Working Papers (Old Series)

From Federal Reserve Bank of Cleveland
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0621: Central bank independence and inflation: a note

Charles Carlstrom and Timothy Fuerst

0620: How wages change: micro evidence from the International Wage Flexibility Project

William T. Dickens, Lorenz Goette, Erica Groshen, Steinar Holden, Julian Messina, Mark Schweitzer, Jarkko Turunen and Melanie Ward

0619: Jump starting GARCH: pricing and hedging options with jumps in returns and volatilities

Jin-Chuan Duan, Peter H. Ritchken and Zhiqiang Sun

0618: Option prices, exchange market intervention, and the higher moment expectations channel: a user’s guide

Gabriele Galati, Patrick Higgins, Owen Humpage and Will Melick

0617: Foreclosures: relationship lending in the consumer market and its aftermath

Ozgur Ergungor

0616: Bank branch presence and access to credit in low-to-moderate income neighborhoods

Ozgur Ergungor

0615: The role of independence in the Green-Lin Diamond-Dybvig model

David Andolfatto, Ed Nosal and Neil Wallace

0614: Co-movement in sticky price models with durable goods

Charles Carlstrom and Timothy Fuerst

0613: Small firm credit market discrimination, SBA-guaranteed lending, and local market economic performance

Ben Craig, William E. Jackson and James Thomson

0612: Two flaws in business cycle dating

Lawrence Christiano and Joshua M. Davis

0611: Forecasting with the yield curve; level, slope, and output 1875-1997

Michael Bordo and Joseph Haubrich

0610: Adaptive learning, endogenous inattention, and changes in monetary policy

William Branch, John Carlson, George Evans and Bruce McGough

0609: Bretton Woods and the U.S. decision to intervene in the foreign-exchange market, 1957-1962

Michael Bordo, Owen Humpage and Anna Schwartz

0608: Money and capital as competing media of exchange

Ricardo Lagos and Guillaume Rocheteau

0607: Search in asset markets

Ricardo Lagos and Guillaume Rocheteau

0606: State growth empirics: the long-run determinants of state income growth

Paul Bauer, Mark Schweitzer and Scott Shane

0605: Dashboard indicators for the Northeast Ohio economy: prepared for the Fund for Our Economic Future

Randall Eberts, George Erickcek and Jack Kleinhenz

0604: Gross loan flows

Ben Craig and Joseph Haubrich

0603: The return to capital and the business cycle

Paul Gomme, B Ravikumar and Peter Rupert

0602: Understanding the determinants of crime

Ayse Imrohoroglu, Antonio Merlo and Peter Rupert

0601: Small-firm credit markets, SBA-guaranteed lending, and economic performance in low-income areas

Ben Craig, William E. Jackson and James Thomson

0515: Offer-price discount of bank seasoned equity offers: do voluntary and involuntary offers convey different information?

Ozgur Ergungor, C. N. V. Krishnan, Ajai K. Singh and Allan A. Zebedee

0514: Swedish intervention and the Krona float, 1993–2002

Owen Humpage and Javiera Ragnartz

0513: General equilibrium with nonconvexities, sunspots, and money

Guillaume Rocheteau, Peter Rupert, Karl Shell and Randall Wright

0512: On the recognizability of money

Richard Dutu, Ed Nosal and Guillaume Rocheteau

0511: Some benefits of cyclical monetary policy

Ricardo Cavalcanti and Ed Nosal

0510: Oil prices, monetary policy, and counterfactual experiments

Charles Carlstrom and Timothy Fuerst

0509: The importance of reallocations in cyclical productivity and returns to scale: evidence from plant-level data

Yoonsoo Lee

0508: The incidence of nominal and real wage rigidities in Great Britain: 1978–1998

Richard D. Barwell and Mark Schweitzer

0507: Recovering market expectations of FOMC rate changes with options on federal funds futures

John Carlson, Ben Craig and Will Melick

0506: The Eurosystem money market auctions: a banking perspective

Ben Craig and Falko Fecht

0505: Theory, measurement, and calibration of macroeconomic models

Paul Gomme and Peter Rupert

0504: State-dependent pricing, inflation, and welfare in search economies

Ben Craig and Guillaume Rocheteau

0503: SBA-loan guarantees and local economic growth

Ben Craig, William E. Jackson and James Thomson

0502: Testing near-rationality using detailed survey data

Michael F. Bryan and Stefan Palmqvist

0501: Bargaining and the value of money

Guillaume Rocheteau and Christopher Waller

0416: Firm-specific capital, nominal rigidities, and the business cycle

David Altig, Lawrence Christiano, Martin Eichenbaum and Jesper Lindé

0415: Geographic redistribution of U.S. manufacturing and the role of state development policy

Yoonsoo Lee

0414: Bank seasoned equity offers: do voluntary and involuntary offers differ?

Ozgur Ergungor, C. N. V. Krishnan, Ajai K. Singh and Allan A. Zebedee

0413: Asset prices, nominal rigidities, and monetary policy

Charles Carlstrom and Timothy Fuerst

0412: The effects of minimum wages on the distribution of family incomes: a nonparametric analysis

David Neumark, Mark Schweitzer and William Wascher

0411: Monetary policy, endogenous inattention, and the volatility trade-off

William Branch, John Carlson, George Evans and Bruce McGough

0410: Thinking about monetary policy without money: a review of three books: Inflation Targeting, Monetary Theory and Policy, and Interest and Prices

Charles Carlstrom and Timothy Fuerst

0409: The forecast ability of risk-neutral densities of foreign exchange

Ben Craig and Joachim G. Keller

0408: Friedman meets Hosios: efficiency in search models of money

Aleksander Berentsen, Guillaume Rocheteau and Shouyong Shi

0407: Inflation, output, and welfare

Ricardo Lagos and Guillaume Rocheteau

0406: Loggers vs. campers: compensation for the taking of property rights

Ronald Giammarino and Ed Nosal

0405: Money in search equilibrium, in competitive equilibrium, and in competitive search equilibrium

Guillaume Rocheteau and Randall Wright

0404: The business cycle and the life cycle

Paul Gomme, Richard Rogerson, Peter Rupert and Randall Wright

0403: On SBA-guaranteed lending and economic growth

Ben Craig, William E. Jackson and James Thomson