Monetary Economics | The Federal Reserve Bank of Minneapolis

Brilliant and seemingly destined for greatness, America’s first central banker failed when put to the test in the Bank War
Phil Davies
September 2008 - The Region

The “Monster” of Chestnut Street

The life and death of the Second Bank of the United States is a cautionary tale about the exercise of monetary power
Phil Davies
September 2008 - The Region

New Keynesian Models: Not Yet Useful for Policy Analysis

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
August 2008 - Staff Report

New Keynesian Models: Not Yet Useful for Policy Analysis

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
July 2008 - Working Paper

Back to the Future with Keynes

Lee E. Ohanian
June 2008 - Quarterly Review

If Exchange Rates Are Random Walks, Then Almost Everything We Say About Monetary Policy Is Wrong

Patrick J. Kehoe, Andrew Atkeson, Fernando Alvarez
June 2008 - Quarterly Review

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

Managing the Expanded Safety Net

Gary H. Stern, Ron J. Feldman
May 2008 - Annual Reports

Message from the President

2007 Annual Report
Gary H. Stern
May 2008 - The Region

Optimal Fiscal and Monetary Policy: Equivalence Results

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

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

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

The Bank that Hamilton Built

At the dawn of the Republic, the First Bank of the United States created a model for American financial markets and monetary policy that endures to this day.
Phil Davies
September 2007 - The Region

Time to Remodel?

Fed researchers suggest that two core models used by economists are seriously flawed.
Douglas Clement
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

Financial Innovation and the Fed

Top of the Ninth
Gary H. Stern
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

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

Economics and Policy

Top of the Ninth
Gary H. Stern
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

Interview with Martin Feldstein

Harvard economist Martin S. Feldstein on monetary policy, social security reform, tax cuts and the NBER.
Douglas Clement
September 2006 - The Region

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

Interview with John B. Taylor

Stanford economist John B. Taylor on inflation targets, exchange rates and the eponymous rule.
Douglas Clement
June 2006 - The Region

Pursuing Effective Economic Policy

Top of the Ninth
Gary H. Stern
June 2006 - The Region

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

A Model of Banknote Discounts

Warren E. Weber, Francesca Carapella, Pricila Maziero, Laurence Ales
March 2006 - Working Paper

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

Interview with Edward Green

From the emergence of democracy in 13th century England to current controversies in central banking.
Douglas Clement
December 2005 - The Region

Reflections on Monetary Policy 25 Years After October 1979

Book Review
David Fettig
December 2005 - The Region

Tax Smoothing with Redistribution

Iván Werning
December 2005 - Staff Report

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

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

Formalizing the Success of Past Policy

Top of the Ninth
Gary H. Stern
June 2005 - The Region

A Critique of Structural VARs Using Real Business Cycle Theory

Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
May 2005 - Working Paper

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

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

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

Julia Thomas, Aubhik Khan
December 2004 - Staff Report

Right on Target

A behind-the-scenes look at the Fed’s open market operations.
Phil Davies
December 2004 - The Region

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

An Economist’s Viewpoint

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

The Next Generation of Monetary Models

Economists ponder the mysteries of money at Minneapolis Fed conference.
Douglas Clement
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

The Veil of Discretion

Does the Fed Have Too Much Freedom?
Douglas Clement
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

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

Interview with Allan H. Meltzer

The author of "A History of the Federal Reserve" and architect of the Shadow Open Market Committee shares his thoughts on everything from failures of the Fed to international monetary reform.
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

The Big Problem of Small Change

Book Review
Arthur J. Rolnick, Warren E. Weber
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

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

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

The Relationship Between Money and Prices: Some Historical Evidence Reconsidered

Bruce D. Smith
September 2002 - Quarterly Review

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

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

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

Are Phillips Curves Useful for Forecasting Inflation?

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

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

Thoughts on the Fed’s Role in the Payments System

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

Capital Accumulation in a Model of Growth and Creative Destruction

Klaus Walde
October 2001 - Discussion Paper

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 Economy Rarely Takes Direction from Forecasters

Top of the Ninth
Gary H. Stern
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

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

Recipes for Monetary Policy

Top of the Ninth
Gary H. Stern
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

Technology (and Policy) Shocks in Models of Endogenous Growth

Larry E. Jones, Ennio Stacchetti, Rodolfo E. Manuelli
November 2000 - Staff Report

Is the Stock Market Overvalued?

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

Theory Ahead of Rhetoric: Economic Policy for a "New Economy"

An excerpt from the essay of the Cleveland Fed's annual report discusses the nature of business cycles and the role of monetary policy in the so-called “new economy.”
September 2000 - The Region

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

Interview with Roger W. Ferguson Jr.

The Federal Reserve Board Vice Chairman shares his thoughts on the economic forecasting tools available to Fed policymakers and public policy issues facing the nation's retail payments system.
David Levy
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 Greenspan Effect: Words That Move the World's Markets

Book Review
Kevin L. Kliesen
June 2000 - The Region

Costly Banknote Issuance and Interest Rates Under the National Banking System

Warren E. Weber, Antoine Martin, Cyril Monnet
May 2000 - Working Paper

The Suffolk Bank and the Panic of 1837

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

Capital Income Taxes: A Bad Idea

Recent research suggests that capital income should not be taxed, despite conventional wisdom to the contrary.
David Fettig
December 1999 - The Region

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

The Zen of Greenspan

As the Fed's media profile grows, the world mainly relies on a small cadre of reporters to describe the actions of Alan Greenspan and the Fed
Ronald A. Wirtz
December 1999 - The Region

Explaining the Fiscal Theory of the Price Level

Narayana Kocherlakota, Christopher Phelan
September 1999 - Quarterly Review

Interview with Edward W. Kelley

The longest-serving member of the Federal Reserve Board, Edward W. Kelley, comments on Fed policy, organization and the future of the System.
David Levy
September 1999 - The Region

Maintenance and Repair: Too Big to Ignore

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

Optimal Monetary Impulse-Response Functions in a Matching Model

Neil Wallace, Brett Katzman, John Kennan
September 1999 - Working Paper

Staggered Contracts and Business Cycle Persistence

Kevin X. D. Huang, Zheng Liu
September 1999 - Discussion Paper

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

Chain of Production as a Monetary Propagation Mechanism

Kevin X. D. Huang, Zheng Liu
June 1999 - Discussion Paper

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

Entrepreneurial Moral Hazard and Bank Monitoring: A Model of the Credit Channel

Javier Suarez, Rafael Repullo
March 1999 - Discussion Paper

The Federal Reserve's Beige Book: A better mirror than crystal ball

The Beige Book: An analysis of the purpose and value of the Federal Reserve's Beige Book.
Arthur J. Rolnick, David E. Runkle, David Fettig
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

Interview with Laurence Meyer

Interview with Federal Reserve Governor Laurence Meyer
David Fettig
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

Come with Me to the FOMC

Federal Reserve Governor Laurence Meyer presented these remarks at the Gillis Lecture, Willamette University, Salem, Ore. His remarks have been excerpted here.
Laurence H. Meyer
June 1998 - The Region

The Changing Banking Environment and Emerging Questions for Public Policy

Roger W. Ferguson Jr.
June 1998 - The Region

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

Back From The Brink: The Greenspan Years

Book Review
Kevin L. Kliesen
September 1997 - The Region

Maintaining Financial Stability in a Global Economy

Alan Greenspan
September 1997 - The Region

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

Interview with Alice Rivlin

David Levy
June 1997 - The Region

Maintaining Price Stability

Stanley Fischer
June 1997 - The Region

Computation of Equilibria in Heterogeneous Agent Models

José-Víctor Ríos-Rull
May 1997 - Staff Report

An anti-inflationary policy is a pro-growth policy

Arthur J. Rolnick
April 1997 - fedgazette

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

Interview with James Tobin

David Fettig
December 1996 - The Region

Sticky Price and Limited Participation Models of Money: A Comparison

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

The Confidence Game: How Unelected Central Bankers are Governing the Changed Global Economy

Book Review
James M. Lyon
December 1996 - The Region

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

Economic growth: A framework for discussion

Top of the Ninth
Gary H. Stern
September 1996 - The Region

Economist In An Uncertain World: Arthur F. Burns and the Federal Reserve, 1970-1978

Book Review
Kevin L. Kliesen
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

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

The Strategy of Monetary Policy

Alan S. Blinder
September 1995 - The Region

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

Interview with Janet Yellen

Federal Reserve Governor Yellen discusses politics, bank regulation, Fed research and her family's inclination toward economics.
June 1995 - The Region

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

Macroeconomics With Frictions

S. Rao Aiyagari
July 1994 - Quarterly Review

Dynamic Bargaining Theory

Melvyn Coles, Randall Wright
June 1994 - Staff Report

Assessing Specification Errors in Stochastic Discount Factor Models

Lars Peter Hansen, Ravi Jagannathan
March 1994 - Staff Report

Interview with Wayne Angell

David Levy
March 1994 - The Region

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

Central Banking—Then and Now

J. Alfred Broaddus Jr.
September 1993 - The Region

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

Optimal Fiscal Policy in a Business Cycle Model

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

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

Views on the Economy, Monetary Policy

Top of the Ninth
Gary H. Stern
June 1993 - The Region

Early Progress on the "Problem of Economic Development"

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

Interview with Lawrence B. Lindsey

Lawrence Lindsey, the Federal Reserve Board's youngest governor, shares his views on the Fed, taxation, the 1980s and other matters.
David Levy
March 1993 - The Region

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

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

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

Will Lower Interest Rates Spur Economy?

Warren E. Weber, Martha L. Starr
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

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

Interview with David W. Mullins Jr.

September 1991 - The Region

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

Interview with W. Lee Hoskins

June 1991 - The Region

The Politics of Money: The Fed Under Alan Greenspan

Book Review
Gary H. Stern
June 1991 - The Region

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

Interview with E. Gerald Corrigan

November 1990 - The Region

Open Market Operations

Every day, the open market trading desk at the New York Federal Reserve Bank engages in million-dollar transactions that have far-reaching implications for U.S. monetary policy and international finan
Paul Meek
November 1990 - The Region

The Econometrics of the General Equilibrium Approach to Business Cycles

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

The Present Policy Dilemma

Top of the Ninth
Gary H. Stern
November 1990 - The Region

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

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

Fed Presidents Support Zero-Inflation Proposal

Reiterating the Federal Reserve Board's inflation-fighting stance, four Fed bank presidents recently testified before Congress in support of a House resolution that calls for zero inflation.
February 1990 - The Region

The Goal of Price Stability

Top of the Ninth
Gary H. Stern
February 1990 - The Region

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

Interview with George Stigler

Nobel-award winning economist George Stigler comments on the Fed's level of independence, the role of research in the development of economic thought, and other matters.
David Levy
May 1989 - The Region