Changes in the Cost of Intermediation: The Case of Savings and Loans
利用储蓄与贷款数据检验市场结构变化是否改变了企业的最小成本产出配置，发现1983年样本中的平均储蓄与贷款机构呈现可分离的恒定规模报酬，与1978年的成本互补性形成对比，可能源于监管改革。
ABSTRACT The minimum cost output configuration for a firm may change as the result of a variety of factors, including changes in market structure. In this paper we test this structural change hypothesis with savings and loan data. We find support for the hypothesis that separable, constant returns to scale production functions characterize the average savings and loan in our sample in 1983. This is in contrast to the cost complementarities found in 1978. We argue that this result may be the result of regulatory changes that allowed savings and loans to alter their production mix to fully capture the benefits of joint production.