Senior Economist
Research Department
Federal Reserve Bank of Kansas City
1 Memorial Drive
Kansas City, MO 64198
E-mail
Curriculum Vitae
Speeches

Richard J. Sullivan is a Senior Economist in the Payments System function of the Economic Research Department at the Federal Reserve Bank of Kansas City. Since joining the Federal Reserve in 1994, Mr. Sullivan published studies on the role of nonbanks in the payments system, the ATM and debit industry, the relationship between bank ownership structure and performance, profitability in interstate banking, bank lending to small business, and the impact of electronic banking on bank performance. He is currently conducting research on implications of recent changes in payments on payments system risk and determinants of a bank's decision to adopt Internet banking.

Prior to joining the Federal Reserve Bank of Kansas City, Mr. Sullivan taught at Holy Cross College and the University of Colorado. While there, he conducted research that examined immigrant earnings and unemployment, invention during the British industrial revolution, the history of regional interest rates in the United States, and savings behavior of immigrants.  He received a B.S. in business management from Northern Illinois University and a Ph.D. in economics from the University of Illinois-Urbana.

• "Bank Ownership and Risk Taking: Improving Corporate Governance in Banking after the Crisis"
  with Kenneth R. Spong, Research Handbook on International Banking and Governance, James R. Barth, Chen Lin, and Clas Wihlborg, eds., Edward Elgar Publishing, forthcoming
• "Nonbanks and Risk in Retail Payments: EU and U.S."
  with Terri Bradford, Fumiko Hayashi, Christian Hung, Simonetta Rosati, Zhu Wang, and Stuart E. Weiner, Managing Information Risk and the Economics of Security, Eric M. Johnson, ed., Springer Publishing, 2009
• "Regulatory Changes and the Development of the U.S. Banking Market, 1870-1914: A Study of Profit Rates and Risk in National Banks"
  The Origin and Development of Financial Institutions and Markets, Jeremy Atack and Larry Neal, eds., Cambridge University Press, 2009
• "Corporate Governance and Bank Performance"
  Corporate Governance in Banking: An International Perspective, B. Gup, ed., Edward Elgar, 2007, pp. 40-61
• "Manager Wealth Concentration, Ownership Structure, and Risk in Commercial Banks"
  with Kenneth R. Spong, Journal of Financial Intermediation, April 2007, pp. 229-48
• "A Guide to the ATM and Debit Card Industry: 2006 Update"
  with Fumiko Hayashi and Stuart E. Weiner, 2006
• "The Effect of Wealth and Ownership on Firm Performance"
  with Kenneth R. Spong, Journal of Financial Transformation, December 2005, pp. 39-47
• "Patents"
  The Oxford Encyclopedia of Economic History, J. Mokyr, ed., Oxford University Press, 2003
• "Investment in Internet Banking as a Real Option: Theory and Tests"
  with Marsha Courchane and David Nickerson, Journal of Multinational Financial Management, 12 (4-5), October-December 2002, pp. 347-63
• "Who's Minding the Store? Motivating and Monitoring Hired Managers at Small, Closely Held Commercial Banks"
  with Robert DeYoung and Kenneth Spong, Journal of Banking and Finance, 25 (7), July 2001, pp. 1209-1242
• "Trends in the Agricultural Labor Force
  The State of Humanity, J. Simon, ed., Basil Blackwell, 1995
• "Patent Counts and Textile Invention: A Comment on Griffiths, Hunt, and O'Brien"
  Journal of Economic History , 55 (3), September 1995, pp. 666-70
• "Estimates of the Value of Patent Rights in Great Britain and Ireland, 1852 -1876"
  Economica, 61, No. 241, February 1994, pp. 37-58
• "The Effect of Immigration Upon Aggregate Unemployment: An Across City Estimation"
  with Julian L. Simon and Stephen Moore, Journal of Labor Research, 14 (3), Summer 1993, pp. 299-316
• "The Revolution of Ideas: Widespread Patenting & Invention During the English Industrial Revolution"
  Journal of Economic History 50 (2), (June 1990), pp. 349-62
• "England's Age of Invention: The Acceleration of Patents and Patentable Invention During the Industrial Revolution"
  Explorations in Economic History, 26 (4), October 1989, pp. 424 - 52
• "More on Immigrants' Earnings Over Time"
  with Julian L. Simon, Genus 44, (1 - 2), (January - July 1989), pp. 157-175
• "Population Size, Knowledge Stock, and Other Determinants of Agricultural Publication and Patenting: England, 1541-1850"
  with Julian L. Simon, Explorations in Economic History, 26 (1), January 1989, pp. 21-45. Reprinted in Population and Development in Poor Countries, J. Simon, ed., Princeton University Press, 1992, pp. 334-59
• "The Timing and Pattern of Technological Development in English Agriculture, 1611-1850"
  The Journal of Economic History, 45 (2), (June 1985), pp. 305-314
• "Measurement of English Farming Technological Change, 1523-1900"
  Explorations in Economic History, 21 (3), July 1984, pp. 270-289

• "The Changing Nature of U.S. Card Payment Fraud: Industry and Public Policy Options"
  Second Quarter 2010
• "Can Smart Cards Reduce Payments Fraud and Identity Theft?"
  Third Quarter 2008
• "Nonbanks in the Payments System: Innovation, Competition, and Risk - A Conference Summary"
  with Zhu Wang, Third Quarter 2007
• "Risk Management and Nonbank Participation in the U.S. Retail Payments System"
  Second Quarter 2007
• "Interchange Fees in Credit and Debit Card Markets: What Role for Publics Authorities"
  with Barbara Pacheco, First Quarter 2006
• "The Outlook for the US Banking Industry: What Does the Experience of the 1980s and 1990s Tell Us?"
  with Kenneth Spong, Fourth Quarter 1999

• "Nonbanks and Risk in Retail Payments"
  with Terri Bradford, Fumiko Hayashi, Simonetta Rosati, Zhu Wang, and Stuart E. Weiner, Payments System Research Working Paper, 2007
• "The Supervisory Framework Surrounding Nonbank Participation in the U.S. Retail Payments System: An Overview"
• "Internet Banking: An Exploration in Technology Diffusion and Impact"
  with Zhu Wang, 2005
• "Financial Innovations, Strategic Real Options and Endogenous Competition: Theory and an Application to Internet Banking"
  with David Nickerson, 2003

• "The Benefits of Collecting and Reporting Payment Fraud Statistics for the United States"
  PSR Briefing, October 2009
• "Payment Services and the Evolution of Internet Banking"
  PSR Briefing, August 2004
• "A Guide to the ATM and Debit Card Industry"
  with Fumiko Hayashi and Stuart E. Weiner, 2003
• "Performance and Operation of Commercial Bank Web Sites"
  Financial Industry Perspectives, December 2001
• "The 2001 Survey of Commercial Banks in the Tenth Federal Reserve District: Changes and Challenges"
  Financial Industry Perspectives, December 2001
• "How Has the Adoption of Internet Banking Affected Performance and Risk in Banks? A Look at Internet Banking in the Tenth Federal Reserve District"
  Financial Industry Perspectives, December 2000
• "How Does Ownership Structure and Manager Wealth Influence Risk?" A Look at Ownership Structure, Manager Wealth, and Risk in Commercial Banks"
  with Kenneth R. Spong, Financial Industry Perspectives, December 1998
• "Small Business Lending by Commercial Banks in Colorado, 1994-1996"
  with Richard D. Johnson, Ronnie J. Phillips, and Kenneth R. Spong, Financial Industry Perspectives, May 1998
• "What Makes a Bank Efficient?--A Look at Financial Characteristics and Bank Management and Ownership Structure"
  with Kenneth R. Spong and Robert DeYoung, Financial Industry Perspectives, December 1995
• "Successful Strategies in Interstate Bank Acquisitions"
  Financial Industry Perspectives, December 1995

• "Understanding Risks Management in Emerging Retail Payments"
  with Michele Braun, Jamie McAndrews, and William Robards, Economic Policy Review, Federal Reserve Bank of New York, September 2008