Research Economists

All Publications and Papers for

V. V. Chari

Consultant



Bailouts, Time Inconsistency, and Optimal Regulation

April 2013 - Staff Report 481

The “Banks” We Do Need

January 2013 - Economic Policy Papers
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The “Banks” We Do Need

December 2012 - The Region
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What Assets Should Banks Be Allowed to Hold?

May 2012 - Economic Policy Papers
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Damage Control?

December 2010 - The Region
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Damage Control? Analyzing Policies to Repair Credit Markets

October 2010 - Economic Policy Papers
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Thoughts on the Federal Reserve System's Exit Strategy

March 2010 - Economic Policy Papers
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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

Prizes and Patents: Using Market Signals to Provide Incentives for Innovations

August 2009 - Working Paper 673

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

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

Reply to Solow

September 2007 - Working Paper 654

On the Optimal Choice of a Monetary Policy Instrument

August 2007 - Staff Report 394

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).

Modern Macroeconomics in Practice: How Theory is Shaping Monetary Policy

May 2007 - The Region

Modern Macroeconomics in Practice: How Theory Is Shaping Monetary Policy

January 2006 - Annual Reports

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

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)

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)

On the Desirability of Fiscal Constraints in a Monetary Union

November 2003 - Staff Report 330

Expectation Traps and Monetary Policy

August 2003 - Staff Report 319
Published In: Review of Economic Studies (Vol. 70, No. 4, October 2003, pp. 715-741)

How Severe is the Time-Inconsistency Problem in Monetary Policy?

Summer 2003 - Quarterly Review
Published In: Advances in economics and econometrics: Theory and applications (Vol. 3, 2003, pp. 123-150)

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)

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)

Hot Money

Revised March 2003 - Staff Report 228
Published In: Journal of Political Economy (Vol. 111, No. 6, December 2003, pp. 1262-1292)

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.

On the Robustness of Herds

May 2002 - Working Paper 622

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

Financial Crises as Herds

March 2000 - Working Paper 600

Taxing Capital Income: A Bad Idea

Summer 1999 - Quarterly Review

Unemployment today in Europe and Japan: Lessons from the U.S. Great Depression

July 1999 - fedgazette

Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics

Spring 1999 - Quarterly Review
Published In: Journal of Economic Perspectives (Vol. 12, No. 1, Winter 1998, pp. 171-186)

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 (FTP)

The Poverty of Nations: A Quantitative Investigation

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

The Economics of Split-Ticket Voting in Representative Democracies

June 1997 - Working Paper 582
Published In: American Economic Review (Vol. 87, No. 5, December 1997, pp. 957-76)

Technical Appendix to “Optimal Fiscal Policy in a Business Cycle Model”

August 1996 - Working Paper 567

The Growth Effects of Monetary Policy

Fall 1995 - Quarterly Review

A Contribution to the Theory of Pork Barrel Spending

Revised January 1995 - Staff Report 156

Why Are Representative Democracies Fiscally Irresponsible?

August 1993 - Staff Report 163
Published In: Cuadernos Economicos (No. 62, 1996, pp. 169-78)

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)

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)

How the U.S. Treasury Should Auction Its Debt

Fall 1992 - Quarterly Review

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)

In This Issue

Summer 1991 - Quarterly Review

A Reconsideration of the Problem of Social Cost: Free Riders and Monopolists

July 1991 - Staff Report 142
Published In: Economic Theory (Vol. 16, No. 1, July 2000, pp. 1-22)

Federal budget reforms: why they aren't working and what we can do about it

July 1991 - fedgazette

Playing by the Rules: A Proposal for Federal Budget Reform

June 1991 - The Region

Technical Appendix to Optimal Fiscal Policy in a Stochastic Growth Model

January 1991 - Working Paper 473

Playing By the Rules: A Proposal for Federal Budget Reform

January 1990 - Annual Reports

The Simple Analytics of Commodity Futures Markets: Do They Stabilize Prices? Do They Raise Welfare?

Summer 1990 - Quarterly Review

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)

Banking Without Deposit Insurance or Bank Panics: Lessons From a Model of the U.S. National Banking System

Summer 1989 - Quarterly Review

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)

Labor Contracts in a Model of Imperfect Competition

January 1989 - Staff Report 117
Published In: American Economic Review (Vol. 79, No. 2, May 1989, pp. 358-363)

Time Consistency and Optimal Policy Design

Fall 1988 - Quarterly Review
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 41-65)

Time Consistency and Policy

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

Banking Panics, Information, and Rational Expectations Equilibrium

Revised February 1988 - Working Paper 320
Published In: Credit, intermediation, and the macroeconomy: Readings and perspectives in modern financial theory (2004, pp. 265-279)
Published In: Journal of Finance (Vol. 43, No. 3, July 1988, pp. 749-61)

Seasonalities in Security Returns: The Case of Earnings Announcements

April 1987 - Staff Report 110
Published In: Journal of Financial Economics (Vol. 21, No. 1, May 1988, pp. 101-121)