Who We Are
Careers at the BankNarayana Kocherlakota
President
Prior Economic Research
Book
- “The New Dynamic Public Finance,” July 2010, Princeton University Press
Working Papers
- “Internal Debt Crises and Sovereign Defaults,” joint with C. Arellano, August 2008.
Published and Forthcoming Papers
See vita [PDF] for precise citations. Authors’ names are alphabetical for all papers.
Forthcoming:
- “Nonseparable Preferences and Optimal Social Security Systems,” Journal of Economic Theory, joint with B. Grochulski.
2009:
- “On the Robustness of Laissez-Faire,” Journal of Economic Theory, joint with C. Phelan.
- “Asset Pricing Implications of Pareto Optimality with Private Information,” Journal of Political Economy, joint with L. Pistaferri.
2008:
- “Injecting Rational Bubbles,” Journal of Economic Theory.
- “Monetary and Fiscal Policy: An Overview,” New Palgrave.
- “Inequality and Real Exchange Rates,” Journal of the European Economic Association, joint with L. Pistaferri.
2007:
- “Forbearance and Prompt Corrective Action,” Journal of Money, Credit, and Banking, joint with I. Shim.
- “Model Fit and Model Selection,” Federal Reserve Bank of St. Louis Review.
- “Household
Heterogeneity and Real Exchange Rates,” Economic Journal, joint with L. Pistaferri.
- Click here for data (in a zip file).
2006:
- “Advances in Dynamic Optimal Taxation,” Advances in Economics and Econometrics: Theory and Applications, Ninth World Congress, Volume I.
2005:
- “Finite Memory and Imperfect Monitoring,” Games and Economic Behavior, joint with H. Cole.
- “Zero Expected Wealth Taxes: A Mirrlees Approach to Dynamic Optimal Taxation,” Econometrica.
- “Optimal Monetary Policy: What We Know and What We Don’t Know,” International Economic Review.
2004:
- “Figuring Out the Impact of Hidden Savings on Optimal Unemployment Insurance,” Review of Economic Dynamics.
- “Wedges and Taxes,” American Economic Review Papers and Proceedings.
- “On the Irrelevance of Government Debt When Taxes are Distortionary,” Journal of Monetary Economics, joint with M. Bassetto.
2003:
- “Optimal Indirect and Capital Taxation,” Review of Economic Studies, joint with M. Golosov and A. Tsyvinski.
- “Societal Benefits of Illiquid Bonds,” Journal of Economic Theory.
2002:
- “Money:
What’s the Question and Why Should We Care About the
Answer?” American Economic Review Papers and Proceedings.
- See “Money: What’s the Question and Why We Care About the Answer,” December 2001, for technical details.
- “The Two-Money Theorem,” International Economic Review
2001:
- “Looking for Evidence of Time-Inconsistent Preferences in Asset Market Data,” Federal Reserve Bank of Minneapolis Quarterly Review.
- “Efficient Allocations with Hidden Income and Hidden Storage,” Review of Economic Studies, joint with H. Cole.
- “Dynamic Games with Hidden Actions and Hidden States,” Journal of Economic Theory, joint with H. Cole.
- “Risky Collateral and Deposit Insurance,” Advances in Macroeconomics.
2000:
- “Creating Business Cycles Through Credit Constraints,” Federal Reserve Bank of Minneapolis Quarterly Review.
1999:
- “Explaining the Fiscal Theory of the Price Level,” Federal Reserve Bank of Minneapolis Quarterly Review, joint with C. Phelan.
- “A Signaling Model of Multiple Monies,” Review of Economic Dynamics, joint with T. Krueger.
1998:
- “Money is Memory,” Journal of Economic Theory.
- “Incomplete Record-Keeping and Optimal Payment Arrangements,” Journal of Economic Theory, joint with N. Wallace.
- “The Technological Role of Fiat Money,” Federal Reserve Bank of Minneapolis Quarterly Review, (based on “Money is Memory”).
- “Zero Nominal Interest Rates: Why They're Good and How to Get Them,” Federal Reserve Bank of Minneapolis Quarterly Review, joint with H. Cole.
- “The Effects of Moral Hazard on Asset Prices when Financial Markets are Complete,” Journal of Monetary Economics.
1997:
- “Using Theory for Measurement: Measuring the Cyclical Behavior of Home Production,” Journal of Monetary Economics, joint with B. F. Ingram and N. E. Savin.
- “Testing the Consumption CAPM with Heavy-Tailed Pricing Errors,” Macroeconomic Dynamics.
- “Is there Endogenous Long Run Growth? Evidence from the United States and the United Kingdom,” Journal of Money, Credit, and Banking, joint with K. Yi.
1996:
- “Implications
of Efficient Risk Sharing without Commitment,” Review of Economic Studies.
- See also, “Differentiability of the Efficient Frontier when Commitment to Risk Sharing is Limited,” by Thorsten Koeppl of Queen’s University for an important correction to the above paper.)
- “Why Should Older People Invest Less in Stocks than Younger People?” Federal Reserve Bank of Minneapolis Quarterly Review, joint with R. Jagannathan.
- “Reconsideration-Proofness: A Refinement for Infinite Horizon Time Inconsistency,” Games and Economic Behavior.
- “Consumption, Commitment and Cycles,” Journal of Monetary Economics.
- “The Equity Premium: It's Still A Puzzle,” Journal of Economic Literature.
- “A Simple Time Series Test of Endogenous vs. Exogenous Growth Models: An Application to the United States,” Review of Economics and Statistics, joint with K. Yi.
1995:
- “Can Convergence Regressions Distinguish Between Exogenous and Endogenous Growth Models?” Economic Letters, joint with K. Yi.
1994:
- “Explaining Business Cycles: A Multiple Shock Approach,” Journal of Monetary Economics, joint with B. F. Ingram and N. E. Savin.
1992:
- “Bubbles and Constraints on Debt Accumulation,” Journal of Economic Theory.
1991:
- “The Variability of Velocity in Cash-in-Advance Models,” Journal of Political Economy, joint with R. Hodrick and D. Lucas.
1990:
- “On Tests of Representative Consumer Asset Pricing Models,” Journal of Monetary Economics.
- “Disentangling the Coefficient of Relative Risk Aversion from the Elasticity of Intertemporal Substitution: An Irrelevance Result,” The Journal of Finance.
- “On the 'Discount' Factor in Growth Economies,” Journal of Monetary Economics.
