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Central Bank Research Hub - Cleveland Fed Working papers



Bank Mergers and the Dynamics of Deposit Interest Rates (JEL G21, L11)

by Ben R Craig and Valeriya DingerWP 08-06
(Sep 2008)

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Investment Spikes and Uncertainty in the Petroleum Refining Industry (JEL L0, L6, Q4)

by Timothy Dunne and Xiaoyi MuWP08-04
(Jul 2008)

 Full text

Liquidity in Asset Markets with Search Frictions

by Guillaume Rocheteau and Ricardo LagosWP08-05
(Jun 2008)

 Full text

Do Financial Education Programs Work? (JEL D12, D14)

by Ian Hathaway and Sameer KhatiwadaWP08-03
(May 2008)

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Money and Competing Assets under Private Information (JEL D82, D83, E40, E50)

by Guillaume RocheteauWP08-02
(May 2008)

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Positive and Normative Effects of a Minimum Wage (JEL E24, J08, J38, J42)

by Guillaume Rocheteau and Murat TasciWP08-01
(May 2008)

 Full text

2007

Oil and the Great Moderation (JEL E32, E52, F0)

by Anton Nakov and Andrea PescatoriWP07-17
(Nov 2007)

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Counterfeiting as Private Money in Mechanism Design (JEL E4, E5)

by Ricardo Cavalcanti and Ed NosalWP07-16
(Nov 2007)

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Crime and the Labor Market: A Search Model With Optimal Contracts (JEL E24, J0, J63, J64)

by Bryan Engelhardt, Guillaume Rocheteau and Peter RupertWP07-15
(Oct 2007)

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Money and Capital (JEL C78, E44)

by by S. Boragan Aruoba, Christopher J. Waller, and Randall WrightWP07-14
(Oct 2007)

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Private Takings (JEL C7, D61, H11, P14)

by Ed NosalWP07-13
(Oct 2007)

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The Dynamics of Market Structure and Market Size in Two Health Services Industries (JEL L1, L8)

by Timothy Dunne, Shawn D. Klimek, Mark J. Roberts and Yi XuWP07-12
(Oct 2007)

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A Model of Money and Credit, with Application to the Credit Card Debt Puzzle (JEL C78, D11, E41)

by Irina A. Telyukova and Randall WrightWP07-11
(Oct 2007)

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Inflation-Output Gap Trade-off with a Dominant Oil Supplier (JEL D4, E32, E52, F0)

by Anton Nakov and Andrea PescatoriWP07-10
(Oct 2007)

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Incomplete Markets and Households' Exposure to Interest Rate and Inflation Risk: Implications for the Monetary Policy Maker (JEL C60, D31, D52, E31, E52)

by Andrea PescatoriWP07-09
(Oct 2007)

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Crashes and Recoveries in Illiquid Markets

by Ricardo Lagos, Guillaume Rocheteau, and Pierre-Olivier WeillWP07-08
(Aug 2007)

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On the Cyclicality of R&D: Disaggregated Evidence (JEL E22, E32)

by Min OuyangWP07-07
(Jun 2007)

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Liquidity in Asset Markets with Search Frictions (JEL D83, G1)

by Ricardo Lagos and Guillaume RocheteauWP07-06
(Jun 2007)

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On Forecasting the Term Structure of Credit Spreads (JEL G12)

by C.N.V. Krishnan, Peter H. Ritchken, and James B. ThomsonWP07-05
(Apr 2007)

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Harming Depositors and Helping Borrowers: The Disparate Impact of Bank Consolidation (JEL G21, G34)

by Kwangwoo Park and George PennacchiWP07-04
(Apr 2007)

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Limited Liability and the Development of Capital Markets (JEL D24, D92)

by Ed Nosal and Michael SmartWP07-03
(Apr 2007)

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On-the-Job Search and Labor Market Reallocation (JEL E24, E32, J40, J41, J64)

by Murat TasciWP07-25
(Feb 2007)

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Foreclosures in Ohio: Does Lender Type Matter? (JEL G21, L15, L50)

by O. Emre ErgungorWP07-24
(Jan 2007)

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Search in Asset Markets: Market Structure, Liquidity, and Welfare (JEL G11, G12, G21)

by Ricardo Lagos and Guillaume RocheteauWP07-01
(Jan 2007)

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2006

Relocation Patterns in U.S. Manufacturing (JEL D2, L2, R3)

by Yoonsoo LeeWP06-24
(Jan 2006)

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Moral Hazard in the Diamond-Dybvig Model of Banking

by David Andolfatto and Ed NosalWP06-23
(2006)

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National Bank Notes and Silver Certificates (JEL E42, E50, G21, N22)

by Bruce Champ and James B. ThomsonWP06-22
(2006)

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Central Bank Independence and Inflation: A Note

by Charles T. Carlstrom and Timothy S. FuerstWP06-21
(2006)

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How Wages Change: Micro Evidence from the International Wage Flexibility Project (JEL E3, J3, J5)

by William T. Dickens, Lorenz Goette, Erica L. Groshen, Steinar Holden, Julian Messina, Mark E. Schweitzer, Jarkko Turunen, and Melanie E. WardWP06-20
(2006)

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Jump Starting GARCH: Pricing and Hedging Options with Jumps in Returns and Volatilities

by Jin-Chuan Duan, Peter Ritchken, and Zhiqiang SunWP06-19
(2006)

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Option Prices, Exchange Market Intervention, and the Higher Moment Expectations Channel: A User's Guide (JEL F3, G15)

by Gabriele Galati, Patrick Higgins, Owen F. Humpage, and William MelickWP06-18
(2006)

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Foreclosures: Relationship Lending in the Consumer Market and its Aftermath

by O. Emre ErgungorWP06-17
(2006)

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Bank Branch Presence and Access to Credit in Low-to-Moderate Income Neighborhoods

by O. Emre ErgungorWP06-16
(2006)

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The Role of Independence in the Green-Lin Diamond-Dybvig Model (JEL D82, G21)

by David Andolfatto, Ed Nosal, and Neil WallaceWP06-15
(2006)

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Co-Movement in Sticky Price Models with Durable Goods (JEL E31, E52)

by Charles T. Carlstrom and Timothy S. FuerstWP06-14
(2006)

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Forecasting with the Yield Curve; Level, Slope, and Output 1875-1997 (JEL E27, E43)

by Michael D. Bordo and Joseph G. HaubrichWP06-11
(2006)

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Adaptive Learning, Endogenous Inattention, and Changes in Monetary Policy (JEL D83, D84, E31, E52)

by William A. Branch, John B. Carlson, George W. Evans, and Bruce McGoughWP06-10
(2006)

 Full text

Bretton Woods and the U.S. Decision to Intervene in the Foreign-Exchange Market, 1957-1962 (JEL F3, N1, N2)

by Michael D. Bordo, Owen F. Humpage, and Anna J. SchwartzWP06-09
(2006)

 Full text

Small Firm Credit Market Discrimination, SBA-Guaranteed Lending, and Local Market Economic Performance (JEL G38, H81, J15, O16)

by Ben R. Craig, William E. Jackson, III, and James B. ThomsonWP06-13
(2006)

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Two Flaws in Business Cycle Datin

by Lawrence J. Christiano and Joshua M. DavisWP06-12
(2006)

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Money and Capital as Competing Media of Exchange

by Ricardo Lagos and Guillaume RocheteauWP06-08
(2006)

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Search in Asset Markets (JEL G11, G12, G21)

by Ricardo Lagos and Guillaume RocheteauWP06-07
(2006)

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State Growth Empirics: The Long-Run Determinants of State Income Growth

by Paul W. Bauer, Mark E. Schweitzer, and Scott ShaneWP06-06
(2006)

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Dashboard Indicators for the Northeast Ohio Economy: Prepared for the Fund for Our Economic Future

by Randall Eberts, George Erickcek, and Jack KleinhenzWP06-05
(2006)

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Gross Loan Flows (JEL E32, E51, G21)

by Ben Craig and Joseph G. HaubrichWP06-04
(2006)

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The Return to Capital and the Business Cycle

by Paul Gomme, B. Ravikumar, and Peter RupertWP06-03
(2006)

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Understanding the Determinants of Crime

by Ayse Imrohoroglu, Antonio Merlo, and Peter RupertWP06-02
(2006)

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2005

Some Benefits of Cyclical Monetary Policy

by Ricardo de O. Cavalcanti and Ed NosalWP05-11
(Dec 2005)

 Full text

Oil Prices, Monetary Policy, and Counterfactual Experiments

by By Charles T. Carlstrom and Timothy S. FuerstWP05-10
(Nov 2005)

 Full text

The Importance of Reallocations in Cyclical Productivity and Returns to Scale: Evidence from Plant-level Data (JEL D24, E32, O47)

by Yoonsoo LeeWP05-09
(Oct 2005)

 Full text

Recovering Market Expectations of FOMC Rate Changes with Options on Federal Funds Futures

by John B. Carlson, Ben R. Craig, and William R. MelickWP05-07
(Jul 2005)

 Full text

The Eurosystem Money Market Auctions: A Banking Perspective

by Nikolaus Bartzsch, Ben Craig, and Falko FechtWP05-06
(Jun 2005)

 Full text

Theory, Measurement, and Calibration of Macroeconomic Models (JEL E13, E20, E32, O30)

by Paul Gomme and Peter RupertWP05-05
(May 2005)

 Full text

State-Dependent Pricing, Inflation, and Welfare in Search Economies (JEL E31, E40, E50)

by By Ben Craig and Guillaume RocheteauWP05-04
(May 2005)

 Full text

SBA-Loan Guarantees and Local Economic Growth (JEL G38, H81, O16)

by Ben R. Craig, William E. Jackson III and James B. ThomsonWP05-03
(Apr 2005)

 Full text

Testing Near-Rationality Using Detailed Survey Data (JEL D1, D7, E6)

by Michael F. Bryan and Stefan PalmqvistWP05-02
(Apr 2005)

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2004

Inflation, Output, and Welfare (JEL E40, E50)

by Ricardo Lagos and Guillaume RocheteauWP04-07
(Aug 2004)

 Full text

Loggers vs. Campers: Compensation for the Taking of Property Rights (JEL E40, K0)

by Ronald Giammarino and Ed NosalWP04-06
(Aug 2004)

 Full text

The Business Cycle and the Life Cycle (JEL E32, J22)

by Paul Gomme, Richard Rogerson, Peter Rupert, and Randall WrightWP04-04
(Jul 2004)

 Full text

The Yield Curve, Recessions, and the Credibility of the Monetary Regime: Long-run Evidence, 1875-1997 (JEL E43, E44, E52, G13)

by Michael D. Bordo and Joseph G. HaubrichWP04-02
(May 2004)

 Full text

A Model of (the Threat of) Counterfeiting (JEL E40)

by Ed Nosal and Neil WallaceWP04-01
(2004)

 Full text

2003

Capital Trading, Stock Trading, and the Inflation Tax on Equity: A Note (JEL C68, E32, E44)

by Scott L. Baier, Charles T. Carlstrom, Ralph Chami, Thomas F. Cosimano, Timothy S. Fuerst, and Collen FullenkampWP03-21
(2003)

 Full text

Investment and Interest Rate Policy: A Discrete Time Analysis (JEL E4, E5)

by Charles T. Carlstrom and Timothy S. FuerstWP03-20
(2003)

 Full text

Comments on Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing, and Macroeconomic Instability (JEL E4, E5)

by Charles T. Carlstrom and Timothy S. FuerstWP03-19
(2003)

 Full text

The Great Depression and the Friedman-Schwartz Hypothesis (JEL C52, C68, E3, E52, E65, G18)

by Lawrence J. Christiano, Roberto Motto, and Massimo RostagnoWP03-18
(2003)

 Full text

Inflation and Financial Market Performance: What Have We Learned in the Last Ten Years? (JEL E40, E44, O16)

by John Boyd and Bruce ChampWP03-17
(2003)

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Resolving the National Banking System Note-Issue Puzzle (JEL E42, N11)

by Bruce Champ and Neil WallaceWP03-16
(2003)

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Government Intervention in the Foreign Exchange Market (JEL F3)

by Owen HumpageWP03-15
(2003)

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On Credit Spread Slopes and Predicting Bank Risk (JEL G12, G18, G28)

by C. N. V. Krishnan, Peter H. Ritchken and James B. ThomsonWP03-14
(2003)

 Full text

The Empirical Performance of Option-Based Densities of Foreign Exchange (JEL G13, G15)

by Ben R. Craig and Joachim G. KellerWP03-13
(2003)

 Full text

The Forecasting Performance of German Stock Option Densities (JEL C22, C52, G13, G15)

by Ben Craig, Ernst Glatzer, Joachim Keller and Martin ScheicherWP03-12
(2003)

 Full text

Currency Competition in a Fundamental Model of Money (JEL D7, E4, E5)

by Gabriele Camera, Ben Craig and Christopher J. WallerWP03-11
(2003)

 Full text

A Theory of Money and Banking (JEL D82, E40, G21)

by David Andolfatto and Ed NosalWP03-10
(2003)

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An Analysis of Japanese Foreign Exchange Interventions, 1991-2002 (JEL F3)

by Alain P. Chaboud and Owen F. HumpageWP03-09
(2003)

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Pricing Kernels, Inflation, and the Term Structure of Interest Rates

by Ben R. Craig and Joseph G. HaubrichWP03-08
(2003)

 Full text

Information Gathering by a Principal (JEL C72, D82)

by Ed NosalWP03-07
(2003)

 Full text

A Deposit Insurance System for Armenia

by Artak ManukyanWP03-06
(2003)

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Financial System Structure and Economic Development: Structure Matters (JEL G0, K2, O4)

by O. Emre ErgungorWP03-05
(2003)

 Full text

Nearsighted Justice (JEL D80, G33)

by Dan Bernhardt and Ed NosalWP03-04
(2003)

 Full text

Measuring Labour Availability in the UK (JEL E24, J21, J64)

by Mark SchweitzerWP03-03
(2003)

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How Amenities Affect Job and Wage Choices over the Life Cycle (JEL J2, J3, J6)

by Ed Nosal and Peter RupertWP03-02
(2003)

 Full text

Monitoring and Controlling Bank Risk: Does Risky Debt Serve Any Purpose? (JEL G12, G21, G28)

by C. N. V. Krishnan, P. H. Ritchken, J. B. ThomsonWP03-01
(2003)

 Full text

2002

Do Energy-Price Shocks Affect Core-Price Measures? (JEL E52, Q43)

by Owen Humpage and Eduard PelzWP02-15
(2002)

 Full text

Getting the Most Out of a Mandatory Subordinated Debt Requirement (JEL G12, G18, G28)

by Rong Fan, Joseph G. Haubrich, Peter Ritchken and James B. ThomsonWP02-14
(2002)

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Scope and Scale Economies in Federal Reserve Payment Processing (JEL D24, G20)

by Robert M. Adams, Paul W. Bauer and Robin C. SicklesWP02-13
(2002)

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Life Cycle Wage and Job Changes (JEL J0, J3, J6)

by Ed Nosal and Peter RupertWP02-12
(2002)

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A Unified Framework for Monetary Theory And Policy Analysis

by Ricardo Lagos and Randall WrightWP02-11
(2002)

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Dynamics, Cycles and Sunspot Equilibria in "Genuinely Dynamic, Fundamentally Disaggregative" Models of Money

by Ricardo Lagos and Randall WrightWP02-10
(2002)

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Price Setting, Price Dispersion, and the Value of Money — Or — The Law of Two Prices (JEL C78, D83, E31)

by Elisabeth Curtis and Randall WrightWP02-09
(2002)

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Search, Money and Capital: A Neoclassical Dichotomy

by S. Boragan Aruoba and Randall WrightWP02-08
(2002)

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A Simple Search Model of Money with Heterogeneous Agents and Partial Acceptability

by Andrei Shevchenko and Randall WrightWP02-07
(2002)

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Does It Pay to Work? (JEL H2)

by Jagadeesh Gokhale, Laurence J. Kotlikoff and Alexi SluchynskyWP02-06
(2002)

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Imperfect Capital Markets and Nominal Wage Rigidities (JEL E31, E52)

by Charles T. Carlstrom and Timothy S. FuerstWP02-05
(2002)

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Monetary Policy in a Financial Crisis (JEL E5, F3, F4)

by Lawrence J. Christiano, Christopher Gust, and Jorge RoldosWP02-04
(2002)

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Community Banks as Small Business Lenders: The Tough Road Ahead (JEL D82, G21, G28)

by O. Emre ErgungorWP02-03
(2002)

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Does It Matter (for Equilibrium Determinacy) What Price Index the Central Bank Targets? (JEL E31, E52)

by Charles T. Carlstrom, Timothy S. Fuerst, and Fabio GhironiWP02-02
(2002)

 Full text

The Mismatch Between Life Insurance Holdings and Financial Vulnerabilities: Evidence from the Survey of Consumer Finances (JEL D12, D18, G11, G22)

by B. Douglas Bernheim, Katherine Grace Carman, Jagadeesh Gokhale, and Laurence J. KotlikoffWP02-01
(2002)

 Full text

2000

An Analysis of Foreclosure Rate Differentials in Soft Markets (JEL G21, R23)

by Francisca G-C Richter0811
(Nov 2000)

 Full text