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The following papers were written by Richmond Fed economists, in some cases in collaboration with outside economists. They represent work prepared for later publication or presentation to professional meetings. They are circulated in this series for purposes of discussion and comment only.

2013
2012
2011
2010
2009
Archives

Paper	Title	Author(s)
13-05 May 2013	Market-based Incentives	Borys Grochulski Yuzhe Zhang
13-04 April 2013	Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry	Luis Cabral Zhu Wang Daniel Yi Xu
13-03 March 2013	Banker Compensation and Bank Risk Taking: The Organizational Economics View	Arantxa Jarque Edward S. Prescott
13-02 March 2013	The Supply of College-Educated Workers: The Roles of College Premia, College Costs, and Risk	Kartik B. Athreya Janice Eberly
13-01 February 2013	International Reserves and Rollover Risk	Javier Bianchi Juan Carlos Hatchondo Leonardo Martinez

Paper	Title	Author(s)
12-09R December 2012	Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models	Carlos Carvalho Felipe Schwartzman
12-08 November 2012	Ad-Valorem Platform Fees and Efficient Price Discrimination	Zhu Wang Julian Wright
12-07 November 2012	Accounting for Unemployment: The Long and Short of It	Andreas Hornstein
12-06 October 2012	The Economics of Two-Sided Payment Card Markets: Pricing, Adoption and Usage	James McAndrews Zhu Wang
12-05 August 2012	Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks	Huberto M. Ennis Alexander L. Wolman
12-04 June 2012	Accounting for Unemployment in the Great Recession: Nonparticipation Matters	Marianna Kudlyak Felipe Schwartzman
12-03 April 2012	Sorting by Skill over the Course of Job Search	Marianna Kudlyak Damba Lkhagvasuren Roman Sysuyev
12-02 April 2012	Sales, Inventories, and Real Interest Rates: A Century of Stylized Facts	Luca Benati Thomas A. Lubik
12-01 March 2012	Fiscal Rules and the Sovereign Default Premium	Juan Carlos Hatchondo Leonardo Martinez

Paper	Title	Author(s)
11-09 December 2011	Loan Loss Reserves, Accounting Constraints, and Bank Ownership Structure	Eliana Balla Morgan J. Rose
11-08 November 2011	Deep Habits in the New Keynesian Phillips Curve	Thomas A. Lubik Wing Leong Teo
11-07 November 2011	Contingent Capital: The Trigger Problem	Edward S. Prescott
11-06 October 2011	Loan Guarantees for Consumer Credit Markets	Kartik B. Athreya Xuan S. Tam Eric R. Young
11-05 September 2011	Mortgage Defaults	Juan Carlos Hatchondo Leonardo Martinez Juan M. Sanchez
11-04R August 2011	Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea (Revised December 2012)	Yongsung Chang Andreas Hornstein
11-03 June 2011	Discretionary Monetary Policy in the Calvo Model	Willem Van Zandweghe Alexander L. Wolman
11-02 May 2011	Aggregate Labor Market Dynamics in Hong Kong	Thomas A. Lubik
11-01R March 2011	An Experimental Analysis of Contingent Capital Triggering Mechanisms (Revised Oct. 2011)	Douglas Davis Edward S. Prescott Oleg Korenok

Paper	Title	Author(s)
10-16 October 2010	Optimal Bonuses and Deferred Pay for Bank Employees: Implications of Hidden Actions with Persistent Effects in Time	Arantxa Jarque Edward S. Prescott
10-15R October 2010	Time to Produce and Emerging Market Crises (Revised: July 2012)	Felipe Schwartzman
10-14 October 2010	On the Optimality of Ramsey Taxes in Mirrlees Economies	Borys Grochulski
10-13 August 2010	The Cyclical Price of Labor When Wages Are Smoothed	Marianna Kudlyak
10-12 June 2010	On-the-Job Search and the Cyclical Dynamics of the Labor Market	Michael U. Krause Thomas A. Lubik
10-11 June 2010	The Role of Non-Owner-Occupied Homes in the Current Housing and Foreclosure Cycle	Breck Robinson Richard M. Todd
10-10 May 2010	Housing Default: Theory Works and So Does Policy	Allen C. Goodman Brent C Smith
10-09 May 2010	Learning About Informational Rigidities from Sectoral Data and Diffusion Indices	Pierre-Daniel G. Sarte
10-08R May 2010	Debt Dilution and Sovereign Default Risk (Revised: February 2012)	Juan Carlos Hatchondo Leonardo Martinez Cesar Sosa Padilla
10-07R April 2010	Over-the-Counter Loans, Adverse Selection, and Stigma in the Interbank Market (Revised: February 2012)	Huberto M. Ennis John A. Weinberg
10-06 April 2010	Assessing the Effectiveness of the Paulson "Teaser Freezer" Plan: Evidence from the ABX Index	Eliana Balla Robert E. Carpenter Breck Robinson
10-05 April 2010	Quantifying the Impact of Financial Development on Economic Development	Jeremy Greenwood Juan M. Sanchez Cheng Wang
10-04 March 2010	Quantitative Properties of Sovereign Default Models: Solution Methods Matter	Juan Carlos Hatchondo Leonardo Martinez Horacio Sapriza
10-03R March 2010	How Large Has the Federal Financial Safety Net Become? (Revised: February 2013)	Nadezhda Malysheva John R. Walter
10-02 March 2010	Residential Mortgage Default: The Roles of House Price Volatility, Euphoria and the Borrower's Put Option	Wayne R. Archer Brent C Smith
10-01 February 2010	Inventories, Inflation Dynamics, and the New Keynesian Phillips Curve	Thomas A. Lubik Wing Leong Teo

Paper	Title	Author(s)
09-13 October 2009	On the Cyclicality of the Interest Rate in Emerging Economy Models: Solution Methods Matter	Juan Carlos Hatchondo Leonardo Martinez Horacio Sapriza
09-12R September 2009	The Cyclicality of the User Cost of Labor* (Revised: March 2013)	Marianna Kudlyak
09-11 August 2009	Are Harsh Penalties for Default Really Better?	Kartik B. Athreya Xuan S. Tam Eric R. Young
09-10R July 2009	Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States (Revised: June 2010)	Andra C. Ghent Marianna Kudlyak
09-9 June 2009	Unemployment Insurance with a Hidden Labor Market	Fernando Álvarez-Parra Juan M. Sanchez
09-8 May 2009	The Consolidation of Financial Market Regulation: Pros, Cons, and Implications for the United States	Sabrina R. Pellerin John R. Walter Patricia E. Wescott
09-7 April 2009	Assessing the Effectiveness of the Paulson "Teaser Freezer" Plan: Evidence from the ABX Index	Eliana Balla Robert E. Carpenter Breck Robinson
09-6R April 2009	On the Implementation of Markov-Perfect Monetary Policy (Revised: August 2011)	Michael Dotsey Andreas Hornstein
09-5 April 2009	Credit and Self-Employment	Kartik B. Athreya Ahmet Akyol
09-4 April 2009	The Role of Information in the Rise in Consumer Bankruptcies	Juan M. Sanchez
09-3 April 2009	Notes on Collateral Constraints in a Simple Model of Housing	Andreas Hornstein
09-2 March 2009	The Optimal Rate of Inflation with Trending Relative Prices	Alexander L. Wolman
09-1 February 2009	Fiscal Policy and Default Risk in Emerging Markets	Gabriel Cuadra Juan M. Sanchez Horacio Sapriza

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