challenges, especially for banks, which tend to produce multiple outputs and operate with considerable inefficiency. We estimate … Lerner indices for U.S. banks for 2001-18 using nonparametric estimators of the underlying cost and profit functions …, controlling for inefficiency, and incorporating banks' off-balance-sheet activities. We find that mis-specification of cost or …

of financial relations between U.S. banks and Chilean firms after socialist Salvador Allende took office in 1970 …. Business reports and stock prices suggest that firms were mostly unaffected by having fewer links with U.S. banks. Substitution … of financial relations towards domestic banks appears to be the key mechanism explaining these findings. …

Great Depression. Banks established connections to correspondents that joined the Federal Reserve in cities with Fed offices … survival rates were higher for banks with more existing connections to Fed cities, and as survivors established new connections …