Research Economists

All Publications and Papers for

Ellen R. McGrattan

Consultant



A Reassessment of Real Business Cycle Theory

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

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

December 2013 - The Region
Download Data File (PDF)

On Financing Retirement with an Aging Population

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

Technical Appendix: On Financing Retirement with an Aging Population

Revised October 2013 - Staff Report 473
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 for Quid Pro Quo: Technology Capital Transfers for Market Access in China

Revised October 2013 - Staff Report 487
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)

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)

Technical Appendix: Transition to FDI Openness—Reconciling Theory and Evidence

Revised April 2012 - Staff Report 455
Additional Files (FTP)

Transition to FDI Openness: Reconciling Theory and Evidence

Revised July 2012 - Staff Report 454
Published In: Review of Economic Dynamics (Vol. 15, No. 4, October 2012, pp. 437-458)
Additional Files (FTP)

Capital Taxation During the U.S. Great Depression

Revised January 2012 - Staff Report 451
Published In: Quarterly Journal of Economics (Vol. 127, No. 3, August 2012, pp. 1515-1550)
Additional Files (FTP)

Technical Appendix: Capital Taxation During the U.S. Great Depression

Revised January 2012 - Staff Report 452
Additional Files (FTP)

On Efficiently Financing Retirement

November 2011 - Working Paper 692

Technology Capital Transfer

Revised November 2011 - Working Paper 687

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)

Measurement with Minimal Theory

July 2010 - Quarterly Review

Comment on Christian’s “Human Capital Accounting in the United States: 1994–2006”

June 2010 - Staff Report 447
Published In: Survey of Current Business (Vol. 90, No. 6, June 2010, pp. 37-41)
Additional Files (FTP)

Transition to FDI Openness

Revised November 2009 - Working Paper 671

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

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

Capital Taxation During the U.S. Great Depression

Revised October 2010 - Working Paper 670

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)

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

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

Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence From World War II

Revised November 2008 - Staff Report 315
Published In: International Economic Review (Vol. 51, No. 2, May 2010, pp. 509-532)
Technical Appendix and Other Materials (FTP)

New Keynesian Models: Not Yet Useful for Policy Analysis

August 2008 - Staff Report 409
Published In: American Economic Journal: Macroeconomics (Vol. 1, No. 1, January 2009, pp. 242-266)
Additional Files (FTP)

New Keynesian Models: Not Yet Useful for Policy Analysis

July 2008 - Working Paper 664

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)

Changes in the Distribution of Family Hours Worked Since 1950

Revised April 2008 - Staff Report 397
Published In: Frontiers of Family Economics (Vol. 1, 2008)
Additional Files (FTP)
Also available: PDF for Non-color Printers

Technology Capital and the U.S. Current Account

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

Are Structural VARs with Long-Run Restrictions Useful in Developing Business Cycle Theory?

Revised May 2007 - Staff Report 364
Published In: Journal of Monetary Economics (Vol. 55, No. 8, November 2008, pp. 1337-1352)
Additional Files (FTP)
See also Technical Appendix and Small Sample Appendix.

Response to CEV (with narration).

Openness, Technology Capital, and Development

April 2007 - Working Paper 651

Comparing Alternative Representations, Methodologies, and Decompositions in Business Cycle Accounting

Revised March 2007 - Staff Report 384

Appendices: Business Cycle Accounting

Revised December 2006 - Staff Report 362
Additonal Materials (FTP)

Business Cycle Accounting

Revised December 2006 - Staff Report 328
Published In: Econometrica (Vol. 75, No. 3, May 2007, pp. 781-836)
Additional Materials (FTP)
Also available: PDF for Non-color Printers

Comparing Alternative Representations, Methodologies, and Decompositions in Business Cycle Accounting

December 2006 - Working Paper 647

Measurement with Minimal Theory

July 2006 - Working Paper 643
Additional Files (FTP)

Real Business Cycles

February 2006 - Staff Report 370
Published In: The New Palgrave Dictionary of Economics (2nd Ed., 2008)

Expensed and Sweat Equity

Revised September 2005 - Working Paper 636

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)

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)

A Critique of Structural VARs Using Real Business Cycle Theory

Revised May 2005 - Working Paper 631
Additional Files (FTP)

Sudden Stops and Output Drops

January 2005 - Staff Report 353
Published In: American Economic Review Papers and Proceedings (Vol. 95, No. 2, May 2005, pp. 381-387)
Additional Files (FTP)

Comment on Gali and Rabanal’s “Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?”

Revised December 2004 - Staff Report 338
Published In: NBER Macroeconomic Annual 2004 (Vol. 19, 2005, pp. 289-308)
Additional Files (FTP)

Comment on Mendoza and Tesar’s “Why Hasn’t Tax Competition Triggered a Race to the Bottom? Some Quantitative Lessons from the EU”

October 2004 - Staff Report 348
Published In: Journal of Monetary Economics (Vol. 52, No. 1, January 2005, pp. 205-211)

Changes in Hours Worked, 1950–2000

July 2004 - Quarterly Review
Additional Files (FTP)

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

June 2004 - Staff Report 309
Additional Files (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)

Why Are Married Women Working So Much?

June 2003 - Staff Report 317

Accounting for the Great Depression

Spring 2003 - Quarterly Review
Published In: American Economic Review (Vol. 92, No. 2, May 2002, pp. 22-27)
Additional Files (FTP)

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)

Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?

Revised July 2002 - Staff Report 277
Published In: Review of Economic Studies (Vol. 69, No. 3, August 2002, pp. 533-563)
Additional Files and Technical Appendix (FTP)
For December 1998 version, see Staff Report 223.

Technical Appendix: Accounting for the Great Depression

May 2002 - Working Paper 619

Business Cycle Accounting

April 2002 - Working Paper 625

Accounting for the Great Depression

February 2002 - Working Paper 619
Published In: AER, Papers and Proceedings (Vol. 92, No. 2, May 2002, pp. 22-27)
Additional Files (FTP)

Technical Appendix: Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?

Revised July 2001 - Staff Report 277

Taxes, Regulations, and Asset Prices

Revised July 2001 - Working Paper 610

Is the Stock Market Overvalued?

Fall 2000 - Quarterly Review
Additional materials (FTP)

The Declining U.S. Equity Premium

Fall 2000 - Quarterly Review

Predicting the Effects of Federal Reserve Policy in a Sticky-Price Model: An Analytical Approach

December 1999 - Working Paper 598

The Macroeconomic Effects of Big Fiscal Shocks: The Case of World War II

December 1999 - Working Paper 599

Maintenance and Repair: Too Big to Ignore

Fall 1999 - Quarterly Review

Changes in Hours Worked Since 1950

Winter 1998 - Quarterly Review
Data files (FTP)

Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates? (December 1998 Version)

Revised December 1998 - Staff Report 223

A Defense of AK Growth Models

Fall 1998 - Quarterly Review
Additional Files (FTP)

Explaining Cross-Country Income Differences

Revised August 1998 - Staff Report 250
Published In: Handbook of Macroeconomics (Vol. 1, Part 1, 1999, pp. 669-737)
Additional Files (FTP)

Comments on Gordon, Leeper, and Zha’s “Trends in Velocity and Policy Expectations”

May 1998 - Staff Report 247
Published In: Carnegie-Rochester Series on Public Policy (No. 49, December 1998, pp. 305-316)

Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?

Revised May 1998 - Staff Report 217
Published In: Econometrica (Vol. 68, No. 5, September 2000, pp. 1151-79)
Impulse Response Tables and Additional Files (FTP)

Application of Weighted Residual Methods to Dynamic Economic Models

Revised March 1998 - Staff Report 232
Published In: Computational Methods for the Study of Dynamic Economies (1999, pp. 114-42)
Additional Files (FTP)

Technical Appendix: The Optimum Quantity of Debt

Revised November 1997 - Staff Report 203
Published In: Annals of Economics and Finance (Vol. 4, No. 1, 2003, pp. 193-217)
Additional files (FTP)

The Optimum Quantity of Debt

Revised November 1997 - Staff Report 203
Published In: Journal of Monetary Economics (Vol. 42, No. 3, December 1998, pp. 447-469)
Additional files (FTP)

The Poverty of Nations: A Quantitative Investigation

Revised October 1997 - Staff Report 204
Additional files (FTP)

The CAPM Debate

Fall 1995 - Quarterly Review
Data files (FTP)

On the Mechanics of Forming and Estimating Dynamic Linear Economies

September 1995 - Staff Report 198
Published In: Handbook of Computational Economics (Vol. 1, 1996, pp. 171-252)

An Equilibrium Model of the Business Cycle With Household Production and Fiscal Policy

May 1995 - Staff Report 191
Published In: International Economic Review (Vol 38, Num 2, May 1997, pp. 267-290)
Additional Files (FTP)

The Optimal Quantity of Debt

Revised December 1994 - Working Paper 538

A Progress Report on Business Cycle Models

Fall 1994 - Quarterly Review
Additional files (FTP)

Mechanics of Forming and Estimating Dynamic Linear Economies

September 1994 - Staff Report 182
Additional files (FTP)

Household Production and Taxation in the Stochastic Growth Model

December 1993 - Staff Report 166

Solving the Stochastic Growth Model With a Finite Element Method

October 1993 - Staff Report 164
Published In: Journal of Economic Dynamics and Control (Vol 20, Num 1-3, March 1996, pp. 19-42)
Additional files (FTP)

The Macroeconomic Effects of Distortionary Taxation

January 1991 - Discussion Paper
Published In: Journal of Monetary Economics (Vol. 33, No. 3, 1994, pp. 573-601)