Monitoring
    The Review of Financial Studies, 2007, 20, (3), 529-556 View citations (90)
    See also Working Paper Transactions accounts and loan monitoring, Working Papers (2005) View citations (5) (2005)

2005

22. Underestimating advertising: innovation and unpriced entertainment
    Business Review, 2005, (Q4), 21-29

2004

23. CEOs, clerks, computers, and the rise of competition in the late 20th century
    Business Review, 2004, (Q3), 33-41

2003

24. Let a hundred flowers bloom! Decentralization and innovation
    Business Review, 2003, (Q1), 21-33

2001

25. Investing in intangibles: is a trillion dollars missing from the GDP?
    Business Review, 2001, (Q4), 27-36 View citations (6)

2000

26. Economics and the new economy: the invisible hand meets creative destruction
    Business Review, 2000, (Jul), 15-30 View citations (9)

1999

27. Intangibles: what put the new in the new economy?
    Business Review, 1999, (Jul), 3-16 View citations (23)
28. The measurement of retail output and the retail revolution
    Canadian Journal of Economics, 1999, 32, (2), 408-425 View citations (17)
    See also Working Paper Measurement of retail output and the retail revolution, Working Papers (1998) View citations (4) (1998)

1998

29. Branch Banking And The Geography Of Bank Pricing
    The Review of Economics and Statistics, 1998, 80, (4), 600-610 View citations (27)
    See also Working Paper Branch banking and the geography of bank pricing, Finance and Economics Discussion Series (1995) View citations (6) (1995)
30. The retail revolution and food-price mismeasurement
    Business Review, 1998, (May), 3-14 View citations (2)

1997

31. Is the U.S. economy really growing too slowly?
    Business Review, 1997, (Mar), 3-14 View citations (1)

1996

32. Introduction: New Directions in Information and Screening in Real Estate Finance
    The Journal of Real Estate Finance and Economics, 1996, 13, (1), 5-10

1995

33. 'Flight to quality' in banking and economic activity
    Journal of Monetary Economics, 1995, 36, (1), 145-164 View citations (58)
34. Measuring inflation in a high-tech age
    Business Review, 1995, (Nov), 13-25 View citations (4)

1994

35. Information and screening in real estate finance: an introduction, cosponsored by the Journal of real estate finance and economics and the Federal Reserve Bank of Philadelphia, March 3-4, 1994
    Proceedings, 1994 View citations (1)
36. Small borrowers and the survival of the small bank: is mouse bank Mighty or Mickey?
    Business Review, 1994, (Nov), 3-15 View citations (29)

1993

37. A Model of Redlining
    Journal of Urban Economics, 1993, 33, (2), 223-234 View citations (71)
38. Information externalities: why lending may sometimes need a jump start
    Business Review, 1993, (Jan), 3-14 View citations (7)

1992

39. Entry-Deterring Debt
    Journal of Money, Credit and Banking, 1992, 24, (1), 98-110 View citations (5)
    See also Working Paper Entry-deterring debt, Working Papers (1989) View citations (4) (1989)

1991

40. Lessons on lending and borrowing in hard times
    Business Review, 1991, (Jul), 13-21 View citations (1)

1990

41. Closing troubled financial institutions: what are the issues?
    Business Review, 1990, (May), 15-24 View citations (2)
42. The dynamics of credit markets in a model with learning
    Journal of Monetary Economics, 1990, 26, (2), 305-318 View citations (17)
    See also Working Paper The dynamics of credit markets in a model with learning, Working Papers (1989) (1989)

1989

43. Information Losses in a Dynamic Model of Credit
    Journal of Finance, 1989, 44, (3), 731-746 View citations (8)
    See also Working Paper Information losses in a dynamic model of credit, Working Papers (1988) (1988)

Chapters

2020

1. Expanded GDP for Welfare Measurement in the 21st Century
   A chapter in Measuring and Accounting for Innovation in the Twenty-First Century, 2020, pp 19-59 View citations (2)
   See also Working Paper Expanded GDP for Welfare Measurement in the 21st Century, Federal Reserve Bank of Philadelphia (2020) View citations (2) (2020)

2014

2. Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions
   A chapter in Measuring Wealth and Financial Intermediation and Their Links to the Real Economy, 2014, pp 67-88 View citations (1)
   See also Working Paper Durable financial regulation: monitoring financial instruments as a counterpart to regulating financial institutions, Federal Reserve Bank of Philadelphia (2012) (2012)

1980

3. Energy and Pollution Effects on Productivity: A Putty-Clay Approach
   A chapter in New Developments in Productivity Measurement and Analysis, 1980, pp 463-506 View citations (5)