Ronald A. Ratti December 2006

Transcription

1 CURRICULUM VITAE Ronald A. Ratti December 2006 Department of Economics U.S. Citizen University of Missouri-Columbia Columbia, MO Telephone: (573) (Office) (573) (Home) FAX: Education Ph.D., Economics, Southern Methodist University, 1975 B.A., Economics, University of Lancaster, England, 1970 Employment 1985-present Professor, Economics, University of Missouri-Columbia & Chairman, Department of Economics, University of Missouri-Columbia Associate Professor, Economics, University of Missouri-Columbia Assistant Professor, Economics, University of Missouri-Columbia 1993-present Director of Graduate Studies, Economics, University of Missouri-Columbia Professional Experience Visiting Fulbright Scholar, Korea Institute Finance, & Fulbright Professor, Korea University, Seoul, March 1997-June 1997 Visiting Fulbright Professor, Korea University, Seoul, February 1996-July 1996 Visiting Scholar, Federal Reserve Bank of St. Louis, August 1984-May 1985 Academic Visitor, London School of Economics and Political Science, Summer Term 1985 Visiting Scholar, Federal Reserve Bank of Kansas City, May 1978-December 1978 Teaching: 2003 Purple Chalk Award for Teaching Excellence- College of Arts and Science Student Government Provost Leadership in International Education Award Gold Chalk Award for Excellence in Graduate Student Education, Training & Development- Graduate & Professional Student Association. Fields Macroeconomics, Monetary Economics, International Financial Economics Publications "Conservative Central Banks, and Income, Exchange Rate, and Inflation Targeting Regimes when Output is Persistent" (with S. K. Bae). Forthcoming in Economica. Political Influence and the Banking Sector: Evidence from Korea (with J. An and S. K. Bae), Oxford Bulletin of Economics and Statistics 69-1 February 2007, Economic Activity, Foreign Exchange Rate, and the Interest Rate During the Asian Crisis (with J. Kim), Journal of Policy Modeling 28-4 May 2006,

2 Do Main Banks Extract Rents from their Client Firms? Evidence from Korean Chaebol " (with Y. Kim, K. Park, H Shin), Hitotsubashi Journal of Economics 45-1 June 2004, "Alternative indicators to predict the probability of declining inflation", (with S. Kang and K. Park), Cambridge Journal of Economics, 28-1 January 2004, On the Predictive Power of the Term Structure of Interest Rates for Future Inflation in the Presence of Political Instability (with E. Telatar and F. Telatar), Journal of Policy Modeling, 25-9 December 2003, "Multiple Equilibria and Currency Crisis: Evidence for Korea" (with J. Seo), Journal of International Money and Finance, 22-5 October 2003, "On Optimal Contracts for Central Bankers and Inflation and Exchange Rate Targeting Regimes," Journal of Money, Credit and Banking, 34-3, August 2002, "Monetary Policy, Oil Price Shocks, and the Japanese Economy," (with B. Lee and K. Lee), Japan and the World Economy, 13-3, August 2001, "Long-Run Neutrality, High Inflation, and Bank Insolvencies in Argentina and Brazil" (with S. Bae), Journal of Monetary Economics, 46-3, December 2000, "The Predictive Power of Alternative Indicators of Monetary Policy", (with J. Y. Choi), Journal of Macroeconomics, 22-4, Fall 2000, "Real Stock Returns, Inflation, Real Activity, and Monetary Policy," (with K. Park), The Financial Review, 35-2, May 2000, "On the Relevance of Distinctions Between Anticipated, Unanticipated Expansionary, and Unanticipated Contractionary Monetary Policy", (with J. Chu), Journal of Economics and Business, 50-2, March/April 1999, "Monetary Policy and Asymmetric Response in Default Risk", (with J. Kim and S. Ni), Economics Letters 60-1, July 1998, "Stationary Data and the Effect of the Minimum Wage on Teenage Employment", (with J. Park), Applied Economics 30-4, April 1998, "Effects of Unanticipated Monetary Policy on Aggregate Japanese Output: The Role of Positive and Negative Shocks", (with J. Chu), Canadian Journal of Economics 30-3, August 1997, "Central Bank Independence and Inflation and Output Variability: The Role of an Exchange Rate Goal", Korea Institute of Finance, Financial Economic Series 97-3, June 1997, "On the Stabilizing Properties of a Nominal GNP Rule: Comment on Frankel and Chinn", Journal of Money, Credit, and Banking 29-2, May 1997, "On Asymmetric Costs of Disequilibrium and Forecasting Money Demand", (with K. Lee), Journal of Macroeconomics 18-2, Spring 1996,

3 "Oil and the Macroeconomy: The Role of Price Variability", (with K. Lee and X. Ni), The Energy Journal 16-4, 1995, "Variation in the Real Exchange Rate as a Source of Currency Substitution", (with B. Jeong), Journal of International Money and Finance 13-5, October 1994, "On Seigniorage, Operating Rules and Dual Equilibria", (with K. Lee), Quarterly Journal of Economics 108-2, May 1993, "Involuntary Part-Time Employment: Cyclical Behavior and Trend Over ", Economics Letters 35-1, 1991, "Divergent Trends In The Discouragement of Adult Men, Adult Women, and Teenagers: ", (with T. Maloney), Economics Letters 28-2, 1988, Abstracted and reprinted by the Institute of Chartered Financial Analysts in The CFA Digest 15-4, Fall Reprinted as Chapter 3 in Readings and Cases in Macroeconomics, Ben Bernanke (Editor), McGraw-Hill, "A Descriptive Analysis of Economic Indicators", Federal Reserve Bank of St. Louis Review 67-1, January 1985, "Sectoral Employment Variability and Unexpected Inflation", The Review of Economics and Statistics 67-2, May 1985, "The Contribution of Food and Energy Price Shocks to Relative Price Variability", (with S. Bloom), Economics Letters 18-1, 1985, "The Effects of Inflation Surprises and Uncertainty on Real Wages", The Review of Economics and Statistics 67-2, May 1985, "Second Moments of Consumption Components and Unexpected Inflation", (with J.H. Park), Economics Letters 15-1 and 2, 1984, "Bank Attitude Toward Risk, Implicit Rates of Interest, and the Behavior of an Index of Risk Aversion for Commercial Banks", Quarterly Journal of Economics 95-2, September 1980, "Generalized Tax Incidence Results Using the Harberger Model with Three Factors", (with P. Shome), Economics Letters 6-3, 1980, Reprinted in Bank Management: Concepts and Issues, John R. Brick (Editor), Robert F. Dame, Inc., "Pledging Requirements and Bank Asset Portfolios in the Tenth District", Economic Review, Federal Reserve Bank of Kansas City, September/October 1979, "Stochastic Reserve Losses and Bank Credit Expansion", Journal of Monetary Economics 5-2, April 1979, "Uncertainty in Production and the Competitive Firm: Reply", Southern Economic Journal 44-3, January 1978,

4 "On a General Equilibrium Model of the Incidence of the Corporation Income Tax Under Uncertainty", (with P. Shome), Journal of Public Economics 8-2, October 1977, "On the Separability of the Incidence and Efficiency Effects of the Corporation Income Tax", (with P. Shome), Public Finance 32-3, 1977, "The Incidence of the Corporation Income Tax: A Long-run Specific Factor Model", (with P. Shome), Southern Economic Journal 44-1, July 1977, "The General Equilibrium Theory of Tax Incidence Under Uncertainty", (with P. Shome), Journal of Economic Theory 14-1, February 1977, "Uncertainty in Production and the competitive Firm", (with A. Ullah), Southern Economic Journal 42-4, April 1976, Current Papers Investor-Specific Information, Uncertainty, and Bayesian Learning in the Link between the Exchange Rate and FDI (with Shawn Ni). Under review. FDI and Determinants of Capital Structure (with Y. H. Kim and S. Ni). Political Uncertainty, Conservative Central Banks, and the Open Economy (with S. Bae). Selected Masters Papers Directed Currency Crisis in South Korea in 1997: What is the Cause? Kiseong Lim, MA, May 2006, [K. Lim is Director Ministry of Budget, Korea] The Local Autonomy and Elections in Korea in Terms of Political Business Cycle, Beom-Jin Kim, MA, May [B. Kim is an economist at POSCO] The Policy Decisions of Three Asian Economies, Hyunjoon Shin, MA, May [Dr. Shin is an Economist with the World Bank, Washington D.C.] "A Growth Model with Public Capital and Monetary Shocks," Chang Han Lee, MA, December [C. H. Lee is Director-General Ministry of Commerce, Industry & Energy, Korea]. "Causal Relations Between Stock Return Volatility and Macroeconomic Variables," Hagbong Sim, MA, December [H. Sim is Director, Organization for Economic Co-operation and Development (OECD), Paris, France]. "The Influence of International Trade on Economic Growth," Phil-Goo Kim, MA, December 1995 [P. Kim, is Director, Ministry of Commerce, Industry & Energy, Korea]. "Empirical Analysis of Cross Country Interest Rates and Inflation Rates," Won-Joon Kim, MA, May 1991 [W. Kim is Director-General, Patent Office, Ministry of Commerce, Industry & Energy, Korea, and Representative to the World Trade Organization, Geneva]. "The Time Series Properties of U.S. Real GDP," S. Y. Kim, MA, December 1990 [S. Y. Kim is Vice- President of the Korean Chamber of Commerce, Seoul, Korea]. 4

5 Doctoral Dissertations directed Motives for Savings and Portfolio Choice: Evidence from Micro-Data for Japan, Byungtae Yoon, December [Dr. Yoon is a Director in the Ministry of Budget and Economy, Korea] What Factors Differentiate the Growth Effect of Capital Openness? Joong Beom Shin, December [Dr. Shin is a Deputy Director in the Ministry of Finance and Economy, Korea]. Bank Portfolio Management, Monetary Policy, Economic Uncertainty: The Observation on Million Banks, Win Udomrachtavanich. December [Dr. Udomrachtavanich is a portfolio manager with Kasikorn Asset Management Company, Bangkok, Thailand]. Financial Reforms and Firm Investments in Korea: A Switching Regression Approach, Keumchol Park, May [Dr. Park is a Deputy Director in the Ministry of Finance and Economy, Korea]. Determinants of Emerging Market Country Risk: Country Fundamentals or Common Factors, Ji-Young Choi, May [ Dr. Choi is a Director in the Ministry of Finance and Economy, Korea]. Ownership Structure and Firm Value: Evidence from Korea, Soo Dong Kim, May [Dr. Kim is an Economist with Korea Institute for Industrial Economics and Trade, Seoul, Korea]. The Wealth Effects of Housing assets: Evidence from Korean Micro Data, Seog Jun Song, May [Dr. Kim is a Director in the Ministry of Budget and Economy, Korea]. FDI and Determinants of Capital Structure, Younghwan Kim, May [Dr. Kim is a Deputy Director in the Ministry of Commerce, Industry, and Energy, Korea]. Foreign Investors in the Korean Stock Market - Are They More Sophisticated than Locals? Soo-Hyon Lim, May [Dr. Lim is a Deputy Director in the Ministry of Finance and Economy, Korea]. R&D investment of Korean Corporations Before and After the Crisis, Young Hwan Cha, December [ Dr. Cha is a Director in the Ministry of Finance and Economy, Korea]. The Relationship Between Foreign Direct Investment, Chaebols and the Labor Unions, Oh Lee, December [Dr. Lee is an Economist with Korean Maritime Research Institute, Seoul, Korea]. The Effects of Bank Consolidation: evidence from the Korean Experience, Jung Woon Kim, August [Dr. Kim is a Director in the Ministry of Finance and Economy, Korea]. Uncertainty and Investment, Evidence from Korean Manufacturing Firms, Soon Kwon Ahn, May [Dr. Ahn is an Economist with Korea Economic Research Institute, Federation of Korean Industries]. Taxes and Corporate Capital Structure, YoungRok Choi, December [Dr. Choi is a Director in the Ministry of Finance and Economy, Korea]. The Economy and Political Elections in Korea, Jang-Ho Park, May [Dr. Park is a Director in Office of Prime Minister of Korea]. Sovereign Ratings Changes and Financial Markets During the Asian Crisis, Eog-Weon Lee, May [Dr. 5

6 Lee is a Director in the Inter-American Development Bank, Washington, D.C.]. Foreign Exchange Exposure of Korean Corporations Before and After the Asian Crisis, Sung-Wook Yoon, May [Dr. Yoon is a Deputy Director in the Ministry of Finance and Economy, Korea]. "Ownership Structure and Firm Performance in Korea," Suk-Kwon Na, December [Dr. Na is a Deputy Director in the Ministry of Finance and Economy, Korea]. Differential Impacts of Oil Price Shocks on Small vs. Large Firms as a Source of Real Effect on the Economy," Kwang Y. Choe, August [Dr. Choe is an economist with the Finance Bureau, State of Missouri]. "Why are Electronic Payments Preferred?: Evidence from International Data," Ki Young Hong, August [Dr. Hong is Finance Staff Reporter with Maeil Business Newspaper, Korea]. "Monetary Policy and the Exchange Rate During the Asian Crisis," Jung-Kwan Kim, May [Dr. Kim is an Economist with The World Bank, Washington, D.C]. "Influence of Exogenous Shocks on Three Small Asian Economies: Evidence from a Structural VAR with Block Exogeneity," Chung-Hoon Hwang, August [Dr. Hwang is an Economist with The World Bank, Washington, D.C]. "Why do firms hoard cash?: Evidence from Korean Chaebol, Yitae Kim, May [Dr. Kim is an Economist with the International Monetary Fund, Washington D.C.]. "Foreign Exchange Rate Change and Selected U.S. Import Prices from Germany, Japan, Korea, and Sweden," Soon Chul Kim, May [Dr. Kim is a Director, Ministry of Commerce, Industry & Energy, Korea]. "Determinants of real Exchange Rates: Emphasis on Productivity Shocks," Seung Jae Lee, December [Dr. Lee is an Economist with the World Bank, Washington D.C.]. "Determinants of Currency Crisis in Korea," Jeonghee Seo, May [Dr. Seo is a Reporter and represents Maeil Business Newspaper in Washington D.C.]. "Forecasting Inflation with Probit and Regression Models," Sung Jun Kang, May [Dr. Kang is Deputy Director, Ministry of Planning and Budget, Korea]. "Monetary Policy and the Effects of Oil Price Shocks on the Japanese Economy," Byung Rhae Lee, December [Dr. Lee is Director, Economic Policy Bureau, Ministry of Finance and Economy, Korea]. "Essays on Financial System, Inflation, and Growth," SangKun Bae, December [Dr. Bae is Director, Information Sevice, Korea Economic Research Institute, Federation of Korean Industries]. "Central Bank Independence, Budget Deficits, Seigniorage and Inflation," Kisun Bang, December [Dr. Bang is Deputy Director, Economic Policy Bureau, Ministry of Finance and Economy, Korea]. "Comparing Monetary Policy Indicators and the Credit Channelof Monetary Policy," Jae-Young Choi, May [Dr. Choi is Deputy Director for Foreign Direct Investment, Ministry of Finance and Economy, Korea]. Empirical Study on the Effects of Monetary Policy on Exchange Rates: The Role of Uncertainty in Monetary Policy," Joonho Chung, May [Dr. Chung is Director, Financial Supervisory Committee, Ministry of 6

7 Finance and Economy, Korea]. "Alternative Monetary Policy Rules in an Open Economy: Effects on Inflation, Output, the Interest Rate and the Exchange Rate," HongSung Moon, May [Dr. Moon is a Senior Economist, International Monetary Fund, Washington D.C.]. "The Level and Variability of Inflation, Output Growth and Money: Cross Section Empirical Analysis," Yeong-Chun Park, December [Dr. Park is Senior Economist, The World Bank, Washington D.C.]. "Causal Relations Among Stock Returns, Real Activity, Inflation, and Money Growth: A Reconsideration of the Evidence," Kwang Woo Park, December [Dr. Park is an associate professor of Finance at Korean Advanced Institute of Science and Technology (KAIST), Seoul]. "The Effects of Monetary Policy Shocks in Japan and International Transmission of Economic Disturbances," Gunho Bae, December [Dr. Bae is with the Ministry of Planning and Budget, Korea]. "A Cointegration Analysis of Inflation in Taiwan," Chien-Liang Chiu, August [Dr. Chiu is Professor of Economics and Chairman, Tamkang University, Taiwan]. "The Liquidity Effect and the Crowding-Out Effect: Monetary and Fiscal Transmission Mechanisms," Dongkyu Park, May [Dr. Park is an Associate Professor of Economics, Kongju National University, Korea]. "The Credit Channel of Monetary Policy and Effects of Inflation Uncertainty on Investment," Jaechil Kim, May [Dr. Kim is a research economist at POSCO Research Institute, Seoul]. "Central Bank Intervention Policy Under Managed Floating Exchange Rates: The Case of Taiwan," Su-Yuan Yang, May [Dr. Yang is an Associate Professor of Financial Operations at the National Institute of Technology, Kaohsiung, Taiwan]. "Strategic Fiscal Policy Effects and Analysis of International Capital Mobility," Jun Gyu Kang, December [Dr. Kang is Assistant Professor of Economics at Dong-Eui University, Pusan, Korea]. "International Monetary Policy Coordination: Costs and Benefits of a European Central Bank," Erdinc Telatar, August [Dr. Telatar is Professor of Economics, Hacettepe University, Ankara, Turkey]. "Role of Oil Price Shocks in the Dispersion Hypothesis and Asymmetric Effects of Monetary Policy," Joonsuk Chu, May [Dr. Chu is Professor, Department of American Areas & Trade Studies, Youngsan University of International Affairs, Korea]. "Tests of Neutrality on GNP and Unemployment: Using Bivariate ARCH and Frequency Band Decomposition," Soo-Hwa Lee, May [Dr. Lee is Assistant-Minister, Ministry of Agriculture, Korea] "Garch Techniques and Aggregate Time-Series Analysis of Seasonal Effects of the Minimum Wage," Jaehwan Park, December [Dr. Park is a senior economist with Prudential Investment Management Company]. "Money Announcement Effects, Market Perception of Federal Reserve Policy, And the Term Structure of Interest Rates," Tae-Soo Kang, May [Dr. Kang is a Director, the Bank of Korea, Seoul, Korea] 7

8 "Effects of Deviations of Foreign Exchange Rates from Purchasing Power Parity on Currency Substitution," Byung Woo Jeong, August [Dr. Jeong is an assistant professor, Dept. of International Trade, KyungSung University, Pusan, Korea.] "Part and Full Time Teenage Labor and the Minimum Wage," Dong Gyu Park, August [Dr. Park is Director at the Korea Rural Economic Institute.] "Studies on Cyclical Behavior in the Labor market", Jang Hwan Park, May [Dr. Park is a Professor of Economics and Business at Kyung Buk National University, Korea.] "Private Saving and Ultrarationality", Dennis C. Glennon, August [Dr. Glennon is an economist at the U.S. Treasury Department.] "Money Market Certificates and the Demand for Savings and Small Time Deposits", Alan J. Norton, August [Dr. Norton is Professor of Economics and Vice-President for Financial Affairs at St. John Fisher College, Rochester NY.] Recent Presentations of Work at Professional Meetings Investor-Specific Information, Uncertainty, and Bayesian Learning in the Link between the Exchange Rate and FDI (with Shawn Ni), Western Economic Association Meeting, San Diego, July 1, An Analysis on Firm-Level FDI in Korea around the Asian Financial Crisis: The Role of Investors Information (Shawn Ni), Sixth Annual Missouri Economic Conference, Columbia, Missouri, April 1, An Analysis on Firm-Level FDI in Korea around the Asian Financial Crisis: The Role of Investors Information (Shawn Ni), Midwest Economic Association Meetings, Chicago, March 25, "Conservative Central Banks, and Income, Exchange Rate, and Inflation Targeting Regimes Output is Persistent" (with S. Bae), Western Economic Association Meeting, San Francisco, July 7, Foreign Direct Investment and Capital Structure: Evidence from Korean Manufacturing Firms (with Y. Kim and S. Ni), Samsung Economic Research Institute (SERI), Seoul, May 26, Foreign Direct Investment and Capital Structure: Evidence from Korean Manufacturing Firms (with Y. Kim and S. Ni), Korean Institute of Finance (KIF), Seoul, May 25, Foreign Direct Investment and Capital Structure: Evidence from Korean Manufacturing Firms (with Y. Kim and S. Ni), Korean Advanced Institute of Science and Technology (KAIST), Seoul, May 24, "Credible Monetary Policy When Output is Persistent: Exchange Rate and Nominal Income Targeting"(with S. Bae), Federal Reserve Banks of Kansas City and St. Louis Missouri Economic Conference, Columbia, April 3, "Credible Monetary Policy When Output is Persistent: Exchange Rate and Nominal Income Targeting" (with S. Bae), Midwest Economic Association Meetings, Chicago, March 19, Economic Activity, Foreign Exchange Rate, and the Interest Rate During the Asian Crisis (with J.K. Kim) Midwest Economic Association Meetings, St. Louis, March 29,

9 "Credible Monetary Policy With Output: Targeting Terms of Trade" (with S. K. Bae), Missouri Valley Economic Association Meeting, St. Louis, February 28, Financial Management Association Annual Meetings in San Antonio, TX, October 19, Do Main Banks Extract Rents from their Client Firms? Evidence from Korean Chaebol " (with Y. Kim, K. Park, and H. Shin). Prof. Shin presented paper. Do Main Banks Extract Rents from their client firms? Evidence from Korean Chaebol (With Y. Kim, K. Park, H Shin), Korea Finance Association Meeting, Seoul, June 9, Prof. K. Park presented the paper. "Credible Monetary Policy When Output is Persistent: Exchange Rate and Nominal Income Targeting" (with S. K. Bae), Midwest Economic Association Meeting, Chicago, March 23, "Credible Monetary Policy When Output is Persistent: Exchange Rate and Nominal Income Targeting" (with S. K. Bae), Federal Reserve Banks of Kansas City and St. Louis Missouri Economic Conference, Columbia, April 6, "Government vs. Private Control, Political Loans, and Principal Agent Problems at Korean Banks (with J. An and S.K. Bae), Korea Econometric Society Meeting, Seoul, August 15, Prof. J. An presented the paper. "Productivity Shocks and Real Exchange Rates in the long-run" (with S. Lee), Western Economic Association Meeting, San Francisco, July 7, "Productivity Shocks and Real Exchange Rates in the long-run" (with S. Lee), Missouri Valley Economic Association Meeting, Kansas City, February 22, "The predictive power of monetary policy indicators: the federal funds rate, nonborrowed reserves, and the nonborrowed reserves mix" (with Y. Choe), Midwest Economic Association Meeting, Chicago, April 1, "Currency Crisis and Multiple Equilibria: Evidence for Korea"(with J. Seo), Korea Economic Association Meeting, Seoul, August 18, Dr. J. Seo presented paper. Referee for: Journal of Political Economy; Journal of Money, Credit and Banking; Journal of International Money and Finance; The Financial Review; Journal of Macroeconomics; Energy Journal; Journal of Economics and Business; The Review of Economics and Statistics; The Review of Financial Economics; The International Review of Economics and Finance; Applied Economics; Empirical Economics; The Quarterly Review of Economics and Finance; Scandinavian Journal of Economics; The Manchester School; Economic Inquiry; Review of International Economics; Japan and the World Economy; Quantitative Finance; Southern Economic Journal; Journal of Economic Surveys; Empirica; Journal of Financial Research; Asian Economic Bulletin; Review of Finance; Emerging Markets Finance and Trade; Oil & Gas Science and Technology- Revue de l'ifp 9