Economic Research
EconomistsResearch Economists
All Publications and Papers for
Patrick J. Kehoe
Monetary Advisor
Bailouts, Time Inconsistency, and Optimal Regulation
April 2013 - Staff Report 481
Prices Are Sticky After All
Revised July 2012 - Staff Report 413
Financial Frictions and Fluctuations in Volatility
July 2012 - Staff Report 466
Sophisticated Monetary Policies
Revised May 2009 - Staff Report 419
Published In: Quarterly Journal of Economics
(Vol. 125, No. 1, February 2010, pp. 47-89)
Facts and Myths about the Financial Crisis of 2008
October 2008 - Working Paper 666
Sophisticated Monetary Policies
Revised October 2008 - Working Paper 659
On the Need for a New Approach to Analyzing Monetary Policy
September 2008 - Staff Report 412
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
New Keynesian Models: Not Yet Useful for Policy Analysis
July 2008 - Working Paper 664
If Exchange Rates Are Random Walks, Then Almost Everything We Say About Monetary Policy Is Wrong
July 2008 - Quarterly Review
Published In: AEA Papers and Proceedings
(Vol. 97, May 2007, pp. 339-345)
Temporary Price Changes and the Real Effects of Monetary Policy
May 2008 - Working Paper 661
On the Need for a New Approach to Analyzing Monetary Policy
May 2008 - Working Paper 662
Time Inconsistency and Free-Riding in a Monetary Union
Revised April 2008 - Staff Report 308
Published In: Journal of Money, Credit, and Banking
(Vol. 40, No. 7, October 2008, pp. 1329-1355)
The Heterogeneous State of Modern Macroeconomics: A Reply to Solow
October 2007 - Staff Report 399
Sticky Prices and Sectoral Real Exchange Rates
October 2007 - Working Paper 656
Time-Varying Risk, Interest Rates, and Exchange Rates in General Equilibrium
Revised September 2008 - Staff Report 371
Published In: Review of Economic Studies
(Vol. 76, No. 3, July 2009, pp. 851-878)
Reply to Solow
September 2007 - Working Paper 654
On the Optimal Choice of a Monetary Policy Instrument
August 2007 - Staff Report 394
Modern Macroeconomics in Practice: How Theory is Shaping Monetary Policy
May 2007 - The Region
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
Modern Macroeconomics in Practice: How Theory Is Shaping Monetary Policy
January 2006 - Annual Reports
Sales and the Real Effects of Monetary Policy
April 2007 - Working Paper 652
If Exchange Rates Are Random Walks, Then Almost Everything We Say about Monetary Policy is Wrong
March 2007 - Staff Report 388
Published In: American Economic Review
(Vol. 97, No. 2, May 2007, pp. 339-345)
If Exchange Rates Are Random Walks Then Almost Everything We Say About Monetary Policy Is Wrong
March 2007 - Working Paper 650
Comparing Alternative Representations, Methodologies, and Decompositions in Business Cycle Accounting
Revised March 2007 - Staff Report 384
Comparing Alternative Representations, Methodologies, and Decompositions in Business Cycle Accounting
December 2006 - Working Paper 647
Business Cycle Accounting
Revised December 2006 - Staff Report 328
Published In: Econometrica
(Vol. 75, No. 3, May 2007, pp. 781-836)
Additional Materials
Appendices: Business Cycle Accounting
Revised December 2006 - Staff Report 362
Additonal Materials
How to Advance Theory with Structural VARs: Use the Sims-Cogley-Nason Approach
October 2006 - Staff Report 379
Modern Macroeconomics in Practice: How Theory is Shaping Policy
August 2006 - Staff Report 376
Published In: Journal of Economic Perspectives
(Vol. 20, No. 4, Fall 2006, pp. 3-28)
The Advantage of Transparency in Monetary Policy Instruments
Revised July 2006 - Staff Report 297
Modeling the Transition to a New Economy: Lessons from Two Technological Revolutions
Revised May 2006 - Staff Report 296
Published In: American Economic Review
(Vol. 97, No. 1, March 2007, pp. 64-88)
Time-Varying Risk, Interest Rates and Exchange Rates in General Equilibrium
Revised October 2005 - Working Paper 627
A Critique of Structural VARs Using Real Business Cycle Theory
Revised May 2005 - Working Paper 631
Additional Files
Modeling and Measuring Organization Capital
Revised February 2005 - Staff Report 291
Published In: Journal of Political Economy
(Vol. 113, No. 5, October 2005, pp. 1026-1053)
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
Patrick Kehoe’s Comment on “Determinants of Business Cycle Comovement: A Robust Analysis” by Marianne Baxter and Michael Kouparitsas
November 2004 - Staff Report 349
Published In: Journal of Monetary Economics
(Vol. 52, No. 1, January 2005, pp. 159-162)
The Optimal Degree of Discretion in Monetary Policy
Revised August 2004 - Staff Report 326
Published In: Econometrica
(Vol. 73, No. 5, September 2005, pp. 1431-1475)
Deflation and Depression: Is There an Empirical Link?
January 2004 - Staff Report 331
Published In: American Economic Review
(Vol. 94, No. 2, May 2004, pp. 99-103)
On the Desirability of Fiscal Constraints in a Monetary Union
November 2003 - Staff Report 330
Competitive Equilibria With Limited Enforcement
Revised September 2003 - Staff Report 307
Published In: Journal of Economic Theory
(Vol. 119, No. 1, November 2004, pp. 184-206)
Financial Crises as Herds: Overturning the Critiques
April 2003 - Staff Report 316
Published In: Journal of Economic Theory
(Vol. 119, No. 1, November 2004, pp. 128-150)
The Time Consistency of Monetary and Fiscal Policies
Revised April 2003 - Staff Report 305
Published In: Econometrica
(Vol. 72, No. 2, March 2004, pp. 541-567)
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
Hot Money
Revised March 2003 - Staff Report 228
Published In: Journal of Political Economy
(Vol. 111, No. 6, December 2003, pp. 1262-1292)
Decades Lost and Found: Mexico and Chile Since 1980
Winter 2002 - Quarterly Review
The Optimal Degree of Discretion in Monetary Policy
November 2002 - Working Paper 626
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
Technical Appendix: Accounting for the Great Depression
May 2002 - Working Paper 619
On the Robustness of Herds
May 2002 - Working Paper 622
Competitive Equilibria with Limited Enforcement
April 2002 - Working Paper 621
Business Cycle Accounting
April 2002 - Working Paper 625
The Time Consistency of Monetary and Fiscal Policies
Revised April 2002 - Working Paper 616
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
The advantage of transparent instruments of monetary policy
Revised October 2001 - Working Paper 614
A Decade Lost and Found: Mexico and Chile in the 1980s
September 2001 - Staff Report 292
Published In: Review of Economic Dynamics
(Vol. 5, No. 1, January 2002, pp. 166-205)
Technical Appendix: Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
Revised July 2001 - Staff Report 277
The Transition to a New Economy After the Second Industrial Revolution
Revised July 2001 - Working Paper 606
On the optimality of transparent monetary policy
April 2001 - Working Paper 613
Paths of Development for Early- and Late-Bloomers in a Dynamic Heckscher-Ohlin Model
September 2000 - Staff Report 256
Money, Interest Rates, and Exchange Rates With Endogenously Segmented Asset Markets
August 2000 - Staff Report 278
Published In: Journal of Political Economy
(Vol. 110, No. 1, February 2002, pp. 73-112)
Money, Interest Rates, and Exchange Rates With Endogenously Segmented Asset Markets
August 2000 - Working Paper 605
International Business Cycles With Endogenous Incomplete Markets
March 2000 - Staff Report 265
Published In: Econometrica
(Vol. 70, No. 3, May 2002, pp. 907-928)
Financial Crises as Herds
March 2000 - Working Paper 600
Taxing Capital Income: A Bad Idea
Summer 1999 - Quarterly Review
Money and Interest Rates With Endogenously Segmented Markets
April 1999 - Staff Report 260
Asking the Right Questions About the IMF
January 1998 - Annual Reports
Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates? (December 1998 Version)
Revised December 1998 - Staff Report 223
On the Need for Fiscal Constraints in a Monetary Union
August 1998 - Working Paper 589
Published In: Journal of Monetary Economics
(Vol. 54, No. 8, November 2007, pp. 2399-2408)
Optimal Fiscal and Monetary Policy
July 1998 - Staff Report 251
Published In: Handbooks in Economics
(Vol. 1C, 1999, pp. 1671-1745)
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
Reviving Reputation Models of International Debt
Winter 1997 - Quarterly Review
The Poverty of Nations: A Quantitative Investigation
Revised October 1997 - Staff Report 204
Additional files
Models of Energy Use: Putty-Putty vs. Putty-Clay
March 1997 - Staff Report 230
Published In: American Economic Review
(Vol. 89, No. 4, September 1999, pp. 1028-43)
Models of Sovereign Debt: Partial vs. General Reputations
March 1997 - Working Paper 580
Published In: International Economic Review
(Vol. 39, No. 1, February 1998, pp. 55-70)
Technical Appendix to “Optimal Fiscal Policy in a Business Cycle Model”
August 1996 - Working Paper 567
Reputation Spillover Across Relationships: Reviving Reputation Models of Debt
March 1996 - Staff Report 209
Industry Evolution and Transition: Measuring Investment in Organization Capital
November 1995 - Staff Report 201
Social Insurance and Transition
November 1995 - Staff Report 202
Published In: International Economic Review
(Vol. 37, No. 2, May 1996, pp. 377-401)
Social Insurance and Transition
April 1995 - Working Paper 547
Putty-Clay Capital and Energy
April 1995 - Working Paper 548
Optimal Social Insurance, Incentives, and Transition
March 1995 - Working Paper 546
The Role of Institutions in Reputation Models of Sovereign Debt
August 1994 - Staff Report 179
Published In: Journal of Monetary Economics
(Vol. 35, No. 1, February 1995, pp. 45-64)
A Primer on Static Applied General Equilibrium Models
Spring 1994 - Quarterly Review
Published In: Modeling North America's economic integration
(1995, pp. 1-31)
Capturing NAFTA's Impact With Applied General Equilibrium Models
Spring 1994 - Quarterly Review
Published In: Modeling North America's economic integration
(1995, pp. 33-57)
International Business Cycles: Theory vs. Evidence
Fall 1993 - Quarterly Review
Published In: Frontiers of business cycle research
(1995, pp. 331-356)
Industry Evolution and Transition: The Role of Information Capital
August 1993 - Staff Report 162
Optimality of the Friedman Rule in Economies With Distorting Taxes
July 1993 - Staff Report 158
Published In: Journal of Monetary Economics
(Vol. 37, No. 2, April 1996, pp. 203-223)
Optimal Fiscal Policy in a Business Cycle Model
July 1993 - Staff Report 160
Published In: Journal of Political Economy
(Vol. 102, No. 4, August 1994, pp. 617-652)
In Search of Scale Effects in Trade and Growth
Revised July 1992 - Staff Report 152
Published In: Journal of Economic Theory
(Vol. 58, No. 2, December 1992, pp. 377-409)
Dynamics of the Trade Balance and the Terms of Trade: The J-Curve Revisited
May 1992 - Discussion Paper
Published In: American Economic Review
(Vol. 84, No. 1, March 1994, pp. 84-103)
International Evidence on the Historical Properties of Business Cycles
November 1991 - Staff Report 145
Published In: American Economic Review
(Vol 82, Num 4, September 1992, pp. 864-888)
International Real Business Cycles
November 1991 - Staff Report 146
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)
Optimal Fiscal and Monetary Policy: Some Recent Results
November 1991 - Staff Report 147
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)
International Real Business Cycles
Revised October 1991 - Working Paper 426
Reputation With Multiple Relationships: Revising Reputation Models of Debt
March 1991 - Staff Report 137
Technical Appendix to Optimal Fiscal Policy in a Stochastic Growth Model
January 1991 - Working Paper 473
Sustainable Plans and Debt
November 1989 - Staff Report 125
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)
Sustainable Plans and Mutual Default
October 1989 - Staff Report 124
Published In: Review of Economic Studies
(Vol. 60, No. 1, January 1993, pp. 175-195)
Sustainable Plans
June 1989 - Staff Report 122
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)
International Coordination of Fiscal Policy in Limiting Economies
May 1989 - Staff Report 121
Published In: Journal of Political Economy
(Vol 98, Num 3, June 1990, pp. 617-636)
On the Denomination of Government Debt: A Critique of the Portfolio Balance Approach
November 1988 - Staff Report 116
Published In: Journal of Monetary Economics
(Vol. 23, No. 3, May 1989, pp. 359-376)
Time Consistency and Policy
August 1988 - Staff Report 115
Published In: Modern Business Cycle Theory
(1989, pp. 265-305)
Coordination of Fiscal Policies in a World Economy
Revised August 1986 - Staff Report 98
Published In: Journal of Monetary Economics
(Vol 19, No. 3, May 1987, pp. 349-376)
International Policy Cooperation May Be Undesirable
February 1986 - Staff Report 103
Published In: Review of Economic Studies
(Vol 56, 1989, pp. 289-296)
