Research

“Why Doesn’t the Hong Kong Government Sell More Public Land” (with Francis Cheung and Shawn Ni), Frontiers of Economics in China, 2016

"An Analysis of Constrained Property Taxes in a Simple Optimal Tax Model" (with T. Davidoff), CESifo Economic Studies, 2012

"What's in a Name?" (with G. Hess), Economic Inquiry, 2010

"Supply Constraints and Housing Prices"(with T. Davidoff), Economics Letters, 2008

Handbook on the Economics of Retailing and Distribution (editor). Edward Elgar Publishing, 2016, 494pp

"Does the Minimum Wage Bite into Fast-Food Prices?" (with M. Khan), Journal of Labor Research, 2016

"Change at the Checkout: Tracing the Impact of a Process Innovation," Journal of Industrial Economics, 2015

"Supersize It: The Growth of Retail Chains and the Rise of the `Big Box' Retail Format" (with S. Klimek and P. H. Van), Journal of Economics and Management Strategy, 2012

"Raising the Barcode Scanner: Technology and Productivity in the Retail Sector," American Economic Journal: Applied Economics, 2012

"Parametric Identification of Multiplicative Exponential Heteroskedasticity​," Oxford Bulletin of Economics and Statistics, 2018

"Tobacco control and household tobacco consumption: A tale of two educational groups" (with Biplab Kumar Datta and Muhammad Jami Husain), Health Economics, 2020

"The Three Year Impact of the Affordable Care Act on Disparities in Insurance Coverage. Health Services Research" (with Charles Courtemanche, James Marton, Benjamin Ukert, Aaron Yelowitz, Daniela Zapata), Health Services Research, 2019

“The Impact of the ACA on Insurance Coverage Disparities after Four Years” (with Charles Courtemanche, James Marton, Benjamin Ukert, Aaron Yelowitz, and Daniela Zapata), Chapter 3 in Current Issues in Medicaid: Enrollment, Eligibility, and Politics, forthcoming

"The Effects of News When Liquidity Matters" (with H. Han and R. Wright) International Economic Review, forthcoming.

"Monetary Mechanisms" (with R. Wright) Journal of Economic Theory, 2016.

"Money and Credit Redux" (with F. Mattesini and R. Wright) Econometrica, 2016.

"Unconventional Optimal Open Market Purchases" (with J. Haslag) Review of Economic Dynamics, 2014.

"Endogenous Credit Cycles" (with F. Mattesini, C. Monnet and R. Wright) Journal of Political Economy, 2013.

"Banking: A New Monetarist Approach" (with F. Mattesini, C. Monnet and R. Wright) Review of Economic Studies, 2013.

"Noisy Sunspots and Bank Runs" Macroeconomic Dynamics, 2011.

"Production, Hidden Action, and the Payment System" (with M. Guzman & J. Haslag) Journal of Monetary Economics, 2011.

"Herding and Bank Runs" Journal of Economic Theory, 2011.

(selected publications)

"On Phase Shifts in a New Keynesian Model Economy" (with Xue Li), Macroeconomic Dynamics, 2020

"Do Payment Systems Matter: A New Look" (with Dolmas), Journal of Finance and Economics, 2018

"A Tale of Two Correlations: Evidence and Theory Regarding the Phase Shift between the Price Level and Output" (with W. Brock), Journal of Economic Dynamics and Control, 2016

"Government Policy under Price Uncertainty: A Source of Volatility in Illegal Immigration" (with M. Guzman and P. Orrenius), Canadian Journal of Economics, 2015

"Unconventional Optimal Open Market Purchases" (with C. Gu), Review of Economic Dynamics, 2014

"Cyclical Co-Movement between Output, the Price Level, and the Inflation Rate" (with Yu-Chin Hsu), Advances in Econometrics, 2012

"Production, Hidden Action, and the Payment System" (with C. Gu and M. Guzman), Journal of Monetary Economics, 2011

"Optimal Monetary Policy and Economic Growth" (with J. Bhattacharya and A. Martin), European Economic Review, 2009

"Why Does Overnight Liquidity Cost More Than Intraday Liquidity" (with J. Bhattacharya and A. Martin), Journal of Economic Dynamics and Control, 2009

"Who is Afraid of the Friedman Rule?" (with J. Bhattacharya, A. Martin and R. Singh), Economic Inquiry, 2009

"Understanding the Cost Differences Between Intraday and Overnight Liquidity" (with J. Bhattacharya and A. Martin), Journal of Financial Transformation, 2008

(select publications; full listing here)

"Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession" (with Carlos Garriga), American Economic Review, 2020

"Failure to Launch: Housing, Debt Overhang, and the Inflation Option," American Economic Journal: Macroeconomics, 2019

"Estate Taxation and Human Capital with Information Externalities," Macroeconomic Dynamics, 2018

"The Cyclical Dynamics of Illiquid Housing, Debt, and Foreclosures," Quantitative Economics, 2016

"Illiquidity and its Discontents: Trading Delays and Foreclosures in the Housing Market," Journal of Monetary Economics, 2016

(selected; see https://faculty.missouri.edu/kaplandm for full list plus working papers, supporting files, code, etc.)

"Frequentist properties of Bayesian inequality tests" (with Longhao Zhuo), Journal of Econometrics, forthcoming

"distcomp: Comparing distributions," Stata Journal, 2019

"Smoothed GMM for quantile models" (with de Castro, Galvao, and Xin Liu), Journal of Econometrics, 2019

"Comparing distributions by multiple testing across quantiles or CDF values" (with Matt Goldman), Journal of Econometrics, 2018

“Sourcing Co-Created Products: Should your Suppliers Collaborate on Cost Reductions?” (with Niladri Syam), Review of Industrial Organization, 2019

“Clipping Coupons: Redemption of Offers with Forward-Looking Consumers” (with Kissan Joseph), Economics Bulletin, 2019

"Price Competition in the Presence of a Web Aggregator" (with Andrea Mantovani), Journal of Economics, 2019

"Learning in Advance Selling with Heterogeneous Consumers” (with X. Henry Wang and Chenhang Zeng), Managerial and Decision Economics, 2017

“Pricing Strategies in Advance Selling: Should a Retailer Offer a Pre-order Price Guarantee?” Review of Industrial Organization, 2016

"Customization in an Endogenous-Timing Game with Vertical Differentiation" (with X. Henry Wang), Economic Modelling, 2013

"Competitive Effects of Mass Customizations," Review of Marketing Science, 2012

"Customization with Vertically Differentiated Products'' (with X. Henry Wang), Journal of Economics and Management Strategy, 2011

"Brand Familiarity and Product Knowledge in Customization," International Journal of Economic Theory, 2010

"Customization: Ideal Varieties, Product Uniqueness and Price Competition,'' (with X. Henry Wang), Economics Bulletin, 2009

“Incentive Schemes in Peer-to-Peer Networks” (with Haibin Lu and X. Henry Wang), The B.E. Journal of Theoretical Economics, 2009

Real and Virtual Competition," Journal of Industrial Economics, 2009

"Exposure Order Effects and Advertising Competition," Journal of Economic Behavior and Organization, 2009

"Price Experimentation with Strategic Buyers" (with Curtis Taylor), Review of Economic Design, 2008

"Leading Principal Minors and Semidefiniteness", Economic Inquiry 56 (2018):  1396-1398.

Producers, Consumers and Partial Equilibrium.  Elsevier/Academic Press 2016.

“Targeting Rivals: Moving from ‘Whether’ to ‘Whom’” (with John W. Mayo and David E. M. Sappington), International Journal of Industrial Organization. 46 (2016):  1-15.

 “Motivating Regulated Suppliers to Assess Alternative Technologies, Protocols and Capital Structures” (with Mark Jamison and David E. M. Sappington), International Journal of Industrial Organization 37 (2014): 13-22.

 “On Second Order Conditions for Equality Constrained Extremum Problems,” Economics Letters 121 (2013): 440-443. 

"Pricing Inputs to Induce Efficient Make-or-Buy Decisions," Journal of Regulatory Economics, 2009.

"Incentives for Sabotage in Vertically Related Industries" (with D. E. M. Sappington), Journal of Regulatory Economics, 2007.

"TELRIC Pricing with Vintage Capital," Journal of Regulatory Economics, 2002.

"Killing the Goose that May have Laid the Golden Egg: Only the Data Know whether Sabotage Pays," Journal of Regulatory Economics, 2000.

"Relative Efficiency with Equivalence Classes of Asymptotic Covariances," (with C. Martins-Filho)Journal of Econometrics, 1999.

"A Unified Approach to Asymptotic Equivalence of Aitken and Feasible Aitken Instrumental Variables Estimators," (with C. Martins-Filho) International Economic Review, 1994.

"Seemingly Unrelated Regressions Under Additive Heteroscedasticity: Theory and Share Equation Applications," (with Carlos Martins-Filho) Journal of Econometrics, 1993

"Nonuniform Bertrand Competition," Econometrica, 1992

Publications Since 2016:

"Evaluating Trends in Time Series of Distributions: A Spatial Fingerprint of Human Effects on Climate" (with Y. Chang, R.K. Kaufmann, C.S. Kim, J.Y. Park, and S. Park), Journal of Econometrics, forthcoming.
"Testing Cointegrating Relationships Using Irregular and Non-Contemporaneous Series with an Application to Paleoclimate Data," Journal of Time Series Analysis, 2019.
"Modeling and Extrapolating Wheat Producer Support Using Income and Other Factors" (with J. Zhao and W. Thompson), Journal of Agricultural Economics, 2018.
"Simple Robust Tests for the Specification of High-Frequency Predictors of a Low-Frequency Series," Econometrics and Statistics, 2018.
"Disentangling Temporal Patterns in Elasticities: A Functional Coefficient Panel Analysis of Electricity Demand" (with Y. Chang, Y. Choi, C.S. Kim, and J.Y. Park), Energy Economics, 2016.
"A New Approach to Modeling the Effects of Temperature Fluctuations on Monthly Electricity Demand" (with Y. Chang, C.S. Kim, J.Y. Park, and S. Park), Energy Economics, 2016.
"Implementing Residual-Based KPSS Tests for Cointegration with Data Subject to Temporal Aggregation and Mixed Sampling Frequencies" (with X. Wang), Journal of Time Series Analysis, 2016.
"Conditionally Efficient Estimation of Long-Run Relationships Using Mixed-Frequency Time Series," Econometric Reviews, 2016.

Selected Older Publications:

"Nonlinearity, Nonstationarity, and Thick Tails: How They Interact to Generate Persistence in Memory" (with J.Y. Park), Journal of Econometrics, 2010.
"Crude Oil and Stock Markets: Stability, Instability, and Bubbles" (with R. Ratti), Energy Economics, 2009.
"Extracting a Common Stochastic Trend: Theory with Some Applications" (with Y. Chang and J.Y. Park), Journal of Econometrics, 2009.

Campaign Finance and American Democracy: What the Public Really Thinks and Why It Matters (with David Primo).  University of Chicago Press, 2020.

“Do Campaign Finance Reforms Insulate Incumbents from Competition? New Evidence from State Legislative Elections” (with Jordan Butcher), PS: Political Science & Politics, 2020.

“Giving the People What They Want? Legislative Polarization and Public Approval of State Legislatures” (with Lilliard Richardson), State and Local Government Review, 2016.

“Public Confidence in the Redistricting Process: The Role of Independent Commissions, State Legislative Polarization and Partisan Preferences” (with Kathryn VanderMolen), State and Local Government Review, 2016.

“Measuring Public Corruption in the United States: Evidence from Administrative Records of Federal Prosecutions” (with Adriana Cordis), Public Integrity, 2016.

“Do Reemployment Programs for The Unemployed Work for Youth? Evidence from the Great Recession in the United States,” (with M. Michaelides and J. Smith) Economic Inquiry, forthcoming

Food Stamps and the Working Poor, (with D. Ribar and E. Tekin) Kalamazoo, Michigan: W.E. Upjohn Institute, 2019

“Are Reemployment Services Effective?  Experimental Evidence from the Great Recession” (with M. Michaelides), Journal of Policy Analysis and Management, 2018

“Second Chance for High School Dropouts?  A Regression Discontinuity Analysis of Postsecondary Educational Returns to the GED” (with C. Jepsen and K. Troske), Journal of Labor Economics, vol. 35, no. S1, July 2017, pp. S273-S304

“Labor-Market Returns to the GED Using Regression Discontinuity Analysis” (with C. Jepsen and K. Troske), Journal of Political Economy, vol. 124, no. 3, June 2016

"Temporary Help Work: Earnings, Wages and Multiple Job Holding" (with S. Hamersma & C. Heinrich),Industrial Relations, 2014

"Do Public Employment and Training Programs Work?" (with C. Heinrich, K. Troske, K. Jeon & D. Kahvecioglu), IZA Journal of Labor Economics, 2013

"The Impact of Welfare Reform on Leaver Characteristics, Employment and Recidivism: An Analysis of Maryland and Missouri" (with D. Stevens, and K. Troske), Welfare Reform and its Long-Term Consequences for America's Poor, James P. Ziliak (ed.), Cambridge, UK: Cambridge University Press. 2009

"The Role of Temporary Help Employment in Low-wage Worker Advancement" (with C. Heinrich and K. Troske), Labor Market Intermediaries, edited by D. Autor. Cambridge, Mass: National Bureau of Economic Research, 2009

"Introduction: Economics and Interdisciplinary Approaches in Migration Research" (with C. Boswell),Journal of Ethnic and Migration Studies, 2008

“Using State Administrative Data to Measure Program Performance” (with K. Troske and A. Gorislavsky), Review of Economics and Statistics, vol. 89, no. 4, November 2007, pp. 761-783

“The Effects of Welfare-to-Work Program Activities on Labor Market Outcomes” (with A. Dyke, C. Heinrich and K. Troske), Journal of Labor Economics, vol. 24, no. 3, July 2006, pp. 567-608

Welfare and Work: Experiences in Six Cities (with C. King).  Kalamazoo, Michigan: W.E. Upjohn Institute, 2005

“Welfare to Temporary Work: Implications for Labor Market Outcomes,” Review of Economic and Statistics  (with C. Heinrich, and K. Troske), vol. 87, no. 1, February 2005, pp. 154-173

Teacher Pension Plan Incentives, Retirement Decisions, and Workforce Quality (with M. Podgursky and X. Wang), Journal of Human Resources, forthcoming. 

Pensions and Late Career Teacher Retention (with D. Kim, W. Kong, C. Koedel, M. Podgursky, and W. Wu), Education Finance and Policy, forthcoming. 

Intrinsic Bayesian Estimation of Linear Time Series Models (with D. Sun), Statistical Theory and Related Fields, 2020.

Labor Market Frictions and Production Efficiency in Public Schools (with D. Kim, C. Koedel, and M. Podgursky), Economics of Education Review, 2017. 

Pension Rules and Teachers’ Retirement Behaviors: Estimation of a Structural Model, (with M. Podgursky), Journal of Labor Economics, 2016.

Why Doesn't the Hong Kong Government Sell More Public Land? (with S. Aura and K. Cheung), Frontier Economics in China, 2016. 

New Evidence on Excess Sensitivity of Household Consumption (with Y. Seol), Journal of Monetary Economics, 2014.

Who Benefits from Pension Enhancements (with C. Koedel and M. Podgursky), Education Finance and Policy, 2014.

A Bayesian Analysis of Normalized VAR Models (with D. Sun), Journal of Multivariate Analysis, 2014.

Bayesian Multivariate Estimates of Global Temperature Trends (with D. Sun and P. Speckman), Proceedings of American Statistical Association, 2013.

"Bayesian Testing of Restrictions on Vector Autoregressive Models" (with D. Sun), Journal of Statistical Planning and Inference, 2012.

"Long-Term Oil Price Forecasts: A New Perspective on Oil and the Macroeconomy," (with I. Miller), Macroeconomic Dynamics, 2011.

"A Bayesian Estimation of Estate-Specific Price to Rent Ratio of Shanghai and Shenzhen," (with J. Chen), International Real Estate Review, 2011.

"Selection of Multivariate Stochastic Volatility Models via Bayesian Stochastic Search," (with A. Loddo and D. Sun). 
Journal of Business and Economic Statistics, 2011.

"Bayesian Estimation and Hypothesis Testing of AR Models under a Reference Prior," (with Sun), Proceedings of American Statistical Association 2010.

"Estimating a Dynamic Discrete Choice Model on Teachers' Retirement Decision," (with M. Podgursky), Proceedings of American Statistical Association 2010.

"Bayesian Stochastic Search for Restricted VAR Models," (with E. George and D. Sun), Journal of Econometrics, 2008.

"Intrinsic Bayesian Estimation of VAR Impulse Responses," (with D. Sun and X. Sun), Journal of Business and Economic Statistics 2007.

B. Backes, D. Goldhaber, C Grout, C. Koedel, S. Ni, M. Podgursky, P. Xiang, Z Xu.  Benefit or Burden?  Intergenerational Inequity of Teacher Pension Plans.  Educational Researcher.  (2016)  45(6), 367-377.

S. Ni and M. Podgursky.  “How Teachers Respond to Pension System Incentives:  New Estimates and Policy Applications.”  Journal of Labor Economics.   (2016)  34(4), 1075-1104.

C. Koedel, M. Ehlert, E. Parsons, M. Podgursky.  “Selecting Growth Measures for Use in School Evaluation Systems: Should Proportionality Matter?”  Educational Policy.  (2016) 30(3), 465-500. 

C. Koedel.,  M. Ehlert., E. Parsons., M. Podgursky.   “Teacher Preparation Programs and Teacher Quality: Are There Real Differences Across Programs?”  Education Finance and Policy.  (2015) 10 (4), 508-534.

E. Parsons, C. Koedel, M. Podgursky, M. Ehlert,  P.B. Xiang. “Incorporating End-of-Course Exam Timing into Educational Performance Evaluations.”  Journal of Research on Educational Effectiveness. 8 (2015), 130-147.

C. Koedel, S. Ni, M. Podgursky.  “Who Benefits from Pension Enhancements?”  Education Finance and Policy. (2014)  9(2), 165-192.

Kang, W., Ratti, R.A., Vespignani, J., 2017, Oil Price Shocks and Policy Uncertainty: New Evidence on the Effects of US and non-US Oil Production, Energy Economics, forthcoming.

Kang, W., Perez de Gracia, F., Ratti, R.A., 2017, Oil Price Shocks, Policy Uncertainty, and Stock Returns of Oil and Gas Corporations, Journal of International Money and Finance 70, 344–359.

Ratti, R.A., Vespignani, J.L., 2016, Oil Prices and Global Factor Macroeconomic Variables, Energy Economics 59, 198-212. 

Kang, W., Ratti, R.A., Vespignani, J., 2016, The Impact of Oil Price Shocks on the U.S. Stock Market:  A Note on the Roles of U.S. and non-U.S. Oil Production, Economics Letters 145, 176-181.

Kang, W., Ratti, R.A., Yoon, K.H., 2015, Time-Varying Effect of Oil Market Shocks on the Stock Market, Journal of Banking and Finance 61, S150-S163.

Kang, W., Ratti, R.A., 2015, Oil shocks and China’s Policy Uncertainty and Stock Returns, Economics of Transition 23, 657-676. 

Ratti, R.A., Vespignani, J., 2015, OPEC and non-OPEC oil production and the global economy, Energy Economics 50, 364-378.

Ratti, R.A., Vespignani, J., 2015, Commodity Prices and BRIC and G3 Liquidity: A SFAVEC Approach, Journal of Banking and Finance 53, 18-33

Kang, W., Ratti, R.A., Yoon, K.H., 2015, The Impact of Oil Price Shocks on the Stock Market Return and Volatility Relationship. Journal of International Financial Markets, Institutions & Money 34, 41-54.

"The Effect of Investments in Physical Education on Student Health and Achievement" (with Analisa Packham), Economics of Education Review, 2019

“Endogenous Horizontal Product Differentiation in a Mixed Duopoly” (with L. Liu and C. Zeng), Review of Industrial Organization, 2020 

“Climate Normals and Weather Normalization for Utility Regulation” (with S. Won and H. Warren), Energy Economics, 2016

“Private and Social Incentives for Vertical Contract Disclosure,” (with Q. Liu) Managerial and Decision Economics, 2014

"Customization with Vertically Differentiated Products," (with O. Loginova), Journal of Economics and Management Strategy, 2011

"Horizontal Mergers in a Differentiated Cournot Oligopoly" (with J. Hsu), Bulletin of Economic Research, 2010

“Welfare Reductions from Small Cost Reductions in Differentiated Oligopoly” (with J. Zhao) International Journal of Industrial Organization, 2007

“Increasing Outer Risk” (with C. Menezes), Journal of Mathematical Economics, 2005

“Duality and Consumption Decisions under Income and Price Risk” (with J. Bigelow and C. Menezes), Journal of Mathematical Economics, 2005

“Mixed-Strategy Equilibria in a Quality Differentiation Model” (with B. Yang), International Journal of Industrial Organization, 2001

“Fee Versus Royalty Licensing in a Cournot Duopoly Model,” Economics Letters, 1998

“Price Discrimination in a Rent Seeking Economy” (with F. Cheung), Public Choice, 1996

“Costly Structural Change and Optimal Growth” (with S. Ni), Economic Theory, 1995