The current approach to determining banking productivity using multioutput distance functions or Malmquist indices is not appropriate. This problem is specific to banking and involves a balance sheet constraint. A solution involves respecifying the distance function; measuring banking output via user cost rather than balance sheet values; and including the output service flow from bank liabilities. The last two adjustments follow what is now done by government agencies for the banking industry in the national accounts. Productivity results from current distance function specifications are contrasted with our proposed solution to the balance sheet constraint using U.S. banking data from 2001, 2005, and 2010. Changes in bank productivity over this period are due primarily to interest rate changes associated with monetary policy, rather than technical change or improvements in efficiency. This is similar to the variation in manufacturing productivity over the business cycle resulting from changes in excess capacity and disruption of business plans.

中文翻译：

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距离函数，库输出和生产率

当前使用多输出距离函数或Malmquist指数确定银行生产率的方法是不合适的。此问题特定于银行业务，涉及资产负债表约束。一个解决方案包括重新指定距离函数。通过用户成本而非资产负债表价值来衡量银行的产出；并包括银行负债的产出服务流。最后两项调整是针对政府机构目前在国民账户中对银行业的调整。当前距离函数规范的生产率结果与我们使用2001、2005和2010年美国银行业数据提出的资产负债表约束解决方案进行了对比。在此期间，银行生产率的变化主要归因于与货币政策相关的利率变化，而不是技术变革或效率提高。这类似于由于产能过剩变化和业务计划中断而导致的整个生产周期内制造业生产率的变化。