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Central Bank Research Hub - Cleveland Fed Working papers



The Effect of Foreclosures on Nearby Housing Prices: Supply or Disamenity? (JEL H23, R20, R30)

by Daniel Hartley1011
(Sep 2010)

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Banking and Financial Crises in United States History: What Guidance Can History Offer Policymakers? (JEL E42, E44, E58, N11, N12, N21, N22)

by Ellis Tallman and Elmus R Wicker1009
(Jul 2010)

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Liquidity Creation without a Lender of Last Resort: Clearing House Loan Certificates in the Banking Panic of 1907 (JEL E44, N21)

by Jon R Moen and Ellis Tallman1010
(Jul 2010)

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Endogenous Gentrication and Housing Price Dynamics (JEL I32, R12, R21)

by Veronica Guerrieri, Daniel Hartley and Erik Hurst1008
(Jul 2010)

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U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era (JEL F3, N1, N2)

by Michael D Bordo, Owen F Humpage and Anna J Schwartz1007
(Jul 2010)

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Lending Patterns in Poor Neighborhoods (JEL I32, R12, R21)

by Ben R Craig and Francisca G-C Richter1006
(Jun 2010)

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Systemic Risk Analysis Using Forward-Looking Distance-to-Default Series (JEL G01, G13, G21)

by Martín Saldías Zambrana1005
(Apr 2010)

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A Structural Model of Contingent Bank Capital

by George Pennacchi1004
(Apr 2010)

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Debt Overhang and Credit Risk in a Business Cycle Model

by Filippo Occhino and Andrea Pescatori1003
(Mar 2010)

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A Microeconometric Investigation into Bank Interest Rate Rigidity

by Ben R Craig and Valeriya Dinger1001
(Mar 2010)

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Measuring Systemic Risk

by Viral V Acharya, Lasse H Pedersen, Thomas Philippon and Matthew Richardson1002
(Mar 2010)

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2009

A Multi-Sectoral Approach to the U.S. Great Depression (JEL E20, E30, E50)

by Pedro Amaral and James C MacGee0911
(Dec 2009)

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Job Separations, Heterogeneity, and Earnings Inequality

by Pedro Amaral0910
(Dec 2009)

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Competition or Collaboration? The Reciprocity Effect in Loan Syndication (JEL D82, G21, G32)

by Jian Cai0909
(Oct 2009)

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Credit Crises, Money, and Contractions: A Historical View (JEL E32, E50, G21)

by Michael D Bordo and Joseph G Haubrich0908
(Sep 2009)

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Entry, Exit and the Determinants of Market Structure

by Timothy Dunne, Shawn D Klimek, Mark J Roberts and Daniel Yi Xu0907
(Aug 2009)

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A Note on Sunspots with Heterogeneous Agents (JEL E21, E25, E62)

by Daniel R Carroll and Eric R Young0906
(Aug 2009)

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Deposit Market Competition, Costs of Funding and Bank Risk (JEL G21)

by Ben R Craig and Valeriya Dinger0905
(Jun 2009)

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Financial Crises and Bank Failures: A Review of Prediction Methods

by Yuliya Demyanyk and Iftekhar Hasan0904
(Jun 2009)

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The Impact of Legalized Abortion on High School Graduation through Selection and Composition (JEL I28, J13)

by Stephan Whitaker0903
(Apr 2009)

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Information and Liquidity: A Discussion (JEL D82, D83, E40)

by Guillaume Rocheteau0902
(Mar 2009)

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A Monetary Approach to Asset Liquidity (JEL D82, D83, E40, E50)

by Guillaume Rocheteau0901
(Jan 2009)

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2008

Diagnosing Labor Market Search Models: A Multiple-Shock Approach (JEL E24, E32, J64)

by Kenneth Beauchemin and Murat Tasci0813
(Dec 2008)

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Cross-Sectoral Variation in Firm-Level Idiosyncratic Risk (JEL L16, L60, O30, O31)

by Rui Castro, Gian Luca Clementi and Yoonsoo Lee0812
(Dec 2008)

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

by Francisca G-C Richter0811
(Nov 2008)

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Estimating Real and Nominal Term Structures using Treasury Yields, Inflation, Inflation Forecasts, and Inflation Swap Rates (JEL E43, E52, G12)

by Joseph G Haubrich, George Pennacchi and Peter Ritchken0810
(Nov 2008)

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On the Threat of Counterfeiting (JEL D82, D83, E40)

by Yiting Li and Guillaume Rocheteau0809
(Nov 2008)

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Reconsidering the Application of the Holder in Due Course Rule to Home Mortgage Notes (JEL G20, G21, K12, L14)

by Thomas J Fitzpatrick IV and Mark B Greenlee0808
(Nov 2008)

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Historical Review of "Umbrella Supervision" by the Board of Governors of the Federal Reserve System (JEL G28)

by Mark B Greenlee0807
(Oct 2008)

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

by Ben R Craig and Valeriya Dinger0806
(Sep 2008)

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

by Timothy Dunne and Xiaoyi Mu0804
(Jul 2008)

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Liquidity in Asset Markets with Search Frictions

by Guillaume Rocheteau and Ricardo Lagos0805
(Jun 2008)

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

by Ian Hathaway and Sameer Khatiwada0803
(May 2008)

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

by Guillaume Rocheteau0802
(May 2008)

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

by Guillaume Rocheteau and Murat Tasci0801
(May 2008)

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2007

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

by Anton Nakov and Andrea Pescatori0717
(Nov 2007)

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

by Ricardo Cavalcanti and Ed Nosal0716
(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 Rupert0715
(Oct 2007)

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Money and Capital (JEL C78, E44)

by by S. Boragan Aruoba, Christopher J. Waller, and Randall Wright0714
(Oct 2007)

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

by Ed Nosal0713
(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 Xu0712
(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 Wright0711
(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 Pescatori0710
(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 Pescatori0709
(Oct 2007)

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Crashes and Recoveries in Illiquid Markets

by Ricardo Lagos, Guillaume Rocheteau, and Pierre-Olivier Weill0708
(Aug 2007)

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

by Min Ouyang0707
(Jun 2007)

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

by Ricardo Lagos and Guillaume Rocheteau0706
(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. Thomson0705
(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 Pennacchi0704
(Apr 2007)

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

by Ed Nosal and Michael Smart0703
(Apr 2007)

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

by Murat Tasci0725
(Feb 2007)

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

by O. Emre Ergungor0724
(Jan 2007)

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

by Ricardo Lagos and Guillaume Rocheteau0701
(Jan 2007)

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2006

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

by Yoonsoo Lee0624
(Jan 2006)

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Moral Hazard in the Diamond-Dybvig Model of Banking

by David Andolfatto and Ed Nosal0623
(2006)

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

by Bruce Champ and James B. Thomson0622
(2006)

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Central Bank Independence and Inflation: A Note

by Charles T. Carlstrom and Timothy S. Fuerst0621
(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. Ward0620
(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 Sun0619
(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 Melick0618
(2006)

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Foreclosures: Relationship Lending in the Consumer Market and its Aftermath

by O. Emre Ergungor0617
(2006)

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

by O. Emre Ergungor0616
(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 Wallace0615
(2006)

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

by Charles T. Carlstrom and Timothy S. Fuerst0614
(2006)

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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. Thomson0613
(2006)

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Two Flaws in Business Cycle Datin

by Lawrence J. Christiano and Joshua M. Davis0612
(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. Haubrich0611
(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 McGough0610
(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. Schwartz0609
(2006)

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Money and Capital as Competing Media of Exchange

by Ricardo Lagos and Guillaume Rocheteau0608
(2006)

 Full text

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

by Ricardo Lagos and Guillaume Rocheteau0607
(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 Shane0606
(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 Kleinhenz0605
(2006)

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Gross Loan Flows (JEL E32, E51, G21)

by Ben Craig and Joseph G. Haubrich0604
(2006)

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The Return to Capital and the Business Cycle

by Paul Gomme, B. Ravikumar, and Peter Rupert0603
(2006)

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Understanding the Determinants of Crime

by Ayse Imrohoroglu, Antonio Merlo, and Peter Rupert0602
(2006)

 Full text

2005

Some Benefits of Cyclical Monetary Policy

by Ricardo de O. Cavalcanti and Ed Nosal0511
(Dec 2005)

 Full text

Oil Prices, Monetary Policy, and Counterfactual Experiments

by By Charles T. Carlstrom and Timothy S. Fuerst0510
(Nov 2005)

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

by Yoonsoo Lee0509
(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. Melick0507
(Jul 2005)

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The Eurosystem Money Market Auctions: A Banking Perspective

by Nikolaus Bartzsch, Ben Craig, and Falko Fecht0506
(Jun 2005)

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

by Paul Gomme and Peter Rupert0505
(May 2005)

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

by By Ben Craig and Guillaume Rocheteau0504
(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. Thomson0503
(Apr 2005)

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

by Michael F. Bryan and Stefan Palmqvist0502
(Apr 2005)

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2004

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

by Ricardo Lagos and Guillaume Rocheteau0407
(Aug 2004)

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

by Ronald Giammarino and Ed Nosal0406
(Aug 2004)

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

by Paul Gomme, Richard Rogerson, Peter Rupert, and Randall Wright0404
(Jul 2004)

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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. Haubrich0402
(May 2004)

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

by Ed Nosal and Neil Wallace0401
(2004)

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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 Fullenkamp0321
(2003)

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

by Charles T. Carlstrom and Timothy S. Fuerst0320
(2003)

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

by Charles T. Carlstrom and Timothy S. Fuerst0319
(2003)

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

by Lawrence J. Christiano, Roberto Motto, and Massimo Rostagno0318
(2003)

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

by John Boyd and Bruce Champ0317
(2003)

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

by Bruce Champ and Neil Wallace0316
(2003)

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Government Intervention in the Foreign Exchange Market (JEL F3)

by Owen Humpage0315
(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. Thomson0314
(2003)

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

by Ben R. Craig and Joachim G. Keller0313
(2003)

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

by Ben Craig, Ernst Glatzer, Joachim Keller and Martin Scheicher0312
(2003)

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

by Gabriele Camera, Ben Craig and Christopher J. Waller0311
(2003)

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

by David Andolfatto and Ed Nosal0310
(2003)

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

by Alain P. Chaboud and Owen F. Humpage0309
(2003)

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

by Ben R. Craig and Joseph G. Haubrich0308
(2003)

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Information Gathering by a Principal (JEL C72, D82)

by Ed Nosal0307
(2003)

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A Deposit Insurance System for Armenia

by Artak Manukyan0306
(2003)

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

by O. Emre Ergungor0305
(2003)

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Nearsighted Justice (JEL D80, G33)

by Dan Bernhardt and Ed Nosal0304
(2003)

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

by Mark Schweitzer0303
(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 Rupert0302
(2003)

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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. Thomson0301
(2003)

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2002

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

by Owen Humpage and Eduard Pelz0215
(2002)

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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. Thomson0214
(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. Sickles0213
(2002)

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

by Ed Nosal and Peter Rupert0212
(2002)

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A Unified Framework for Monetary Theory And Policy Analysis

by Ricardo Lagos and Randall Wright0211
(2002)

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

by Ricardo Lagos and Randall Wright0210
(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 Wright0209
(2002)

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Search, Money and Capital: A Neoclassical Dichotomy

by S. Boragan Aruoba and Randall Wright0208
(2002)

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

by Andrei Shevchenko and Randall Wright0207
(2002)

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Does It Pay to Work? (JEL H2)

by Jagadeesh Gokhale, Laurence J. Kotlikoff and Alexi Sluchynsky0206
(2002)

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

by Charles T. Carlstrom and Timothy S. Fuerst0205
(2002)

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

by Lawrence J. Christiano, Christopher Gust, and Jorge Roldos0204
(2002)

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

by O. Emre Ergungor0203
(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 Ghironi0202
(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. Kotlikoff0201
(2002)

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