Research Economists

All Publications and Papers for

Edward C. Prescott

Senior Monetary Advisor



Staff Report


A Reassessment of Real Business Cycle Theory

Revised March 2014 - Staff Report 494
Forthcoming In: American Economic Review Papers and Proceedings
Additional Files (FTP)

Patent Data Appendix for Quid Pro Quo: Technology Capital Transfers for Market Access in China

July 2013 - Staff Report 488
Additional Files (OFFSITE)

Technical Appendix for Quid Pro Quo: Technology Capital Transfers for Market Access in China

Revised October 2013 - Staff Report 487
Additional Files (FTP)

Quid Pro Quo: Technology Capital Transfers for Market Access in China

Revised October 2013 - Staff Report 486
Additional Files (FTP)

Technical Appendix: On Financing Retirement with an Aging Population

Revised October 2013 - Staff Report 473
Additional Files (FTP)

On Financing Retirement with an Aging Population

Revised October 2013 - Staff Report 472
Additional Files (FTP)

Aggregate Labor Supply

June 2011 - Staff Report 457

Using the General Equilibrium Growth Model to Study Great Depressions: A Reply to Temin

December 2008 - Staff Report 418

Appendices: Technology Capital and the U.S. Current Account

Revised March 2009 - Staff Report 407
Additional Files (FTP)

Technology Capital and the U.S. Current Account

Revised March 2009 - Staff Report 406
Published In: American Economic Review (Vol. 100, No. 4, September 2010, pp. 1493-1522)
Additional Files (FTP)

Intermediated Quantities and Returns

Revised September 2008 - Staff Report 405
Additional Files and Appendix (FTP)

Lifetime Aggregate Labor Supply with Endogenous Workweek Length

November 2007 - Staff Report 400
Published In: Review of Economic Dynamics (Vol. 12, No. 1, January 2009, pp. 23-36)

Openness, Technology Capital, and Development

Revised July 2008 - Staff Report 396
Published In: Journal of Economic Theory (Vol. 144, No. 6, November 2009, pp. 2454-2476)
Additional Files (FTP)

Technical Appendix: Unmeasured Investment and the Puzzling U.S. Boom in the 1990s

Revised September 2009 - Staff Report 395
Additional Files (FTP)

Unmeasured Investment and the Puzzling U.S. Boom in the 1990s

Revised September 2010 - Staff Report 369
Published In: American Economic Journal: Macroeconomics (Vol. 2, No. 4, October 2010, pp. 88-123)
Additional Files (FTP)

Productivity and the Post-1990 U.S. Economy

Revised May 2005 - Staff Report 350
Published In: Federal Reserve Bank of St. Louis Review (Vol. 87, No. 4, July/August 2005, pp. 537-549)
Additional Files (FTP)

A Unified Theory of the Evolution of International Income Levels

March 2004 - Staff Report 333

Why Do Americans Work So Much More Than Europeans?

November 2003 - Staff Report 321
Published In: Quarterly Review (Vol. 28, No. 1, July 2004, pp. 2-13)
Additional Files (ZIP)

Average Debt and Equity Returns: Puzzling?

January 2003 - Staff Report 313
Published In: AER, Papers and Proceedings (Vol. 93, No. 2, May 2003, pp. 392-397)
Additional Files (FTP)

Non-Convexities in Quantitative General Equilibrium Studies of Business Cycles

Revised November 2003 - Staff Report 312
Published In: Frontiers in Applied General Equilibrium Modeling: In Honor of Herbert Scarf (2005, pp. 95-118)

Data Appendix: Taxes, Regulations, and the Value of U.S. and U.K. Corporations

June 2004 - Staff Report 309
Additional Files (FTP)

Taxes, Regulations, and the Value of U.S. and U.K. Corporations

Revised May 2005 - Staff Report 309
Published In: Review of Economic Studies (Vol. 72, No. 3, July 2005, pp. 767-796)
Additional Files and Appendix (FTP)

The 1929 Stock Market: Irving Fisher Was Right

Revised December 2003 - Staff Report 294
Published In: International Economic Review (Vol. 45, No. 4, November 2004, pp. 991-1009)
Additional Files (FTP)

On the Equilibrium Concept for Overlapping Generations Organizations

November 2000 - Staff Report 282
Published In: International Economic Review (Vol. 46, No. 4, November 2005, pp. 1065-1080)

Malthus to Solow

January 1999 - Staff Report 257
Published In: American Economic Review (Vol. 92, No. 4, September 2002, pp. 1205-1217)

Needed: A Theory of Total Factor Productivity

December 1997 - Staff Report 242
Published In: International Economic Review (Vol. 39, No. 3, August 1998, pp. 525-551)

Monopoly Rights: A Barrier to Riches

July 1997 - Staff Report 236
Published In: American Economic Review (Vol. 89, No. 5, December 1999, pp. 1216-33)

The Computational Experiment: An Econometric Tool

August 1994 - Staff Report 178
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)

Valuation Equilibria With Clubs

Revised March 1996 - Staff Report 174
Published In: Journal of Economic Theory (Vol. 74, No. 1, May 1997, pp. 19-39)

Banking in Computable General Equilibrium Economies

March 1992 - Staff Report 153
Published In: Journal of Economic Dynamics and Control (Num 16, 1992, pp. 533-559)

Liquidity Constraints in Economies With Aggregate Fluctuations: A Quantitative Exploration

January 1992 - Staff Report 149

Technology Adoption and Growth

February 1991 - Staff Report 136
Published In: Journal of Political Economy (Vol 102, Num 2, 1994, pp. 298-321)

Seigniorage as a Tax: A Quantitative Evaluation

January 1991 - Staff Report 132
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)

The Econometrics of the General Equilibrium Approach to Business Cycles

November 1990 - Staff Report 130
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)

The Firm and the Plant in General Equilibrium Theory

November 1989 - Staff Report 126
Published In: General Equilibrium, Growth, and Trade (Vol 2, 1993, pp. 393-410)

Time Consistency and Policy

August 1988 - Staff Report 115
Published In: Modern Business Cycle Theory (1989, pp. 265-305)

Theory Ahead of Business Cycle Measurement

February 1986 - Staff Report 102
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)

Dynamic Coalitions, Growth, and the Firm

Revised April 1986 - Staff Report 100
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)

Financial Intermediary-Coalitions

July 1985 - Staff Report 87
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)

A Test of the Intertemporal Asset Pricing Model

Revised November 1982 - Staff Report 81
Published In: Journal of Monetary Economics (Vol. 15, 1985, pp. 145-161)


Working Paper


The Labor Productivity Puzzle

Revised May 2012 - Working Paper 694
Published In: Government Policies and the Delayed Economic Recovery (Hoover Institution Press, 2012, pp. 115-154)
Additional Files (FTP)

On Efficiently Financing Retirement

November 2011 - Working Paper 692

Technology Capital Transfer

Revised November 2011 - Working Paper 687

Costly Financial Intermediation in Neoclassical Growth Theory

April 2011 - Working Paper 685
Published In: Quantative Economics (Vol. 2, No. 1, March 2011, pp. 1-36)

Intermediated Quantities and Returns

September 2007 - Working Paper 655
Additional Files and Appendix (FTP)

Openness, Technology Capital, and Development

April 2007 - Working Paper 651

On the Needed Quantity of Government Debt

December 2006 - Working Paper 648
Published In: Quarterly Review (Vol. 31, November 2007, pp. 2-15)
Additional Files (FTP)

Technology Capital and the U.S. Current Account

Revised April 2008 - Working Paper 646
Addtional Files (FTP)

Expensed and Sweat Equity

Revised September 2005 - Working Paper 636

Prosperity and Depression: 2002 Richard T. Ely Lecture

January 2002 - Working Paper 618
Published In: American Economic Review (Vol. 92, No. 2, May 2002, pp. 1-15)

Taxes, Regulations, and Asset Prices

Revised July 2001 - Working Paper 610

The 1990s in Japan: A Lost Decade

November 2000 - Working Paper 607
Published In: The economics of an aging population: Macroeconomic issues (2004, pp. 35-74)
Published In: Review of Economic Dynamics (Vol. 5, No. 1, January 2002, pp. 206-235)

On the Equilibrium Concept for Overlapping Generations Organizations

August 2000 - Working Paper 602

Business Cycle Research: Methods and Problems

Revised October 1998 - Working Paper 590
Published In: Cycles, growth and structural change: Theories and empirical evidence (2001, pp. 283-300)

Organizations in Economic Analysis.

Revised February 1988 - Working Paper 385
Published In: Canadian Journal of Economics (Vol 21, Num 3, August 1988, pp. 477-491)

"Can the Cycle Be Reconciled With a Consistent Theory of Expectations" Or a Progress Report on Business Cycle Theory

June 1983 - Working Paper 239


Quarterly Review


Aggregate Labor Supply

October 2012

On the Needed Quantity of Government Debt

November 2007

Why Do Americans Work So Much More Than Europeans?

July 2004
Additional Materials (FTP)

Is the Stock Market Overvalued?

Fall 2000
Additional materials (FTP)

Some Observations on the Great Depression

Winter 1999

Changes in the Wealth of Nations

Spring 1993

Evaluating the Welfare Effects of Alternative Monetary Arrangements

Summer 1991

Business Cycles: Real Facts and a Monetary Myth

Spring 1990
Published In: Real business cycles: A reader (1998, pp. 383-398)
Published In: Business cycle theory (1995, pp. 67-82)
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 307-334)
Published In: The new classical macroeconomics (Vol. 3, 1992, pp. 514-529)

Response to a Skeptic

Fall 1986
Published In: Real business cycles: A reader (1998, pp. 102-107)

Theory Ahead of Business Cycle Measurement

Fall 1986


Annual Reports


The Transformation of Macroeconomic Policy and Research

January 2004


Discussion Paper


Recursive Methods for Computing Equilibria of Business Cycle Models

Revised April 1992
Published In: Frontiers of business cycle research (1995, pp. 39-64)
Published In: Equilibrium growth theories (1991, pp. 124-138)

Hours and Employment Variation in Business Cycle Theory

August 1989
Published In: Economic Theory (Vol. 1, No. 1, January 1991, pp. 63-81)


The Region


Quid pro quo: Technology capital transfers for market access in China

December 2013
Download Data File (PDF)

Edward C. Prescott's Speech at the Nobel Banquet

May 2005

The Transformation of Macroeconomic Policy and Research

May 2005