Federal Reserve Bank of Cleveland
Working Paper
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2013
- 1306 On the non-optimality of a Diamond-Dybvig contract in the Goldstein-Pauzner environment
by Mahmoud Elamin - 1305 Moving to a job: The role of home equity, debt, and access to credit
by Yuliya Demyanyk & Dmytro Hryshko & María José Luengo Luengo-Prado & Bent Sorensen - 1304 Liquidity provision during the crisis of 1914: private and public sources
by Margaret Jacobson & Ellis W. Tallman - 1303 It’s not just for inflation: The usefulness of the median CPI in BVAR forecasting
by Brent Meyer & Saeed Zaman - 1302 Human capital in the inner city
by Dionissi Aliprantis - 1301 Do public pension obligations affect state funding costs?
by Jean Burson & John Carlson & O. Emre Ergungor & Patricia Waiwood
2012
- 1240 The effect of local housing ordinances
by Thomas J Fitzpatrick IV & Lisa A. Nelson & Francisca G-C Richter & Stephan Whitaker - 1239 Privately optimal contracts and suboptimal outcomes in a model of agency costs
by Charles T. Carlstrom & Timothy S. Fuerst & Matthias Paustian - 1238 Leverage, investment, and optimal monetary policy
by Filippo Occhino & Andrea Pescatori - 1237 Financial stress index: a lens for supervising the financial system
by Timothy Bianco & Dieter Gramlich & Mikhail V. Oet & Stephen J. Ong - 1236 The cyclical behavior of equilibrium unemployment and vacancies across OECD countries
by Pedro S. Amaral & Murat Tasci - 1235 Fiscal multipliers under an interest rate peg of deterministic vs. stochastic duration
by Charles T Carlstrom & Timothy S Fuerst & Matthias Paustian - 1234 Inflation and output in New Keynesian models with a transient interest rate peg
by Charles T Carlstrom & Timothy S Fuerst & Matthias Paustian - 1233 Assessing the evidence on neighborhood effects from moving to opportunity
by Dionissi Aliprantis - 1232 Bretton Woods, swap lines, and the Federal Reserve’s return to intervention
by Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz - 1231 Measures beyond the college degree share to guide inter-regional comparisons and workforce development
by Stephan Whitaker - 1230 Land Bank 2.0: an empirical evaluation
by Stephan Whitaker & Thomas J. Fitzpatrick IV - 1229 Bridging the gap? Government subsidized lending and access to capital
by Kristle Romero Cortés & Josh Lerner - 1228 The Panic of 1907
by Ellis W. Tallman - 1227 Real-time nowcasting with a Bayesian mixed frequency model with stochastic volatility
by Andrea Carriero & Todd E. Clark & Massimiliano Marcellino - 1226 Did local lenders forecast the bust? Evidence from the real estate market
by Kristle Romero Cortés - 1225 Learning and occupational sorting
by Jonathan James - 1224 The ins and outs of unemployment in the long run: unemployment flows and the natural rate
by Murat Tasci - 1223 Who’s afraid of good governance? State fiscal crises, public pension underfunding, and the resistance to governance reform
by Thomas J. Fitzpatrick & Amy B. Monahan - 1222 Believe only what you see: credit rating agencies, structured finance, and bonds
by Mahmoud Elamin - 1221 Business cycles and financial crises: the roles of credit supply and demand shocks
by James M Nason & Ellis Tallman - 1220R Mortgage companies and regulatory arbitrage
by Yuliya Demyanyk & Elena Loutskina - 1219 A tractable estimator for general mixed multinomial logit models
by Jonathan James - 1218 The macroeconomic forecasting performance of autoregressive models with alternative specifications of time-varying volatility
by Todd E. Clark & Francesco Ravazzolo - 1217 Trimmed-mean inflation statistics: just hit the one in the middle
by Brent Meyer & Guhan Venkatu - 1216 Estimating contract indexation in a financial accelerator model
by Charles T. Carlstrom & Timothy S. Fuerst & Alberto Ortiz & Matthias Paustian - 1215 Fiscal multipliers under an interest rate peg of deterministic vs. stochastic duration
by Charles T. Carlstrom & Timothy S. Fuerst & Matthias Paustian - 1214 Deep recessions, fast recoveries, and financial crises: evidence from the American record
by Michael D. Bordo & Joseph G. Haubrich - 1213 The relationship between city center density and urban growth or decline
by Kyle Fee & Daniel Hartley - 1212 Neighborhood dynamics and the distribution of opportunity
by Dionissi Aliprantis & Daniel Carroll - 1211 Diagnosing labor market search models: a multiple-shock approach
by Kenneth Beauchemin & Murat Tasci - 1210 Approximating high-dimensional dynamic models: sieve value function iteration
by Peter Arcidiacono & Patrick Bayer & Federico A. Bugni & Jonathan James - 1209 Bank balance sheet dynamics under a regulatory liquidity-coverage-ratio constraint
by Lakshmi Balasubramanyan & David D. VanHoose - 1208 Local average neighborhood effects from moving to opportunity
by Dionissi Aliprantis & Francisca G.-C. Richter - 1207 Epilogue: foreign-exchange-market operations in the twenty-first century
by Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz - 1206 Common drifting volatility in large Bayesian VARs
by Andrea Carriero & Todd E. Clark & Massimiliano Marcellino - 1205 Within-city variation in urban decline: the case of Detroit
by Veronica Guerrieri & Daniel Hartley & Erik Hurst - 1204 Privately optimal contracts and suboptimal outcomes in a model of agency costs
by Charles T. Carlstrom & Timothy S. Fuerst & Matthias Paustian - 1203 The impact of recovery efforts on residential vacancies
by O. Emre Ergungor & Lisa Nelson - 1202 How inflationary is an extended period of low interest rates?
by Charles T. Carlstrom & Timothy S. Fuerst & Matthias Paustian - 1201 Community-based well maintenance in rural Haiti
by Dionissi Aliprantis - 1126 When should children start school?
by Dionissi Aliprantis - 1123 The impact of vacant, tax-delinquent, and foreclosed property on sales prices of neighboring homes
by Stephan Whitaker & Thomas J. Fitzpatrick IV - 1122R Assessing the evidence on neighborhood effects from Moving to Opportunity
by Dionissi Aliprantis
2011
- 1134 A Bayesian evaluation of alternative models of trend inflation
by Todd E. Clark & Taeyoung Doh - 1133 The term structure of inflation compensation in the nominal yield curve
by Mehmet Pasaogullari & Simeon Tsonevy - 1132 Substitution between net and gross settlement systems: A concern for financial stability?
by Ben R. Craig & Falko Fecht - 1131 Bank mergers and deposit interest rate rigidity
by Valeriya Dinger - 1130 The financial stress index: identification of systemic risk conditions
by Mikhail V. Oet & Ryan Eiben & Timothy Bianco & Dieter Gramlich & Stephen J. Ong - 1129 SAFE: An early warning system for systemic banking risk
by Mikhail V. Oet & Ryan Eiben & Timothy Bianco & Dieter Gramlich & Stephen J. Ong & Jing Wang - 1128 A medium scale forecasting model for monetary policy
by Kenneth Beauchemin & Saeed Zaman - 1127 U.S. monetary-policy evolution and U.S. intervention
by Michael D Bordo & Owen F Humpage & Anna J Schwartz - 1125 Ability matching and occupational choice
by Jonathan James - 1124 Liquidity and the threat of fraudulent assets
by Yiting Li & Guillaume Rocheteau & Pierre-Olivier Weill - 1122 Assessing the evidence on neighborhood effects from moving to opportunity
by Dionissi Aliprantis - 1121 Tests of equal forecast accuracy for overlapping models
by Todd Clark & Michael W. McCracken - 1120 Advances in forecast evaluation
by Todd Clark & Michael W. McCracken - 1119 Inter-regional home price dynamics through the foreclosure crisis
by Francisca G-C Richter & Youngme Seo - 1118 The Federal Reserve as an informed foreign-exchange trader: 1973-1995
by Michael D Bordo & Owen F Humpage & Anna J Schwartz - 1117 Indexed debt contracts and the financial accelerator
by Charles T Carlstrom & Timothy S Fuerst & Matthias Paustian - 1116 Public policy in support of small business: the American experience
by Ben R Craig & William E Jackson, III & James B Thomson - 1115 Beyond the transaction: depository institutions and reduced mortgage default for low-income homebuyers
by Ozgur Emre Ergungor & Stephanie Moulton - 1114 Banking relationships and sell-side research
by Ozgur E. Ergungor & Leonardo Madureira & Nandkumar Nayar & Ajai K. Singh - 1113 On the evolution of U.S. foreign-exchange-market intervention: thesis, theory, and institutions
by Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz - 1112 Bayesian VARs: specification choices and forecast accuracy
by Andrea Carriero & Todd Clark & Massimiliano Marcellino - 1111 Search frictions and the labor wedge
by Andrea Pescatori & Murat Tasci - 1110 Prioritization in private-activity-bond volume cap allocation
by Stephan Whitaker - 1109 False security: how securitization failed to protect arrangers and investors from borrower claims
by Kathleen C. Engel & Thomas J. Fitzpatrick IV - 1108 U.S. intervention during the Bretton Wood Era:1962-1973
by Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz - 1107 Inflation expectations, real rates, and risk premia: evidence from inflation swaps
by Joseph G. Haubrich & George Pennacchi & Peter Ritchken - 1106 The demand for income tax progressivity in the growth model
by Daniel R. Carroll - 1105 Liquidity in frictional asset markets
by Guillaume Rocheteau & Pierre-Olivier Weill - 1104 On the coexistence of money and higher-return assets and its social role
by Guillaume Rocheteau - 1103 The cost of inflation: a mechanism design approach
by Guillaume Rocheteau - 1102 Disadvantaged business enterprise goals in government procurement contracting: an analysis of bidding behavior and costs
by Dakshina G De Silva & Timothy Dunne & Georgia Kosmopoulou & Carlos Lamarche - 1101 Assessing the evidence on neighborhood effects from moving to opportunity
by Dionissi Aliprantis
2010
- 1025 Innovation spillovers in industrial cities
by Laura Crispin & Subhra B. Saha & Bruce A. Weinberg - 1024 Caught between Scylla and Charybdis? Regulating bank leverage when there is rent seeking and risk shifting
by Viral V. Acharya & Hamid Mehran & Anjan V. Thakor - 1023 U.S. intervention and the early dollar float: 1973-1981
by Michael D Bordo & Owen F Humpage & Anna J Schwartz - 1022 Blowing it up and knocking it down: the effect of demolishing high concentration public housing on crime
by Daniel A. Hartley - 1021 Homeownership for the long run: an analysis of homeowner subsidies
by O. Emre Ergungor - 1020 The importance of financial market development on the relationship between loan guarantees for SMEs and local market employment rates
by Craig E. Armstrong & Ben R. Craig & William E. Jackson, III & James B. Thomson - 1019 Determinants and consequences of mortgage default
by Yuliya Demyanyk & Ralph S.J. Koijen & Otto Van Hemert - 1018 The effects of capital market openness on exchange rate pass-through and welfare in an inflation-targeting small open economy
by Sanchita Mukherjee - 1017 The ins and outs of unemployment in the long run: a new estimate for the natural rate?
by Murat Tasci - 1016 Liquidity and asset market dynamics
by Guillaume Rocheteau & Randall Wright - 1015 Cleaning up the refuse from a financial crisis: the case for a resolution management corporation
by James B. Thomson - 1014 Interbank tiering and money center banks
by Ben R. Craig & Goetz von Peter - 1013 Private-activity municipal bonds: the political economy of volume cap allocation
by Stephan Whitaker - 1012 Redshirting, compulsory schooling laws, and educational attainment
by Dionissi Aliprantis - 1011 The effect of foreclosures on nearby housing prices: supply or disamenity?
by Daniel Hartley - 1010 Liquidity creation without a lender of last resort: clearing house loan certificates in the Banking Panic of 1907
by Ellis W. Tallman & Jon R. Moen - 1009 Banking and financial crises in United States history: what guidance can history offer policymakers?
by Ellis W. Tallman & Elmus R. Wicker - 1008 Endogenous gentrification and housing price dynamics
by Veronica Guerrieri & Daniel Hartley & Erik Hurst - 1007 U.S. foreign-exchange-market intervention during the Volcker-Greenspan era
by Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz - 1006 Lending patterns in poor neighborhoods
by Ben Craig & Francisca G.-C. Richter - 1005 Systemic risk analysis using forward-looking distance-to-default series
by Martin Saldías Zambrana - 1004 A structural model of contingent bank capital
by George Pennacchi - 1003 Debt overhang and credit risk in a business cycle model
by Filippo Occhino & Andrea Pescatori - 1002 Measuring systemic risk
by Viral V. Acharya & Lasse H. Pedersen & Thomas Philippon & Matthew Richardson - 1001 A microeconometric investigation into bank interest rate rigidity
by Ben R Craig & Valeriya Dinger
2009
- 0913 The long run effects of changes in tax progressivity
by Daniel R. Carroll & Eric R. Young - 0912 Interbank tiering and money center banks
by Ben R. Craig & Goetz von Peter - 0911 A multi-sectoral approach to the U.S. Great Depression
by Pedro S. Amaral & James C. MacGee - 0910 Job separations, heterogeneity, and earnings inequality
by Pedro S. Amaral - 0909 Competition or collaboration? The reciprocity effect in loan syndication
by Jian Cai - 0908 Credit crises, money, and contractions: A historical view
by Michael D. Bordo & Joseph G. Haubrich - 0907 Entry, exit and the determinants of market structure
by Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Daniel Yi Xu - 0906 A note on sunspots with heterogeneous agents
by Daniel R. Carroll & Eric R. Young - 0905 Deposit market competition, costs of funding and bank risk
by Ben R Craig & Valeriya Dinger - 0904 Financial crises and bank failures: a review of prediction methods
by Yuliya Demyanyk & Iftekhar Hasan - 0903 A brief empirical history of U.S. foreign-exchange intervention: 1973-1995
by Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz - 0902 Information and liquidity: a discussion
by Guillaume Rocheteau - 0901 A monetary approach to asset liquidity
by Guillaume Rocheteau
2008
- 0813 Diagnosing labor market search models: a multiple-shock approach
by Kenneth Beauchemin & Murat Tasci - 0812 Cross-sectoral variation in firm-level idiosyncratic risk
by Rui Castro & Gian Luca Clementi & Yoonsoo Lee - 0811 An analysis of foreclosure rate differentials in soft markets
by Francisca Richter - 0810 Estimating real and nominal term structures using Treasury yields, inflation, inflation forecasts, and inflation swap rates
by Joseph G. Haubrich & George Pennacchi & Peter Ritchken - 0809 On the threat of counterfeiting
by Yiting Li & Guillaume Rocheteau - 0808 Reconsidering the application of the holder in due course rule to home mortgage notes
by Thomas J. Fitzpatrick IV & Mark B. Greenlee - 0807 Historical review of “umbrella supervision” by the Board of Governors of the Federal Reserve System
by Mark B. Greenlee - 0806 Bank mergers and the dynamics of deposit interest rates
by Ben R Craig & Valeriya Dinger - 0805 Investment spikes and uncertainty in the petroleum refining industry
by Timothy Dunne & Xiaoyi Mu - 0804 Liquidity in asset markets with search frictions
by Guillaume Rocheteau & Ricardo Lagos - 0803 Do financial education programs work?
by Ian Hathaway & Sameer Khatiwada - 0802 Money and competing assets under private information
by Guillaume Rocheteau - 0801 Positive and normative effects of a minimum wage
by Guillaume Rocheteau & Murat Tasci - 0718 Entry, exit and plant-level dynamics over the business cycle
by Yoonsoo Lee & Toshihiko Mukoyama
2007
- 0725 On-the-job search and labor market reallocation
by Murat Tasci - 0724 Foreclosures in Ohio: does lender type matter?
by Ozgur Emre Ergungor - 0723 The National Banking System: a brief history
by Bruce Champ - 0722 The National Banking System: the national bank note puzzle
by Bruce Champ - 0721 Inflation persistence, inflation targeting and the Great Moderation
by Charles T. Carlstrom & Timothy S. Fuerst & Matthius Paustian - 0720 Diagnosing labor market search models: a multiple-shock approach
by Kenneth Beauchemin & Murat Tasci - 0719 The National Banking System: empirical observations
by Bruce Champ - 0717 Oil and the Great Moderation
by Anton Nakov & Andrea Pescatori - 0716 Counterfeiting as private money in mechanism design
by Ricardo Cavalcanti & Ed Nosal - 0715 Crime and the labor market: a search model with optimal contracts
by Bryan Engelhardt & Guillaume Rocheteau & Peter Rupert - 0714 Money and capital
by S. Boragan Aruoba & Christopher J. Waller & Randall Wright - 0713 Private takings
by Ed Nosal - 0712 The dynamics of market structure and market size in two health services industries
by Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Yi Xu - 0711 A model of money and credit, with application to the credit card debt puzzle
by Irina A. Telyukova & Randall Wright - 0710 Inflation-output gap trade-off with a dominant oil supplier
by Anton Nakov & Andrea Pescatori - 0709 Incomplete markets and households’ exposure to interest rate and inflation risk: implications for the monetary policy maker
by Andrea Pescatori - 0708 Crashes and recoveries in illiquid markets
by Ricardo Lagos & Guillaume Rocheteau & Pierre-Olivier Weill - 0707 On the cyclicality of R&D: disaggregated evidence
by Min Ouyang - 0706 Liquidity in asset markets with search frictions
by Ricardo Lagos & Guillaume Rocheteau - 0705 On forecasting the term structure of credit spreads
by C.N.V. Krishnan & Peter H. Ritchken & James B. Thomson - 0704 Harming depositors and helping borrowers: the disparate impact of bank consolidation
by Kwangwoo Park & George Pennacchi - 0703 Limited liability and the development of capital markets
by Ed Nosal & Michael Smart - 0702 On government intervention in the small-firm credit market and its effect on economic performance
by Ben R. Craig & William E. Jackson, III & James B. Thomson - 0701 Search in asset markets: market structure, liquidity, and welfare
by Ricardo Lagos & Guillaume Rocheteau
2006
- 0624 Relocation patterns in U.S. manufacturing
by Yoonsoo Lee - 0623 Moral hazard in the Diamond-Dybvig model of banking
by David Andolfatto & Ed Nosal - 0622 National bank notes and silver certificates
by Bruce Champ & James B. Thomson - 0621 Central bank independence and inflation: a note
by Charles T. Carlstrom & Timothy S. Fuerst - 0620 How wages change: micro evidence from the International Wage Flexibility Project
by William T. Dickens & Lorenz Goette & Erica L. Groshen & Steinar Holden & Julian Messina & Mark E. Schweitzer & Jarkko Turunen & Melanie E. Ward - 0619 Jump starting GARCH: pricing and hedging options with jumps in returns and volatilities
by Jin-Chuan Duan & Peter Ritchken & Zhiqiang Sun - 0618 Option prices, exchange market intervention, and the higher moment expectations channel: a user’s guide
by Gabriele Galati & Patrick Higgins & Owen F. Humpage & William Melick - 0617 Foreclosures: relationship lending in the consumer market and its aftermath
by O. Emre Ergungor - 0616 Bank branch presence and access to credit in low-to-moderate income neighborhoods
by O. Emre Ergungor - 0615 The role of independence in the Green-Lin Diamond-Dybvig model
by David Andolfatto & Ed Nosal & Neil Wallace - 0614 Co-movement in sticky price models with durable goods
by Charles T. Carlstrom & Timothy S. Fuerst - 0613 Small firm credit market discrimination, SBA-guaranteed lending, and local market economic performance
by Ben R. Craig & William E. Jackson, III & James B. Thomson - 0612 Two flaws in business cycle dating
by Lawrence J. Christiano & Joshua M. Davis - 0611 Forecasting with the yield curve; level, slope, and output 1875-1997
by Michael D. Bordo & Joseph G. Haubrich - 0610 Adaptive learning, endogenous inattention, and changes in monetary policy
by William A. Branch & John B. Carlson & George W. Evans & Bruce McGough - 0609 Bretton Woods and the U.S. decision to intervene in the foreign-exchange market, 1957-1962
by Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz - 0608 Money and capital as competing media of exchange
by Ricardo Lagos & Guillaume Rocheteau - 0607 Search in asset markets
by Ricardo Lagos & Guillaume Rocheteau - 0606 State growth empirics: the long-run determinants of state income growth
by Paul W. Bauer & Mark E. Schweitzer & Scott Shane - 0605 Dashboard indicators for the Northeast Ohio economy: prepared for the Fund for Our Economic Future
by Randall Eberts & George Erickcek & Jack Kleinhenz - 0604 Gross loan flows
by Ben Craig & Joseph G. Haubrich - 0603 The return to capital and the business cycle
by Paul Gomme & B. Ravikumar & Peter Rupert - 0602 Understanding the determinants of crime
by Ayse Imrohoroglu & Antonio Merlo & Peter Rupert - 0601 Small-firm credit markets, SBA-guaranteed lending, and economic performance in low-income areas
by Ben R. Craig & William E. Jackson, III & James B. Thomson - 0506 The Eurosystem money market auctions: a banking perspective
by Ben Craig & Falko Fecht
2005
- 0515 Offer-price discount of bank seasoned equity offers: do voluntary and involuntary offers convey different information?
by O. Emre Ergungor & C.N.V. Krishnan & Ajai K. Singh & Allan A. Zebedee - 0514 Swedish intervention and the Krona float, 1993–2002
by Owen F. Humpage & Javiera Ragnartz - 0513 General equilibrium with nonconvexities, sunspots, and money
by Guillaume Rocheteau & Peter Rupert & Karl Shell & Randall Wright - 0512 On the recognizability of money
by Richard Dutu & Ed Nosal & Guillaume Rocheteau - 0511 Some benefits of cyclical monetary policy
by Ricardo de O. Cavalcanti & Ed Nosal - 0510 Oil prices, monetary policy, and counterfactual experiments
by Charles T. Carlstrom & Timothy S. Fuerst - 0509 The importance of reallocations in cyclical productivity and returns to scale: evidence from plant-level data
by Yoonsoo Lee - 0508 The incidence of nominal and real wage rigidities in Great Britain: 1978–1998
by Richard D. Barwell & Mark E. Schweitzer - 0507 Recovering market expectations of FOMC rate changes with options on federal funds futures
by John B. Carlson & Ben R. Craig & William R. Melick - 0505 Theory, measurement, and calibration of macroeconomic models
by Paul Gomme & Peter Rupert - 0504 State-dependent pricing, inflation, and welfare in search economies
by Ben R. Craig & Guillaume Rocheteau - 0503 SBA-loan guarantees and local economic growth
by Ben R. Craig & William E. Jackson, III & James B. Thomson - 0502 Testing near-rationality using detailed survey data
by Michael F. Bryan & Stefan Palmqvist - 0501 Bargaining and the value of money
by Guillaume Rocheteau & Christopher Waller
2004
- 0416 Firm-specific capital, nominal rigidities, and the business cycle
by David E. Altig & Lawrence J. Christiano & Martin Eichenbaum & Jesper Linde - 0415 Geographic redistribution of U.S. manufacturing and the role of state development policy
by Yoonsoo Lee - 0414 Bank seasoned equity offers: do voluntary and involuntary offers differ?
by O. Emre Ergungor & C.N.V. Krishnan & Ajai K. Singh & Allan A. Zebedee - 0413 Asset prices, nominal rigidities, and monetary policy
by Charles T. Carlstrom & Timothy S. Fuerst

