Connect with Ellen
Ellen is a consultant at the Federal Reserve Bank of Minneapolis, a professor of economics at the University of Minnesota, and director of the Heller-Hurwicz Economics Institute. She is also a research associate at the National Bureau of Economic Research, a Fellow of the Econometric Society, a Fellow of the Society for the Advancement of Economic Theory, a member of the Bureau of Economic Analysis Advisory Committee, a member of the Minnesota Population Center Advisory Board, and President-elect of the Midwest Economics Association.
Ellen received her B.S. in economics and mathematics from Boston College and her Ph.D. from Stanford University. Prior to coming to Minnesota she taught at Duke University. She has also taught short courses at European University Institute, University of Pennsylvania, Stockholm School of Economics, UCLA, International Monetary Fund, Arizona State University, and Universidad do Minho.
Ellen’s research is concerned with the aggregate effects of monetary and fiscal policy—in particular, the effects on GDP, investment, the allocation of hours, the stock market, and international capital flows. Her recent work reexamines some business cycle puzzles in macroeconomics, considering the fact that some investments are unmeasured. Along with colleague Ed Prescott, she has also been analyzing policy reforms related to financing retirement in economies with aging populations.
Content by Ellen
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Staff Report 647 (July 2023)
Ellen R. McGrattan
Published in: Review of Economic Dynamics (Vol. 50, October 2023, pp. 131-145), https://doi.org/10.1016/j.red.2023.07.011.
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Staff Report 560 (Revised January 2021)
Anmol Bhandari and Ellen R. McGrattan
Published in the Quarterly Journal of Economics (vol. 136, iss. 2, May 2021, pp. 727-781), https://doi.org/10.1093/qje/qjaa041.
Related: Staff Report 612: Online Appendix: Sweat Equity in U.S. Business
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Staff Report 612 (August 2020)
Anmol Bhandari and Ellen R. McGrattan
This online appendix accompanies Staff Report 560: Sweat Equity in U.S. Private Business.
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Staff Report 545 (June 2020)
Ellen R. McGrattan
Published in Review of Economic Dynamics (Vol. 37, Supp. 1, August 2020, pp. S147-166), https://doi.org/10.1016/j.red.2020.06.007.
Additional Files -
Staff Report 578 (March 2020)
Anmol Bhandari, Serdar Birinci, Ellen R. McGrattan, and Kurt See
The related Staff Report 568 is published in American Economic Review: Insights (Vol. 2, No. 4, December 2020, pp. 443-458), https://doi.org/10.1257/aeri.20190304.
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Staff Report 568 (March 2020)
Anmol Bhandari, Serdar Birinci, Ellen R. McGrattan, and Kurt See
Published in American Economic Review: Insights (Vol. 2, No. 4, December 2020, pp. 443-458), https://doi.org/10.1257/aeri.20190304.
Related: Staff Report 578: Data Appendix: What Do Survey Data Tell Us about U.S. Businesses?
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Staff Report 586 (June 2019)
Ellen R. McGrattan, Kazuaki Miyachi, and Adrian Peralta-Alva
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Staff Report 542 (December 2018)
Ellen R. McGrattan and Andrea Waddle
Published in: American Economic Journal: Macroeconomics (Vol. 12, Iss. 1, January 2020, pp. 76-103), https://doi.org/10.1257/mac.20170399.
Additional Files -
Staff Report 534 (December 2016)
Ellen R. McGrattan and Edward C. Prescott
Published in: The Journal of the Economics of Ageing (Vol. 11, May 2018, pp. 52-61), https://doi.org/10.1016/j.jeoa.2017.01.001.
Additional FilesStaff Report 472: On Financing Retirement with an Aging Population
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Staff Report 531 (September 2016)
Pedro Brinca, V. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
Published in: Handbook of Macroeconomics (Volume 2, Chapter 13, 2016, pp. 1013-1063) https://doi.org/10.1016/bs.hesmac.2016.05.002.
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Staff Report 472 (February 2016)
Edward C. Prescott and Ellen R. McGrattan
Published in: Quantitative Economics (Vol. 8, No. 1, March 2017, pp. 75-115) https://doi.org/10.3982/QE648.
See related papers:
Staff Report 473: Technical Appendix: On Financing Retirement with an Aging Population
Staff Report 534: An Aggregate Model for Policy Analysis with Demographic Change -
Staff Report 473 (February 2016)
Edward C. Prescott and Ellen R. McGrattan
Published in: Quantitative Economics (Vol. 8, No. 1, March 2017, pp. 75-115) https://doi.org/10.3982/QE648.
Staff Report 742: On Financing Retirement with an Aging Population
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Staff Report 486 (February 2015)
Thomas J. Holmes, Ellen R. McGrattan, and Edward C. Prescott
Published in: Review of Economic Studies (2015, pp. 1-40) https://doi.org/10.1093/restud/rdv008.
See related papers:
Staff Report 396: Openness, Technology Capital, and Development
Staff Report 406: Technology Capital and the U.S. Current Account
Staff Report 487: Technical Appendix for Quid Pro Quo: Technology Capital Transfers for Market Access in China
Staff Report 488: Patent Data Appendix for Quid Pro Quo: Technology Capital Transfers for Market Access in China -
Staff Report 317 (October 2014)
Ellen R. McGrattan, Larry E. Jones, and Rodolfo E. Manuelli
Published in: Journal of Demographic Economics (Vol. 81, No. 1, March 2015, pp. 75-114) https://doi.org/10.1017/dem.2014.7.
Additional Files (offsite)
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Staff Report 487 (August 2014)
Edward C. Prescott, Ellen R. McGrattan, and Thomas J. Holmes
Published in: Review of Economic Studies (2015, pp. 1-40) https://doi.org/10.1093/restud/rdv008.
See related papers:
Staff Report 486: Quid Pro Quo: Technology Capital Transfers for Market Access in China
Staff Report 488: Patent Data Appendix for Quid Pro Quo: Technology Capital Transfers for Market Access in China -
Staff Report 494 (March 2014)
Edward C. Prescott and Ellen R. McGrattan
Published in: American Economic Review Papers and Proceedings (Vol. 104, No. 5, May 2014, pp. 177-182) https://doi.org/10.1257/aer.104.5.177.
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Staff Report 488 (July 2013)
Edward C. Prescott, Ellen R. McGrattan, and Thomas J. Holmes
Published in: Review of Economic Studies (2015, pp. 1-40) https://doi.org/10.1093/restud/rdv008.
See related papers:
Staff Report 486: Quid Pro Quo: Technology Capital Transfers for Market Access in China
Staff Report 487: Technology Appendix for Quid Pro Quo: Technology Capital Transfers for Market Access in China -
Working Paper 694 (May 2012)
Edward C. Prescott and Ellen R. McGrattan
Additional files
Published in: Government Policies and the Delayed Economic Recovery, Lee Ohanian, John B. Taylor, Ian J. Wright, eds., (Hoover Institution Press, 2012, pp. 115-154).
M-files and Ftools -
Staff Report 454 (April 2012)
Ellen R. McGrattan
Published in: Review of Economic Dynamics (Vol. 15, No. 4, October 2012, pp. 437-458) https://doi.org/10.1016/j.red.2012.07.004.
Staff Report 455: Technical Appendix: Transition to FDI Openness—Reconciling Theory and Evidence
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Staff Report 455 (April 2012)
Ellen R. McGrattan
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Staff Report 451 (January 2012)
Ellen R. McGrattan
Published in: Quarterly Journal of Economics (Vol. 127, No. 3, August 2012, pp. 1515-1550) https://doi.org/10.1093/qje/qjs022.
Staff Report 452: Technical Appendix: Capital Taxation During the U.S. Great Depression
For better readibility of figures, print this document in color.
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Staff Report 452 (January 2012)
Ellen R. McGrattan
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Working Paper 692 (November 2011)
Edward C. Prescott and Ellen R. McGrattan
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Working Paper 687 (November 2011)
Edward C. Prescott, Ellen R. McGrattan, and Thomas J. Holmes
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Staff Report 369 (September 2010)
Edward C. Prescott and Ellen R. McGrattan
Published in: American Economic Journal: Macroeconomics (Vol. 2, No. 4, October 2010, pp. 88-123) https://doi.org/10.1257/mac.2.4.88.
Staff Report 395: Technical Appendix: Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
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Quarterly Review 3311 | July 2010 (Vol. 33 No. 1)
Ellen R. McGrattan
Download the data file and M-files and Ftools.
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Staff Report 447 (June 2010)
Ellen R. McGrattan
Published in: Survey of Current Business (Vol. 90, No. 6, June 2010, pp. 37-41)
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Working Paper 671 (November 2009)
Ellen R. McGrattan
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Staff Report 435 (September 2009)
Ellen R. McGrattan and Edward C. Prescott
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Staff Report 395 (September 2009)
Edward C. Prescott and Ellen R. McGrattan
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Working Paper 670 (April 2009)
Ellen R. McGrattan
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Staff Report 406 (March 2009)
Edward C. Prescott and Ellen R. McGrattan
Published in: American Economic Review (Vol. 100, No. 4, September 2010, pp. 1493-1522) https://doi.org/10.1257/aer.100.4.1493.
Staff Report 407: Appendices: Technology Capital and the U.S. Current Account
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Staff Report 407 (March 2009)
Edward C. Prescott and Ellen R. McGrattan
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Staff Report 315 (November 2008)
Ellen R. McGrattan and Lee E. Ohanian
Published in: International Economic Review (Vol. 51, No. 2, May 2010, pp. 509-532) https://doi.org/10.1111/j.1468-2354.2010.00591.x.
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Staff Report 409 (August 2008)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: American Economic Journal: Macroeconomics (Vol. 1, No. 1, January 2009, pp. 242-266) https://doi.org/10.1257/mac.1.1.242.
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Working Paper 664 (July 2008)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: American Economic Journal: Macroeconomics (Vol. 1, Iss. 1, January 2009, pp. 242-266.), https://doi.org/10.1257/mac.1.1.242.
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Staff Report 396 (July 2008)
Edward C. Prescott and Ellen R. McGrattan
Published in: Journal of Economic Theory (Vol. 144, No. 6, November 2009, pp. 2454-2476) https://doi.org/10.1016/j.jet.2008.05.012.
An earlier version of this Staff Report circulated as Working Paper 651.
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Staff Report 397 (April 2008)
Ellen R. McGrattan and Richard Rogerson
Published in: Frontiers of Family Economics (Vol. 1, 2008)
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Working Paper 646 (April 2008)
Edward C. Prescott and Ellen R. McGrattan
Additional files
M-files and Ftools
Published in American Economic Review (Vol. 100, Iss. 4, September 2010, pp. 2-13), https://doi.org/10.1257/aer.100.4.1493.
An updated version of this paper was published as Staff Report 406 with an accompanying technical appendix, Staff Report 407. -
Staff Report 364 (May 2007)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: Journal of Monetary Economics (Vol. 55, No. 8, November 2008, pp. 1337-1352) https://doi.org/10.1016/j.jmoneco.2008.09.010.
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Working Paper 651 (April 2007)
Edward C. Prescott and Ellen R. McGrattan
Additional files
Published in: Journal of Economic Theory (Vol. 144, No. 6, November 2009, pp. 2454-2476), https://doi.org/10.1016/j.jet.2008.05.012.
An updated version was published as Staff Report 396 -
Staff Report 384 (March 2007)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Working Paper 647 (December 2006)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
An updated version was published as Staff Report 384.
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Staff Report 328 (December 2006)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: Econometrica (Vol. 75, No. 3, May 2007, pp. 781-836) https://doi.org/10.1111/j.1468-0262.2007.00768.x.
See related papers:
Staff Report 362: Appendices: Business Cycle Accounting
Quarterly Review article (Vol. 27, No. 2, Spring 2003) Accounting for the Great Depression -
Staff Report 362 (December 2006)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Working Paper 643 (July 2006)
Ellen R. McGrattan
Replaced by Quarterly Review (Vol. 33, No. 1), July 2010, https://doi.org/10.21034/qr.3311.
M-files and ftools
Additional files -
Staff Report 370 (February 2006)
Ellen R. McGrattan
Published in: The New Palgrave Dictionary of Economics (2nd Ed., 2008) https://doi.org/10.1057/9780230226203.1399.
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Working Paper 636 (September 2005)
Edward C. Prescott and Ellen R. McGrattan
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Working Paper 631 (May 2005)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Staff Report 350 (May 2005)
Edward C. Prescott and Ellen R. McGrattan
Published in: Federal Reserve Bank of St. Louis Review (Vol. 87, No. 4, July/August 2005, pp. 537-549), https://doi.org/10.20955/r.87.537-550.
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Staff Report 309 (May 2005)
Edward C. Prescott and Ellen R. McGrattan
M-files and Ftools.
See related papers:- Staff Report 294: The 1929 Stock Market: Irving Fisher Was Right
- Staff Report 313: Average Debt and Equity Returns: Puzzling?
- Quarterly Review articles (Vol. 24, No. 4, Fall 2000) The Declining U.S. Equity Premium and Is the Stock Market Overvalued?.
Published in: Review of Economic Studies (Vol. 72, No. 3, July 2005, pp. 767-796), https://doi.org/10.1111/j.1467-937X.2005.00351.x.
Additional files and data appendix.
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Staff Report 353 (January 2005)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: American Economic Review Papers and Proceedings (Vol. 95, No. 2, May 2005, pp. 381-387) https://doi.org/10.1257/000282805774670013.
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Staff Report 338 (December 2004)
Ellen R. McGrattan
Published in: NBER Macroeconomics Annual 2004 (Vol. 19, 2005, pp. 289-308)
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Staff Report 348 (October 2004)
Ellen R. McGrattan
Published in: Journal of Monetary Economics (Vol. 52, No. 1, January 2005, pp. 205-211) https://doi.org/10.1016/j.jmoneco.2004.10.008.
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Quarterly Review 2812 | July 2004 (Vol. 28 No. 1)
Ellen R. McGrattan and Richard Rogerson
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Staff Report 309 (June 2004)
Edward C. Prescott and Ellen R. McGrattan
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Staff Report 294 (December 2003)
Edward C. Prescott and Ellen R. McGrattan
Published in: International Economic Review (Vol. 45, No. 4, November 2004, pp. 991-1009) https://doi.org/10.1111/j.0020-6598.2004.00295.x.
See related papers:
Staff Report 309: Taxes, Regulations, and the Value of U.S. and U.K. Corporations
Staff Report 313: Average Debt and Equity Returns: Puzzling?
Quarterly Review articles (Vol. 24, No. 4, Fall 2000) The Declining U.S. Equity Premium and Is the Stock Market Overvalued? -
Quarterly Review 2721 | Spring 2003 (Vol. 27 No. 2)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Additional files and M-files and Ftools
This article is reprinted, with permission, from the American Economic Review (May 2002, vol. 92, no. 2, pp. 22-27). Copyright 2002 by the American Economic Association. The article was edited for publication in the Federal Reserve Bank of Minneapolis Quarterly Review. https://doi.org/10.1257/000282802320188934
Related paper: Staff Report 328, Business Cycle Accounting -
Staff Report 313 (January 2003)
Edward C. Prescott and Ellen R. McGrattan
Published in: AER, Papers and Proceedings (Vol. 93, No. 2, May 2003, pp. 392-397) https://doi.org/10.1257/000282803321947407.
See related papers:
Staff Report 294: The 1929 Stock Market: Irving Fisher Was Right
Staff Report 309: Taxes,Regulations, and the Value of U.S.and U.K. Corporations
Quarterly Review articles (Vol. 24, No. 4, Fall 2000) The Declining U.S. Equity Premium and Is the Stock Market Overvalued? -
Staff Report 277 (July 2002)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: Review of Economic Studies (Vol. 69, No. 3, August 2002, pp. 533-563) https://doi.org/10.1111/1467-937X.00216.
Additional Files and Technical Appendix
Related paper:
Staff Report 223: Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates? (December 1998 Version) -
Working Paper 619 (May 2002)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Working Paper 625 (April 2002)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Additional materials
An updated version of this paper was published as Staff Report 328, https://doi.org/10.21034/sr.328.
Published in Econometrica (Vol. 75, No. 3, May 2007, pp. 781-836), https://doi.org/10.1111/j.1468-0262.2007.00768.x.
Related papers: "Accounting for the Great Depression", Quarterly Review (Vol. 27, No.2, 2003), https://doi.org/10.21034/qr.2321, and "Appendices: Business Cycle Accounting", Staff Report 362 https://doi.org/10.21034/sr.362. -
Working Paper 619 (February 2002)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Additional files
An updated version was published in American Economic Review (Vol. 27, No. 2, May 2002, pp. 22-27), https://doi.org/10.1257/000282802320188934, and reprinted with permission as Quarterly Review (Vol. 27, No. 2, Spring 2003), https://doi.org/10.21034/qr.2721.
A technical appendix for this paper is available as Working Paper 619_1, https://doi.org/10.21034/wp.619_1. -
Staff Report 277 (July 2001)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Working Paper 610 (July 2001)
Edward C. Prescott and Ellen R. McGrattan
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Quarterly Review 2441 | Fall 2000 (Vol. 24 No. 4)
Ellen R. McGrattan, Anna Scherbina, and Ravi Jagannathan
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Quarterly Review 2442 | Fall 2000 (Vol. 24 No. 4)
Edward C. Prescott and Ellen R. McGrattan
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Working Paper 598 (December 1999)
Ellen R. McGrattan
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Working Paper 599 (December 1999)
Ellen R. McGrattan and Lee E. Ohanian
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Quarterly Review 2341 | Fall 1999 (Vol. 23 No. 4)
Ellen R. McGrattan and James A. Schmitz, Jr.
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Staff Report 223 (December 1998)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Quarterly Review 2242 | Fall 1998 (Vol. 22 No. 4)
Ellen R. McGrattan
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Staff Report 250 (August 1998)
Ellen R. McGrattan and James A. Schmitz, Jr.
Published in: Handbook of Macroeconomics (Vol. 1, Part 1, 1999, pp. 669-737) https://doi.org/10.1016/S1574-0048(99)01013-7.
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Staff Report 247 (May 1998)
Ellen R. McGrattan
Published in: Carnegie-Rochester Series on Public Policy (No. 49, December 1998, pp. 305-316) https://doi.org/10.1016/S0167-2231(99)00012-3.
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Staff Report 217 (May 1998)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: Econometrica (Vol. 68, No. 5, September 2000, pp. 1151-79) https://doi.org/10.1111/1468-0262.00154.
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Staff Report 232 (March 1998)
Ellen R. McGrattan
Published in: Computational Methods for the Study of Dynamic Economies (1999, pp. 114-42)
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Quarterly Review 2211 | Winter 1998 (Vol. 22 No. 1)
Ellen R. McGrattan and Richard Rogerson
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Staff Report 203 (November 1997)
Ellen R. McGrattan and S. Rao Aiyagari
Published in: Journal of Monetary Economics (Vol. 42, No. 3, December 1998, pp. 447-469), https://doi.org/10.1016/S0304-3932(98)00031-2.
Technical Appendix
Additional files and M-files and ftools -
Staff Report 203 (November 1997)
Ellen R. McGrattan and S. Rao Aiyagari
Published In: Annals of Economics and Finance (Vol. 4, No. 1, 2003, pp. 193-217).
Additional files and M-files and Ftools
Related: Staff Report 203 -
Staff Report 204 (October 1997)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Quarterly Review 1941 | Fall 1995 (Vol. 19 No. 4)
Ellen R. McGrattan and Ravi Jagannathan
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Staff Report 198 (September 1995)
Ellen R. McGrattan, Evan W. Anderson, Lars Peter Hansen, and Thomas J. Sargent
Published in: Handbook of Computational Economics (Vol. 1, 1996, pp. 171-252) https://doi.org/10.1016/S1574-0021(96)01006-4.
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Staff Report 191 (May 1995)
Ellen R. McGrattan, Randall Wright, and Richard Rogerson
Published in: International Economic Review (Vol 38, Num 2, May 1997, pp. 267-290) https://doi.org/10.2307/2527375.
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Working Paper 538 (December 1994)
Ellen R. McGrattan and S. Rao Aiyagari
Published in: Journal of Monetary Economics (Vol. 42, No. 3, December 1998, pp. 447-469), https://doi.org/10.1016/S0304-3932(98)00031-2.
An updated version of this paper was published as Staff Report 203. -
Quarterly Review 1841 | Fall 1994 (Vol. 18 No. 4)
Ellen R. McGrattan
Related data: Additional files and M-files and ftools.
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Staff Report 182 (September 1994)
Ellen R. McGrattan, Lars Peter Hansen, and Thomas J. Sargent
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Working Paper 527 (April 1994)
Ellen R. McGrattan and R. Anton Braun
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Staff Report 166 (December 1993)
Ellen R. McGrattan, Randall Wright, and Richard Rogerson
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Staff Report 164 (October 1993)
Ellen R. McGrattan
Published in: Journal of Economic Dynamics and Control (Vol 20, Num 1-3, March 1996, pp. 19-42) https://doi.org/10.1016/0165-1889(94)00842-0.
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Working Paper 521 (October 1993)
Ellen R. McGrattan, Randall Wright, and Richard Rogerson
Published in International Economic Review (Vol. 38, No. 2, May 1997, pp. 267-290), https://doi.org/10.2307/2527375.
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Working Paper 519 (October 1993)
Ellen R. McGrattan and R. Anton Braun
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Working Paper 511 (June 1993)
Ellen R. McGrattan and R. Anton Braun
Published in: NBER Macroeconomics Annual 1993, Olivier Jean Blanchard and Stanley Fischer, eds., (Vol. 8, pp. 197-258), https://doi.org/10.1086/654219.
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Working Paper 514 (June 1993)
Ellen R. McGrattan
Published in Journal of Economic Dynamics and Control (Vol. 20, Iss. 1-3, January-March 1996, pp. 19-42), https://doi.org/10.1016/0165-1889(94)00842-0.
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Discussion Paper 37 (January 1991)
Ellen R. McGrattan
Published In: Journal of Monetary Economics (Vol. 33, No. 3, 1994, pp. 573-601) https://doi.org/10.1016/0304-3932(94)90044-2