2. Dennis Fixler developed such a price index in "Measuring Financial Service Output and Prices in Commercial Banking," Applied Economics, vol. 25 (1993), pp. 983-93. The user cost of money was previously developed in W. Barnett, "Economic Monetary Aggregates," Journal of Econometrics, vol. 14 (1980), pp. 11^8; and in D. Donovan, "Modeling the Demand for Liquid Assets: An Application to Canada," International Monetary Fund Staff Papers, no. 25 (1978), pp. 676-704.
3. See Dennis Fixler and K. Zieschang, "Output and Price Measurement in Commercial Banks: Evidence from FDIC Data," Bureau of Labor Statistics, manuscript. 1993.