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Leonard Nakamura

Emeritus Economist

Phone: (215) 574-3804
Fax: (215) 574-4303
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Curriculum vitae PDF

Current Working Papers

Published Books

  • 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

  • "Creativity and Economic Growth: Theory, Measures, and Potentials for Morocco," Journal of Intellectual Capital, 19(3), 2018, 480-486.
  • "Credit Ratings, Private Information, and Bank Monitoring," with Kasper Roszbach, Journal of Financial Intermediation, 36, October 2018, 58-73.
  • "Improving the Treatment of Holding Gains and Default Losses in National Accounts," with Marshall Reinsdorf, Dominique Durant, and Kyle Hood, Review of Income and Wealth, December 2017, S321-54.
  • "The Impact of the Home Valuation Code of Conduct on Appraisal and Mortgage Outcomes," 2016, with Lei Ding, Real Estate Economics, 44(3), Fall 2016, 658-690.
  • "House-Price Expectations, Alternative Mortgage Products, and Default," with Jan K. Brueckner and Paul S. Calem, Journal of Money, Credit and Banking, 48(1), February 2016, 81-112.
  • "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, 2015, 21-73.
  • "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

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.
  • Last update: March 9, 2020