International Economics | The Federal Reserve Bank of Minneapolis

Two Fed economists propose a controversial solution to a long-term puzzle: Why do home prices soar in both high and low inflation eras?
Douglas Clement
December 2007 - The Region

Modeling Great Depressions: The Depression in Finland in the 1990s

Timothy J. Kehoe, Kim J. Ruhl, Juan Carlos Conesa
November 2007 - Staff Report

Modeling Great Depressions: The Depression in Finland in the 1990s

Timothy J. Kehoe, Kim J. Ruhl, Juan Carlos Conesa
November 2007 - Quarterly Review

The International Diversification Puzzle Is Not as Bad as You Think

Fabrizio Perri, Jonathan Heathcote
October 2007 - Staff Report

Time-Varying Risk, Interest Rates, and Exchange Rates in General Equilibrium

Patrick J. Kehoe, Andrew Atkeson, Fernando Alvarez
September 2007 - Staff Report

A Wealth of Notions

At the Minneapolis Fed, research economists develop fresh ideas about old problems.
Douglas Clement
June 2007 - The Region

Reality Check

What do the data say about dollarization and international lending?
Douglas Clement
June 2007 - The Region

“Everything Was a Dollar”

In Ecuador, the transition to the U.S. dollar was sudden, dramatic and remarkably smooth.
Douglas Clement
June 2007 - The Region

If Exchange Rates Are Random Walks, Then Almost Everything We Say about Monetary Policy is Wrong

Patrick J. Kehoe, Andrew Atkeson, Fernando Alvarez
March 2007 - Staff Report

Dollarization and Financial Integration

Cristina Arellano, Jonathan Heathcote
January 2007 - Staff Report

Barriers to Growth

An examination of Latin America's stagnant economies suggests that competition is the key to progress.
Douglas Clement
December 2006 - The Region

Demographics in Dynamic Heckscher-Ohlin Models: Overlapping Generations versus Infinitely Lived Consumers

Timothy J. Kehoe, Claustre Bajona
October 2006 - Staff Report

Why Globalization Works

Book Review
Terry J. Fitzgerald
September 2006 - The Region

The Advantage of Transparency in Monetary Policy Instruments

Patrick J. Kehoe, Andrew Atkeson
July 2006 - Staff Report

Copenhagen Consensus Panel of Experts

May 2006 - The Region

University of Chicago economist and former Minneapolis Fed adviser Nancy Stokey on the goals and methods of the Copenhagen Consensus, in which 8 prominent economists used benefit/cost analysis to eval
Nancy L. Stokey
May 2006 - The Region

Message from the President

2005 Annual Report Federal Reserve Bank of Minneapolis
Gary H. Stern
May 2006 - The Region

Household Heterogeneity and Real Exchange Rates

Narayana Kocherlakota, Luigi Pistaferri
April 2006 - Staff Report

Truths About Trade and the Dollar

A Minneapolis Fed directors' retreat explores the realities of international trade and foreign exchange.
Joe Mahon
December 2005 - The Region

Timothy J. Kehoe on international trade.

Interview: Timothy J. Kehoe on international trade.
Joe Mahon
July 2005 - fedgazette

Deflation and the International Great Depression: A Productivity Puzzle

Lee E. Ohanian, Harold L. Cole, Ron Leung
February 2005 - Staff Report

Sudden Stops and Output Drops

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
January 2005 - Staff Report

"Ranking the Opportunities"

Nancy L. Stokey
December 2004 - The Region

By the Numbers: Euro Region, United States and Japan

December 2004 - The Region

Copenhagen Consensus Priority Proposals

December 2004 - The Region

Interview with Jean-Claude Trichet

The European Central Bank president and Minneapolis Fed President Gary Stern discuss ECB accomplishments and challenges, as well as issues of concern to both central banks.
Gary H. Stern
December 2004 - The Region

Setting Global Priorities

Copenhagen Consensus participant Nancy Stokey ranks potential solutions to some of the world’s most pressing problems.
Douglas Clement
December 2004 - The Region

Ties that Bind

The Pact to ensure fiscal stability in Europe's monetary union might soon be loosened. Not good, say economists at the Minneapolis Fed.
Douglas Clement
December 2004 - The Region

Patrick Kehoe’s Comment on “Determinants of Business Cycle Comovement: A Robust Analysis” by Marianne Baxter and Michael Kouparitsas

Patrick J. Kehoe
November 2004 - Staff Report

A Fork in the Free-Trade Road

Regional trade agreements are widespread and growing, and economists differ strongly on their ability to deliver global free trade.
Ronald A. Wirtz
September 2004 - The Region

In Defense of Globalization

Book Review
Terry J. Fitzgerald
September 2004 - The Region

IER Lawrence Klein Lecture: The Case Against Intellectual Monopoly

Michele Boldrin, David K. Levine
June 2004 - Staff Report

A Unified Theory of the Evolution of International Income Levels

Edward C. Prescott, Stephen L. Parente
March 2004 - Staff Report

Business Cycles in Emerging Economies: The Role of Interest Rates

Fabrizio Perri, Pablo Neumeyer
March 2004 - Staff Report

U.S. Real Exchange Rate Fluctuations and Relative Price Fluctuations

Timothy J. Kehoe, Caroline M. Betts
March 2004 - Staff Report

Dissecting Trade: Firms, Industries, and Export Destinations

Samuel Kortum, Francis Kramarz, Jonathan Eaton
February 2004 - Staff Report

A Brief Timeline of the People's Bank of China

December 2003 - The Region

By the Numbers: China and the United States

December 2003 - The Region

China's Rich but Troubled Banking Sector

Douglas Clement
December 2003 - The Region

European Vacation: Why Americans Work More Than Europeans

Taxes, not culture, account for the difference, according to economist Ed Prescott.
Douglas Clement
December 2003 - The Region

Interview with Ping Xie

Director-General of the Research Bureau People's Bank of China
Arthur J. Rolnick
December 2003 - The Region

Progress and Peril in China's Modern Economy

The past 25 years have seen dramatic economic transformation, but major challenges remain.
Chun Chang
December 2003 - The Region

What Ails China?

A long-run perspective on growth and inflation (or deflation) in China.
Loren Brandt, Xiaodong Zhu
December 2003 - The Region

On the Desirability of Fiscal Constraints in a Monetary Union

Patrick J. Kehoe, V. V. Chari
November 2003 - Staff Report

A Theory of Factor Allocation and Plant Size

Thomas J. Holmes, Matthew F. Mitchell
October 2003 - Staff Report

Competitive Equilibria With Limited Enforcement

Patrick J. Kehoe, Fabrizio Perri
September 2003 - Staff Report

The Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics

Book Review
Terry J. Fitzgerald
September 2003 - The Region

An Evaluation of the Performance of Applied General Equilibrium Models of the Impact of NAFTA

Timothy J. Kehoe
August 2003 - Staff Report

What Can We Learn from the Current Crisis in Argentina?

Timothy J. Kehoe
July 2003 - Staff Report

Financial Crises as Herds: Overturning the Critiques

Patrick J. Kehoe, V. V. Chari
April 2003 - Staff Report

Hot Money

Patrick J. Kehoe, V. V. Chari
March 2003 - Staff Report

Exchange Roller Coasters: Where's the steering wheel, and does it work?

The strong dollar-weak dollar debate and the vagaries of currency exchange rate regimes.
Ronald A. Wirtz
December 2002 - The Region

Exchange regimes: One hand, the other hand, both hands

Ronald A. Wirtz
December 2002 - The Region

Interview with Anne O. Krueger

Anne Krueger, the first deputy managing director of the International Monetary Fund, discusses currency boards, the resilient world economy and other issues.
Arthur J. Rolnick
December 2002 - The Region

Trading Places

Why do nations trade and where do industries locate? A recent Fed paper considers competing theories.
Douglas Clement
December 2002 - The Region

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

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
July 2002 - Staff Report

The Home Market and the Pattern of Trade: Round Three

Thomas J. Holmes, John J. Stevens
April 2002 - Staff Report

Anti-dumping: The Free-Trade Antacid

The use of anti-dumping and countervailing duties has increased around the globe, born from protectionist tendencies most countries have toward their home industries.
Ronald A. Wirtz
December 2001 - The Region

Assessing the Euro Three Years After Its Launch

Noted economist Anna Schwartz shares her skepticism on the success of a united European currency.
Anna J. Schwartz
December 2001 - The Region

Interview with Tommaso Padoa-Schioppa

A charter member of the Executive Board of the European Central Bank discusses the evolution of that institution, the upcoming rollout of the euro in 12 European countries and how the ECB and the Fed
Arthur J. Rolnick
December 2001 - The Region

The European Central Bank

December 2001 - The Region

Mongolia: Ancient country works through daunting economic challenges

As a consultant to a lending institution in Mongolia in the summer of 2000, Community Affairs Analyst Thomas Moore got a firsthand look at the country's transition from communism to a free market econ
Paula Woessner
August 2001 - Community Dividend

Dollarization and the Conquest of Hyperinflation in Divided Societies

Hubert Kempf, Russell Cooper
July 2001 - Quarterly Review

Looking for Evidence of Time-Inconsistent Preferences in Asset Market Data

Narayana Kocherlakota
July 2001 - Quarterly Review

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

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
July 2001 - Staff Report

Interview with Hernando de Soto

Peruvian economist and president of the Institute for Liberty and Democracy shares his thoughts on the intrinsic wealth in poor countries, 19th century United States as Third World country and more.
David Fettig
June 2001 - The Region

Sterilized fx: They may attract attention and make people feel good, but ultimately they're all show and no dough

A look at the way governments intervene on behalf of their currency to bolster or weaken value against other world currencies, in particular the European Central Bank's September 2000 initiative.
David Fettig
June 2001 - The Region

Trade Theory and Trade Facts

Timothy J. Kehoe, Raphael Bergoeing
March 2001 - Staff Report

On the Irrelevance of the Maturity Structure of Government Debt Without Commitment

Christopher Phelan
January 2001 - Staff Report

Bank of Mexico

Focus on Central Banks
September 2000 - The Region

Paths of Development for Early- and Late-Bloomers in a Dynamic Heckscher-Ohlin Model

Patrick J. Kehoe, Andrew Atkeson
September 2000 - Staff Report

Money, Interest Rates, and Exchange Rates With Endogenously Segmented Asset Markets

Patrick J. Kehoe, Andrew Atkeson, Fernando Alvarez
August 2000 - Staff Report

Central Bank of Brazil

Focus on Central Banks
June 2000 - The Region

Some Fresh Perspectives on Price-Support Policies

Preston J. Miller
June 2000 - Staff Report

International Business Cycles With Endogenous Incomplete Markets

Patrick J. Kehoe, Fabrizio Perri
March 2000 - Staff Report

About the International Monetary Fund

December 1999 - The Region

Interview with Stanley Fischer

The IMF's top economist answers questions about the world economy and also answers criticisms leveled at the IMF.
Arthur J. Rolnick
December 1999 - The Region

Saudi Arabian Monetary Agency

Central Banks
December 1999 - The Region

Reserve Bank of New Zealand

Focus on Central Banks
June 1999 - The Region

The Euro in the International Financial System

Laurence Meyer on the Euro, Europe's new unified currency.
Laurence H. Meyer
June 1999 - The Region

Interview with Arnold Harberger

An interview with the dean of the “Chicago Boys.”
David Levy
March 1999 - The Region

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

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
December 1998 - Staff Report

Sources of Prosperity

Jerry L. Jordan
September 1998 - The Region

The Bank of Thailand

Focus on Central Banks
September 1998 - The Region

Toward A Better Class of Financial Crises: Some Lessons from Asia

Alice M. Rivlin
September 1998 - The Region

Optimal Fiscal and Monetary Policy

Patrick J. Kehoe, V. V. Chari
July 1998 - Staff Report

Self-Fulfilling Debt Crises

Timothy J. Kehoe, Harold L. Cole
July 1998 - Staff Report

A Gain From Trade: More Research, Less Obstruction

James A. Schmitz, Jr., Thomas J. Holmes
March 1998 - Staff Report

Reviving Reputation Models of International Debt

Patrick J. Kehoe, Harold L. Cole
December 1997 - Quarterly Review

Delayed Financial Disclosure: Mexico's Recent Experience

Arijit Mukherji, David E. Runkle, R. Anton Braun
September 1996 - Quarterly Review

The Balance of Payments and Borrowing Constraints: An Alternative View of the Mexican Crisis

Andrew Atkeson, José-Víctor Ríos-Rull
May 1996 - Staff Report

A Self-Fulfilling Model of Mexico's 1994-95 Debt Crisis

Timothy J. Kehoe, Harold L. Cole
April 1996 - Staff Report

Reputation Spillover Across Relationships: Reviving Reputation Models of Debt

Patrick J. Kehoe, Harold L. Cole
March 1996 - Staff Report

How Prescribed Policy Can Mislead When Data Are Defective: A Follow-up to Srinivasan (1994) Using General Equilibrium

Erinç Yeldan, Jean Mercenier
February 1996 - Staff Report

Resistance to New Technology and Trade Between Areas

James A. Schmitz, Jr., Thomas J. Holmes
December 1995 - Quarterly Review

Industry Evolution and Transition: Measuring Investment in Organization Capital

Patrick J. Kehoe, Andrew Atkeson
November 1995 - Staff Report

Social Insurance and Transition

Patrick J. Kehoe, Andrew Atkeson
November 1995 - Staff Report

Fixed vs. Floating Exchange Rates: A Dynamic General Equilibrium Analysis

Daniel M. Chin, Preston J. Miller
July 1995 - Staff Report

On Sunk Costs and Trade Liberalization in Applied General Equilibrium

Jean Mercenier, Nicolas Schmitt
March 1995 - Staff Report

Nonuniqueness of Solutions in Applied General Equilibrium Models With Scale Economies and Imperfect Competition

Jean Mercenier
October 1994 - Staff Report

Resistance to Technology and Trade Between Areas

James A. Schmitz, Jr., Thomas J. Holmes
October 1994 - Staff Report

Default, Settlement, and Signalling: Lending Resumption in a Reputational Model of Sovereign Debt

Harold L. Cole, James Dow, William B. English
September 1994 - Staff Report

The Role of Institutions in Reputation Models of Sovereign Debt

Patrick J. Kehoe, Harold L. Cole
August 1994 - Staff Report

A Primer on Static Applied General Equilibrium Models

Patrick J. Kehoe, Timothy J. Kehoe
April 1994 - Quarterly Review

Capturing NAFTA's Impact With Applied General Equilibrium Models

Patrick J. Kehoe, Timothy J. Kehoe
April 1994 - Quarterly Review

Interview with Jacob Frenkel

Melvin L. Burstein
December 1993 - The Region

International Business Cycles: Theory vs. Evidence

Patrick J. Kehoe, David K. Backus, Finn E. Kydland
September 1993 - Quarterly Review

The Macroeconomic Effects of World Trade in Financial Assets

Harold L. Cole
July 1993 - Quarterly Review

Head to Head: The Coming Economic Battle Among Japan, Europe, and America

Book Review
Edward Lotterman
March 1993 - The Region

Direct Investment: A Doubtful Alternative to International Debt

Harold L. Cole, William B. English
December 1992 - Quarterly Review

Interview with Paul A. Volcker

Paul Volcker, former Fed chairman, shares his views on Fed independence, international economics, trout fishing and more.
David Levy
December 1992 - The Region

A unified currency will mean prosperity

fedgaztte Editoral
Arthur J. Rolnick
October 1992 - fedgazette

Europe's road to serfdom

fedgazette Editorial
Robert J. Barro
October 1992 - fedgazette

Real Effects of Monetary Policy in a World Economy

Preston J. Miller, Richard M. Todd
April 1992 - Staff Report

International Real Business Cycles

Patrick J. Kehoe, David K. Backus, Finn E. Kydland
November 1991 - Staff Report

Reputation With Multiple Relationships: Revising Reputation Models of Debt

Patrick J. Kehoe, Harold L. Cole
March 1991 - Staff Report

Technology Adoption and Growth

Edward C. Prescott, Stephen L. Parente
February 1991 - Staff Report

Why Markets in Foreign Exchange Are Different From Other Markets

Neil Wallace
December 1990 - Quarterly Review

Bad News From a Forecasting Model of the U.S. Economy

David E. Runkle
September 1990 - Quarterly Review

A Case for Fixing Exchange Rates

A synopsis of the Minneapolis Fed's 1989 Annual Report.
Arthur J. Rolnick, Warren E. Weber
June 1990 - The Region

The Other Path: The Invisible Revolution in the Third World

Book Review
David Levy
December 1989 - The Region

The U.S. Economy in 1989 and 1990: Walking a Fine Line

David E. Runkle, Preston J. Miller
December 1989 - Quarterly Review

A Simple Way to Estimate Current-Quarter GNP

Preston J. Miller, Terry J. Fitzgerald
September 1989 - Quarterly Review

P*: Not the Inflation Forecaster's Holy Grail

Lawrence J. Christiano
September 1989 - Quarterly Review

The U.S. Economy in 1990 and 1991: Continued Expansion Likely

David E. Runkle
September 1989 - Quarterly Review

International Coordination of Fiscal Policy in Limiting Economies

Patrick J. Kehoe, V. V. Chari
May 1989 - Staff Report

Are Economic Forecasts Rational?

David E. Runkle, Michael P. Keane
April 1989 - Quarterly Review

Is Japan's Saving Rate High?

Fumio Hayashi
April 1989 - Quarterly Review

Understanding Japan's Saving Rate: The Reconstruction Hypothesis

Lawrence J. Christiano
April 1989 - Quarterly Review

Determinacy of Equilibria in Dynamic Models With Finitely Many Consumers

Timothy J. Kehoe, David K. Levine, Paul M. Romer
March 1989 - Staff Report

Why No Crunch From the Crash?

David E. Runkle
December 1988 - Quarterly Review

On the Denomination of Government Debt: A Critique of the Portfolio Balance Approach

Patrick J. Kehoe, David K. Backus
November 1988 - Staff Report

Forecasting and Modeling the U.S. Economy in 1986-88

Richard M. Todd, William Roberds
December 1987 - Quarterly Review

The Quantitative Significance of the Lucas Critique

Preston J. Miller, William Roberds
December 1987 - Staff Report

Do Sterilized Interventions Affect Exchange Rates?

Warren E. Weber
July 1986 - Quarterly Review

How Monetary Policy in 1985 Affects the Outlook

Robert B. Litterman
September 1985 - Quarterly Review

International Coordination of Macroeconomic Policies: A Welfare Analysis

Neil Wallace, Preston J. Miller
April 1985 - Quarterly Review

Above-Average National Growth in 1985 and 1986

Robert B. Litterman
September 1984 - Quarterly Review

Forecasting and Policy Analysis With Bayesian Vector Autoregression Models

Robert B. Litterman
September 1984 - Quarterly Review

Improving Economic Forecasting With Bayesian Vector Autoregression

Richard M. Todd
September 1984 - Quarterly Review

More Growth Ahead for Ninth District States

Hossain Amirizadeh, Richard M. Todd
September 1984 - Quarterly Review

Speculations About the Speculation Against the Hong Kong Dollar

Neil Wallace, David T. Beers, Thomas J. Sargent
September 1983 - Quarterly Review

A Primer on the International Monetary Fund

Carolyn P. Line, David S. Dahl, John H. Boyd
July 1983 - Quarterly Review

Toward a More Resilient International Financial System

Anthony M. Solomon
July 1983 - Quarterly Review

Eximbank Lending: A Federal Program That Costs Too Much

John H. Boyd
December 1982 - Quarterly Review

The U.S. Economy in 1980: Shockwaves From 1979

Preston J. Miller, Thomas H. Turner, Thomas M. Supel
December 1980 - Quarterly Review

Why Markets in Foreign Exchange Are Different From Other Markets

Neil Wallace
September 1979 - Quarterly Review

International Monetary Reform: The Feasible Alternatives

Neil Wallace, John H. Kareken
July 1978 - Quarterly Review

View: 15 All

61st Annual Management Conference of the University of Chicago Booth School of Business

fedgazette: Busting bottlenecks in the Bakken

Better Policy through Better Communication: Two Conversations with Narayana Kocherlakota

Economic Policy Paper: New Manufacturing Investment and Unions

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