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First Annual Missouri Economics Conference
May 4-5, 2001
University of Missouri—Columbia

Hosted by:

The Department of Economics at the University of Missouri—Columbia
and the Research Division of the Federal Reserve Bank of St. Louis

Schedule as of April 20, 2001

FRIDAY, MAY 4, 2001
Continental Breakfast - 8:00 a.m.

Concurrent Session I - 8:30 a.m. - 10:30 a.m.


"The Relationship between the Federal Funds Rate and the Fed's Federal Funds Rate Target: Is It Open Market or Open Mouth Operations?"
Dan Thornton (Federal Reserve Bank of St. Louis)

"An Examination of IPO Trading Restrictions Imposed by Multiple Lockups and Rule 144"
Chris Dussold (University of Missouri—Columbia)

"Corporate Governance and Credible Commitments"
Erik O'Donoghue (Washington University)


"The Remarkable Stability of Monetary Base Velocity in the United States, 1919-1999"
Richard G. Anderson (Federal Reserve Bank of St. Louis)

"Can Narrow Banking Provide a Substitute for Depository Intermediaries?"
William Miles (Wichita State University)

"Use of Market Information in Bank Supervision: Interest Rates on Large Time Deposits"
R. Alton Gilbert (Federal Reserve Bank of St. Louis)


"More Efficient Estimation under Non-Normality when Higher Moments Do Not Depend on the Regressors, Using Residual-Augmented Least Squares"
Kyung So Im (Wichita State University)

"Foreign Ownership and Firm Value in Japan"
Kwangwoo Park (University of Illinois and University of Missouri)

"On Unit Root Tests when the Alternative is a Trend-Break Stationary Process"
Amit Sen (University of Missouri-Rolla)

Refreshment Break - Coffee, Juice, Tea - 10:30 a.m. - 11:00 a.m.

Concurrent Session II - 11:00 a.m. - 1:00 p.m.


"Central Bank Transparency and Market Efficiency: An Econometric Analysis"
Marc Tomljanovich (Colgate University)

"The Sources of Heterogeneity among Agents and Volatility Persistence in Real Returns"
Paul McNelis (Georgetown University)

"Changes in Monetary Policy and Term Structure of Interest Rates: Theory and Evidence"
Shu Wu (University of Kansas)


"Bayesian Inference of Long-Memory Dependence in Volatility via Wavelets"
Mark Jensen (University of Missouri—Columbia)

"European Business Cycles: New Indices and Analysis of Their Synchronicity"
Michael Dueker (Federal Reserve Bank of St. Louis)

"Regime Switching and Monetary Policy Measurement"
Michael Owyang (Federal Reserve Bank of St. Louis)


"The Impact of Segmented Labor Markets on the Distribution of Private Pension Benefits"
Gregory Buchholz (University of Kansas)

"Adverse Selection and the Market for Health Insurance in the U.S."
James Marton (Washington University)

"Banking on the King: The Evolution of Organizations Dedicated to Tax Collection in Old Regime France"
Noel Johnson (Washington University)


"Coordinating Macroeconomic Policy in a Simple AK Growth Model"
Rich Barnett (University of Arkansas)

"International Financial Crises and the Term Structure of Debt Contract"
Marco Espinosa (Federal Reserve Bank of Atlanta)

"Equilibrium and Welfare in an Economy with Agglomeration Externalities"
Courtney LaFountain (Washington University)

Lunch Break - Box Lunch - 1:00 p.m. - 2:30 p.m.

Concurrent Session III - 2:30 p.m. - 4:30 p.m.


"Teacher Quality, Pay and Turnover"
Mike Podgursky (University of Missouri—Columbia)

"The Effect of Old-Age Insurance on Male Retirement: Evidence from Historical Cross-Country Data"
Richard Johnson (Federal Reserve Bank of Kansas City)

"The Impact of Welfare Reform on the Dynamics of Welfare Receipt and Employment"
Peter Mueser (University of Missouri—Columbia)


"Inflationary Finance in a Simple Voting Model"
Joydeep Bhattacharya (Iowa State University)

"Escapist Policy Rules"
Jim Bullard (Federal Reserve Bank of St. Louis)

"General Equilibrium of a Monetary Model with State-Dependent Pricing"
Jonathan Willis (Federal Reserve Bank of Kansas City)


"The Competition from a Distant Firm may be Good for Duopolists"
Xiaohua Lu (Kansas State University)

"On Gaming in Missouri"
Don Phares (University of Missouri—St. Louis)

"On the Importance of Geographic and Technological Proximity for R&D Spillovers: An Empirical Investigation"
Michael Orlando (Federal Reserve Bank of Kansas City)


"Interpreting Permanent and Transitory Shocks to Output: What if Aggregate Demand Shocks are not Neutral in the Long Run"?
John Keating (University of Kansas)

"Why are Bevridge-Nelson and Unobserved-Component Decompositions of GDP so Different?"
James Morley (Washington University)

"Some Tests for the Existence of Open Mouth Operations"
Garrett Jones (Southern Illinois University - Edwardsville)

Plenary Speaker I - 5:00 p.m. - 6:00 p.m.

"Getting Markets in Synch with Monetary Policy"
William Poole (Federal Reserve Bank of St. Louis)

Reception - 6:00 p.m.


Continental Breakfast - 8:00 a.m.

Plenary Speaker II - 9:00 a.m. - 10:00 a.m.

"Current Unemployment in Historical Perspective"
Robert Topel (University of Chicago)

Refreshment Break - Coffee, Juice, Tea - 10:00 a.m. - 10:30 a.m.

Concurrent Session IV - 10:30 a.m. - 12:00 noon


"Technological Change as a Series of Localized Technical Gains: Evidence from South Korea and Taiwan"
Pham Hoang Van (University of Missouri—Columbia)

"Does Trade Cause Growth in Nigeria?"
Emmanuel Nnadozie (Truman State University)

"The U.S. as a Coastal Nation"
Jordan Rappaport (Federal Reserve Bank of Kansas City)


"Inflationary Finance, Money Demand and Capital Accumulations: A Welfare Analysis"
Steve Russell (Iowa State University)

"End of Days"
Filip Vesely (Purdue University)

"Monetary Stability and Liquidity Crises: The Lender of Last Resort in a Small Open Economy"
Gaetano Antinolfi (Federal Reserve Bank of St. Louis and Washington University)


"Welfare Costs of Sticky Wages when Effort Can Respond"
Yongsung Chang (University of Pennsylvania)

"Technology Diffusion, Intertemporal Substitution and Business Cycles"
Toshiya Ishikawa (Kyushu Kyoritsu University)

"Engines of Liberation"
Ananth Seshadri (University of Wisconsin)


"Structural VARs of Exchange Rate Determination"
Barry Falk (Iowa State University)

"Consumption and Aggregate Constraints: Evidence from U.S. States and Canadian Provinces"
Bent Sorensen (Federal Reserve Bank of Kansas City)

"Testing of Trend Models in the Presence of Serial Correlation and Heteroskedasticity"
Helle Bunzel (Iowa State University)

Box Lunch and Adjournment - 12:00 noon - 1:00 p.m.



Activities will take place at the Memorial Union.

Co-authored papers are listed with the names of only one author.


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