
Randal J. Verbrugge
Senior Research Economist
- BA,
- Social Sciences,
- Calvin College,
- 1989
- MS,
- Statistics,
- Stanford University,
- 1993
- PhD,
- Economics,
- Stanford University,
- 1995
Randal Verbrugge is a senior research economist in the Research Department at the Federal Reserve Bank of Cleveland. He participates in the development of the Cleveland Reserve Bank’s forecasting models. His primary areas of research are inflation modeling and measurement, macroeconomics, and housing. He has conducted research on rent-setting, inflation dynamics, the housing bubble, monetary policy, robust estimation, and models featuring local interactions.
Prior to joining the Bank in 2013, Dr. Verbrugge was a senior research economist at the Bureau of Labor Statistics. He began his career as an assistant professor of economics at Virginia Tech in 1995, and he also taught economics for many years at Georgetown University.
Dr. Verbrugge received his BA in economics and political science from Calvin College and his MS in statistics and his MA and PhD in economics from Stanford University.
Featured Publications
- “Disentangling Rent Index Differences: Data, Methods, and Scope.” With Brian Adams, Lara Loewenstein, and Hugh Montag. American Economic Review: Insights, 2023, Forthcoming.
- “A New Look at Historical Monetary Policy (and the Great Inflation) through the Lens of a Persistence-Dependent Policy Rule.” With Richard Ashley and Kwok Ping Tsang. Oxford Economic Papers, 2020, 72(3): 672–691.
- “A Theory of Sticky Rents: Search and Bargaining with Incomplete Information.” With Joshua H. Gallin. 2019, Journal of Economic Theory, 183: 478–519.
- “The Equilibrium Effect of Fundamentals on House Prices and Rents.” With Kamila Sommer and Paul Sullivan. Journal of Monetary Economics, 2013, 60(7).
- “Do the CPI’s Utilities Adjustments for OER Distort Inflation Measurement?” Journal of Business and Economic Statistics, 2012, 30(1): 143–148.
- “Out of Bounds: Do SPF Respondents Have Anchored Inflation Expectations?” With Wesley Janson and Carola Binder. Journal of Money, Credit and Banking, forthcoming.
- “Is It Time to Reassess the Focal Role of Core PCE Inflation in Assessing the Trend in PCE Inflation?” Special Issue, Economía, 2022, 45(89), 73–101.
- “Robust Covariance Matrix Estimation and Identification of Unusual Data Points: New Tools.” With Christian Garciga. Research in Economics, 2021, 75(2):176–202.
- “A New Look at Historical Monetary Policy (and the Great Inflation) through the Lens of a Persistence-Dependent Policy Rule.” With Richard Ashley and Kwok Ping Tsang. Oxford Economic Papers, 2020, 72(3): 672–691.
- “A Theory of Sticky Rents: Search and Bargaining with Incomplete Information.” With Joshua H. Gallin. 2019, Journal of Economic Theory, 183: 478–519.
- “Determinants of Differential Rent Changes: Mean Reversion versus the Usual Suspects.” With A. Dorfman, W. Johnson, F. Marsh, R. Poole, and O. Shoemaker. Real Estate Economics, 2017, 45(3): 591–627.
- “The Equilibrium Effect of Fundamentals on House Prices and Rents.” With Kamila Sommer and Paul Sullivan. Journal of Monetary Economics, 2013, 60(7): 854-870.
- “Do the CPI’s Utilities Adjustments for OER Distort Inflation Measurement?” Journal of Business and Economic Statistics, 2012, 30(1): 143–148.
- “Home Production and Endogenous Economic Growth.” With Steven Silver. Journal of Economic Behavior and Organization, 2010, 75(2): 297–312.
- “Explaining the Rent–OER Inflation Divergence, 1999–2007.” With Robert Poole. Real Estate Economics, 2010, 38(4): 633–657.
- “Reconciling User Costs and Rental Equivalence: Evidence from the US Consumer Expenditure Survey.” With Thesia Garner. Journal of Housing Economics, 2009, 18(3): 172–192.
- “To Difference or Not to Difference: A Monte Carlo Investigation of Spurious Regression in Vector Autoregressive Models.” With Richard A. Ashley. International Journal of Data Analysis Techniques and Strategies, 2009, 1(3): 242–274.
- “Frequency Dependence in Regression Model Coefficients: An Alternative Approach for Modeling Nonlinear Dynamic Relationships in Time Series.” With Richard A. Ashley. Econometric Reviews, 2009, 28(1–3): 4–20.
- “The Puzzling Divergence of Aggregate Rents and User Costs, 1980–2004.” The Review of Income and Wealth, 2008, 54(4): 671–699.
- “Comments on ‘A Critical Investigation on Detrending Procedures for Nonlinear Processes.’” With Richard A. Ashley. Journal of Macroeconomics, 2006, 28: 192–194.
- “How Corruption Evolves (or, Why Do Some Regions within a Country Become More Corrupt Than Others?)” Journal of Public Economic Theory, 2006, 8(2): 219–245.
- “Interactive Agent Economies: An Elucidative Framework and Survey of Results.” Macroeconomic Dynamics, 2003, 7(3): 424–472.
- “Longitudinal Inflation Asymmetry.” Applied Economics Letters, 2002, 9: 261–264.
- “Price Discrimination in Rental Markets.” With Sudipta Sarangi. Economics Letters, 2000, 69(2): 153–158.
- “Risk Aversion, Learning Spillovers, and Path–Dependent Economic Growth.” Economics Letters, 2000, 68(1): 197–202.
- “Cross–Sectional Inflation Asymmetries and Core Inflation: A Comment on Bryan and Cecchetti.” The Review of Economics and Statistics, 1999, 81(2): 199–202.
- “Investigating Cyclical Asymmetries.” Studies in Nonlinear Dynamics and Econometrics, 1997, 2(1): 15–22.
Book Chapters
- “The Puzzling Divergence of Aggregate Rents and User Costs, 1980–2004: Summary and Extensions.” With Thesia Garner. In Price and Productivity Measurement, Volume I: Housing, edited by W. Erwin Diewert, Bert M. Balk, Dennis Fixler, Kevin J. Fox, and Alice O. Nakamura, Trafford Press, 2009.
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