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Central Bank Research Hub - Kansas City Fed Working Papers



Spin-offs: Theory and Evidence (JEL J6, L0)

by Luis Cabral and Zhu Wang08-15
(Dec 2008)
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Product Innovation and Firm Survival in A Network Industry (JEL E30, L10, O30)

by Fumiko Hayashi and Zhu Wang08-14
(Dec 2008)
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Why Do Card Issuers Charge Proportional Fees? (JEL D4, G2, L1)

by Oz Shy and Zhu Wang08-13
(Dec 2008)
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The Economics of Two-Sided Payment Card Markets: Pricing, Adoption and Usage (JEL D40, L10, O30)

by James McAndrews and Zhu Wang08-12
(Dec 2008)
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Long Run Risks in the Term Structure of Interest Rates: Estimation (JEL C32, E43, G12)

by Taeyoung Doh08-11
(Dec 2008)
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Alternative Methods of Solving State-Dependent Pricing Models (JEL C63, C68, E31, E37)

by Edward S. Knotek II and Stephen Terry08-10
(Dec 2008)
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 Full text

Price-Level Targeting and Risk Management in a Low-Inflation Economy (JEL C63, E31, E52)

by Roberto Billi08-09
(Dec 2008)
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The Economics of Payment Card Fee Structure: (JEL D63, L51)

by Fumiko Hayashi08-08
(Nov 2008)
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The Economics of Payment Card Fee Structure: What Drives Payment Card Rewards? (JEL L13, L22)

by Fumiko Hayashi08-07
(Nov 2008)
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The Economics of Payment Card Fee Structure: What is the Optimal Balance Between Merchant Fee and Payment Card Rewards? (JEL D61, D63)

by Fumiko Hayashi08-06
(Nov 2008)
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An Empirical Assessment of the Relationships Among Inflation and Short- and Long-Term Expectations (JEL E31, E32, E52)

by Todd E. Clark and Troy Davig08-05
(Nov 2008)
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Convenient Prices and Price Rigidity: Cross-Sectional Evidence (JEL C2, D11, D21, E31, L11, M31)

by Edward S. Knotek II08-04
(Oct 2008)
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Labor Market Search and Interest Rate Policy (JEL E24, E52)

by Takushi Kurozumi and Willem VanZandweghe08-03
(Oct 2008)
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Markov-Chain Approximations of Vector Autoregressions: Application of General Multivariate-Normal Integration Techniques (JEL C32, C63)

by Edward S. Knotek II and Stephen Terry08-02
(Oct 2008)
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How Do Large Banking Organizations Manage their Capital Ratio? (JEL G21, G28, G32)

by Allen Berger, Robert DeYoung, Mark Flannery, David Lee and Ozde Oztekin08-01
(Apr 2008)
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How Do Large Banking Organizations Manage their Capital Ratio?

by Allen Berger, Robert DeYoung, Mark Flannery, David Lee and Ozde OztekinRWP08-01
(Jan 2008)
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2007

Target's Corporate Governance and Bank Merger Payoff (JEL G2, G21, G28, G3)

by Elijah Brewer III, William E. Jackson III, and Julapa A. JagtianiRWP07-13
(Dec 2007)
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Phillips Curves, Monetary Policy, and a Labor Market Transmission Mechanism (JEL E24, E31, E52, E58, J21, J64, M5)

by Robert R. Reed and Stacey L. SchreftRWP07-12
(Dec 2007)
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The Taylor Rule and the Transformation of Monetary Policy (JEL B22, B31, E52)

by Pier Francesco Asso, George A. Kahn, Robert LeesonRWP07-11
(Dec 2007)
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What Does the Yield Curve Tell Us About the Federal Reserve's Implicit Inflation Target? (JEL C32, E43, G12)

by Taeyoung DohRWP07-10
(Dec 2007)
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Expectational Stability in Regime-Switching Rational Expectations Models (JEL D83, D84, E31, E52)

by William A. Branch, Troy Davig, and Bruce McGoughRWP07-09
(Nov 2007)
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Do Federal Funds Futures Need Adjustment for Excess Returns? A State-Dependent Approach (JEL E44, G13)

by Brent BundickRWP07-08
(Oct 2007)
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The Potential Role of Subordinated Debt Programs In Enhancing Market Discipline in Banking (JEL G21, G28, G38, L51)

by Douglas D. Evanoff, Julapa Jagtiani, and Taisuke NakataRWP07-07
(Sep 2007)
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Tests of Equal Predictive Ability with Real-Time Data

by Todd E. Clark and Michael W. McCrackenRWP07-06
(Jul 2007)
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How Much Would Banks Be Willing to Pay to Become "Too-Big-to-Fail" and to Capture Other Benefits? (JEL G21, G28, G34)

by Elijah Brewer III and Julapa JagtianiRWP07-05
(Jul 2007)
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Phillips Curve Instability and Optimal Monetary Policy (JEL E52, E58, E61)

by Troy DavigRWP07-04
(Jul 2007)
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 Full text

Optimal Inflation for the U.S. (JEL C63, E31, E52)

by Roberto M. BilliRWP07-03
(Apr 2007)
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Moving to High Quality of Life (JEL O40, R12, R13)

by Jordan RappaportRWP07-02
(Mar 2007)
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Monetary Conservatism and Fiscal Policy

by Klaus Adam and Roberto M. BilliRWP07-01
(Feb 2007)
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2006

Endogenous Monetary Policy Regime Changes (JEL E31, E32, E52, E58)

by Troy Davig and Eric M. LeeperRWP06-11
(Sep 2006)
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Consumption Amenities and City Crowdedness (JEL I31, J00, R00)

by Jordan RappaportRWP06-10
(Aug 2006)
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Forecasting with Small Macroeconomic VARs in the Presence of Instabilities (JEL C53, E17, E37)

by Todd E. Clark and Michael W. McCrackenRWP06-09
(Jun 2006)
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Amenities, (JEL R12, R23, R42)

by Eric Thompson, George Hammond, and Stephan WeilerRWP06-08
(Jun 2006)
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Targeting (JEL D60, E63, F41, O23)

by Marcela Meirelles AurelioRWP06-07
(Jun 2006)
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A Productivity Model of City Crowdedness (JEL O40, R12, R13)

by Jordan RappaportRWP06-06
(Jun 2006)
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Regime Changes and Monetary Stagflation (JEL E31, E52)

by Edward S. KnotekRWP06-05
(May 2006)
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How and Why Do Consumers Choose Their Payment Methods?

by Stacey L. SchreftRWP06-04
(Apr 2006)
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Real Rigidities and Nominal Price Changes (JEL E3, L16)

by Peter J. Klenow and Jonathan L. WillisRWP06-03
(Mar 2006)
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Net Exports, Consumption Volatility and International Real Business Cycle Models (JEL E32, F32, F41)

by Andrea RaffoRWP06-01
(Mar 2006)
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Combining Forecasts From Nested Models (JEL C52, C53)

by Todd E. Clark and Michael W. McCrackenRWP06-02
(Mar 2006)
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2005

Monetary and Fiscal Policy Switching

by Troy Davig, Eric M. Leeper, and Hess ChungRWP05-12
(Dec 2005)
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Generalizing the Taylor Principle

by Troy Davig and Eric M. LeeperRWP05-13
(Dec 2005)
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A Park By Any Other Name: National Park Designation as a Natural Experiment in Signaling

by Stephan WeilerRWP05-09
(Dec 2005)
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The Impact of Wildlife Recreation on Farmland Values

by Jason Henderson and Sean MooreRWP05-10
(Dec 2005)
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Convenient Prices, Currency, and Nominal Rigidity: Theory with Evidence from Newspaper Prices

by Edward S. KnotekRWP05-11
(Dec 2005)
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Term Structure Transmission of Monetary Policy (JEL E3, E5, N1)

by Sharon Kozick and P.A. TinsleyRWP05-06
(Dec 2005)
 Abstract

Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates

by Klaus Adam and Roberto M. BilliRWP05-08
(Nov 2005)
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Approximately Normal Tests for Equal Predictive Accuracy in Nested Models (JEL C52, C53)

by Todd E. Clark and Kenneth D. WestRWP05-05
(Nov 2005)
 Abstract

Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates

by Klaus Adam and Roberto M. BilliRWP05-07
(Oct 2005)
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Minding the Gap: Central Bank Estimates of the Unemployment Natural Rate (JEL E3, E5, N1)

by Sharon Kozicki and P.A. TinsleyRWP05-03
(Oct 2005)
 Abstract

Perhaps the FOMC Did What It Said It Did: An Alternative Interpretation of the Great Inflation (JEL E3, E5, N1)

by Sharon Kozicki and P.A. TinsleyRWP05-04
(Oct 2005)
 Abstract

Do We Really Know How Inflation Targeters Set Interest Rates? (JEL E52, E61, F41, F42, F47)

by Marcela Meirelles AurelioRWP05-02
(Jul 2005)
 Abstract
 Full text

The Performance of Monetary and Fiscal Rules in an Open Economy with Imperfect Capital Mobility (JEL E5, E6, F4, H3, H6)

by Marcela Meirelles AurelioRWP05-01
(Jan 2005)
 Abstract
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2004

Why Are Some Cities So Crowded? (JEL O40, O51, R11, R12)

by Jordan RappaportRWP04-12
(Dec 2004)
 Abstract
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Barriers to Network-Specific Innovation (JEL L14)

by Antoine Martin and Michael J. OrlandoRWP04-11
(Nov 2004)
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Improving Forecast Accuracy by Combining Recursive and Rolling Forecasts (JEL C12, C52, C53)

by Todd E. Clark and Michael W. McCrackenRWP04-10
(Oct 2004)
 Abstract
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Identification and Normalization in Markov Switching Models of "Business Cycles" (JEL C22, E32, E37)

by Penelope A. Smith and Peter M. SummersRWP04-09
(Oct 2004)
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Estimating Equilibrium Real Interest Rates in Real Time (JEL C3, C5, E4, E52)

by Todd E. Clark and Sharon KozickiRWP04-08
(Sep 2004)
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Aggregate Consumption Wealth Ratio: Does It Work Internationally? (JEL E21, G12, G14)

by Paul Gao and Kevin X.D. HuangRWP04-07
(Aug 2004)
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Specific Factors Meet Intermediate Inputs: Implications for Strategic Complementarities and Persistence (JEL E24, E32, E52)

by Kevin X.D. HuangRWP04-06
(Jun 2004)
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Multiple Stages of Processing and the Quantity Anomaly in International Business Cycle Models (JEL E32, F31, F41)

by Kevin X.D. Huang and Zheng LiuRWP04-05
(Jun 2004)
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Production Interdependence and Welfare (JEL E32, F31, F41)

by Kevin X.D. Huang and Zheng LiuRWP04-04
(Jun 2004)
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Using Out-of-Sample Mean Squared Prediction Errors to Test the Martingale Difference Hypothesis (JEL C12, C52, C53, F31)

by Todd E. Clark and Kenneth D. WestRWP04-03
(May 2004)
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Financial Intermediaries, Markets, and Growth (JEL E44, G10, G20)

by Falko Fecht, Kevin Huang, and Antoine MartinRWP04-02
(Apr 2004)
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Heterogeneity, Redistribution, and the Friedman Rule (JEL E31, E52, H23)

by Joydeep Bhattacharya, Joseph H. Haslag, and Antoine MartinRWP04-01
(Feb 2004)
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2003

Optimization in Production of Corporate Governance: Evidence from Auditor Independence and Implications for Public Policy (JEL G30, G38, M42)

by Dino Falaschetti and Michael J. OrlandoRWP03-13
(Dec 2003)
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Dynamics of Labor Demand: Evidence from Plant-level Observations and Aggregate Implications (JEL E24, J23, J6)

by Russell Cooper, John Haltiwanger, and Jonathan L. WillisRWP03-12
(Dec 2003)
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Disaggregate Evidence on the Persistence of Consumer Price Inflation (JEL C22, E31, E52)

by Todd E. ClarkRWP03-11
(Dec 2003)
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Inflation Targeting: What Inflation to Target? (JEL E31, E32, E52)

by Kevin X.D. Huang and Zheng LiuRWP03-10
(Nov 2003)
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Permanent and Transitory Policy Shocks in an Empirical Macro Model with Asymmetric Information (JEL D82, D83, E43, E52)

by Sharon Kozicki and P.A. TinsleyRWP03-09
(Nov 2003)
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Portfolio Choice in Tax-Deferred and Roth-Type Savings Accounts (JEL G11, G23, H24)

by Richard JohnsonRWP03-08
(Sep 2003)
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Moving to Nice Weather (JEL N92, O51, R11, R12, R23)

by Jordan RappaportRWP03-07
(Sep 2003)
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The Predictive Content of the Output Gap for Inflation: Resolving In-Sample and Out-of-Sample Evidence (JEL C52, C53, E31, E37)

by Todd E. Clark and Michael W. McCrackenRWP03-06
(Aug 2003)
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The Economics of Labor Adjustment: Mind the Gap (JEL E24, J23, J6)

by Russell Cooper and Jonathan L. WillisRWP03-05
(Jul 2003)
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Currency Competition: A Partial Vindication of Hayek (JEL E42, E51, H1)

by Antoine Martin and Stacey L. SchreftRWP03-04
(Jul 2003)
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Optimality of the Friedman Rule in Overlapping Generations Model with Spatial Separation (JEL E52, E58, H21)

by Joseph H. Haslag and Antoine MartinRWP03-03
(Jun 2003)
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The Social Value of Risk-free Government Debt (JEL E0, E4, E5, E6, G1, H6)

by Stacey L. Schreft and Bruce D. SmithRWP03-02
(Feb 2003)
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An Examination of Rating Agencies' Actions Around the Investment-Grade Boundary (JEL G14, G2, G28)

by Richard JohnsonRWP03-01
(Feb 2003)
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2002

Alternative Sources of the Lag Dynamics of Inflation (JEL D8, E31, E52)

by Sharon Kozicki and P.A. TinsleyRWP02-12
(Dec 2002)
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The Cost of Labor Adjustment: Inferences from the Gap (JEL E24, J23, J6)

by Russell Cooper and Jonathan L. WillisRWP02-11
(Dec 2002)
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Reconciling Bagehot with the Fed's Response to Sept. 11 (JEL E4, E5, G2)

by Antoine MartinRWP02-10
(Dec 2002)
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Why Does the Cyclical Behavior of Real Wages Change Over Time? (JEL E24, E32, E52)

by Kevin X.D. Huang, Zheng Liu, and Louis PhaneufRWP02-09
(Dec 2002)
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Implementing Arrow-Debreu Equilibria by Trading Infinitely-Lived Securities (JEL D50, E44, G12)

by Kevin X.D. Huang and Jan WernerRWP02-08
(Dec 2002)
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Term Premia: Endogenous Constraints on Monetary Policy (JEL E4, E5, G1)

by Sharon Kozicki and P.A. TinsleyRWP02-07
(Dec 2002)
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 Full text

Forecast-Based Model Selection in the Presence of Structural Breaks (JEL C12, C52, C53)

by Todd E. Clark and Michael W. McCrackenRWP02-05
(Aug 2002)
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 Full text

Coyote Crossings: The Role of Smugglers in Illegal Immigration and Border Enforcement (JEL E61, F22, J61, O15)

by Joseph H. Haslag, Mark G. Guzman, and Pia M. OrreniusRWP02-04
(Jul 2002)
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2000