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Federal Reserve Bank of Kansas City
(21 results)-
White Papers
The Economics Of Payment Card Fee Structure: Policy Considerations Of Payment Card Rewards
October 1, 2008, 12:00am PDT
In many countries, public authorities have intervened with the payment card industry in general and the payment card fee structure in particular. Some public policy interventions have directly...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Entrepreneurial Risk Choice And Credit Market Equilibria
July 1, 2010, 12:00am PDT
The authors analyze under what conditions credit markets are efficient in providing loans to entrepreneurs who can start a new project after previous failure. An entrepreneur of uncertain talent...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Learning About Monetary Policy Rules When Labor Market Search And Matching Frictions Matter
December 1, 2010, 12:00am PST
This paper examines implications of incorporating labor market search and matching frictions into a sticky price model for determinacy and E-stability of Rational Expectations Equilibrium (REE)...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
The Potential Role Of Subordinated Debt Programs In Enhancing Market Discipline In Banking
September 1, 2007, 12:00am PDT
Previous studies have found that subordinated debt (sub-debt) markets do differentiate between banks with different risk profiles. This finding satisfies a necessary condition for regulatory...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Why Do Card Issuers Charge Proportional Fees?
January 1, 2010, 12:00am PST
This paper explains why payment card companies charge consumers and merchants fees which are proportional to the transaction values instead of charging a fixed per-transaction fee. The authors'...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Long Run Risks In The Term Structure Of Interest Rates: Estimation
October 1, 2010, 12:00am PDT
Using Bayesian methods, this paper estimates a model in which persistent fluctuations in expected consumption growth, expected inflation, and their time-varying volatility determine asset price...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
The Economics Of Payment Card Fee Structure: What Drives Payment Card Rewards?
March 1, 2009, 12:00am PST
This paper investigates potential market forces that cause payment card rewards even when providing payment card rewards is not the most efficient. Three factors-oligopolistic merchants,...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
The Economics Of Payment Card Fee Structure: What Is The Optimal Balance Between Merchant Fee And Payment Card Rewards?
November 1, 2008, 12:00am PDT
This paper theoretically considers the optimal balance between the merchant fee and the cardholder fee (rewards) from both efficiency and equity perspectives. First, the paper constructs the...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Nested Forecast Model Comparisons: A New Approach To Testing Equal Accuracy
July 1, 2009, 12:00am PDT
This paper develops bootstrap methods for testing whether, in a finite sample, competing out-of-sample forecasts from nested models are equally accurate. Most prior work on forecast tests for...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
In-Sample Tests Of Predictive Ability: A New Approach
July 1, 2009, 12:00am PDT
This paper presents analytical, Monte Carlo, and empirical evidence linking in-sample tests of predictive content and out-of-sample forecast accuracy. The authors' approach focuses on the negative...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Reply To Generalizing The Taylor Principle: A Comment
June 1, 2009, 12:00am PDT
By Troy Davig and Eric M. Leeper (RWP09-09 June 2009) Farmer, Waggoner, and Zha (2009) show that a new Keynesian model with a regime-switching monetary policy rule can support multiple solutions...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Real-Time Density Forecasts From VARs With Stochastic Volatility
June 1, 2009, 12:00am PDT
Central banks and other forecasters are increasingly interested in various aspects of density forecasts. However, recent sharp changes in macroeconomic volatility - such as the Great Moderation...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Yield Curve In An Estimated Nonlinear Macro Model
February 1, 2011, 12:00am PST
This paper estimates a sticky price macro model with US macro and term structure data using Bayesian methods. The model is solved by a nonlinear method. The authors find that the degree of nominal...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Mind The (Approximation) Gap: A Robustness Analysis
January 1, 2009, 12:00am PST
This paper continues the discussion of the results reported by Ricardo Caballero and Eduardo Engel (1993), hereafter CE, and Ricardo Caballero, Eduardo Engel, and John Haltiwanger (1997),...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Robustness, Information-Processing Constraints, And The Current Account In Small Open Economies
December 1, 2010, 12:00am PST
The authors examine the effects of two types of informational frictions, RoBustness (RB) and finite information-processing capacity (called Rational Inattention or RI) on the current account, in...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Robust Control, Informational Frictions, And International Consumption Correlations
December 1, 2010, 12:00am PST
In this paper, the authors examine the effects of two types of information imperfections, RoBustness (RB) and finite information-processing capacity (called Rational Inattention or RI), on...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Unfunded Liabilities And Uncertain Fiscal Financing
March 1, 2010, 12:00am PST
A rational expectations framework is developed to study the consequences of alternative means to resolve the "Unfunded liabilities" problem - unsustainable exponential growth in federal Social...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Structural Macro-Econometric Modelling In A Policy Environment
February 1, 2010, 12:00am PST
In this paper, the authors review the evolution of macroeconomic modelling in a policy environment that took place over the past sixty years. They identify and characterise four generations of...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Impulse Response Identification In DSGE Models
February 1, 2010, 12:00am PST
Dynamic Stochastic General Equilibrium (DSGE) models have become a widely used tool for policymakers. This paper modifies the global identification theory used for structural vector...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Discretionary Monetary Policy In The Calvo Model
May 1, 2011, 12:00am PDT
The authors study discretionary equilibrium in the Calvo pricing model for a monetary authority that chooses the money supply. The steady-state inflation rate is above eight percent for a baseline...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Training Or Search? Evidence And An Equilibrium Model
January 1, 2010, 12:00am PST
Training programs are a major tool of labor market policies in OECD countries. The author uses a unique panel data set on the labor market experience of individual German workers between 2000 and...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Training Or Search? Evidence And An Equilibrium Model
January 1, 2010, 12:00am PST
Training programs are a major tool of labor market policies in OECD countries. The author uses a unique panel data set on the labor market experience of individual German workers between 2000 and...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Discretionary Monetary Policy In The Calvo Model
May 1, 2011, 12:00am PDT
The authors study discretionary equilibrium in the Calvo pricing model for a monetary authority that chooses the money supply. The steady-state inflation rate is above eight percent for a baseline...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Impulse Response Identification In DSGE Models
February 1, 2010, 12:00am PST
Dynamic Stochastic General Equilibrium (DSGE) models have become a widely used tool for policymakers. This paper modifies the global identification theory used for structural vector...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Structural Macro-Econometric Modelling In A Policy Environment
February 1, 2010, 12:00am PST
In this paper, the authors review the evolution of macroeconomic modelling in a policy environment that took place over the past sixty years. They identify and characterise four generations of...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Unfunded Liabilities And Uncertain Fiscal Financing
March 1, 2010, 12:00am PST
A rational expectations framework is developed to study the consequences of alternative means to resolve the "Unfunded liabilities" problem - unsustainable exponential growth in federal Social...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Robust Control, Informational Frictions, And International Consumption Correlations
December 1, 2010, 12:00am PST
In this paper, the authors examine the effects of two types of information imperfections, RoBustness (RB) and finite information-processing capacity (called Rational Inattention or RI), on...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Robustness, Information-Processing Constraints, And The Current Account In Small Open Economies
December 1, 2010, 12:00am PST
The authors examine the effects of two types of informational frictions, RoBustness (RB) and finite information-processing capacity (called Rational Inattention or RI) on the current account, in...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Mind The (Approximation) Gap: A Robustness Analysis
January 1, 2009, 12:00am PST
This paper continues the discussion of the results reported by Ricardo Caballero and Eduardo Engel (1993), hereafter CE, and Ricardo Caballero, Eduardo Engel, and John Haltiwanger (1997),...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Yield Curve In An Estimated Nonlinear Macro Model
February 1, 2011, 12:00am PST
This paper estimates a sticky price macro model with US macro and term structure data using Bayesian methods. The model is solved by a nonlinear method. The authors find that the degree of nominal...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Real-Time Density Forecasts From VARs With Stochastic Volatility
June 1, 2009, 12:00am PDT
Central banks and other forecasters are increasingly interested in various aspects of density forecasts. However, recent sharp changes in macroeconomic volatility - such as the Great Moderation...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Reply To Generalizing The Taylor Principle: A Comment
June 1, 2009, 12:00am PDT
By Troy Davig and Eric M. Leeper (RWP09-09 June 2009) Farmer, Waggoner, and Zha (2009) show that a new Keynesian model with a regime-switching monetary policy rule can support multiple solutions...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
In-Sample Tests Of Predictive Ability: A New Approach
July 1, 2009, 12:00am PDT
This paper presents analytical, Monte Carlo, and empirical evidence linking in-sample tests of predictive content and out-of-sample forecast accuracy. The authors' approach focuses on the negative...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Nested Forecast Model Comparisons: A New Approach To Testing Equal Accuracy
July 1, 2009, 12:00am PDT
This paper develops bootstrap methods for testing whether, in a finite sample, competing out-of-sample forecasts from nested models are equally accurate. Most prior work on forecast tests for...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
The Economics Of Payment Card Fee Structure: What Is The Optimal Balance Between Merchant Fee And Payment Card Rewards?
November 1, 2008, 12:00am PDT
This paper theoretically considers the optimal balance between the merchant fee and the cardholder fee (rewards) from both efficiency and equity perspectives. First, the paper constructs the...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
The Economics Of Payment Card Fee Structure: What Drives Payment Card Rewards?
March 1, 2009, 12:00am PST
This paper investigates potential market forces that cause payment card rewards even when providing payment card rewards is not the most efficient. Three factors-oligopolistic merchants,...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Long Run Risks In The Term Structure Of Interest Rates: Estimation
October 1, 2010, 12:00am PDT
Using Bayesian methods, this paper estimates a model in which persistent fluctuations in expected consumption growth, expected inflation, and their time-varying volatility determine asset price...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Why Do Card Issuers Charge Proportional Fees?
January 1, 2010, 12:00am PST
This paper explains why payment card companies charge consumers and merchants fees which are proportional to the transaction values instead of charging a fixed per-transaction fee. The authors'...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
The Potential Role Of Subordinated Debt Programs In Enhancing Market Discipline In Banking
September 1, 2007, 12:00am PDT
Previous studies have found that subordinated debt (sub-debt) markets do differentiate between banks with different risk profiles. This finding satisfies a necessary condition for regulatory...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Learning About Monetary Policy Rules When Labor Market Search And Matching Frictions Matter
December 1, 2010, 12:00am PST
This paper examines implications of incorporating labor market search and matching frictions into a sticky price model for determinacy and E-stability of Rational Expectations Equilibrium (REE)...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
Entrepreneurial Risk Choice And Credit Market Equilibria
July 1, 2010, 12:00am PDT
The authors analyze under what conditions credit markets are efficient in providing loans to entrepreneurs who can start a new project after previous failure. An entrepreneur of uncertain talent...
Provided by Federal Reserve Bank of Kansas City
-
White Papers
The Economics Of Payment Card Fee Structure: Policy Considerations Of Payment Card Rewards
October 1, 2008, 12:00am PDT
In many countries, public authorities have intervened with the payment card industry in general and the payment card fee structure in particular. Some public policy interventions have directly...
Provided by Federal Reserve Bank of Kansas City
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