Macroeconomics | The Federal Reserve Bank of Minneapolis

MIT economist and incoming president of the National Bureau of Economic Research on the potential for tax reform, the wealth effect of housing prices, and the future of economic research.
Douglas Clement
June 2008 - The Region

Issues in Macroeconomic Policy

Top of the Ninth: Gary Stern’s remarks at the European Economics and Financial Centre in London, March 2008.
Gary H. Stern
June 2008 - The Region

Markets Meet Humans: Three Books

Book Reviews: Predictably Irrational, The Logic of Life and The Mind of the Market
David Fettig
June 2008 - The Region

Prescott Elected to National Academy of Sciences and Kocherlakota Presents at Toulouse

June 2008 - The Region

Optimal Fiscal and Monetary Policy: Equivalence Results

Isabel Correia, Juan Pablo Nicolini, Pedro Teles
April 2008 - Staff Report

Taxation, Aggregates and the Household

Gustavo Ventura, Nezih Guner, Remzi Kaygusuz
April 2008 - Working Paper

Time Inconsistency and Free-Riding in a Monetary Union

Patrick J. Kehoe, V. V. Chari
April 2008 - Staff Report

Are Shocks to the Terms of Trade Shocks to Productivity?

Timothy J. Kehoe, Kim J. Ruhl
January 2008 - Staff Report

Masters of Illusion

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

Wikinomics: How Mass Collaboration Changes Everything

Book Review
Toby Madden
December 2007 - The Region

Lifetime Aggregate Labor Supply with Endogenous Workweek Length

Edward C. Prescott, Richard Rogerson, Johanna Wallenius
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 - 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

On the Needed Quantity of Government Debt

Edward C. Prescott, Kathryn Birkeland
November 2007 - Quarterly Review

The Heterogeneous State of Modern Macroeconomics: A Reply to Solow

Patrick J. Kehoe, V. V. Chari
October 2007 - Staff Report

Has Middle America Stagnated?

A closer look at hourly wages
Terry J. Fitzgerald
September 2007 - The Region

Interview with Frederic Mishkin

Federal Reserve governor and prominent macroeconomist, Frederic Mishkin, on bank supervision, moral hazard, financial globalization and other topics.
Gary H. Stern
September 2007 - The Region

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

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

On the Optimal Choice of a Monetary Policy Instrument

Patrick J. Kehoe, V. V. Chari, Andrew Atkeson
August 2007 - Staff Report

Money and Bonds: An Equivalence Theorem

Narayana Kocherlakota
July 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

Interview with Christopher Sims

The Princeton economist on inflation targets, vector autoregression and the importance of monetary policy.
Arthur J. Rolnick
June 2007 - The Region

The Baseball Economist: The Real Game Exposed

Book Review
David Fettig
June 2007 - The Region

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

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
May 2007 - Staff Report

Message from the President

Federal Reserve Bank of Minneapolis 2006 Annual Report
Gary H. Stern
May 2007 - The Region

Modern Macroeconomics in Practice: How Theory is Shaping Monetary Policy

Over the last three decades, macroeconomic theory and the practice of macroeconomics by economists have changed significantly—for the better. Macroeconomics is now firmly grounded in the principles of
Patrick J. Kehoe, V. V. Chari
May 2007 - The Region

Time Consistent Monetary Policy with Endogenous Price Rigidity

Henry E. Siu
April 2007 - Staff Report

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

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
March 2007 - Staff Report

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

The Young, the Old, and the Restless: Demographics and Business Cycle Volatility

Henry E. Siu, Nir Jaimovich
March 2007 - Staff Report

Appendices: Business Cycle Accounting

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
December 2006 - Staff Report

Business Cycle Accounting

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
December 2006 - Staff Report

Flaws in the Ointment

Disaster insurance markets are distorted, economists argue, and could be improved.
Phil Davies
December 2006 - The Region

Establishment Size Dynamics in the Aggregate Economy

Esteban Rossi-Hansberg, Mark L. J. Wright
November 2006 - Staff Report

Urban Structure and Growth

Esteban Rossi-Hansberg, Mark L. J. Wright
November 2006 - Staff Report

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

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

How to Advance Theory with Structural VARs: Use the Sims-Cogley-Nason Approach

Patrick J. Kehoe
October 2006 - Staff Report

The Boys from Belarus

Two young economists, best friends since high school, are exploring—and expanding—the frontiers of economics.
Douglas Clement
September 2006 - The Region

Consumption Over the Life Cycle? How Different Is Housing?

Fang Yang
August 2006 - Working Paper

Modern Macroeconomics in Practice: How Theory is Shaping Policy

Patrick J. Kehoe, V. V. Chari
August 2006 - Staff Report

The Advantage of Transparency in Monetary Policy Instruments

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

Asset Prices and Liquidity in an Exchange Economy

Ricardo Lagos
May 2006 - Staff Report

Inside and Outside Money

Ricardo Lagos
May 2006 - Staff Report

Modeling the Transition to a New Economy: Lessons from Two Technological Revolutions

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

Real Business Cycles

Ellen R. McGrattan
February 2006 - Staff Report

A Model of TFP

Ricardo Lagos
January 2006 - Staff Report

Temptation and Self-Control: Some Evidence and Applications

Kevin X. D. Huang, Zheng Liu, Qi Zhu
January 2006 - Staff Report

Liquidity and Insurance for the Unemployed

Iván Werning, Robert Shimer
December 2005 - Staff Report

Tax Smoothing with Redistribution

Iván Werning
December 2005 - Staff Report

The Untouchables

By quantifying the unmeasured, Fed economists shed light on the stock market, productivity and the development of dynamic economic theory.
Douglas Clement
December 2005 - The Region

Helicopter churn: The macro view on job loss and growth

Terry J. Fitzgerald, Mark Holland
November 2005 - fedgazette

Introduction to “Models of Monetary Economies II: The Next Generation”

Randall Wright
October 2005 - Quarterly Review

Optimal Monetary Policy: What We Know and What We Don’t Know

Narayana Kocherlakota
October 2005 - Quarterly Review

Accounting for the Heterogeneity in Retirement Wealth

Fang Yang
September 2005 - Working Paper

Class Action

Economic inequality has increased in the United States—this much is clear. But the reasons, the consequences and the future are far from obvious. Recent research provides some intriguing suggestions.
Douglas Clement
September 2005 - The Region

Economic Wealth: A Three-Step Process

2004-2005 Student Essay Contest Winner
Dan Mayberry
September 2005 - The Region

Freakonomics: A Rogue Economist Explores the Hidden Side of Everything and The Wisdom of Crowds

Book Reviews
Terry J. Fitzgerald
September 2005 - The Region

Interview with Robert Barro

Harvard economist Robert Barro on Ricardian equivalence, inflation targets and the economics of religion, among other topics.
Douglas Clement
September 2005 - The Region

Does Income Inequality Lead to Consumption Equality? Evidence and Theory

Fabrizio Perri, Dirk Krueger
June 2005 - Staff Report

Edward C. Prescott's Speech at the Nobel Banquet

Edward C. Prescott
May 2005 - The Region

Message from the President

Federal Reserve Bank of Minneapolis 2004 Annual Report
Gary H. Stern
May 2005 - The Region

Productivity and the Post-1990 U.S. Economy

Edward C. Prescott, Ellen R. McGrattan
May 2005 - Staff Report

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

Edward C. Prescott, Ellen R. McGrattan
May 2005 - Staff Report

The Transformation of Macroeconomic Policy and Research

2004 Annual Report Essay Nobel Lecture by Edward C. Prescott, monetary adviser to the Federal Reserve Bank of Minneapolis and co-recipient of the 2004 Nobel Prize in Economic Sciences.
Edward C. Prescott
May 2005 - The Region

Were U.S. State Banknotes Priced as Securities?

Warren E. Weber
May 2005 - Staff Report

Fertility and Social Security

Mariacristina De Nardi, Michele Boldrin, Larry E. Jones
March 2005 - Staff Report

Deflation and the International Great Depression: A Productivity Puzzle

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

Modeling and Measuring Organization Capital

Patrick J. Kehoe, Andrew Atkeson
February 2005 - Staff Report

Real Effects of Inflation Through the Redistribution of Nominal Wealth

Martin Schneider, Matthias Doepke
February 2005 - Staff Report

Sudden Stops and Output Drops

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

A Model Celebration

December 2004 - The Region

Avoiding Significant Monetary Policy Mistakes

Gary H. Stern, Preston J. Miller
December 2004 - Quarterly Review

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

Ellen R. McGrattan
December 2004 - Staff Report

Edward Prescott Awarded Nobel Prize

December 2004 - The Region

Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics

Julia Thomas, Aubhik Khan
December 2004 - Staff Report

The Evolution of U.S. Earnings Inequality: 1961–2002

Zvi Eckstein, Éva Nagypál
December 2004 - Quarterly Review

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

Ellen R. McGrattan
October 2004 - Staff Report

A Unified Framework for Monetary Theory and Policy Analysis

Ricardo Lagos, Randall Wright
September 2004 - Staff Report

Journalists Don’t Know About Economics

Hoover Institution fellow Thomas Sowell says reporters need a better understanding of economics.
Thomas Sowell
September 2004 - The Region

Supply, Demand—and Deadline!

The SD&D workshop aims to improve economic reporting by providing the basics and an innovative, high-pressure test run
Joe Mahon
September 2004 - The Region

Inflation, Output and Welfare

Ricardo Lagos, Guillaume Rocheteau
August 2004 - Staff Report

Modeling Inventories Over The Business Cycle

Julia Thomas, Aubhik Khan
August 2004 - Staff Report

Money and Capital as Competing Media of Exchange

Ricardo Lagos, Guillaume Rocheteau
August 2004 - Staff Report

Partial Adjustment Without Apology

Julia Thomas, Robert G. King
August 2004 - Staff Report

The Optimal Degree of Discretion in Monetary Policy

Patrick J. Kehoe, Andrew Atkeson, Susan Athey
August 2004 - Staff Report

Taxation, Entrepreneurship, and Wealth

Mariacristina De Nardi, Marco Cagetti
July 2004 - Staff Report

Why Do Americans Work So Much More Than Europeans?

Edward C. Prescott
July 2004 - Quarterly Review

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

Edward C. Prescott, Ellen R. McGrattan
June 2004 - Staff Report

Income Inequality: Not a Government Issue

2003-2004 Essay Contest Winner
Lisa Dahlen
June 2004 - The Region

Interview with Ben S. Bernanke

Federal Reserve governor and noted macroeconomist on inflation targeting, asset bubbles, the Great Depression and other topics.
Arthur J. Rolnick
June 2004 - The Region

Prospects for Economic Expansion

Top of the Ninth
Gary H. Stern
June 2004 - The Region

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

Deflation and Depression: Is There an Empirical Link?

Patrick J. Kehoe, Andrew Atkeson
January 2004 - Staff Report

Deflation: Should the Fed be Concerned?

A Minneapolis Fed workshop debates the economics of deflation.
Douglas Clement
December 2003 - The Region

Measuring Consumption Growth: The Impact of New and Better Products

Peter J. Klenow
December 2003 - Quarterly Review

Sticky Prices and Monetary Policy Shocks

Mark Bils, Oleksiy Kryvtsov, Peter J. Klenow
December 2003 - Quarterly Review

The 1929 Stock Market: Irving Fisher Was Right

Edward C. Prescott, Ellen R. McGrattan
December 2003 - Staff Report

Inventories and the Business Cycle: An Equilibrium Analysis of (S,s) Policies

Julia Thomas, Aubhik Khan
November 2003 - Staff Report

Non-Convexities in Quantitative General Equilibrium Studies of Business Cycles

Edward C. Prescott
November 2003 - Staff Report

On the Desirability of Fiscal Constraints in a Monetary Union

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

Why Do Americans Work So Much More Than Europeans?

Edward C. Prescott
November 2003 - Staff Report

Competitive Equilibria With Limited Enforcement

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

Letters to the Editor

Editorial comment from Region readers.
September 2003 - The Region

Mining for Missing Links

By examining the iron ore industry, a Minneapolis Fed economist confirms that productivity gains are the direct result of increased competition.
Ronald A. Wirtz
September 2003 - The Region

Price Signals

Economist Pete Klenow analyzes price differences—over time, among products and across countries—to shed light on some of economics' most contentious issues.
Douglas Clement
September 2003 - The Region

Should We Accept the Conventional Wisdom About Deflation?

Top of the Ninth
Gary H. Stern
September 2003 - The Region

What's sticky, what's not and why?

Douglas Clement
September 2003 - The Region

Expectation Traps and Monetary Policy

V. V. Chari, Lawrence J. Christiano, Stefania Albanesi
August 2003 - Staff Report

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

V. V. Chari, Lawrence J. Christiano, Stefania Albanesi
July 2003 - Quarterly Review

The Economics of Labor Adjustment: Mind the Gap

Jonathan L. Willis, Russell Cooper
July 2003 - Staff Report

What Can We Learn from the Current Crisis in Argentina?

Timothy J. Kehoe
July 2003 - Staff Report

Accounting for the Rich

Economic theory has long been challenged—and economists fascinated—by the mystery of extreme inequality in U.S. wealth distribution. The explanation may finally be in sight.
Douglas Clement
June 2003 - The Region

Beyond “Rich” and “Poor”

A meticulous analysis reveals the full depth and breadth of U.S. economic inequality.
Douglas Clement
June 2003 - The Region

Business Cycles and Long-Term Growth: Lessons from Minnesota

A look at state economic performance offers a broader message.
Terry J. Fitzgerald
June 2003 - The Region

Why Are Married Women Working So Much?

Ellen R. McGrattan, Larry E. Jones, Rodolfo E. Manuelli
June 2003 - Staff Report

Accounting for the Great Depression

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
April 2003 - Quarterly Review

Financial Crises as Herds: Overturning the Critiques

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

The Time Consistency of Monetary and Fiscal Policies

Patrick J. Kehoe, Fernando Alvarez, Pablo Neumeyer
April 2003 - Staff Report

Average Debt and Equity Returns: Puzzling?

Edward C. Prescott, Ellen R. McGrattan
January 2003 - Staff Report

Comparative Advantage: Powerful, but not obvious

Douglas Clement
December 2002 - The Region

Decades Lost and Found: Mexico and Chile Since 1980

Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto, Raphael Bergoeing
December 2002 - Quarterly Review

Wealth Inequality and Intergenerational Links

Mariacristina De Nardi
November 2002 - Staff Report

Interview with Robert Solow

Nobel prize-winning economist Robert Solow discusses his groundbreaking theory of economic growth, his tenure on the Boston Fed's board and lessons economists can learn from the sea, among other topic
Douglas Clement
September 2002 - The Region

Lessons From a Laissez-Faire Payments System: The Suffolk Banking System (1825-58)

Arthur J. Rolnick, Warren E. Weber, Bruce D. Smith
September 2002 - Quarterly Review

Money and Inflation in Colonial Massachusetts

Bruce D. Smith
September 2002 - Quarterly Review

Overturning Mundell: Fiscal Policy in a Monetary Union

Hubert Kempf, Russell Cooper
September 2002 - Staff Report

Perfectly Competitive Superstars

Why do they make so much money? A theory of similar skills but very different paychecks.
Douglas Clement
September 2002 - The Region

The Relationship Between Money and Prices: Some Historical Evidence Reconsidered

Bruce D. Smith
September 2002 - Quarterly Review

Was Napster Right?

Conventional theory says we need strong copyrights and patents to unlock innovation. On the contrary, argue Michele Boldrin and David Levine.
Douglas Clement
September 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

Gross Domestic Product: Understanding News from Noise

What is GDP? What does it tell us about the performance of the nation's economy?
Ronald A. Wirtz
June 2002 - The Region

Nonconvex Factor Adjustments in Equilibrium Business Cycle Models: Do Nonlinearities Matter?

Julia Thomas, Aubhik Khan
May 2002 - Staff Report

Why Did Productivity Fall So Much During the Great Depression?

Lee E. Ohanian
April 2002 - Quarterly Review

Is Lumpy Investment Relevant for the Business Cycle?

Julia Thomas
March 2002 - Staff Report

A Million Mutinies: The key to economic development

An excerpt from "Lectures on Economic Growth" by Robert E. Lucas, Jr.
Robert E. Lucas, Jr.
December 2001 - The Region

Are Phillips Curves Useful for Forecasting Inflation?

Andrew Atkeson, Lee E. Ohanian
December 2001 - Quarterly Review

Thoughts on the Fed’s Role in the Payments System

Edward J. Green, Richard M. Todd
December 2001 - Quarterly Review

The Great U.K. Depression: A Puzzle and Possible Resolution

Lee E. Ohanian, Harold L. Cole
October 2001 - Staff Report

A Decade Lost and Found: Mexico and Chile in the 1980s

Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto, Raphael Bergoeing
September 2001 - Staff Report

Money and Interest Rates

Warren E. Weber, Cyril Monnet
September 2001 - Quarterly Review

Optimal Indirect and Capital Taxation

Narayana Kocherlakota, Aleh Tsyvinski, Mikhail Golosov
September 2001 - Staff Report

Some Monetary Facts

Warren E. Weber, George T. McCandless Jr.
September 2001 - Quarterly Review

The Magic's Gone

A hard look at the data shows that the famous Phillips curve does no better at forecasting inflation than a simple look at the past.
Douglas Clement
September 2001 - The Region

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

Calming the Panics of the Great Depression: The creation of effective Federal Reserve and banking policy

2000-2001 Student Essay Contest Winner
Kelly Brooks
June 2001 - The Region

Icebergs and Government Productivity

While private sector productivity has surged of late, government productivity trends are anyone's guess because no one's keeping track
Ronald A. Wirtz
June 2001 - The Region

Financial Collapse and Active Monetary Policy: A Lesson from the Great Depression

Dean Corbae, Russell Cooper
March 2001 - Staff Report

Why Did Productivity Fall So Much During the Great Depression?

Lee E. Ohanian
March 2001 - Staff Report

Public Trust and Government Betrayal

Christopher Phelan
January 2001 - Staff Report

Greater Than the Sum

The Minneapolis Fed and the University of Minnesota in a 30-year partnership.
Douglas Clement
December 2000 - The Region

Interview with Nancy L. Stokey

University of Chicago economics professor discusses NAFTA, the new economy, women in economics and more with Arthur Rolnick, the Minneapolis Fed's director of Research.
Arthur J. Rolnick
December 2000 - The Region

Habit Persistence, Asset Returns and the Business Cycle

Michele Boldrin, Lawrence J. Christiano, Jonas D. M. Fisher
November 2000 - Staff Report

On the Equilibrium Concept for Overlapping Generations Organizations

Edward C. Prescott, José-Víctor Ríos-Rull
November 2000 - Staff Report

Is the Stock Market Overvalued?

Edward C. Prescott, Ellen R. McGrattan
September 2000 - Quarterly Review

Endogenous Policy Choice: The Case of Pollution and Growth

Larry E. Jones, Rodolfo E. Manuelli
August 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

Societal Benefits of Nominal Bonds

Narayana Kocherlakota
August 2000 - Staff Report

Growth and Business Cycles

Larry E. Jones, Henry E. Siu, Rodolfo E. Manuelli
July 2000 - Staff Report

A Detriment of the Public Service

Winner of the 1999-2000 high school essay contest interprets a photo portraying an economic event that occurred in the 1970s.
Benjamin Kohlmann
June 2000 - The Region

Old Ideas at Work in the New Economy

David Runkle, Minneapolis Fed research officer, suggests that a close look at U.S. microeconomic events portends further potential for the country's macroeconomy.
David E. Runkle
June 2000 - The Region

Predicting Turning Points

Daniel M. Chin, John F. Geweke, Preston J. Miller
June 2000 - Staff Report

Some Fresh Perspectives on Price-Support Policies

Preston J. Miller
June 2000 - Staff Report

The New (and Improved) Economy

Minneapolis Fed directors hear arguments about what's new in the economy—and what isn't.
Ronald A. Wirtz
June 2000 - The Region

The Suffolk Bank and the Panic of 1837

Arthur J. Rolnick, Warren E. Weber, Bruce D. Smith
April 2000 - Quarterly Review

Some Observations on the Great Depression

Edward C. Prescott
December 1999 - Quarterly Review

The Great Depression in the United States From A Neoclassical Perspective

Lee E. Ohanian, Harold L. Cole
December 1999 - Quarterly Review

Explaining the Fiscal Theory of the Price Level

Narayana Kocherlakota, Christopher Phelan
September 1999 - Quarterly Review

Maintenance and Repair: Too Big to Ignore

Ellen R. McGrattan, James A. Schmitz, Jr.
September 1999 - Quarterly Review

Aggregate Returns to Scale: Why Measurement Is Imprecise

Lee E. Ohanian, Harold L. Cole
July 1999 - Quarterly Review

Taxing Capital Income: A Bad Idea

Patrick J. Kehoe, V. V. Chari, Andrew Atkeson
July 1999 - Quarterly Review

Risk Sharing: Private Insurance Markets or Redistributive Taxes?

Fabrizio Perri, Dirk Krueger
June 1999 - Staff Report

Money and Debt in the Structure of Payments

Edward J. Green
April 1999 - Quarterly Review

Money and Interest Rates With Endogenously Segmented Markets

Patrick J. Kehoe, Andrew Atkeson, Fernando Alvarez
April 1999 - Staff Report

Real Business Cycles: A Legacy of Countercyclical Policies

Are policies exacerbating the swings in business cycles?
Satyajit Chatterjee
March 1999 - The Region

Original Version: Sequential Equilibria in a Ramsey Tax Model

Christopher Phelan, Ennio Stacchetti
February 1999 - Staff Report

Sequential Equilibria in a Ramsey Tax Model

Christopher Phelan, Ennio Stacchetti
February 1999 - Staff Report

Malthus to Solow

Edward C. Prescott, Gary D. Hansen
January 1999 - Staff Report

The Jointly Optimal Inflation Tax, Income Tax Structure, and Transfers

Preston J. Miller
January 1999 - Staff Report

A Dictum for Monetary Theory

Neil Wallace
December 1998 - Quarterly Review

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

Complex Eigenvalues and Trend-Reverting Fluctuations

Lee E. Ohanian, Costas Azariadis, James Bullard
October 1998 - Staff Report

Can the U.S. economy weather world storms?

Top of the Ninth
Gary H. Stern
September 1998 - The Region

Revisionist History: How Data Revisions Distort Economic Policy Research

David E. Runkle
September 1998 - Quarterly Review

Explaining Cross-Country Income Differences

Ellen R. McGrattan, James A. Schmitz, Jr.
August 1998 - Staff Report

Lessons From a Laissez-Faire Payments System: The Suffolk Banking System (1825–58)

Arthur J. Rolnick, Warren E. Weber, Bruce D. Smith
July 1998 - Quarterly Review

Optimal Fiscal and Monetary Policy

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

The Technological Role of Fiat Money

Narayana Kocherlakota
July 1998 - Quarterly Review

The Defining Moment: A Review Essay

Lee E. Ohanian
June 1998 - Staff Report

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

Ellen R. McGrattan
May 1998 - Staff Report

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

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

The Demand for Money and the Nonneutrality of Money

Lee E. Ohanian, Harold L. Cole
May 1998 - Staff Report

Money, Inflation, and Output Under Fiat and Commodity Standards

Arthur J. Rolnick, Warren E. Weber
April 1998 - Quarterly Review

Zero Nominal Interest Rates: Why They’re Good and How to Get Them

Narayana Kocherlakota, Harold L. Cole
April 1998 - Quarterly Review

Dynamic Equilibrium Economies: A Framework for Comparing Models and Data

Lee E. Ohanian, Francis X. Diebold, Jeremy Berkowitz
January 1998 - Staff Report

Individual and Aggregate Real Balances in a Random-Matching Model

Ruilin Zhou
January 1998 - Staff Report

Is There a Trend Break in U.S. GNP? A Macroeconomic Perspective

Lee E. Ohanian, Lutz Kilian
January 1998 - Staff Report

Transaction Services, Inflation, and Welfare

Zvi Eckstein, R. Anton Braun, S. Rao Aiyagari
January 1998 - Staff Report

Absence-of-Double-Coincidence Models of Money: A Progress Report

Neil Wallace
December 1997 - Quarterly Review

Technical Appendix: The Optimum Quantity of Debt

Ellen R. McGrattan, S. Rao Aiyagari
November 1997 - Staff Report

The Optimum Quantity of Debt

Ellen R. McGrattan, S. Rao Aiyagari
November 1997 - Staff Report

Government Production of Investment Goods and Aggregate Labor Productivity

James A. Schmitz, Jr.
October 1997 - Staff Report

The Optimal Inflation Tax

Isabel Correia, Pedro Teles
August 1997 - Discussion Paper

A Model of Commodity Money, With Applications to Gresham’s Law and the Debasement Puzzle

Warren E. Weber, François R. Velde, Randall Wright
July 1997 - Staff Report

Deflating the Case for Zero Inflation

S. Rao Aiyagari
July 1997 - Quarterly Review

Macroeconomics With Frictions

S. Rao Aiyagari
July 1997 - Quarterly Review

Marital Risk and Capital Accumulation

José-Víctor Ríos-Rull, Luis Cubeddu
July 1997 - Staff Report

On the Contribution of Technology Shocks to Business Cycles

S. Rao Aiyagari
July 1997 - Quarterly Review

On the Size of U.S. Government: Political Economy in the Neoclassical Growth Model

José-Víctor Ríos-Rull, Per Krusell
July 1997 - Staff Report

Computation of Equilibria in Heterogeneous Agent Models

José-Víctor Ríos-Rull
May 1997 - Staff Report

Understanding the U.S. Distribution of Wealth

José-Víctor Ríos-Rull, Vincenzo Quadrini
April 1997 - Quarterly Review

Models of Energy Use: Putty-Putty vs. Putty-Clay

Patrick J. Kehoe, Andrew Atkeson
March 1997 - Staff Report

Can the Mortensen-Pissarides Matching Model Match the Business Cycle Facts?

Harold L. Cole, Richard Rogerson
December 1996 - Staff Report

Sticky Price and Limited Participation Models of Money: A Comparison

Lawrence J. Christiano, Charles L. Evans, Martin Eichenbaum
December 1996 - Staff Report

Time to Plan and Aggregate Fluctuations

Lawrence J. Christiano, Richard M. Todd
December 1996 - Quarterly Review

Money is Memory

Narayana Kocherlakota
October 1996 - Staff Report

Delayed Financial Disclosure: Mexico's Recent Experience

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

Interview with Edward C. Prescott

Arthur J. Rolnick
September 1996 - The Region

Chaos, Sunspots, and Automatic Stabilizers

Lawrence J. Christiano, Sharon G. Harrison
August 1996 - Staff Report

The Conditional CAPM and the Cross-Section of Expected Returns

Ravi Jagannathan, Zhenyu Wang
August 1996 - Staff Report

Will the New $100 Bill Decrease Counterfeiting?

Warren E. Weber, Edward J. Green
July 1996 - Quarterly Review

The Role Played by Public Enterprises: How Much Does It Differ Across Countries?

James A. Schmitz, Jr.
April 1996 - Quarterly Review

Using Monthly Data to Improve Quarterly Model Forecasts

Daniel M. Chin, Preston J. Miller
April 1996 - Quarterly Review

Reputation Spillover Across Relationships: Reviving Reputation Models of Debt

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

Econometric Evaluation of Asset Pricing Models

Ravi Jagannathan, Wayne E. Ferson
January 1996 - Staff Report

A Fine Time for Monetary Policy?

David E. Runkle, John F. Geweke
December 1995 - Quarterly Review

Interview with Kenneth Arrow

December 1995 - The Region

Inflation, Money, and Output Under Alternative Monetary Standards

Arthur J. Rolnick, Warren E. Weber
October 1995 - Staff Report

Small Sample Properties of GMM for Business Cycle Analysis

Lawrence J. Christiano, Wouter den Haan
September 1995 - Staff Report

The Growth Effects of Monetary Policy

V. V. Chari, Larry E. Jones, Rodolfo E. Manuelli
September 1995 - Quarterly Review

Comments on Farmer and Guo's "The Econometrics of Indeterminacy: An Applied Study"

S. Rao Aiyagari
August 1995 - Staff Report

Social Insurance and Taxation Under Sequential Majority Voting and Utilitarian Regimes

Dan Peled, S. Rao Aiyagari
August 1995 - Staff Report

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

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

Incorporating Concern for Relative Wealth Into Economic Models

Andrew Postlewaite, George J. Mailath, Harold L. Cole
July 1995 - Quarterly Review

Some Monetary Facts

Warren E. Weber, George T. McCandless Jr.
July 1995 - Quarterly Review

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

Ellen R. McGrattan, Randall Wright, Richard Rogerson
May 1995 - Staff Report

On the Contribution of Technology Shocks to Business Cycles

S. Rao Aiyagari
December 1994 - Quarterly Review

A Progress Report on Business Cycle Models

Ellen R. McGrattan
September 1994 - Quarterly Review

Another Attempt to Quantify the Benefits of Reducing Inflation

R. Anton Braun
September 1994 - Quarterly Review

Where is the inflation?

Top of the Ninth
Gary H. Stern
September 1994 - The Region

Macroeconomics With Frictions

S. Rao Aiyagari
July 1994 - Quarterly Review

Dynamic Bargaining Theory

Melvyn Coles, Randall Wright
June 1994 - Staff Report

Economic Development for the 21st Century: New Measures of Well-Being

Robert P. Forrestal
June 1994 - The Region

Assessing Specification Errors in Stochastic Discount Factor Models

Lars Peter Hansen, Ravi Jagannathan
March 1994 - Staff Report

Seasonality and Equilibrium Business Cycle Theories

Charles L. Evans, R. Anton Braun
March 1994 - Staff Report

Explaining Financial Market Facts: The Importance of Incomplete Markets and Transaction Costs

S. Rao Aiyagari
December 1993 - Quarterly Review

Household Production and Taxation in the Stochastic Growth Model

Ellen R. McGrattan, Randall Wright, Richard Rogerson
December 1993 - Staff Report

The CAPM Is Alive and Well

Ravi Jagannathan, Zhenyu Wang
November 1993 - Staff Report

In Order to Form a More Perfect Monetary Union

Arthur J. Rolnick, Warren E. Weber, Bruce D. Smith
September 1993 - Quarterly Review

International Business Cycles: Theory vs. Evidence

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

Optimality of the Friedman Rule in Economies With Distorting Taxes

Patrick J. Kehoe, V. V. Chari, Lawrence J. Christiano
July 1993 - Staff Report

Putting Home Economics Into Macroeconomics

Jeremy Greenwood, Randall Wright, Richard Rogerson
July 1993 - Quarterly Review

Early Progress on the "Problem of Economic Development"

James A. Schmitz, Jr.
April 1993 - Quarterly Review

No Relief in Sight from Slow Economic Growth

David E. Runkle
December 1992 - The Region

Banking in Computable General Equilibrium Economies: Technical Appendices I and II

Fernando Alvarez, Terry J. Fitzgerald
October 1992 - Staff Report

No Relief in Sight for the U.S. Economy

David E. Runkle
September 1992 - Quarterly Review

Acceptability, Means of Payment, and Media of Exchange

Nobuhiro Kiyotaki, Randall Wright
July 1992 - Quarterly Review

SPDAs and GICs: Like Money in the Bank?

Neil Wallace, Richard M. Todd
July 1992 - Quarterly Review

Hayek's Legacy of the Spontaneous Order

Friedrich A. Hayek, 1974 Nobel Prize winner in economics, obituary
David Rehr
June 1992 - The Region

Real Effects of Monetary Policy in a World Economy

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

Resolving the National Bank Note Paradox

Neil Wallace, Warren E. Weber, Bruce A. Champ
April 1992 - Quarterly Review

The Labor Market in Real Business Cycle Theory

Gary D. Hansen, Randall Wright
April 1992 - Quarterly Review

Banking in Computable General Equilibrium Economies

Edward C. Prescott, Fernando Alvarez, Javier Díaz-Giménez, Terry J. Fitzgerald
March 1992 - Staff Report

Enhancing Long-Term Growth

Top of the Ninth
Gary H. Stern
March 1992 - The Region

Liquidity Constraints in Economies With Aggregate Fluctuations: A Quantitative Exploration

Edward C. Prescott, Javier Díaz-Giménez
January 1992 - Staff Report

On the Existence and Uniqueness of Nonoptimal Equilibria in Dynamic Stochastic Economies

Gregory W. Huffman, Jeremy Greenwood
January 1992 - Working Paper

Modeling the Liquidity Effect of a Money Shock

Lawrence J. Christiano
December 1991 - Quarterly Review

The Macroeconomic Causes and Consequences of The French Revolution

Thomas J. Sargent
December 1991 - The Region

International Evidence on the Historical Properties of Business Cycles

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

International Real Business Cycles

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

Optimal Fiscal and Monetary Policy: Some Recent Results

Patrick J. Kehoe, V. V. Chari, Lawrence J. Christiano
November 1991 - Staff Report

A Bleak Outlook for the U.S. Economy

David E. Runkle
September 1991 - Quarterly Review

Can a "Credit Crunch" Be Efficient?

Edward J. Green, Soo Nam Oh
September 1991 - Quarterly Review

Contracts, Constraints, and Consumption

Edward J. Green, Soo Nam Oh
August 1991 - Staff Report

Evaluating the Welfare Effects of Alternative Monetary Arrangements

Edward C. Prescott, Ayse Imrohoroglu
July 1991 - Quarterly Review

Barter and Monetary Exchange Under Private Information

Randall Wright, Stephen D. Williamson
June 1991 - Staff Report

More on Money as a Medium of Exchange

Timothy J. Kehoe, Nobuhiro Kiyotaki, Randall Wright
May 1991 - Staff Report

Defending Zero Inflation: All for Naught

W. Lee Hoskins
April 1991 - Quarterly Review

Procyclical Prices: A Demi-Myth?

Holger C. Wolf
April 1991 - Quarterly Review

Response to a Defense of Zero Inflation

S. Rao Aiyagari
April 1991 - Quarterly Review

A Discussion of Cooley and Hansen’s “Welfare Costs of Moderate Inflations”

Randall Wright
February 1991 - Staff Report

A Note on Labor Contracts With Private Information and Household Production

Ed Nosal, Randall Wright, Richard Rogerson
January 1991 - Staff Report

Homework in Macroeconomics: Household Production and Aggregate Fluctuations

Jess Benhabib, Randall Wright, Richard Rogerson
January 1991 - Staff Report

Indivisibilities, Lotteries, and Sunspot Equilibria

Karl Shell, Randall Wright
January 1991 - Staff Report

Seigniorage as a Tax: A Quantitative Evaluation

Edward C. Prescott, Ayse Imrohoroglu
January 1991 - Staff Report

Deposit Insurance Reform; or, Deregulation Is the Cart, Not the Horse

John H. Kareken
December 1990 - Quarterly Review

The Econometrics of the General Equilibrium Approach to Business Cycles

Edward C. Prescott, Finn E. Kydland
November 1990 - Staff Report

A Banking Model in Which Partial Suspension Is Best

Neil Wallace
September 1990 - Quarterly Review

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

David E. Runkle
September 1990 - Quarterly Review

Deflating the Case for Zero Inflation

S. Rao Aiyagari
July 1990 - Quarterly Review

Minneapolis Fed's Research Department: Spanning Economic Theory and Policy

Inga Velde
June 1990 - The Region

Business Cycles: Real Facts and a Monetary Myth

Edward C. Prescott, Finn E. Kydland
April 1990 - Quarterly Review

Vector Autoregression Evidence on Monetarism: Another Look at the Robustness Debate

Richard M. Todd
April 1990 - Quarterly Review

The Permanent Income Hypothesis Revisited

Lawrence J. Christiano, David A. Marshall, Martin Eichenbaum
January 1990 - Staff Report

How Should Taxes Be Set?

S. Rao Aiyagari
December 1989 - Quarterly Review

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

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

Periodic Linear-Quadratic Methods for Modeling Seasonality

Richard M. Todd
November 1989 - Staff Report

The Firm and the Plant in General Equilibrium Theory

Edward C. Prescott, Andreas Hornstein
November 1989 - Staff Report

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

A Contribution to the Pure Theory of Money

Nobuhiro Kiyotaki, Randall Wright
August 1989 - Staff Report

Bank Failures, Financial Restrictions, and Aggregate Fluctuations: Canada and the United States, 1870–1913

Stephen D. Williamson
July 1989 - Quarterly Review

Sustainable Plans

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

Are Economic Forecasts Rational?

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

How Little We Know About Budget Policy Effects

Preston J. Miller, William Roberds
April 1989 - Staff Report

Labor Contracts in a Model of Imperfect Competition

V. V. Chari, Larry E. Jones, Rodolfo E. Manuelli
January 1989 - Staff Report

Economic Fluctuations Without Shocks to Fundamentals; Or, Does the Stock Market Dance to Its Own Music?

S. Rao Aiyagari
December 1988 - Quarterly Review

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

Another Attempt to Explain an Illiquid Banking System: The Diamond and Dybvig Model With Sequential Service Taken Seriously

Neil Wallace
September 1988 - Quarterly Review

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