Maximum entropy and the existence of consistent aggregates: An application to U.S. banking

Amos Golan and Moshe Kim

No 26/1992, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: A non-parametric framework for testing the existence of aggregates is developed. The framework is based on the notion of the maximum entropy formalism which is applied to model the size distribution of firms. The theory, once presented, is applied to the US banking industry in order to test for the existence 'of a consistent output-aggregate. The existence of an output-aggregate in banking can facilitate much of the empirical research in this industry and shed some light on the industry's long-run market structure.

Date: 1992
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