Vice President and Economist
Phone: (215) 574-3804
Fax: (215) 574-4303
Send an e-mail to Leonard Nakamura
Current Working Papers
- “The Impact of the Home Valuation Code of Conduct on Appraisal and Mortgage Outcomes,” Working Paper 15-28, July 2015.
- “Valuing ‘Free’ Media Across Countries in GDP,” Working Paper 15-25, July 2015.
- “Creativity and Economic Growth: Theory, Measures, and Potentials for Morocco,” Working Paper 15-21, April 2015.
- “Information Losses in Home Purchase Appraisals,” with Paul S. Calem and Lauren Lambie-Hanson, Working Paper 15-11, March 2015.
- "House-Price Expectations, Alternative Mortgage Products, and Default," with Jan K. Brueckner and Paul S. Calem, Working Paper 15-01, January 2015.
- "Sourcing Substitution and Related Price Index Biases," with Alice O. Nakamura, W. Erwin Diewert, John S. Greenlees, and Marshall B. Reinsdorf, Working Paper 14-34, November 2014.
- "Should Defaults Be Forgotten? Evidence from Variation in Removal of Negative Consumer Credit Information," with Marieke Bos, Working Paper 14-21, August 2014.
- "House-Price Expectations, Alternative Mortgage Products," with Jan K. Brueckner and Paul S. Calem, Working Paper 13-36, September 2013.
- "Credit Ratings and Bank Monitoring Ability," with Kasper Roszbach, Working Paper 13-21, May 2013.
- "Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions," Working Paper 13-2, December 2012.
- "Should Defaults be Forgotten? Evidence from Quasi-Experimental Variation in Removal of Negative Consumer Credit Information," with Marieke Bos, Working Paper 12-29/R, April 2013.
- "Building the Innovation Union: Lessons from the 2008 Financial Crisis," with Alice O. Nakamura and Masao Nakamura, Working Paper 12-17, June 2012.
- "Subprime Mortgages and the Housing Bubble," with Jan K. Brueckner and Paul S. Calem, Working Paper 11-12/R, September 2011.
- "Credit Cycle and Adverse Selection Effects in Consumer Credit Markets: Evidence from the HELOC Market," with Paul Calem and Matthew Cannon, Working Paper 11-13, March 2011.
- "Credit Ratings and Bank Monitoring Ability," with Kasper Roszbach, Working Paper 10-21, June 2010, Superseded by Working Paper 13-21.
- "Intangible Assets and National Income Accounting: Measuring a Scientific Revolution," Working Paper 09-11, May 2009.
- "Intangible Assets and National Income Accounting," Working Paper 08-23, October 2008, Superseded by Working Paper 09-11.
- "Mismeasured Personal Saving and the Permanent Income Hypothesis," Working Paper 07-8, March 2007.
- "National Income Accounts," Working Paper 06-11, June 2006.
- "Advertising, Intangible Assets, and Unpriced Entertainment," Working Paper 05-11, May 2005.
- "Benchmark Revisions and the U.S. Personal Saving Rate," with Tom Stark, Working Paper 05-6, April 2005.
- "Hedonic Estimates of the Cost of Housing Services: Rental- and Owner-Occupied Units," with Theodore M. Crone and Richard Voith, Working Paper No. 04-22, October 2004.
- "Transactions Accounts and Loan Monitoring," with Loretta J. Mester and Micheline Renault, Working Paper No. 04-20, September 2004, superseded by Working Paper 05-14
- "The CPI for Rents: A Case of Understated Inflation," with Theodore M. Crone and Richard Voith, Working Paper 04-17, September 2004, superseded by Working Paper 06-07
- Saving Energy in Manufacturing: The Post-Embargo Record, with John G. Myers, Ballinger, Cambridge (Mass.), 1978.
- Energy Consumption in Manufacturing, with John G. Myers and others, Ballinger, Cambridge (Mass.), 1974.
Publications in Refereed Journals and Books
- "Sourcing Substitution and Related Price Index Biases," with Alice O. Nakamura, W. Erwin Diewert, John S. Greenlees and Marshall B. Reinsdorf, in Susan N. Houseman and Michael Mandel, eds., Measuring Globalization: Better Trade Statistics for Better Policy, Vol. 1, Kalamazoo, Michigan: W.E. Upjohn Institute for Employment Research, 21-73.
- "House-Price Expectations, Alternative Mortgage Products and Default" (with Jan K. Brueckner and Paul S. Calem), Journal of Money, Credit, and Banking, forthcoming.
- "Advertising, Intangibles, and Unpriced Entertainment," in Ahmed Bounfour and Tsutomo Miyagawa, eds., Intangibles, Market Failure and Innovation Performance, Springer, 2015, 11-26.
- "Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions" in Charles Hulten and Marshall Reinsorf, eds., Wealth, Financial Intermediation and the Real Economy, NBER Studies in Income and Wealth, Chicago: University of Chicago Press, 2015, 67-88.
- "Building the Innovation Union: Lessons from the 2008 Financial Crisis," (with Alice O. Nakamura and Masao Nakamura) in Carayannis, Elias G. and George M. Korres, eds., The Innovation Union in Europe, Cheltenham, UK: Edward Elgar, 2013.
- "Subprime Mortgages and the Housing Bubble," (with Jan Brueckner and Paul Calem), Journal of Urban Economics, 71, March 2012, 230-243.
- "Implications of the Housing Market Bubble for Sustainable Homeownership," (with Paul Calem and Susan Wachter) in Susan M. Wachter and Marvin M. Smith, eds., The American Mortgage System: Crisis and Reform, Philadelphia: Penn Press, 2011.
- "Wal-Mart Innovation and Productivity: A Viewpoint," (with Richard Freeman, Alice Nakamura, Marc Prud'homme, and Amanda Pyman), Canadian Journal of Economics, 44 (2), May 2011, 486-508.
- "Price Dynamics, Retail Chains and Inflation Measurement," (with Alice Nakamura and Emi Nakamura), Journal of Econometrics, 161(1), March 2011, 47-55.
- "Rents Have Been Rising, Not Falling, in the Postwar Period," (with Theodore M. Crone and Richard Voith), Review of Economics and Statistics, 92:3, August 2010, 628-642.
- "Intangible Investment and National Income Accounting: Measuring a Scientific Revolution." Review of Income and Wealth, Issue S1, June 2010, s135-s155.
- "The Housing Bubble and a New Approach to Accounting for Housing in a CPI" (with W. Erwin Diewert and Alice O. Nakamura), Journal of Housing Economics, 18, September 2009, 156-171.
- "Hedonic Estimates of the Cost of Housing Services: Rental and Owner-Occupied Units," (with Theodore M. Crone and Richard P. Voith) Conference Volume: International Conference on Index Number Theory, Vancouver, BC, 2008.
- "National Income Accounts," International Encyclopedia of the Social Sciences, 2nd edition. New York: Macmillan, 2007, 397-405.
- "Transactions Accounts and Loan Monitoring" with Loretta J. Mester and Micheline Renault, Review of Financial Studies, 20, May 2007, 529-556.
- Review of Carl W. Biven's Jimmy Carter's Economy: Policy in an Age of Limits, Journal of Economic Literature 42, June 2004, 515-516.
- "Banking and Finance in Argentina in the Period 1900-35," with Carlos E. J. M. Zarazaga, in Gerardo della Pa olera and Alan M. Taylor, eds. A New Economic History of Argentina. Cambridge: Cambridge University Press, 2003.
- "A Trillion Dollars a Year in Intangible Investment and the New Economy," in John R.M. Hand and Baruch Lev, eds., Intangible Assets, Oxford: Oxford University Press, 2003.
- "Education and Training in an Era of Creative Destruction," in William J. Stull and Nicholas Sanders, eds., The School-To-Work Movement: Origins and Destinations, NY: Praeger, 2003.
- "Measuring Housing Services Inflation," with Theodore M. Crone and Richard Voith, Journal of Economic and Social Measurement, 26 (3,4) 2000, 153-172.
- "The Measurement of Retail Output and the Retail Revolution," Canadian Journal of Economics, 32 (2) (April 1999), 408-425.
- "Economic Growth in Argentina in the Period 1900-1930: Some Evidence from Stock Market Returns," with Carlos E.J.M. Zarazaga, in John H. Coatsworth and Alan M. Taylor, Latin America and the World Economy Since 1800, Harvard University Press (1998), 247-270.
- "Branch Banking and the Geography of Bank Pricing," with Paul Calem, Review of Economics and Statistics 80 (November 1998), 600-610.
- "New Directions in Information and Screening in Real Estate Finance," with William W. Lang, Journal of Real Estate Finance and Economics (July 1996).
- " 'Flight to Quality' in Bank Lending and Economic Activity," with William W. Lang, Journal of Monetary Economics (August 1995), pp. 145-164.
- "Information and Screening in Real Estate Finance: An Introduction," with William W. Lang, Journal of Real Estate Finance and Economics 9 (November 1994), pp. 171-176.
- "Recent Research in Commercial Banking: Information and Lending," Financial Markets, Institutions and Instruments 2 (December 1993), pp. 73-88
- "A Model of Redlining," with William W. Lang, Journal of Urban Economics 33 (March 1993), pp. 223-234.
- "Commercial Bank Information: Implications for the Structure of Banking," in Structural Change in Banking, Michael Klausner and Lawrence J. White, eds., Business One - Irwin, NY, 1993, pp. 131-160. Also reprinted as "Exploring the Checking Account Hypothesis," pp. 16-34, in Journal of Retail Banking (Winter 1992-3).
- "Entry-Deterring Debt," with James J. McAndrews, Journal of Money, Credit and Banking (February 1992).
- "The Dynamics of Credit Markets in a Model With Learning," with William W. Lang, Journal of Monetary Economics (October 1990).
- "Information Losses in a Dynamic Model of Credit," (with William W. Lang), Journal of Finance (July 1989).
- "Energy and Pollution Effects on Productivity: A Putty-Clay Approach," with John G. Myers, in John Kendrick and Beatrice Vaccara, eds., New Developments in Productivity Measurement and Analysis, NBER Studies in Income and Wealth Vol. 44, University of Chicago, Chicago (1980).
- "Data Adequacy for Productivity Analysis: A Case Study of the Primary Paper Industry," with John G. Myers, in Panel to Review Productivity Statistics, National Research Council, Measurement and Interpretation of Productivity, National Academy of Sciences, Washington, DC (1979).
Federal Reserve Bank of Philadelphia Publications
Federal Reserve Bank of Philadelphia Business Review Articles
- “Hidden Value: How Consumer Learning Boosts Output,” Third Quarter 2014.
- “Brewing Bubbles: How Mortgage Practices Intensify Housing Booms,” First Quarter 2014.
- “What You Don’t Know Can Hurt You: Keeping Track of Risks in the Financial System,” First Quarter 2013.
- "How Much Is That Home Really Worth? Appraisal Bias and House-Price Uncertainty," First Quarter 2010.
- "The Mismeasured Personal Saving Rate Is Still Useful: Using Real-Time Data to Improve Forecasting," Fourth Quarter 2008.
- "Gimme Shelter! Rents Have Risen, Not Fallen, Since World War II," Second Quarter 2007.
- "Underestimating Advertising: Innovation and Unpriced Entertainment," Fourth Quarter 2005.
- "CEOs, Clerks, and Computers and the Rise of Competition in the Late 20th Century," Third Quarter 2004.
- "Let a Hundred Flowers Bloom! Decentralization and Innovation," First Quarter 2003.
- "Investing in Intangibles: Is a Trillion Dollars Missing from GDP?" Fourth Quarter 2001.
- "Economics and the New Economy: The Invisible Hand Meets Creative Destruction," July/August 2000.
- "Intangibles: What Put the New in the New Economy?" July/August 1999.
- "The Retail Revolution and Food-Price Mismeasurement," May/June 1998.
- "Is the U.S. Economy Really Growing Too Slowly? Maybe We're Measuring Growth Wrong," March/April 1997.
- "Measuring Inflation in a High-Tech Age," November/December 1995.
Research Interests and Work in Progress
- "Democratizing Research and Development," with Robert Hunt
- "Inflation and Output Mismeasurement in Housing Services," with Theodore M. Crone and Richard Voith.
- "Bank Monitoring and Loan Credit Rating," with Kasper Roszbach
- "Argentine Financial History," with Carlos E.J.M. Zarazaga.