Research

Working Papers

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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.

 
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: October 2010) 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: May 2011) Juan Carlos Hatchondo
Leonardo Martinez
Cesar Sosa Padilla
10-07
April 2010		 Over-the-Counter Loans, Adverse Selection, and Stigma in the Interbank Market 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
10-03
March 2010		 How Large Has the Federal Financial Safety Net Become? 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 with Search and Matching (Revised: May 2011) 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
Paper Title Author(s)
06-13
December 2006		 Risky Human Capital and Deferred Capital Income Taxation Borys Grochulski
Tomasz Piskorski
06-12
November 2006		 Market-Based Regulation and the Informational Content of Prices Philip Bond
Itay Goldstein
Edward S. Prescott
06-11
December 2006		 Computing Business Cycles in Emerging Economy Models Juan Carlos Hatchondo
Leonardo Martinez
Horacio Sapriza
06-10
November 2006		 Technology-Policy Interaction in Frictional Labor Markets Andreas Hornstein
Per Krusell
Giovanni L. Violante
06-9
September 2006		 The Political Economy of Labor Subsidies Marina Azzimonti
Eva de Francisco
Per Krusell
06-8
September 2006		 Technical Appendix for "Frictional Wage Dispersion in Search Models: A Quantitative Assessment" Andreas Hornstein
Per Krusell
Giovanni L. Violante
06-7
September 2006		 Frictional Wage Dispersion in Search Models: A Quantitative Assessment Andreas Hornstein
Per Krusell
Giovanni L. Violante
06-6
August 2006		 Understanding How Employment Responds to Productivity Shocks in a Model with Inventories Yongsung Chang
Andreas Hornstein
Pierre-Daniel G. Sarte
06-5
May 2006		 The Lucas Critique and the Stability of Empirical Models Thomas A. Lubik
Paolo Surico
06-4
May 2006		 Home Production Yongsung Chang
Andreas Hornstein
06-3
May 2006		 Nontraded Goods, Market Segmentation, and Exchange Rates Michael Dotsey
Margarida Duarte
06-2
February 2006		 On the Aggregate and Distributional Implications of Productivity Differences across Countries Andrés Erosa
Tatyana Koreshkova
Diego Restuccia
06-1R
January 2006		 Reputation, Career Concerns, and Job Assignments (Revised Apr. 2009) Leonardo Martinez