Contact Info

t. 216.2474

f. 216.579.2122

francisca.g.richter@clev.frb.org

To arrange an interview with this economist, contact our media coordinator at 216.774.2514 or anne.m.diteodoro@clev.frb.org.

Francisca G-C Richter |

Research Economist

Francisca G-C Richter, Research Economist

Francisca G.-C. Richter is a research economist in the Community Development Office of the Federal Reserve Bank of Cleveland. She develops and directs the applied research activities of the group, which focus on issues impacting access to credit and capital in low- and moderate-income communities. She also coordinates applied research seminars on diverse topics including consumer finance, social interactions and program evaluation.

Prior to joining the Federal Reserve Bank in 2007, Dr. Richter taught intermediate microeconomics, multivariate analysis, and research methods in finance at Cleveland State University. A native of Peru, she earned an undergraduate degree in mathematical statistics from the Universidad Católica del Perú, and a master of science degree in statistics and a PhD in agricultural economics, both from Oklahoma State University.

  • Fed Publications
  • Other Publications
  • Work in Progress
Title Date Publication Author(s) Type
An Analysis of Foreclosure Rate Differentials in Soft Markets

 

 November, 2008 Federal Reserve Bank of Cleveland, Working Paper no. 0811 Francisca G-C Richter; Working Papers
Abstract: A quantile regression model is used to identify the main neighborhood characteristics associated with high foreclosure rates in weak market neighborhoods, specifically for two counties in Ohio and one in Pennsylvania. A decomposition technique by Machado and Mata (2005) allows separating foreclosure filing rate differentials across counties into two components: the first due to differences in the levels of neighborhood characteristics and the second due to differences in the model parameters. At higher than median rates, foreclosure rate differentials between counties in Ohio are mainly explained by the levels of these characteristics. However, foreclosure rate differences between counties across states are mainly explained by the parameter component, suggesting that state level effects might have contributed to shape foreclosure rate outcomes.
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Title Date Publication Author(s) Type
Aggregate versus Disaggregate Data in Measuring School Quality

 

 August, 2006 Journal of Productivity Analysis, vol. 25, no. 3, pp.279-289 Francisca G-C Richter; B. Wade Brorsen; Journal Article
Abstract: This article develops a measure of efficiency to use with aggregated data. Unlike the most commonly used efficiency measures, our estimator adjusts for the heteroskedasticity created by aggregation. Our estimator is compared to estimators currently used to measure school efficiency. Theoretical results are supported by a Monte Carlo experiment. Results show that for samples containing small schools (sample average may be about 100 students per school but sample includes several schools with about 30 or less students), the proposed aggregate data estimator performs better than the commonly used OLS and only slightly worse than the multilevel estimator. Thus, when school officials are unable to gather multilevel or disaggregate data, the aggregate data estimator proposed here should be used. When disaggregate data are available, standardizing the value-added estimator should be used when ranking schools.
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Using Both Sociological and Economic Incentives to Reduce Moral Hazard

 

 August, 2003 Journal of Agricultural and Resource Economics, vol. 28, no.02 Francisca G-C Richter; B. Wade Brorsen; Kevin Currier; Edgar F. Pebe Diaz; Journal Article
Abstract: Economists tend to focus on monetary incentives. In the model developed here, both sociological and economic incentives are used to diminish the apparent moral hazard problem existing in commodity grading. Training that promotes graders’ response to sociological incentives is shown to increase expected benefits. The model suggests this training be increased up to the point where the marginal benefit due to training equals its marginal cost. It may be more economical to influence the grader’s behavior by creating cognitive dissonance through training and rules rather than by using economic incentives alone.
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Aids Versus Rotterdam: A Cox Nonnested Test With Parametric Bootstrap

 

 January, 2001 Journal of Agricultural and Resource Economics, vol. 27, no 02 Francisca G-C Richter; B. Wade Brorsen; Alix Dameus; Kullapapru P Sukhdial; Journal Article
Abstract: A Cox test with parametric bootstrap is developed to select between the linearized version of the First-Difference Almost Ideal Demand System (FDAIDS) and the Rotterdam model. A Cox test with parametric bootstrap has been shown to be more powerful than encompassing tests like those used in past research. The bootstrap approach is used with U.S. meat demand (beef, pork, chicken, fish) and compared to results obtained with an encompassing test. The Cox test with parametric bootstrap consistently indicates the Rotterdam model is preferred to the FDAIDS, while the encompassing test sometimes fails to reject FDAIDS.
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Consolidating Rural School Districts: Potential Savings And Effects On Student Achievement

 

 September, 2000 Journal of Agricultural and Applied Economics, vol. 32, no. 3 Francisca G-C Richter; B. Wade Brorsen; Charles Jacques; Journal Article
Abstract: One frequently proposed policy is to consolidate rural school districts in order to save money by obtaining economies of size. The effects of school district size on both expenditures and standardized test scores are estimated for Oklahoma. Results indicate that economies of scale with respect to expenditures per student exist up to an average daily membership (ADM) of 965 students, but that as school districts become larger, tests scores decline. Even if savings in school district administration from consolidation are spent on instruction, state average tests scores would decrease slightly. Thus, school district consolidation can reduce costs, but it will also reduce student learning.
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Feeder Cattle Price Slides

 

 Journal of Agricultural and Resource Economics, vol. 26, no. 01 Francisca G-C Richter; Deevon Bailey; B. Wade Brorsen; Nouhoun Coulibaly; Journal Article
Abstract: A theoretical model is developed to explain the economics of determining price slides for feeder cattle. The contract is viewed as a dynamic game with continuous strategies where the buyer and seller are the players. The model provides a solution for the price slide that guarantees an unbiased estimate of cattle weight. An empirical model using Superior Livestock Auction (SLA) data shows price slides used are smaller than those needed to cause the producer to give unbiased estimates of weight. Consistent with the model's predictions, producers slightly underestimate cattle weights.
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Title Date Publication Author(s) Type
Preventative Medicine: The Impact of Consumer Protection Laws on Foreclosures

 

 January, 2009 Francisca G-C Richter; Thomas J Fitzpatrick IV; Lisa A Nelson; Unpublished manuscript
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