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Staff Reports

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Staff Report 502 (August 2014)

Term Structures of Inflation Expectations and Real Interest Rates: The Effects of Unconventional Monetary Policy
S. Boragan Aruoba
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 501 (July 2014)

Pay with Promises or Pay as You Go? Lessons from the Death Spiral of Detroit
Thomas J. Holmes, Lee E. Ohanian
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 500 (June 2014)

The Cost of Financial Frictions for Life Insurers
Ralph S. J. Koijen, Motohiro Yogo
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 499 (June 2014)

Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice
Ralph S. J. Koijen, Stijn Van Nieuwerburgh, Motohiro Yogo
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 498 (May 2014)

Intergenerational Redistribution in the Great Recession
Andrew Glover, Jonathan Heathcote, Dirk Krueger, José-Víctor Ríos-Rull
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 497 (February 2014)

Is It Too Late to Bail Out the Troubled Countries in the Eurozone?
Juan Carlos Conesa, Timothy J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 496 (January 2014)

Optimal Tax Progressivity: An Analytical Framework
Jonathan Heathcote, Kjetil Storesletten, Giovanni L. Violante
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 495 (January 2014)

Renegotiation Policies in Sovereign Defaults
Cristina Arellano, Yan Bai
Forthcoming In: American Economic Review Papers and Proceedings
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 494 (Revised March 2014)

A Reassessment of Real Business Cycle Theory
Ellen R. McGrattan, Edward C. Prescott
Forthcoming In: American Economic Review Papers and Proceedings
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 493 (December 2013)

A 14-Variable Mixed-Frequency VAR Model
Kenneth Beauchemin
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 492 (Janaury 2014)

Using the New Products Margin to Predict the Industry-Level Impact of Trade Reform
Timothy J. Kehoe, Jack Rossbach, Kim J. Ruhl
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 491 (Revised July 2014)

Linkages across Sovereign Debt Markets
Cristina Arellano, Yan Bai
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 490 (August 2013)

Paradox of Thrift Recessions
Zhen Huo, José-Víctor Ríos-Rull
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 489 (August 2013)

Global Imbalances and Structural Change in the United States
Timothy J. Kehoe, Kim J. Ruhl, Joseph B. Steinberg
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 488 (July 2013)

Patent Data Appendix for Quid Pro Quo: Technology Capital Transfers for Market Access in China
Thomas J. Holmes, Ellen R. McGrattan, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 487 (Revised October 2013)

Technical Appendix for Quid Pro Quo: Technology Capital Transfers for Market Access in China
Thomas J. Holmes, Ellen R. McGrattan, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 486 (Revised October 2013)

Quid Pro Quo: Technology Capital Transfers for Market Access in China
Thomas J. Holmes, Ellen R. McGrattan, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 485 (June 2013)

Inferring Labor Income Risk and Partial Insurance from Economic Choices
Fatih Guvenen, Anthony Smith
Published In: Social Science Research Network (Electronic Journal)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 484 (June 2013)

Measuring the Financial Soundness of U.S. Firms, 1926–2012
Andrew Atkeson, Andrea L. Eisfeldt, Pierre-Olivier Weill
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 483 (June 2013)

Heterogeneity and Risk Sharing in Village Economies
Pierre-Andre Chiappori, Krislert Samphantharak, Sam Schulhofer-Wohl, Robert Townsend
Published In: Quantative Economics (Vol. 5, No. 1, March 2014, pp. 1--27)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 482 (June 2013)

Job Matching Within and Across Firms
Elena Pastorino
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 481 (April 2013)

Bailouts, Time Inconsistency, and Optimal Regulation
V. V. Chari, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 480 (April 2013)

Assessing International Efficiency
Jonathan Heathcote, Fabrizio Perri
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 479 (April 2013)

The Market for OTC Derivatives
Andrew Atkeson, Andrea L. Eisfeldt, Pierre-Olivier Weill
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 478 (December 2012)

Engineering a Paradox of Thrift Recession
Zhen Huo, José-Víctor Ríos-Rull
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 477 (December 2012)

What Ever Happened to the Puerto Rican Sugar Manufacturing Industry?
Benjamin Bridgman, Michael Maio, James A. Schmitz, Jr., Arilton Teixeira
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 476 (December 2012)

The Nature of Countercyclical Income Risk
Fatih Guvenen, Serdar Ozkan, Jae Song
Published In: Social Science Research Network (Electronic Journal)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 475 (Revised August 2013)

Learning-by-Employing: The Value of Commitment under Uncertainty
Braz Camargo, Elena Pastorino
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 474 (September 2012)

Do Newspapers Matter? Short-Run and Long-Run Evidence from the Closure of The Cincinnati Post
Miguel Garrido, Sam Schulhofer-Wohl
Published In: Journal of Media Economics (Vol. 26, No. 2, 2013, pp. 60-81)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 473 (Revised October 2013)

Technical Appendix: On Financing Retirement with an Aging Population
Ellen R. McGrattan, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 472 (Revised October 2013)

On Financing Retirement with an Aging Population
Ellen R. McGrattan, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 471 (August 2012)

Heterogeneity in Expected Longevities
Josep Pijoan-Mas, José-Víctor Ríos-Rull
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 470 (Revised June 2013)

Supplementary Appendix: Careers in Firms—Estimating a Model of Job Assignment, Learning, and Human Capital Acquisition
Elena Pastorino
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 469 (Revised June 2013)

Careers in Firms: Estimating a Model of Job Assignment, Learning, and Human Capital Acquisition
Elena Pastorino
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 468 (July 2012)

New and Larger Costs of Monopoly and Tariffs
James A. Schmitz, Jr.
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 467 (July 2012)

Money Is an Experience Good: Competition and Trust in the Private Provision of Money
Ramon Marimon, Juan Pablo Nicolini, Pedro Teles
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 466 (July 2012)

Financial Frictions and Fluctuations in Volatility
Cristina Arellano, Yan Bai, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 465 (June 2012)

Gambling for Redemption and Self-Fulfilling Debt Crises
Juan Carlos Conesa, Timothy J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 464 (February 2012)

Optimal Regulation in the Presence of Reputation Concerns
Andrew Atkeson, Christian Hellwig, Guillermo L. Ordonez
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 463 (November 2011)

International Recessions
Fabrizio Perri, Vincenzo Quadrini
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 462 (September 2011)

Heterogeneity and Tests of Risk Sharing
Sam Schulhofer-Wohl
Published In: Journal of Political Economy (Vol. 119, No. 5, October 2011, pp. 925-958)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 461 (September 2011)

Modeling the Evolution of Age and Cohort Effects in Social Research
Sam Schulhofer-Wohl, Yang Yang
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 460 (July 2011)

A Model of Commodity Money with Minting and Melting
Angela Redish, Warren E. Weber
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 459 (Revised September 2011)

Aggregate Implications of Innovation Policy
Andrew Atkeson, Ariel Burstein
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 458 (June 2011)

Interstate Migration Has Fallen Less Than You Think: Consequences of Hot Deck Imputation in the Current Population Survey
Greg Kaplan, Sam Schulhofer-Wohl
Published In: Demography (Vol. 49, No. 3, August 2012, pp. 1061-1074)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 457 (June 2011)

Aggregate Labor Supply
Edward C. Prescott, Johanna Wallenius
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 456 (Revised June 2013)

Structural Change in an Open Economy
Timothy Uy, Kei-Mu Yi, Jing Zhang
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 455 (Revised April 2012)

Technical Appendix: Transition to FDI Openness—Reconciling Theory and Evidence
Ellen R. McGrattan
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 454 (Revised July 2012)

Transition to FDI Openness: Reconciling Theory and Evidence
Ellen R. McGrattan
Published In: Review of Economic Dynamics (Vol. 15, No. 4, October 2012, pp. 437-458)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 453 (November 2010)

Why Have Economic Reforms in Mexico Not Generated Growth?
Timothy J. Kehoe, Kim J. Ruhl
Published In: Journal of Economic Literature (Vol. 48, No. 4, December 2010, pp. 1005-1027)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 452 (Revised January 2012)

Technical Appendix: Capital Taxation During the U.S. Great Depression
Ellen R. McGrattan
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 451 (Revised January 2012)

Capital Taxation During the U.S. Great Depression
Ellen R. McGrattan
Published In: Quarterly Journal of Economics (Vol. 127, No. 3, August 2012, pp. 1515-1550)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 450 (July 2010)

Inferring Labor Income Risk From Economic Choices: An Indirect Inference Approach
Fatih Guvenen, Anthony Smith
Published In: Social Science Research Network (Electronic Journal)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 449 (July 2010)

Moving Back Home: Insurance Against Labor Market Risk
Greg Kaplan
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 448 (July 2010)

Human Capital Values and Returns: Bounds Implied By Earnings and Asset Returns Data
Mark Huggett, Greg Kaplan
Published In: Journal of Economic Theory (Vol. 146, No. 3, May 2011, pp. 897-919)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 447 (June 2010)

Comment on Christian’s “Human Capital Accounting in the United States: 1994–2006”
Ellen R. McGrattan
Published In: Survey of Current Business (Vol. 90, No. 6, June 2010, pp. 37-41)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 446 (May 2010)

Fund Managers, Career Concerns, and Asset Price Volatility
Veronica Guerrieri, Peter Kondor
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 445 (April 2010)

An Alternative Theory of the Plant Size Distribution with an Application to Trade
Thomas J. Holmes, John J. Stevens
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 444 (April 2010)

Innovation, Firm Dynamics, and International Trade
Andrew Atkeson, Ariel Burstein
Published In: Journal of Political Economy (Vol. 118, No. 3, June 2010, pp. 433-484)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 443 (April 2010)

New Monetarist Economics: Models
Stephen D. Williamson, Randall Wright
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 442 (April 2010)

New Monetarist Economics: Methods
Stephen D. Williamson, Randall Wright
Published In: Federal Reserve Bank of St. Louis Review (Vol. 92, No. 4, July-August 2010, pp. 265-302)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 441 (March 2010)

Tax Buyouts
Marco Del Negro, Fabrizio Perri, Fabiano Schivardi
Published In: Journal of Monetary Economics (Vol. 57, No. 5, July 2010, pp. 576-595)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 440 (March 2010)

On the Mechanics of Firm Growth
Erzo G.J. Luttmer
Published In: Review of Economic Studies (Vol. 78, No. 3, July 2011, pp. 1042-1068)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 439 (February 2010)

Competition and Productivity: A Review of Evidence
Thomas J. Holmes, James A. Schmitz, Jr.
Published In: Annual Review of Economics (Vol. 2, September 2010, pp. 619-642)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 438 (November 2009)

Taxation of Human Capital and Wage Inequality: A Cross-Country Analysis
Fatih Guvenen, Burhanettin Kuruscu, Serdar Ozkan
Published In: Social Science Research Network (Electronic Journal)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 437 (November 2009)

The Economic Performance of Cartels: Evidence from the New Deal U.S. Sugar Manufacturing Cartel, 1934–74
Benjamin Bridgman, Shi Qi, James A. Schmitz, Jr.
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 436 (October 2009)

Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967–2006
Jonathan Heathcote, Fabrizio Perri, Giovanni L. Violante
Published In: Review of Economic Dynamics (Vol. 13, No. 1, January 2010, pp. 15-51)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 435 (September 2009)

International Trade and Income Differences
Michael E. Waugh
Published In: American Economic Review (Vol. 100, No. 5, December 2010, pp. 2093-2124)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 434 (August 2009)

A Parsimonious Macroeconomic Model for Asset Pricing
Fatih Guvenen
Published In: Econometrica (Vol. 77, No. 6, November 2009, pp. 1711-1750)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 433 (August 2009)

Methods versus Substance: Measuring the Effects of Technology Shocks on Hours
Cristina Fuentes-Albero, Maxym Kryshko, José-Víctor Ríos-Rull, Raul Santaeulalia-Llopis, Frank Schorfheide
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 432 (Revised February 2012)

Consumption and Labor Supply with Partial Insurance: An Analytical Framework
Jonathan Heathcote, Kjetil Storesletten, Giovanni L. Violante
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 431 (July 2009)

Fragility of Reputation and Clustering of Risk-Taking
Guillermo L. Ordonez
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 430 (July 2009)

Reputation from Nested Activities: The Inefficient Effects of Scapegoating
Guillermo L. Ordonez
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 429 (July 2009)

Larger Crises, Slower Recoveries: The Asymmetric Effects of Financial Frictions
Guillermo L. Ordonez
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 428 (June 2009)

Superstores or Mom and Pops? Technology Adoption and Productivity Differences in Retail Trade
David P. Lagakos
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 427 (May 2009)

A Quantitative Analysis of the Evolution of the U.S. Wage Distribution: 1970–2000
Fatih Guvenen, Burhanettin Kuruscu
Published In: Social Science Research Network (Electronic Journal)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 426 (May 2009)

Joint-Search Theory: New Opportunities and New Frictions
Bulent Guler, Fatih Guvenen, Giovanni L. Violante
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 425 (May 2009)

Transportation and Development: Insights from the U.S., 1840–1860
Berthold Herrendorf, James A. Schmitz, Jr., Arilton Teixeira
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 424 (April 2009)

Trend and Cycle in Bond Premia
Monika Piazzesi, Martin Schneider
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 423 (April 2009)

Inflation and the Price of Real Assets
Monika Piazzesi, Martin Schneider
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 422 (March 2009)

Momentum Traders in the Housing Market: Survey Evidence and a Search Model
Monika Piazzesi, Martin Schneider
Published In: American Economic Review (Vol. 99, No. 2, May 2009, pp. 406-411)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 421 (Revised March 2009)

The Current Financial Crisis: What Should We Learn from the Great Depressions of the Twentieth Century?
Gonzalo Fernandez de Cordoba, Timothy J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 420 (January 2009)

Quantitative Macroeconomics with Heterogeneous Households
Jonathan Heathcote, Kjetil Storesletten, Giovanni L. Violante
Published In: Annual Review of Economics (Vol. 1, No. 1, 2009, pp. 315-354)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 419 (Revised May 2009)

Sophisticated Monetary Policies
Andrew Atkeson, V. V. Chari, Patrick J. Kehoe
Published In: Quarterly Journal of Economics (Vol. 125, No. 1, February 2010, pp. 47-89)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 418 (December 2008)

Using the General Equilibrium Growth Model to Study Great Depressions: A Reply to Temin
Timothy J. Kehoe, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 417 (November 2008)

Sluggish Responses of Prices and Inflation to Monetary Shocks in an Inventory Model of Money Demand
Fernando Alvarez, Andrew Atkeson, Chris Edmond
Published In: Quarterly Journal of Economics (Vol. 124, No. 3, 2009, pp. 911-967)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 416 (October 2008)

Coin Sizes and Payments in Commodity Money Systems
Angela Redish, Warren E. Weber
Published In: Macroeconomic Dynamics (Vol. 15, No. S1, April 2011, pp. 62-82)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 415 (October 2008)

Real Exchange Rate Movements and the Relative Price of Non-Traded Goods
Caroline M. Betts, Timothy J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 414 (October 2008)

Sudden Stops, Sectoral Reallocations, and the Real Exchange Rate
Timothy J. Kehoe, Kim J. Ruhl
Published In: Journal of Development Economics (Vol. 89, No. 2, July 2009, pp. 235-249)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 413 (Revised July 2012)

Prices Are Sticky After All
Patrick J. Kehoe, Virgiliu Midrigan
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 412 (September 2008)

On the Need for a New Approach to Analyzing Monetary Policy
Andrew Atkeson, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 411 (August 2008)

Understanding International Prices: Customers as Capital
Lukasz A. Drozd, Jaromir B. Nosal
Published In: American Economic Review (Vol. 102, No. 1, February 2012, pp. 364-395)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 410 (Revised October 2013)

Default and the Maturity Structure in Sovereign Bonds
Cristina Arellano, Ananth Ramanarayanan
Published In: Journal of Political Economy (Vol. 120, No. 2, 2012, pp. 187-232)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 409 (August 2008)

New Keynesian Models: Not Yet Useful for Policy Analysis
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
Published In: American Economic Journal: Macroeconomics (Vol. 1, No. 1, January 2009, pp. 242-266)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 408 (August 2008)

Liquidity in Asset Markets with Search Frictions
Ricardo Lagos, Guillaume Rocheteau
Published In: Econometrica (Vol. 77, No. 2, March 2009, pp. 403-426)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 407 (Revised March 2009)

Appendices: Technology Capital and the U.S. Current Account
Ellen R. McGrattan, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 406 (Revised March 2009)

Technology Capital and the U.S. Current Account
Ellen R. McGrattan, Edward C. Prescott
Published In: American Economic Review (Vol. 100, No. 4, September 2010, pp. 1493-1522)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 405 (Revised September 2008)

Intermediated Quantities and Returns
Rajnish Mehra, Facundo Piguillem, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 404 (April 2008)

Pricing-to-Market, Trade Costs, and International Relative Prices
Andrew Atkeson, Ariel Burstein
Published In: American Economic Review (Vol. 98, No. 5, December 2008, pp. 1998-2031)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 403 (April 2008)

Optimal Fiscal and Monetary Policy: Equivalence Results
Isabel Correia, Juan Pablo Nicolini, Pedro Teles
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 402 (Revised October 2008)

Monopoly and the Incentive to Innovate When Adoption Involves Switchover Disruptions
Thomas J. Holmes, David K. Levine, James A. Schmitz, Jr.
Published In: American Economic Journal: Microeconomics (Vol. 4, No. 3, August 2012, pp. 1-33)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 401 (November 2007)

Modeling Great Depressions: The Depression in Finland in the 1990s
Juan Carlos Conesa, Timothy J. Kehoe, Kim J. Ruhl
Published In: Quarterly Review (Vol. 31, No. 1, November 2007, pp. 16-44)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 400 (November 2007)

Lifetime Aggregate Labor Supply with Endogenous Workweek Length
Edward C. Prescott, Richard Rogerson, Johanna Wallenius
Published In: Review of Economic Dynamics (Vol. 12, No. 1, January 2009, pp. 23-36)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 399 (October 2007)

The Heterogeneous State of Modern Macroeconomics: A Reply to Solow
V. V. Chari, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 398 (October 2007)

The International Diversification Puzzle Is Not as Bad as You Think
Jonathan Heathcote, Fabrizio Perri
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 397 (Revised April 2008)

Changes in the Distribution of Family Hours Worked Since 1950
Ellen R. McGrattan, Richard Rogerson
Published In: Frontiers of Family Economics (Vol. 1, 2008)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 396 (Revised July 2008)

Openness, Technology Capital, and Development
Ellen R. McGrattan, Edward C. Prescott
Published In: Journal of Economic Theory (Vol. 144, No. 6, November 2009, pp. 2454-2476)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 395 (Revised September 2009)

Technical Appendix: Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
Ellen R. McGrattan, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 394 (August 2007)

On the Optimal Choice of a Monetary Policy Instrument
Andrew Atkeson, V. V. Chari, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 393 (July 2007)

Money and Bonds: An Equivalence Theorem
Narayana Kocherlakota
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 392 (Revised July 2009)

Firm Dynamics and Financial Development
Cristina Arellano, Yan Bai, Jing Zhang
Published In: Journal of Monetary Economics (Vol. 59, No. 6, October 2012, pp. 533-549)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 391 (Revised January 2008)

Are Shocks to the Terms of Trade Shocks to Productivity?
Timothy J. Kehoe, Kim J. Ruhl
Published In: Review of Economic Dynamics (Vol. 11, No. 4, October 2008, pp. 804-819)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 390 (April 2007)

Time Consistent Monetary Policy with Endogenous Price Rigidity
Henry E. Siu
Published In: Journal of Economic Theory (Vol. 138, No. 1, January 2008, pp. 184-210)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 389 (April 2007)

Does Regulation Reduce Productivity? Evidence From Regulation of the U.S. Beet-Sugar Manufacturing Industry During the Sugar Acts, 1934-74
Benjamin Bridgman, Shi Qi, James A. Schmitz, Jr.
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 388 (March 2007)

If Exchange Rates Are Random Walks, Then Almost Everything We Say about Monetary Policy is Wrong
Fernando Alvarez, Andrew Atkeson, Patrick J. Kehoe
Published In: American Economic Review (Vol. 97, No. 2, May 2007, pp. 339-345)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 387 (March 2007)

The Young, the Old, and the Restless: Demographics and Business Cycle Volatility
Nir Jaimovich, Henry E. Siu
Published In: American Economic Review (Vol. 99, No. 3, June 2009, pp. 804-826)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 386 (February 2007)

Nature or Nurture? Learning and Female Labor Force Dynamics
Alessandra Fogli, Laura Veldkamp
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 385 (January 2007)

Dollarization and Financial Integration
Cristina Arellano, Jonathan Heathcote
Published In: Journal of Economic Theory (Vol. 145, No. 3, May 2010, pp. 944-973)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 384 (Revised March 2007)

Comparing Alternative Representations, Methodologies, and Decompositions in Business Cycle Accounting
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 383 (November 2006)

Private Monitoring with Infinite Histories
Christopher Phelan, Andrzej Skrzypacz
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 382 (November 2006)

Establishment Size Dynamics in the Aggregate Economy
Esteban Rossi-Hansberg, Mark L. J. Wright
Published In: American Economic Review (Vol. 97, No. 5, December 2007, pp. 1639-1666)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 381 (November 2006)

Urban Structure and Growth
Esteban Rossi-Hansberg, Mark L. J. Wright
Published In: Review of Economic Studues (Vol. 74, No. 2, April 2007, pp. 597-624)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 380 (October 2006)

Bankruptcy and Collateral in Debt Constrained Markets
Timothy J. Kehoe, David K. Levine
Published In: Macroeconomics in the Small and the Large: Essays on Microfoundations, Macroeconomic Applications, and Economic History in Honor of Axel Leijonhufvud (2008, pp. 99-114)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 379 (October 2006)

How to Advance Theory with Structural VARs: Use the Sims-Cogley-Nason Approach
Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 378 (Revised October 2008)

Trade, Growth, and Convergence in a Dynamic Heckscher-Ohlin Model
Claustre Bajona, Timothy J. Kehoe
Published In: Review of Economic Dynamics (Vol. 13, No. 3, July 2010, pp. 487-513)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 377 (Revised April 2014)

Demographics in Dynamic Heckscher-Ohlin Models: Overlapping Generations versus Infinitely Lived Consumers
Claustre Bajona, Timothy J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 376 (August 2006)

Modern Macroeconomics in Practice: How Theory is Shaping Policy
V. V. Chari, Patrick J. Kehoe
Published In: Journal of Economic Perspectives (Vol. 20, No. 4, Fall 2006, pp. 3-28)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 375 (June 2006)

Search in Asset Markets
Ricardo Lagos, Guillaume Rocheteau
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 374 (May 2006)

Inside and Outside Money
Ricardo Lagos
Published In: New Palgrave Dictionary of Economics (2nd ed., 2008)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 373 (May 2006)

Asset Prices and Liquidity in an Exchange Economy
Ricardo Lagos
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 372 (April 2006)

Household Heterogeneity and Real Exchange Rates
Narayana Kocherlakota, Luigi Pistaferri
Published In: Economic Journal (Vol. 117, 2007, pp. C1-C25)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 371 (Revised September 2008)

Time-Varying Risk, Interest Rates, and Exchange Rates in General Equilibrium
Fernando Alvarez, Andrew Atkeson, Patrick J. Kehoe
Published In: Review of Economic Studies (Vol. 76, No. 3, July 2009, pp. 851-878)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 370 (February 2006)

Real Business Cycles
Ellen R. McGrattan
Published In: The New Palgrave Dictionary of Economics (2nd Ed., 2008)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 369 (Revised September 2010)

Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
Ellen R. McGrattan, Edward C. Prescott
Published In: American Economic Journal: Macroeconomics (Vol. 2, No. 4, October 2010, pp. 88-123)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 368 (January 2006)

Geographic Spillover of Unionism
Thomas J. Holmes
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 367 (January 2006)

Temptation and Self-Control: Some Evidence and Applications
Kevin X. D. Huang, Zheng Liu, Qi Zhu
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 366 (December 2005)

Liquidity and Insurance for the Unemployed
Robert Shimer, Iván Werning
Published In: American Economic Review (Vol. 98, No. 5, Decemer 2008, pp. 1922-1942)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 365 (December 2005)

Tax Smoothing with Redistribution
Iván Werning
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 364 (Revised May 2007)

Are Structural VARs with Long-Run Restrictions Useful in Developing Business Cycle Theory?
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
Published In: Journal of Monetary Economics (Vol. 55, No. 8, November 2008, pp. 1337-1352)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 363 (June 2005)

Does Income Inequality Lead to Consumption Equality? Evidence and Theory
Dirk Krueger, Fabrizio Perri
Published In: Review of Economic Studies (Vol. 73, No. 1, January 2006, pp. 163-193)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 362 (Revised December 2006)

Appendices: Business Cycle Accounting
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 361 (April 2005)

Culture: An Empirical Investigation of Beliefs, Work, and Fertility
Raquel Fernandez, Alessandra Fogli
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 360 (March 2005)

Intellectual Property and Market Size
Michele Boldrin, David K. Levine
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 359 (March 2005)

Fertility and Social Security
Michele Boldrin, Mariacristina De Nardi, Larry E. Jones
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 358 (Revised February 2006)

A Model of Job and Worker Flows
Nobuhiro Kiyotaki, Ricardo Lagos
Published In: Journal of Political Economy (Vol. 115, No. 5, October 2007, pp. 770-819)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 357 (February 2005)

The Economics of Ideas and Intellectual Property
Michele Boldrin, David K. Levine
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 356 (February 2005)

Deflation and the International Great Depression: A Productivity Puzzle
Harold L. Cole, Ron Leung, Lee E. Ohanian
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 355 (February 2005)

Real Effects of Inflation Through the Redistribution of Nominal Wealth
Matthias Doepke, Martin Schneider
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 354 (February 2005)

The Macroeconomics of Child Labor Regulation
Matthias Doepke, Fabrizio Zilibotti
Published In: American Economic Review (Vol. 95, No. 5, December 2005, pp. 1492-1524)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 353 (January 2005)

Sudden Stops and Output Drops
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
Published In: American Economic Review Papers and Proceedings (Vol. 95, No. 2, May 2005, pp. 381-387)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 352 (December 2004)

Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics
Aubhik Khan, Julia Thomas
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 351 (November 2004)

Latin America in the Rearview Mirror
Harold L. Cole, Lee E. Ohanian, Alvaro Riascos, James A. Schmitz, Jr.
Published In: Quarterly Review (Vol. 30, No. 1, September 2006, pp. 2-27)
Published In: Journal of Monetary Economics (Vol. 52, No. 1, January 2005, pp. 69-107)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 350 (Revised May 2005)

Productivity and the Post-1990 U.S. Economy
Ellen R. McGrattan, Edward C. Prescott
Published In: Federal Reserve Bank of St. Louis Review (Vol. 87, No. 4, July/August 2005, pp. 537-549)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 349 (November 2004)

Patrick Kehoe’s Comment on “Determinants of Business Cycle Comovement: A Robust Analysis” by Marianne Baxter and Michael Kouparitsas
Patrick J. Kehoe
Published In: Journal of Monetary Economics (Vol. 52, No. 1, January 2005, pp. 159-162)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 348 (October 2004)

Comment on Mendoza and Tesar’s “Why Hasn’t Tax Competition Triggered a Race to the Bottom? Some Quantitative Lessons from the EU”
Ellen R. McGrattan
Published In: Journal of Monetary Economics (Vol. 52, No. 1, January 2005, pp. 205-211)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 347 (October 2004)

Rent-Seeking and Innovation
Michele Boldrin, David K. Levine
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 346 (September 2004)

A Unified Framework for Monetary Theory and Policy Analysis
Ricardo Lagos, Randall Wright
Published In: Journal of Political Economy (Vol. 113, No. 3, June 2005, pp. 463-484)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 345 (Revised January 2006)

A Model of TFP
Ricardo Lagos
Published In: Review of Economic Studies (Vol. 73, No. 4, October 2006, pp. 983-1007)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 344 (Revised May 2005)

Were U.S. State Banknotes Priced as Securities?
Warren E. Weber
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 343 (August 2004)

Modeling Inventories Over The Business Cycle
Aubhik Khan, Julia Thomas
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 342 (August 2004)

Inflation, Output and Welfare
Ricardo Lagos, Guillaume Rocheteau
Published In: International Economic Review (Vol. 46, No. 2, May 2005, pp. 495-522)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 341 (August 2004)

Money and Capital as Competing Media of Exchange
Ricardo Lagos, Guillaume Rocheteau
Published In: Journal of Economic Theory (Vol. 142, No. 1, September 2008, pp. 247-258)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 340 (July 2004)

Taxation, Entrepreneurship, and Wealth
Marco Cagetti, Mariacristina De Nardi
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 339 (June 2004)

IER Lawrence Klein Lecture: The Case Against Intellectual Monopoly
Michele Boldrin, David K. Levine
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 338 (Revised December 2004)

Comment on Gali and Rabanal’s “Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?”
Ellen R. McGrattan
Published In: NBER Macroeconomic Annual 2004 (Vol. 19, 2005, pp. 289-308)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 337 (June 2004)

Privatization’s Impact on Private Productivity: The Case of Brazilian Iron Ore
James A. Schmitz, Jr., Arilton Teixeira
Published In: Review of Economic Dynamics (Vol. 11, No. 4, October 2008, pp. 745-760)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 336 (May 2004)

The Intergenerational State: Education and Pension
Michele Boldrin, Ana Montes
Published In: Review of Economic Studies (Vol. 72, No. 3, July 2005, pp. 651-664)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 335 (March 2004)

Business Cycles in Emerging Economies: The Role of Interest Rates
Pablo Neumeyer, Fabrizio Perri
Published In: Journal of Monetary Economics (Vol. 52, No. 2, March 2005, pp. 345-380)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 334 (March 2004)

U.S. Real Exchange Rate Fluctuations and Relative Price Fluctuations
Caroline M. Betts, Timothy J. Kehoe
Published In: Journal of Monetary Economics (Vol. 53, No. 7, October 2006, pp. 1297-1326)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 333 (March 2004)

A Unified Theory of the Evolution of International Income Levels
Stephen L. Parente, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 332 (February 2004)

Dissecting Trade: Firms, Industries, and Export Destinations
Jonathan Eaton, Samuel Kortum, Francis Kramarz
Published In: American Economic Review (Vol. 94, No. 2, May 2004, pp. 150-154)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 331 (January 2004)

Deflation and Depression: Is There an Empirical Link?
Andrew Atkeson, Patrick J. Kehoe
Published In: American Economic Review (Vol. 94, No. 2, May 2004, pp. 99-103)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 330 (November 2003)

On the Desirability of Fiscal Constraints in a Monetary Union
V. V. Chari, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 329 (November 2003)

Inventories and the Business Cycle: An Equilibrium Analysis of (S,s) Policies
Aubhik Khan, Julia Thomas
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 328 (Revised December 2006)

Business Cycle Accounting
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
Published In: Econometrica (Vol. 75, No. 3, May 2007, pp. 781-836)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 327 (Revised August 2004)

Partial Adjustment Without Apology
Robert G. King, Julia Thomas
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 326 (Revised August 2004)

The Optimal Degree of Discretion in Monetary Policy
Susan Athey, Andrew Atkeson, Patrick J. Kehoe
Published In: Econometrica (Vol. 73, No. 5, September 2005, pp. 1431-1475)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 325 (October 2003)

A Theory of Factor Allocation and Plant Size
Thomas J. Holmes, Matthew F. Mitchell
Published In: RAND Journal of Economics (Vol. 39, No. 2, Summer 2008, pp. 329-351)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 324 (Revised April 2013)

How Important Is the New Goods Margin in International Trade?
Timothy J. Kehoe, Kim J. Ruhl
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 323 (Revised September 2005)

Opportunity and Social Mobility
Christopher Phelan
Published In: Review of Economic Studies (Vol. 73, No. 2, April 2006, pp. 487-504)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 322 (September 2003)

Entrepreneurship, Frictions, and Wealth
Marco Cagetti, Mariacristina De Nardi
Published In: Journal of Political Economy (Vol. 114, No. 5, October 2006, pp. 835-870)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 321 (November 2003)

Why Do Americans Work So Much More Than Europeans?
Edward C. Prescott
Published In: Quarterly Review (Vol. 28, No. 1, July 2004, pp. 2-13)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 320 (August 2003)

An Evaluation of the Performance of Applied General Equilibrium Models of the Impact of NAFTA
Timothy J. Kehoe
Published In: Frontiers in Applied General Equilibrium Modeling: In Honor of Herbert Scarf (2005, pp. 341-377)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 319 (August 2003)

Expectation Traps and Monetary Policy
Stefania Albanesi, V. V. Chari, Lawrence J. Christiano
Published In: Review of Economic Studies (Vol. 70, No. 4, October 2003, pp. 715-741)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 318 (July 2003)

What Can We Learn from the Current Crisis in Argentina?
Timothy J. Kehoe
Published In: Scottish Journal of Political Economy (Vol. 50, No. 5, November 2003, pp. 609-633)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 317 (June 2003)

Why Are Married Women Working So Much?
Larry E. Jones, Rodolfo E. Manuelli, Ellen R. McGrattan
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 316 (April 2003)

Financial Crises as Herds: Overturning the Critiques
V. V. Chari, Patrick J. Kehoe
Published In: Journal of Economic Theory (Vol. 119, No. 1, November 2004, pp. 128-150)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 315 (Revised November 2008)

Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence From World War II
Ellen R. McGrattan, Lee E. Ohanian
Published In: International Economic Review (Vol. 51, No. 2, May 2010, pp. 509-532)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 314 (November 2002)

Wealth Inequality and Intergenerational Links
Mariacristina De Nardi
Published In: Review of Economic Studies (Vol. 71, No. 3, July 2004, pp. 743-768)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 313 (January 2003)

Average Debt and Equity Returns: Puzzling?
Ellen R. McGrattan, Edward C. Prescott
Published In: AER, Papers and Proceedings (Vol. 93, No. 2, May 2003, pp. 392-397)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 312 (Revised November 2003)

Non-Convexities in Quantitative General Equilibrium Studies of Business Cycles
Edward C. Prescott
Published In: Frontiers in Applied General Equilibrium Modeling: In Honor of Herbert Scarf (2005, pp. 95-118)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 311 (September 2002)

Overturning Mundell: Fiscal Policy in a Monetary Union
Russell Cooper, Hubert Kempf
Published In: Review of Economic Studies (Vol. 71, No. 2, April 2004, pp. 371-396)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 310 (Revised July 2003)

The Economics of Labor Adjustment: Mind the Gap
Russell Cooper, Jonathan L. Willis
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 309 (June 2004)

Data Appendix: Taxes, Regulations, and the Value of U.S. and U.K. Corporations
Ellen R. McGrattan, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 309 (Revised May 2005)

Taxes, Regulations, and the Value of U.S. and U.K. Corporations
Ellen R. McGrattan, Edward C. Prescott
Published In: Review of Economic Studies (Vol. 72, No. 3, July 2005, pp. 767-796)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 308 (Revised April 2008)

Time Inconsistency and Free-Riding in a Monetary Union
V. V. Chari, Patrick J. Kehoe
Published In: Journal of Money, Credit, and Banking (Vol. 40, No. 7, October 2008, pp. 1329-1355)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 307 (Revised September 2003)

Competitive Equilibria With Limited Enforcement
Patrick J. Kehoe, Fabrizio Perri
Published In: Journal of Economic Theory (Vol. 119, No. 1, November 2004, pp. 184-206)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 306 (May 2002)

Nonconvex Factor Adjustments in Equilibrium Business Cycle Models: Do Nonlinearities Matter?
Aubhik Khan, Julia Thomas
Published In: Journal of Monetary Economics (Vol. 50, No. 2, March 2003, pp. 331-360)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 305 (Revised April 2003)

The Time Consistency of Monetary and Fiscal Policies
Fernando Alvarez, Patrick J. Kehoe, Pablo Neumeyer
Published In: Econometrica (Vol. 72, No. 2, March 2004, pp. 541-567)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 304 (April 2002)

The Home Market and the Pattern of Trade: Round Three
Thomas J. Holmes, John J. Stevens
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 303 (March 2002)

Perfectly Competitive Innovation
Michele Boldrin, David K. Levine
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 302 (March 2002)

Is Lumpy Investment Relevant for the Business Cycle?
Julia Thomas
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 301 (February 2002)

Factor Saving Innovation
Michele Boldrin, David K. Levine
Published In: Journal of Economic Theory (Vol. 105, No. 1, July 2002, pp. 18-41)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 300 (February 2002)

Innovating Firms and Aggregate Innovation
Tor Jakob Klette, Samuel Kortum
Published In: Journal of Political Economy (Vol. 112, No. 5, October 2004, pp. 986-1018)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 299 (February 2002)

Learning from Failure
Andreas Blume, April Franco
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 298 (January 2002)

The Role of Cities: Evidence From the Placement of Sales Offices
Thomas J. Holmes
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 297 (Revised July 2006)

The Advantage of Transparency in Monetary Policy Instruments
Andrew Atkeson, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 296 (Revised May 2006)

Modeling the Transition to a New Economy: Lessons from Two Technological Revolutions
Andrew Atkeson, Patrick J. Kehoe
Published In: American Economic Review (Vol. 97, No. 1, March 2007, pp. 64-88)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 295 (October 2001)

The Great U.K. Depression: A Puzzle and Possible Resolution
Harold L. Cole, Lee E. Ohanian
Published In: Review of Economic Dynamics (Vol. 5, No. 1, January 2002, pp. 19-44)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 294 (Revised December 2003)

The 1929 Stock Market: Irving Fisher Was Right
Ellen R. McGrattan, Edward C. Prescott
Published In: International Economic Review (Vol. 45, No. 4, November 2004, pp. 991-1009)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 293 (September 2001)

Optimal Indirect and Capital Taxation
Mikhail Golosov, Narayana Kocherlakota, Aleh Tsyvinski
Published In: Review of Economic Studies (Vol. 70, No. 3, July 2003, pp. 569-587)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 292 (September 2001)

A Decade Lost and Found: Mexico and Chile in the 1980s
Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto
Published In: Review of Economic Dynamics (Vol. 5, No. 1, January 2002, pp. 166-205)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 291 (Revised February 2005)

Modeling and Measuring Organization Capital
Andrew Atkeson, Patrick J. Kehoe
Published In: Journal of Political Economy (Vol. 113, No. 5, October 2005, pp. 1026-1053)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 290 (July 2001)

Specialization and the Skill Premium in the 20th Century
Matthew F. Mitchell
Published In: International Economic Review (Vol. 46, No. 3, August 2005, pp. 935-955)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 289 (March 2001)

Financial Collapse and Active Monetary Policy: A Lesson from the Great Depression
Russell Cooper, Dean Corbae
Published In: Journal of Economic Theory (Vol. 107, 2002, pp. 159-190)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 288 (March 2001)

Building Blocks for Barriers to Riches
Narayana Kocherlakota
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 287 (March 2001)

Finite Memory and Imperfect Monitoring
Harold L. Cole, Narayana Kocherlakota
Published In: Games and Economic Behavior (Vol. 53, No. 1, October 2005, pp. 59-72)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 286 (Revised February 2005)

What Determines Productivity? Lessons From the Dramatic Recovery of the U.S. and Canadian Iron Ore Industries Following Their Early 1980s Crisis
James A. Schmitz, Jr.
Published In: Journal of Political Economy (Vol. 113, No. 3, June 2005, pp. 582-625)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 285 (March 2001)

Why Did Productivity Fall So Much During the Great Depression?
Lee E. Ohanian
Published In: Quarterly Review (Vol. 26, No. 2, Spring 2002, pp. 12-17)
Published In: American Economic Review (Vol. 91, No. 2, May 2001, pp. 34-38)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 284 (March 2001)

Trade Theory and Trade Facts
Raphael Bergoeing, Timothy J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 283 (January 2001)

Public Trust and Government Betrayal
Christopher Phelan
Published In: Journal of Economic Theory (Vol. 130, Issue 1, September 2006, pp. 27-43)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 282 (November 2000)

On the Equilibrium Concept for Overlapping Generations Organizations
Edward C. Prescott, José-Víctor Ríos-Rull
Published In: International Economic Review (Vol. 46, No. 4, November 2005, pp. 1065-1080)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 281 (November 2000)

Technology (and Policy) Shocks in Models of Endogenous Growth
Larry E. Jones, Rodolfo E. Manuelli, Ennio Stacchetti
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 280 (November 2000)

Habit Persistence, Asset Returns and the Business Cycle
Michele Boldrin, Lawrence J. Christiano, Jonas D. M. Fisher
Published In: American Economic Review (Vol. 91, No. 1, March 2001, pp. 149-166)
Published In: Macroeconomic Dynamics (Vol. 1, No. 2, June 1997)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 279 (September 2000)

Growth Cycles and Market Crashes
Michele Boldrin, David K. Levine
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 278 (August 2000)

Money, Interest Rates, and Exchange Rates With Endogenously Segmented Asset Markets
Fernando Alvarez, Andrew Atkeson, Patrick J. Kehoe
Published In: Journal of Political Economy (Vol. 110, No. 1, February 2002, pp. 73-112)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 277 (Revised July 2001)

Technical Appendix: Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 277 (Revised July 2002)

Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
Published In: Review of Economic Studies (Vol. 69, No. 3, August 2002, pp. 533-563)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 276 (August 2000)

Endogenous Policy Choice: The Case of Pollution and Growth
Larry E. Jones, Rodolfo E. Manuelli
Published In: Review of Economic Dynamics (Vol. 4, No. 2, April 2001, pp. 369-405)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 275 (August 2000)

Societal Benefits of Nominal Bonds
Narayana Kocherlakota
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 274 (August 2000)

Risky Collateral and Deposit Insurance
Narayana Kocherlakota
Published In: Advances in Macroeconomics (Vol. 1, No. 1, 2001)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 273 (July 2000)

Rewarding Sequential Innovators: Prizes, Patents and Buyouts
Hugo Hopenhayn, Gerard Llobet, Matthew F. Mitchell
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 272 (July 2000)

Knowledge Diffusion through Employee Mobility
Darren Filson, April Franco
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 271 (July 2000)

Growth and Business Cycles
Larry E. Jones, Rodolfo E. Manuelli, Henry E. Siu
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 270 (June 2000)

Re-Examining the Contributions of Money and Banking Shocks to the U.S. Great Depression
Harold L. Cole, Lee E. Ohanian
Published In: NBER Macroeconomics Annual 2000 (Vol. 15, 2001, pp. 183-227)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 269 (April 2000)

The Scale of Production in Technological Revolutions
Matthew F. Mitchell
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 268 (Revised January 2001)

On the Irrelevance of the Maturity Structure of Government Debt Without Commitment
Christopher Phelan
Published In: Games and Economic Behavior (Vol. 46, Issue 1, January 2004, pp. 115-128)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 267 (June 2000)

Predicting Turning Points
Daniel M. Chin, John F. Geweke, Preston J. Miller
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 266 (June 2000)

Some Fresh Perspectives on Price-Support Policies
Preston J. Miller
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 265 (March 2000)

International Business Cycles With Endogenous Incomplete Markets
Patrick J. Kehoe, Fabrizio Perri
Published In: Econometrica (Vol. 70, No. 3, May 2002, pp. 907-928)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 264 (March 2000)

Do Mergers Lead to Monopoly in the Long Run? Results From the Dominant Firm Model
Gautam Gowrisankaran, Thomas J. Holmes
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 263 (Revised June 2000)

Threats to Industry Survival and Labor Productivity: World Iron-Ore Markets in the 1980's
Jose E. Galdon-Sanchez, James A. Schmitz, Jr.
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 262 (June 1999)

Risk Sharing: Private Insurance Markets or Redistributive Taxes?
Dirk Krueger, Fabrizio Perri
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 261 (May 1999)

Bar Codes Lead to Frequent Deliveries and Superstores
Thomas J. Holmes
Published In: RAND Journal of Economics (Vol. 32, No. 4, Winter 2001, pp. 708-725)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 260 (April 1999)

Money and Interest Rates With Endogenously Segmented Markets
Fernando Alvarez, Andrew Atkeson, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 259 (March 1999)

A Recursive Formulation for Repeated Agency with History Dependence
Ana Fernandes, Christopher Phelan
Published In: Journal of Economic Theory (Vol. 91, No. 2, April 2000, pp. 223-247)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 258 (February 1999)

Sequential Equilibria in a Ramsey Tax Model
Christopher Phelan, Ennio Stacchetti
Published In: Econometrica (Vol. 69, No. 6, November 2001, pp. 1491-1518)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 258 (February 1999)

Original Version: Sequential Equilibria in a Ramsey Tax Model
Christopher Phelan, Ennio Stacchetti
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 257 (January 1999)

Malthus to Solow
Gary D. Hansen, Edward C. Prescott
Published In: American Economic Review (Vol. 92, No. 4, September 2002, pp. 1205-1217)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 256 (September 2000)

Paths of Development for Early- and Late-Bloomers in a Dynamic Heckscher-Ohlin Model
Andrew Atkeson, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 255 (October 1998)

Complex Eigenvalues and Trend-Reverting Fluctuations
Costas Azariadis, James Bullard, Lee E. Ohanian
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 254 (September 1998)

Dynamic Games With Hidden Actions and Hidden States
Harold L. Cole, Narayana Kocherlakota
Published In: Journal of Economic Theory (Vol. 98, No. 1, May 2001, pp. 114-126)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 253 (August 1998)

Efficient Non-contractible Investments
Harold L. Cole, George J. Mailath, Andrew Postlewaite
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 252 (August 1998)

The Existence of Rational Expectations Equilibrium: A Retrospective
Beth Allen, James S. Jordan
Published In: Organizations with incomplete information: Essays in economic analysis: A tribute to Roy Radner (1998, pp. 42-60)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 251 (July 1998)

Optimal Fiscal and Monetary Policy
V. V. Chari, Patrick J. Kehoe
Published In: Handbooks in Economics (Vol. 1C, 1999, pp. 1671-1745)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 250 (Revised August 1998)

Explaining Cross-Country Income Differences
Ellen R. McGrattan, James A. Schmitz, Jr.
Published In: Handbook of Macroeconomics (Vol. 1, Part 1, 1999, pp. 669-737)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 249 (June 1998)

Using Simulation Methods for Bayesian Econometric Models: Inference, Development, and Communication
John F. Geweke
Published In: Econometric Reviews (Vol. 18, No. 1, February 1999, pp. 1-73)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 248 (June 1998)

The Defining Moment: A Review Essay
Lee E. Ohanian
Published In: Journal of Political Economy (Vol. 107, No. 1, February 1999, pp. 178-185)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 247 (May 1998)

Comments on Gordon, Leeper, and Zha’s “Trends in Velocity and Policy Expectations”
Ellen R. McGrattan
Published In: Carnegie-Rochester Series on Public Policy (No. 49, December 1998, pp. 305-316)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 246 (Revised May 1998)

The Demand for Money and the Nonneutrality of Money
Harold L. Cole, Lee E. Ohanian
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 245 (March 1998)

A Gain From Trade: More Research, Less Obstruction
Thomas J. Holmes, James A. Schmitz, Jr.
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 244 (January 1998)

Is There a Trend Break in U.S. GNP? A Macroeconomic Perspective
Lutz Kilian, Lee E. Ohanian
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 243 (January 1998)

Dynamic Equilibrium Economies: A Framework for Comparing Models and Data
Jeremy Berkowitz, Francis X. Diebold, Lee E. Ohanian
Published In: Review of Economic Studies (Vol. 65, No. 3, July 1998, pp. 433-451)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 242 (December 1997)

Needed: A Theory of Total Factor Productivity
Edward C. Prescott
Published In: International Economic Review (Vol. 39, No. 3, August 1998, pp. 525-551)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 241 (Revised January 1998)

Transaction Services, Inflation, and Welfare
S. Rao Aiyagari, R. Anton Braun, Zvi Eckstein
Published In: Journal of Political Economy (Vol. 106, No. 6, December 1998, pp. 1274-1301)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 240 (October 1997)

Government Production of Investment Goods and Aggregate Labor Productivity
James A. Schmitz, Jr.
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 239 (September 1997)

Capital-Skill Complementarity and Inequality: A Macroeconomic Analysis
Per Krusell, Lee E. Ohanian, José-Víctor Ríos-Rull, Giovanni L. Violante
Published In: Recent developments in growth theory (Vol. 2, 2004, pp. 497-521)
Published In: Econometrica (Vol. 68, No. 5, September 2000, pp. 1029-1053)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 238 (Revised June 1999)

Efficient Allocations with Hidden Income and Hidden Storage
Harold L. Cole, Narayana Kocherlakota
Published In: Review of Economic Studies (Vol. 68, No. 3, July 2001, pp. 523-542)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 237 (August 1997)

Mixture of Normals Probit Models
John F. Geweke, Michael P. Keane
Published In: Analysis of panels and limited dependent variable models: In honour of G. S. Maddala (1999, pp. 49-78)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 236 (July 1997)

Monopoly Rights: A Barrier to Riches
Stephen L. Parente, Edward C. Prescott
Published In: American Economic Review (Vol. 89, No. 5, December 1999, pp. 1216-33)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 235 (July 1997)

Marital Risk and Capital Accumulation
Luis Cubeddu, José-Víctor Ríos-Rull
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 234 (July 1997)

On the Size of U.S. Government: Political Economy in the Neoclassical Growth Model
Per Krusell, José-Víctor Ríos-Rull
Published In: American Economic Review (Vol. 89, No. 5, December 1999, pp. 1156-1181)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 233 (June 1997)

An Empirical Analysis of Income Dynamics Among Men in the PSID: 1968–1989
John F. Geweke, Michael P. Keane
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 232 (Revised March 1998)

Application of Weighted Residual Methods to Dynamic Economic Models
Ellen R. McGrattan
Published In: Computational Methods for the Study of Dynamic Economies (1999, pp. 114-42)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 231 (May 1997)

Computation of Equilibria in Heterogeneous Agent Models
José-Víctor Ríos-Rull
Published In: Computational methods for the study of dynamic economies (1999, pp. 238-264)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 230 (March 1997)

Models of Energy Use: Putty-Putty vs. Putty-Clay
Andrew Atkeson, Patrick J. Kehoe
Published In: American Economic Review (Vol. 89, No. 4, September 1999, pp. 1028-43)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 229 (March 1997)

Why Do Stock Prices Drop by Less Than the Value of the Dividend? Evidence From a Country Without Taxes
Murray Frank, Ravi Jagannathan
Published In: Journal of Financial Economics (Vol. 47, No. 2, February 1998, pp. 161-188)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 228 (Revised March 2003)

Hot Money
V. V. Chari, Patrick J. Kehoe
Published In: Journal of Political Economy (Vol. 111, No. 6, December 2003, pp. 1262-1292)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 227 (December 1996)

Sticky Price and Limited Participation Models of Money: A Comparison
Lawrence J. Christiano, Martin Eichenbaum, Charles L. Evans
Published In: European Economic Review (Vol. 41, No. 6, June 1997, pp. 1201-1249)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 226 (December 1996)

Implementation Theory with Incomplete Information
Beth Allen
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 225 (December 1996)

Cooperative Theory with Incomplete Information
Beth Allen
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 224 (December 1996)

Can the Mortensen-Pissarides Matching Model Match the Business Cycle Facts?
Harold L. Cole, Richard Rogerson
Published In: International Economic Review (Vol. 40, No. 4, November 1999, pp. 933-959)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 223 (Revised December 1998)

Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates? (December 1998 Version)
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
Replaced by Staff Report 277
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 222 (Revised January 1998)

Individual and Aggregate Real Balances in a Random-Matching Model
Ruilin Zhou
Published In: International Economic Review (Vol. 40, No. 4, November 1999, pp. 1009-1038)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 221 (November 1996)

Step-by-Step Migration to Efficient Agglomerations
Thomas J. Holmes
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 220 (November 1996)

Pattern Bargaining
Robert Marshall, Antonio Merlo
Published In: International Economic Review (Vol. 45, No. 1, February 2004, pp. 239-255)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 219 (October 1996)

How Industries Migrate When Agglomeration Economies Are Important
Thomas J. Holmes
Published In: Journal of Urban Economics (Vol. 45, No. 2, March 1999, pp. 240-263)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 218 (October 1996)

Money is Memory
Narayana Kocherlakota
Published In: Journal of Economic Theory (Vol. 81, No. 2, August 1998, pp. 232-251)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 217 (Revised May 1998)

Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
Published In: Econometrica (Vol. 68, No. 5, September 2000, pp. 1151-79)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 216 (September 1996)

On the Political Economy of Income Redistribution and Crime
Ayse Imrohoroglu, Antonio Merlo, Peter Rupert
Published In: International Economic Review (Vol. 41, No. 1, February 2000, pp. 1-26)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 215 (Revised July 1997)

A Model of Commodity Money, With Applications to Gresham’s Law and the Debasement Puzzle
François R. Velde, Warren E. Weber, Randall Wright
Published In: Review of Economic Dynamics (Vol. 2, No. 1, January 1999, pp. 291-323)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 214 (August 1996)

Chaos, Sunspots, and Automatic Stabilizers
Lawrence J. Christiano, Sharon G. Harrison
Published In: Journal of Monetary Economics (Vol. 44, No. 1, August 1999, pp. 3-31)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 213 (July 1996)

Class Systems and the Enforcement of Social Norms
Harold L. Cole, George J. Mailath, Andrew Postlewaite
Published In: Journal of Public Economics (Vol. 70, No. 1, October 1998, pp. 5-35)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 212 (May 1996)

The Balance of Payments and Borrowing Constraints: An Alternative View of the Mexican Crisis
Andrew Atkeson, José-Víctor Ríos-Rull
Published In: Journal of International Economics (Vol. 41, No. 3-4, December 1996, pp. 331-349)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 211 (Revised July 1998)

Self-Fulfilling Debt Crises
Harold L. Cole, Timothy J. Kehoe
Published In: Review of Economic Studies (Vol. 67, No. 1, January 2000, pp. 91-116)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 210 (April 1996)

A Self-Fulfilling Model of Mexico's 1994-95 Debt Crisis
Harold L. Cole, Timothy J. Kehoe
Published In: Journal of International Economics (Vol. 41, No. 3-4, November 1996, pp. 309-330)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 209 (March 1996)

Reputation Spillover Across Relationships: Reviving Reputation Models of Debt
Harold L. Cole, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 208 (Revised August 1996)

The Conditional CAPM and the Cross-Section of Expected Returns
Ravi Jagannathan, Zhenyu Wang
Published In: Asset pricing theory and tests (Vol. 2, 2003, pp. 243-293)
Published In: Journal of Finance (Vol. 51, No. 1, March 1996, pp. 3-53)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 207 (February 1996)

How Prescribed Policy Can Mislead When Data Are Defective: A Follow-up to Srinivasan (1994) Using General Equilibrium
Jean Mercenier, Erinç Yeldan
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 206 (January 1996)

Econometric Evaluation of Asset Pricing Models
Wayne E. Ferson, Ravi Jagannathan
Published In: Handbook of Statistics (Vol. 14, 1996, pp. 1-33)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 205 (Revised September 1996)

The Effect of State Policies on the Location of Industry: Evidence from State Borders
Thomas J. Holmes
Published In: Journal of Political Economy (Vol. 106, No. 4, August 1998, pp. 667-705)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 204 (Revised October 1997)

The Poverty of Nations: A Quantitative Investigation
V. V. Chari, Patrick J. Kehoe, Ellen R. McGrattan
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 203 (Revised November 1997)

Technical Appendix: The Optimum Quantity of Debt
S. Rao Aiyagari, Ellen R. McGrattan
Published In: Annals of Economics and Finance (Vol. 4, No. 1, 2003, pp. 193-217)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 203 (Revised November 1997)

The Optimum Quantity of Debt
S. Rao Aiyagari, Ellen R. McGrattan
Published In: Journal of Monetary Economics (Vol. 42, No. 3, December 1998, pp. 447-469)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 202 (November 1995)

Social Insurance and Transition
Andrew Atkeson, Patrick J. Kehoe
Published In: International Economic Review (Vol. 37, No. 2, May 1996, pp. 377-401)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 201 (November 1995)

Industry Evolution and Transition: Measuring Investment in Organization Capital
Andrew Atkeson, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 200 (November 1995)

Tobin's q and Asset Returns: Implications for Business Cycle Analysis
Lawrence J. Christiano, Jonas D. M. Fisher
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 199 (September 1995)

Small Sample Properties of GMM for Business Cycle Analysis
Lawrence J. Christiano, Wouter den Haan
Published In: Journal of Business and Economic Statistics (Vol. 14, No. 3, July 1996, pp. 309-327)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 198 (September 1995)

On the Mechanics of Forming and Estimating Dynamic Linear Economies
Evan W. Anderson, Lars Peter Hansen, Ellen R. McGrattan, Thomas J. Sargent
Published In: Handbook of Computational Economics (Vol. 1, 1996, pp. 171-252)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 197 (August 1995)

Social Insurance and Taxation Under Sequential Majority Voting and Utilitarian Regimes
S. Rao Aiyagari, Dan Peled
Published In: Journal of Economic Dynamics and Control (Vol. 19, No. 8, November 1995, pp. 1511-1528)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 196 (August 1995)

Comments on Farmer and Guo's "The Econometrics of Indeterminacy: An Applied Study"
S. Rao Aiyagari
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 195 (August 1995)

Gender Differences in Education in a Dynamic Household Bargaining Model
Cristina Echevarria, Antonio Merlo
Published In: International Economic Review (Vol. 40, No. 2, May 1999, pp. 265-286)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 194 (July 1995)

Fixed vs. Floating Exchange Rates: A Dynamic General Equilibrium Analysis
Daniel M. Chin, Preston J. Miller
Published In: European Economic Review (Vol 42, No. 7, 1998, pp. 1221-1249)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 193 (Revised January 1999)

The Jointly Optimal Inflation Tax, Income Tax Structure, and Transfers
Preston J. Miller
Published In: Economic and Financial Modelling (Vol. 5, No. 4, Winter 1998, pp. 153-184)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 192 (May 1995)

Monte Carlo Simulation and Numerical Integration
John F. Geweke
Published In: Handbook of computational economics (Vol. 1, 1996, pp. 731-800)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 191 (May 1995)

An Equilibrium Model of the Business Cycle With Household Production and Fiscal Policy
Ellen R. McGrattan, Richard Rogerson, Randall Wright
Published In: International Economic Review (Vol 38, Num 2, May 1997, pp. 267-290)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 190 (April 1995)

Localization of Industry and Vertical Disintegration
Thomas J. Holmes
Published In: Review of Economics and Statistics (Vol. 81, No. 2, May 1999, pp. 314-325)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 189 (March 1995)

Measuring the Pricing Error of the Arbitrage Pricing Theory
John F. Geweke, Guofo Zhou
Published In: Review of Financial Studies (Vol. 9, No. 2, Summer 1996, pp. 557-587)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 188 (March 1995)

On Sunk Costs and Trade Liberalization in Applied General Equilibrium
Jean Mercenier, Nicolas Schmitt
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 187 (February 1995)

Capacity Precommitment as a Barrier to Entry: A Bertrand-Edgeworth Approach
Beth Allen, Raymond Deneckere, Tom Faith, Dan Kovenock
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 186 (December 1994)

Estimating Substitution Elasticities in Household Production Models
Richard Rogerson, Peter Rupert, Randall Wright
Published In: Economic Theory (Vol. 6, No. 1, June 1995, pp. 179-193)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 185 (December 1994)

On the Political Economy of Education Subsidies
Raquel Fernandez, Richard Rogerson
Published In: Review of Economic Studies (Vol. 62, No. 2, April 1995, pp. 249-262)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 184 (October 1994)

Resistance to Technology and Trade Between Areas
Thomas J. Holmes, James A. Schmitz, Jr.
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 183 (October 1994)

Nonuniqueness of Solutions in Applied General Equilibrium Models With Scale Economies and Imperfect Competition
Jean Mercenier
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 182 (September 1994)

Mechanics of Forming and Estimating Dynamic Linear Economies
Lars Peter Hansen, Ellen R. McGrattan, Thomas J. Sargent
Replaced by Staff Report 198
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 181 (September 1994)

The Solution and Estimation of Discrete Choice Dynamic Programming Models by Simulation and Interpolation: Monte Carlo Evidence
Michael P. Keane, Kenneth I. Wolpin
Published In: Review of Economics and Statistics (Vol. 76, No. 4, November 1994, pp. 648-672)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 180 (September 1994)

Default, Settlement, and Signalling: Lending Resumption in a Reputational Model of Sovereign Debt
Harold L. Cole, James Dow, William B. English
Published In: International Economic Review (Vol. 36, No. 2, May 1995, pp. 365-385)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 179 (August 1994)

The Role of Institutions in Reputation Models of Sovereign Debt
Harold L. Cole, Patrick J. Kehoe
Published In: Journal of Monetary Economics (Vol. 35, No. 1, February 1995, pp. 45-64)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 178 (August 1994)

The Computational Experiment: An Econometric Tool
Finn E. Kydland, Edward C. Prescott
Published In: Journal of Economic Perspectives (Vol 10, Num 1, Winter 1996, pp. 69-85)
Published In: Real business cycles: A reader (1998, pp. 237-253)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 177 (July 1994)

Statistical Inference in the Multinomial Multiperiod Probit Model
John F. Geweke, Michael P. Keane, David E. Runkle
Published In: Journal of Econometrics (Vol. 80, No. 1, September 1997, pp. 125-165)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 176 (July 1994)

An Experimental Study of Learning and Limited Information in Games
Kevin A. McCabe, Arijit Mukherji, David E. Runkle
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 175 (Revised October 1995)

Inflation, Money, and Output Under Alternative Monetary Standards
Arthur J. Rolnick, Warren E. Weber
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 174 (Revised March 1996)

Valuation Equilibria With Clubs
Harold L. Cole, Edward C. Prescott
Published In: Journal of Economic Theory (Vol. 74, No. 1, May 1997, pp. 19-39)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 173 (June 1994)

Ex-Dividend Price Behavior of Common Stocks
John H. Boyd, Ravi Jagannathan
Published In: Review of Financial Studies (Vol. 7, No. 4, Winter 1994, pp. 711-741)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 172 (June 1994)

Dynamic Bargaining Theory
Melvyn Coles, Randall Wright
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 171 (May 1994)

Algorithms for Solving Dynamic Models With Occasionally Binding Constraints
Lawrence J. Christiano, Jonas D. M. Fisher
Published In: Journal of Economic Dynamics and Control (Vol. 24, No. 8, July 2000, pp. 1179-1232)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 170 (May 1994)

Alternative Computational Approaches to Inference in the Multinomial Probit Model
John F. Geweke, Michael P. Keane, David E. Runkle
Published In: Review of Economics and Statistics (Vol. 76, No. 4, November 1994, pp. 609-632)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 169 (April 1994)

Two-Sided Search
Kenneth Burdett, Randall Wright
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 168 (March 1994)

Seasonality and Equilibrium Business Cycle Theories
R. Anton Braun, Charles L. Evans
Published In: Journal of Economic Dynamics and Control (19, 1995, pp. 503-531)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 167 (March 1994)

Assessing Specification Errors in Stochastic Discount Factor Models
Lars Peter Hansen, Ravi Jagannathan
Published In: Journal of Finance (Vol. 52, No. 2, June 1997, pp. 557-590)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 166 (December 1993)

Household Production and Taxation in the Stochastic Growth Model
Ellen R. McGrattan, Richard Rogerson, Randall Wright
Replaced by Staff Report 191
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 165 (November 1993)

The CAPM Is Alive and Well
Ravi Jagannathan, Zhenyu Wang
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 164 (October 1993)

Solving the Stochastic Growth Model With a Finite Element Method
Ellen R. McGrattan
Published In: Journal of Economic Dynamics and Control (Vol 20, Num 1-3, March 1996, pp. 19-42)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 163 (August 1993)

Why Are Representative Democracies Fiscally Irresponsible?
V. V. Chari, Harold L. Cole
Published In: Cuadernos Economicos (No. 62, 1996, pp. 169-78)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 162 (August 1993)

Industry Evolution and Transition: The Role of Information Capital
Andrew Atkeson, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 161 (Revised February 1994)

Interest Rates Under the U.S. National Banking System
Bruce A. Champ, Neil Wallace, Warren E. Weber
Published In: Journal of Monetary Economics (Vol. 34, No. 3, 1994, pp. 343-358)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 160 (July 1993)

Optimal Fiscal Policy in a Business Cycle Model
V. V. Chari, Lawrence J. Christiano, Patrick J. Kehoe
Published In: Journal of Political Economy (Vol. 102, No. 4, August 1994, pp. 617-652)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 159 (July 1993)

A Contingent Claim Approach to Performance Evaluation
Lawrence R. Glosten, Ravi Jagannathan
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 158 (July 1993)

Optimality of the Friedman Rule in Economies With Distorting Taxes
V. V. Chari, Lawrence J. Christiano, Patrick J. Kehoe
Published In: Journal of Monetary Economics (Vol. 37, No. 2, April 1996, pp. 203-223)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 157 (Revised August 1993)

On the Relation Between the Expected Value and the Volatility of the Nominal Excess Return on Stocks
Lawrence R. Glosten, Ravi Jagannathan, David E. Runkle
Published In: Journal of Finance (Vol. 48, No. 5, December 1993, pp. 1779-1801)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 156 (Revised January 1995)

A Contribution to the Theory of Pork Barrel Spending
V. V. Chari, Harold L. Cole
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 155 (October 1992)

Banking in Computable General Equilibrium Economies: Technical Appendices I and II
Fernando Alvarez, Terry J. Fitzgerald
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 154 (April 1992)

Real Effects of Monetary Policy in a World Economy
Preston J. Miller, Richard M. Todd
Published In: Journal of Economic Dynamics and Control (Vol. 19, No. 1-2, January-February 1995, pp. 125-153)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 153 (March 1992)

Banking in Computable General Equilibrium Economies
Fernando Alvarez, Javier Díaz-Giménez, Terry J. Fitzgerald, Edward C. Prescott
Published In: Journal of Economic Dynamics and Control (Num 16, 1992, pp. 533-559)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 152 (Revised July 1992)

In Search of Scale Effects in Trade and Growth
David K. Backus, Patrick J. Kehoe, Timothy J. Kehoe
Published In: Journal of Economic Theory (Vol. 58, No. 2, December 1992, pp. 377-409)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 150 (January 1992)

Liquidity Effects and the Monetary Transmission Mechanism
Lawrence J. Christiano, Martin Eichenbaum
Published In: American Economic Review (Vol. 82, No. 2, May 1992, pp. 346-353)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 149 (January 1992)

Liquidity Constraints in Economies With Aggregate Fluctuations: A Quantitative Exploration
Javier Díaz-Giménez, Edward C. Prescott
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 148 (December 1991)

Evaluating the Accuracy of Sampling-Based Approaches to the Calculation of Posterior Moments
John F. Geweke
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 147 (November 1991)

Optimal Fiscal and Monetary Policy: Some Recent Results
V. V. Chari, Lawrence J. Christiano, Patrick J. Kehoe
Published In: Journal of Money, Credit, and Banking (Vol 23, Num 3, August 1991 (part 2), pp. 519-539)
Published In: Political economy, growth, and business cycles (1992, pp. 283-305)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 146 (November 1991)

International Real Business Cycles
David K. Backus, Patrick J. Kehoe, Finn E. Kydland
Published In: Journal of Political Economy (Vol 100, Num 4, August 1992, pp. 745-775)
Published In: Open Economy Macroeconomics (Vol. 2, 2006, pp. 154-184)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 145 (November 1991)

International Evidence on the Historical Properties of Business Cycles
David K. Backus, Patrick J. Kehoe
Published In: American Economic Review (Vol 82, Num 4, September 1992, pp. 864-888)
[Paper available on-line as PDF (Adobe Acrobat) file]
[Additional Information is available for this paper]

Staff Report 144 (August 1991)

Eliciting Traders’ Knowledge in “Frictionless” Asset Market
Edward J. Green
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 143 (August 1991)

Contracts, Constraints, and Consumption
Edward J. Green, Soo Nam Oh
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 142 (July 1991)

A Reconsideration of the Problem of Social Cost: Free Riders and Monopolists
V. V. Chari, Larry E. Jones
Published In: Economic Theory (Vol. 16, No. 1, July 2000, pp. 1-22)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 141 (June 1991)

Barter and Monetary Exchange Under Private Information
Stephen D. Williamson, Randall Wright
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 140 (May 1991)

More on Money as a Medium of Exchange
Timothy J. Kehoe, Nobuhiro Kiyotaki, Randall Wright
Published In: Economic Theory (Vol 3, Num 2, April 1993, pp. 297-314)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 139 (April 1991)

Why Is Automobile Insurance in Philadelphia So Damn Expensive?
Eric Smith, Randall Wright
Published In: American Economic Review (Vol. 82, No. 4, September 1992, pp. 757-772)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 138 (March 1991)

Tax Analysis in a Real Business Cycle Model: On Measuring Harberger Triangles and Okun Gaps
Jeremy Greenwood, Gregory W. Huffman
Published In: Journal of Monetary Economics (Vol. 27, No. 2, April 1991, pp. 167-190)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 137 (March 1991)

Reputation With Multiple Relationships: Revising Reputation Models of Debt
Harold L. Cole, Patrick J. Kehoe
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 136 (February 1991)

Technology Adoption and Growth
Stephen L. Parente, Edward C. Prescott
Published In: Journal of Political Economy (Vol 102, Num 2, 1994, pp. 298-321)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 135 (January 1991)

Homework in Macroeconomics: Household Production and Aggregate Fluctuations
Jess Benhabib, Richard Rogerson, Randall Wright
Published In: Journal of Political Economy (Vol 99, Num 6, December 1991, pp. 1166-1187)
Published In: Business cycle theory (1995, pp. 473-494)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 134 (February 1991)

A Discussion of Cooley and Hansen’s “Welfare Costs of Moderate Inflations”
Randall Wright
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 133 (January 1991)

Indivisibilities, Lotteries, and Sunspot Equilibria
Karl Shell, Randall Wright
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 132 (January 1991)

Seigniorage as a Tax: A Quantitative Evaluation
Ayse Imrohoroglu, Edward C. Prescott
Published In: Quarterly Review (Vol 15, Num 3, Summer 1991, pp. 3-10)
Published In: Journal of Money, Credit, and Banking (Vol. 23, No. 3, August 1991, pp. 462-475)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 131 (January 1991)

A Note on Labor Contracts With Private Information and Household Production
Ed Nosal, Richard Rogerson, Randall Wright
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 130 (November 1990)

The Econometrics of the General Equilibrium Approach to Business Cycles
Finn E. Kydland, Edward C. Prescott
Published In: Scandinavian Journal of Economics (Vol 93, Num 2, 1991, pp. 161-178)
Published In: Real business cycles: A reader (1998, pp. 219-236)
Published In: Macroeconometrics: Developments, tensions, and prospects (1995, pp. 181-198)
Published In: New approaches to empirical macroeconomics (1991, pp. 33-50)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 129 (January 1990)

The Permanent Income Hypothesis Revisited
Lawrence J. Christiano, Martin Eichenbaum, David A. Marshall
Published In: Econometrica (Vol. 59, No. 2, March 1991, pp. 397-423)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 128 (November 1989)

Duality and Arbitrage With Transactions Costs: Theory and Applications
Michael J. Stutzer
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 127 (November 1989)

Periodic Linear-Quadratic Methods for Modeling Seasonality
Richard M. Todd
Published In: Journal of Economic Dynamics and Control (Vol 14, No. 3-4, July - Oct 1990, pp. 763-795)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 126 (November 1989)

The Firm and the Plant in General Equilibrium Theory
Andreas Hornstein, Edward C. Prescott
Published In: General Equilibrium, Growth, and Trade (Vol 2, 1993, pp. 393-410)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 125 (November 1989)

Sustainable Plans and Debt
V. V. Chari, Patrick J. Kehoe
Published In: Journal of Economic Theory (Vol 61, No. 2, December 1993, pp. 230-261)
Published In: The legacy of Robert Lucas, Jr. (Vol. 3, 1999, pp. 325-356)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 124 (October 1989)

Sustainable Plans and Mutual Default
V. V. Chari, Patrick J. Kehoe
Published In: Review of Economic Studies (Vol. 60, No. 1, January 1993, pp. 175-195)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 123 (August 1989)

A Contribution to the Pure Theory of Money
Nobuhiro Kiyotaki, Randall Wright
Published In: Journal of Economic Theory (Vol 53, Num 2, April 1991, pp. 215-235)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 122 (June 1989)

Sustainable Plans
V. V. Chari, Patrick J. Kehoe
Published In: Journal of Political Economy (Vol 98, Num 4, 1990, pp. 783-802)
Published In: Monetary and fiscal policy (Vol. 1, 1994, pp. 143-163)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 121 (May 1989)

International Coordination of Fiscal Policy in Limiting Economies
V. V. Chari, Patrick J. Kehoe
Published In: Journal of Political Economy (Vol 98, Num 3, June 1990, pp. 617-636)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 120 (April 1989)

How Little We Know About Budget Policy Effects
Preston J. Miller, William Roberds
Published In: Quarterly Review (Vol 16, Num 1, Winter 1992, pp. 2-11)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 119 (April 1989)

Restrictions on Financial Intermediaries and Implications for Aggregate Fluctuations: Canada and the United States, 1870–1913
Stephen D. Williamson
Published In: NBER Macroeconomics Annual: 1989 (Vol. 4, 1989, pp. 303-340)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 118 (March 1989)

Determinacy of Equilibria in Dynamic Models With Finitely Many Consumers
Timothy J. Kehoe, David K. Levine, Paul M. Romer
Published In: Journal of Economic Theory (Vol. 50, No. 1, February 1990, pp. 1-21)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 117 (January 1989)

Labor Contracts in a Model of Imperfect Competition
V. V. Chari, Larry E. Jones, Rodolfo E. Manuelli
Published In: American Economic Review (Vol. 79, No. 2, May 1989, pp. 358-363)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 116 (November 1988)

On the Denomination of Government Debt: A Critique of the Portfolio Balance Approach
David K. Backus, Patrick J. Kehoe
Published In: Journal of Monetary Economics (Vol. 23, No. 3, May 1989, pp. 359-376)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 115 (August 1988)

Time Consistency and Policy
V. V. Chari, Patrick J. Kehoe, Edward C. Prescott
Published In: Modern Business Cycle Theory (1989, pp. 265-305)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 114 (May 1988)

Can There Be Short-Period Deterministic Cycles When People Are Long Lived?
S. Rao Aiyagari
Published In: Quarterly Journal of Economics (Vol. 104, No. 1, February 1989, pp. 163-185)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 113 (February 1988)

A Generalized Variance Bounds Test
Tryphon E. Kollintzas
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 112 (February 1988)

International Financial Intermediation and Aggregate Fluctuations Under Alternative Exchange Rate Regimes
Jeremy Greenwood, Stephen D. Williamson
Published In: Journal of Monetary Economics (Vol. 23, No. 3, May 1989, pp. 401-431)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 111 (July 1987)

Monetary Targeting in a Dynamic Macro Model
William Roberds
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 110 (April 1987)

Seasonalities in Security Returns: The Case of Earnings Announcements
V. V. Chari, Ravi Jagannathan, Aharon R. Ofer
Published In: Journal of Financial Economics (Vol. 21, No. 1, May 1988, pp. 101-121)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 109 (December 1987)

The Quantitative Significance of the Lucas Critique
Preston J. Miller, William Roberds
Published In: Journal of Business and Economic Statistics (Vol 9, Num 4, October 1991, pp. 361-387)
Published In: The legacy of Robert Lucas, Jr. (Vol. 2, 1999, pp. 449-475)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 108 (February 1987)

Money Does Granger-Cause Output in the Bivariate Money—Output Relation
Lawrence J. Christiano, Lars Ljungqvist
Published In: Journal of Monetary Economics (Vol 22, No. 2, 1988, pp. 217-235)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 107 (February 1987)

Vector Autoregressions and Reality
David E. Runkle
Published In: Journal of Business and Economic Statistics (Vol. 20, No. 1, January 2002, pp. 128-133)
Published In: Journal of Business and Economic Statistics (Vol. 5, No. 4, October 1987, pp. 437-442)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 106 (January 1987)

Is Consumption Insufficiently Sensitive to Innovations in Income
Lawrence J. Christiano
Published In: American Economic Review (Vol. 77, No. 2, May 1987, pp. 337-341)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 105 (July 1986)

Solution of Linear-Quadratic-Gaussian Dynamic Games Using Variational Methods
William Roberds
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 104 (March 1986)

Models of Policy under Stochastic Replanning
William Roberds
Published In: International Economic Review (Vol. 28, No. 3, October 1987, pp. 731-755)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 103 (February 1986)

International Policy Cooperation May Be Undesirable
Patrick J. Kehoe
Published In: Review of Economic Studies (Vol 56, 1989, pp. 289-296)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 102 (February 1986)

Theory Ahead of Business Cycle Measurement
Edward C. Prescott
Published In: Quarterly Review (Vol 10, Num 4, Fall 1986, pp. 9-22)
Published In: Real business cycles: A reader (1998, pp. 83-96)
Published In: A macroeconomics reader (1997, pp. 366-388)
Published In: Time series models, causality and exogeneity (1997, pp. 91-104)
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 265-287)
Published In: The new classical macroeconomics (Vol. 3, 1992, pp. 375-388)
Published In: Carnegie-Rochester Conference Series on Public Policy (Vol. 25, Autumn 1986, pp. 11-44)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 101 (December 1985)

A Method for Estimating the Timing Interval in a Linear Econometric Model, with an Application to Taylor’s Model of Staggered Contracts
Lawrence J. Christiano
Published In: Journal of Economic Dynamics and Control (Vol. 9, No. 4, December 1985, pp. 363-404)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 100 (Revised April 1986)

Dynamic Coalitions, Growth, and the Firm
John H. Boyd, Edward C. Prescott
Published In: Minnesota Studies in Macroeconomic Series (Vol. 1, 1987, pp. 146-160)
Published In: American Economic Review (Vol. 77, No. 2, May 1987, pp. 63-67)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 99 (May 1985)

Ricardian Equivalence and Money Dominated in Return: Are They Mutually Consistent Generally?
Neil Wallace
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 98 (Revised August 1986)

Coordination of Fiscal Policies in a World Economy
Patrick J. Kehoe
Published In: Journal of Monetary Economics (Vol 19, No. 3, May 1987, pp. 349-376)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 97 (Revised May 1987)

Explaining the Demand for Free Bank Notes
Arthur J. Rolnick, Warren E. Weber
Published In: Journal of Monetary Economics (Vol 21, No. 1, January 1988, pp. 47-71)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 96 (Revised August 1992)

Estimating Linear Filters With Errors in Variables Using the Hilbert Transform
Melvin J. Hinich, Warren E. Weber
Published In: Signal Processing (Num 37, Vol. 2, May 1994, pp. 215-228)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 95 (October 1984)

Forecasting With Bayesian Vector Autoregressions Four Years of Experience
Robert B. Litterman
Replaced by Staff Report 274
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 94 (September 1984)

Output Variability in an Open-Economy Macro Model With Variance-Dependent Parameters
Warren E. Weber
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 93 (July 1986)

Forecasting and Conditional Projection Using Realistic Prior Distributions
Thomas Doan, Robert B. Litterman, Christopher A. Sims
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 92 (March 1984)

Specifying Vector Autoregressions for Macroeconomic Forecasting
Robert B. Litterman
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 91 (March 1984)

Time Consistency of Optimal Plans: An Elementary Primer
Michael J. Stutzer
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 90 (Revised July 1984)

Correspondence Principles for Concave Orthogonal Games
Michael J. Stutzer
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 89 (May 1984)

Money, Real Interest Rates, and Output: A Reinterpretation of Postwar U.S. Data
Robert B. Litterman, Laurence M. Weiss
Published In: The new classical macroeconomics (Vol. 2, 1992, pp. 333-360)
Published In: Econometrica (Vol. 53, No. 1, January 1985, pp. 129-156)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 88 (August 1983)

Gresham's Law or Gresham's Fallacy
Arthur J. Rolnick, Warren E. Weber
Published In: Quarterly Review (Vol 10, Num 1, Winter 1986, pp. 17-24)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 87 (July 1985)

Financial Intermediary-Coalitions
John H. Boyd, Edward C. Prescott
Published In: Journal of Economic Theory (Vol 38, Num 2, April 1986, pp. 211-232)
Published In: Credit, intermediation, and the macroeconomy: Readings and perspectives in modern financial theory (2004, pp. 15-35)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 86 (June 1983)

Income Stability and Economic Efficiency Under Alternative Tax Schemes
Preston J. Miller
Published In: Carnegie-Rochester Conference Series on Public Policy (Vol. 20, Spring 1984, pp. 121-141)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 85 (January 1983)

A Model of Commodity Money
Thomas J. Sargent, Neil Wallace
Published In: Journal of Monetary Economics (Vol. 12, No. 1, July 1983, pp. 163-187)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 84 (January 1983)

A Random Walk, Markov Model for the Distribution of Time Series
Robert B. Litterman
Published In: Journal of Business and Economic Statistics (Vol. 1, No. 2, April 1983, pp. 169-173)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 83 (August 1982)

A Model of Circulating Private Debt
Robert Townsend, Neil Wallace
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 82 (February 1983)

Optimal Control of the Money Supply
Robert B. Litterman
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 81 (Revised November 1982)

A Test of the Intertemporal Asset Pricing Model
Rajnish Mehra, Edward C. Prescott
Published In: Journal of Monetary Economics (Vol. 15, 1985, pp. 145-161)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 80 (May 1982)

The Free Banking Era: New Evidence on Laissez-Faire Banking
Arthur J. Rolnick, Warren E. Weber
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 79 (Revised November 1982)

A New Explanation for Free Bank Failures
Arthur J. Rolnick, Warren E. Weber
Published In: Journal of Monetary Economics (Vol 14, Num 3, November 1984, pp. 267-291)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 78 (Revised October 1982)

A Use of Index Models in Macroeconomic Forecasting
Robert B. Litterman
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 77 (February 1982)

Beyond Demand and Supply Curves in Macroeconomics
Thomas J. Sargent
Published In: American Economic Review (Vol. 72, No. 2, May 1982, pp. 383-389)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 76 (February 1983)

Variable Rate Subsidies: The Inefficiency of In-Kind Transfers Revisited
Michael J. Stutzer
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 75 (October 1981)

Formulating and Estimating Continuous Time Rational Expectations Models
Lars Peter Hansen, Thomas J. Sargent
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 74 (September 1981)

Aggregation Over Time and the Inverse Optimal Predictor Problem for Adaptive Expectations in Continuous Time
Lars Peter Hansen, Thomas J. Sargent
Published In: International Economic Review (Vol. 24, No. 1, February 1983, pp. 1-20)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 73 (March 1983)

Identification of Continuous Time Rational Expectations Models From Discrete Time Data
Lars Peter Hansen, Thomas J. Sargent
Published In: Rational expectations econometrics (1991, pp. 219-235)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 72 (September 1981)

The Dimensionality of the Aliasing Problem in Models With Rational Spectral Densities
Lars Peter Hansen, Thomas J. Sargent
Published In: Econometrica (Vol. 51, No. 2, March 1983, pp. 377-387)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 71 (September 1981)

Exact Linear Rational Expectations Models: Specification and Estimation
Lars Peter Hansen, Thomas J. Sargent
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 70 (September 1981)

Instrumental Variables Procedures for Estimating Linear Rational Expectations Models
Lars Peter Hansen, Thomas J. Sargent
Published In: Journal of Monetary Economics (Vol. 9, No. 3, May 1982, pp. 263-296)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 69 (September 1981)

A Note on Wiener-Kolmogorov Prediction Formulas for Rational Expectations Models
Lars Peter Hansen, Thomas J. Sargent
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 68 (September 1981)

Economic Stabilization Policy: A Survey
Preston J. Miller
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 67 (August 1982)

Fiscal Policy in a Monetarist Model
Preston J. Miller
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 66 (May 1981)

Parametric Properties of Tax Effort Revenue Sharing
Michael J. Stutzer
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 65 (April 1981)

A Method for Estimating Distributed Lags When Observations are Randomly Missing
Melvin J. Hinich, Warren E. Weber
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 64 (January 1981)

The Real Bills Doctrine Vs. the Quantity Theory: A Reconsideration
Thomas J. Sargent, Neil Wallace
Published In: Journal of Political Economy (Vol. 90, No. 6, December 1982, pp. 1212-1236)
Published In: The new classical macroeconomics (Vol. 2, 1992, pp. 440-464)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 63 (December 1981)

Another Note on Deadweight Loss
Michael J. Stutzer
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 62 (Revised December 1980)

A Suggestion for Further Simplifying the Theory of Money
John Bryant, Neil Wallace
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 61 (August 1980)

A Hybrid Fiat-Commodity Monetary System
Neil Wallace
Published In: Journal of Economic Theory (Vol. 25, No. 3, December 1981, pp. 421-430)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 60 (May 1980)

Rational Expectations Models and the Aliasing Phenomenon
Lars Peter Hansen, Thomas J. Sargent
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 59 (April 1980)

Methods for Estimating Continuous Time Rational Expectations Models From Discrete Time Data
Lars Peter Hansen, Thomas J. Sargent
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 58 (April 1980)

Interpreting Economic Time Series
Thomas J. Sargent
Published In: The legacy of Robert Lucas, Jr. (Vol. 2, 1999, pp. 370-405)
Published In: The reappraisal of econometrics (1997, pp. 3-38)
Published In: The new classical macroeconomics (Vol. 2, 1992, pp. 61-96)
Published In: Journal of Political Economy (Vol. 89, No. 2, April 1981, pp. 213-248)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 57 (Revised August 1981)

A Generalized Equilibrium Solution for Game Theory
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 56 (Revised July 1980)

Bank Collapse and Depression
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 55 (Revised July 1980)

Chaotic Dynamics and Bifurcation in a Macro Model
Michael J. Stutzer
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 54 (January 1980)

A General Method of Solution for Game Theory and Its Relevance for Economic Theorizing
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 53 (Revised June 1980)

Costly Information and the Stock Market
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 52 (December 1979)

Minimax-Nash
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 51 (Revised April 1983)

A Price Discrimination Analysis of Monetary Policy
John Bryant, Neil Wallace
Published In: Review of Economic Studies (Vol. 51, No. 2, April 1984, pp. 279-288)
Published In: The new classical macroeconomics (Vol. 2, 1992, pp. 430-439)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 50 (Revised May 1980)

Shocks, Learning, and Persistence
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 49 (Revised November 1979)

The CBO’s Policy Analysis: An Unquestionable Misuse of a Questionable Theory
Preston J. Miller, Arthur J. Rolnick
Published In: Journal of Monetary Economics (Vol. 6, No. 2, April 1980, pp. 171-198)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 48 (May 1980)

The Competitive Provision of Fiat Money
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 47 (January 1980)

A Model of Long-Term Contracts
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 46 (June 1979)

Demand Management: An Illustrative Example
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 45 (June 1979)

Optimal Contracts and Competitive Markets With Costly State Verification
Robert Townsend
Published In: Financial structure and economic organization: Key elements and patterns in theory and history (1990, pp. 145-174)
Published In: Journal of Economic Theory (Vol. 21, No. 2, October 1979, pp. 265-293)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 44 (July 1979)

A Modigliani-Miller Theorem for Open-Market Operations
Neil Wallace
Published In: American Economic Review (Vol 71, Num 3, June 1981, pp. 267-274)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 43 (June 1979)

The Political Economy of Overlapping Generations
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 42 (April 1979)

Monetary Policy in the Presence of a Stochastic Deficit
John Bryant, Neil Wallace
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 41 (January 1979)

Perfect Substitution in the Models of the CD Market
Arthur J. Rolnick
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 40 (April 1979)

“Tobin’s q” and the Rate of Investment in General Equilibrium
Thomas J. Sargent
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 39 (December 1978)

Usury Laws and the Housing Market: The Minnesota Experience
Arthur J. Rolnick
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 38 (November 1978)

Transactions Demand for Money
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 37 (October 1978)

The Overlapping-Generations Model of Fiat Money
Neil Wallace
Published In: The new classical macroeconomics (Vol. 2, 1992, pp. 379-412)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 36 (June 1978)

A Simple General Equilibrium Model of Depression
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 35 (April 1978)

A Comment on “Implicit Contracts and Underemployment Equilibrium”
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 34 (April 1979)

Open-Market Operations in a Model of Regulated, Insured Intermediaries
John Bryant, Neil Wallace
Published In: Journal of Political Economy (Vol. 88, No. 1, February 1980, pp. 146-173)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 33 (January 1978)

Approximately Complete Markets: A Generalization of the States of the World Model
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 32 (October 1977)

The Impact of Welfare Work Registration Rules on Labor Market Data
Thomas M. Supel
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 31 (November 1977)

Rational Expectations and Policy Evaluation in Macroeconometric Models
Paul A. Anderson
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 30 (November 1977)

A Comparison of Gasoline Sales Taxes and Automobile Efficiency Taxes as Methods for Reducing Gasoline Consumption
John P. Danforth
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 29 (October 1977)

Price Setting ‘Perfect Competitors’
John Bryant
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 28 (October 1977)

The Inefficiency of a Nominal National Debt
John Bryant, Neil Wallace
Published In: Journal of Political Economy (Vol 87, Num 2, 1979, pp. 365-381)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 27 (April 1978)

Estimation of Dynamic Labor Demand Schedules Under Rational Expectations
Thomas J. Sargent
Published In: Labor economics (Vol. 1, 1995, pp. 209-244)
Published In: Dynamic labor demand and adjustment costs (1992, pp. 106-141)
Published In: Journal of Political Economy (Vol. 86, No. 6, December 1978, pp. 1009-1044)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 26 (January 1978)

A Note on Maximum Likelihood Estimation of the Rational Expectations Model of the Term Structure
Thomas J. Sargent
Published In: Journal of Monetary Economics (Vol. 5, No. 1, January 1979, pp. 133-143)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 25 (September 1977)

Rational Expectations, Econometric Exogeneity and Consumption
Thomas J. Sargent
Published In: Journal of Political Economy (Vol. 86, No. 4, August 1978, pp. 673-700)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 24 (September 1978)

Samuelson’s Consumption-Loan Model With Country-Specific Fiat Monies
John H. Kareken, Neil Wallace
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 23 (September 1977)

Samuelson’s Pure Consumption Loans Model With Constant Returns-to-Scale Storage
Neil Wallace
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 22 (June 1977)

On Simplifying the Theory of Fiat Money
Neil Wallace
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 21 (April 1977)

Improving Econometric Forecasts by Using Subperiod Data
Paul A. Anderson, Thomas M. Supel
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 20 (April 1977)

The Maximum Likelihood Estimation of Parameters in Mixed Autoregressive Moving-Average Multivariate Models
Rusdu Saracoglu
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 19 (April 1978)

Rational Expectations Forecasts From Nonrational Models
Paul A. Anderson
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 18 (April 1977)

Confidence-Sensitive Funds and Contingency Planning
James N. Duprey
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 17 (April 1977)

Competitive Aspects of EFTS: Impact of the Development of Remote Electronic Banking Facilities on Minnesota’s Financial Institutions
Don Henczel
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 16 (January 1977)

Deposit Insurance and Bank Regulation: A Partial Equilibrium Exposition
John H. Kareken, Neil Wallace
Published In: Journal of Business (Vol. 51, No. 3, July 1978, pp. 413-438)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 15 (February 1977)

A Payments Mechanism Without Fed Involvement and Fed Monetary Policy Without Required Reserves
Neil Wallace
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 14 (November 1976)

Causality Characterizations: Bivariate, Trivariate, and Multivariate Propositions
Gary R. Skoog
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 13 (November 1976)

Systematically Missing Data in Econometric Models
Gary R. Skoog
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 12 (November 1975)

How to Use Econometric Models to Forecast
Thomas M. Supel
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 11 (November 1975)

Local Banking Markets and the Relation Between Structure, Prices, and Nonprices in Rural Areas
Richard W. Stolz
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 10 (November 1975)

International Banking: Where Do We Go From Here?
K. Auerbach
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 9 (Revised February 1976)

Portfolio Autarky: A Welfare Analysis
John H. Kareken, Neil Wallace
Published In: Journal of International Economics (Vol. 7, No. 1, February 1977, pp. 19-43)
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 8 (January 1973)

Revenue Sharing: Implications for the Ninth Federal Reserve District
David S. Dahl
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 7 (September 1971)

Fiscal Deadlock in Minnesota
David S. Dahl
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 6 (February 1971)

Comments on Price Indexes and Inflation
Thomas M. Supel
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 5 (August 1967)

A Working Paper on Bank Structure and Competition
Paul F. Jessup
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 4 (August 1970)

An Inquiry Into Shift-and-Share Analysis With Application to the Ninth Federal Reserve District
Garson Sher
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 3 (January 1970)

Branch Regulation and Its Effect on Commercial Bank Entry
Rodney Pakonen
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 2 (January 1970)

Branch Versus Unit Banking: A Survey of the Literature
Rodney Pakonen
[Paper available on-line as PDF (Adobe Acrobat) file]

Staff Report 1 (July 1968)

Changes in Bank Ownership: The Impact on Operating Performance
Paul F. Jessup
[Paper available on-line as PDF (Adobe Acrobat) file]

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