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Jonathan Heathcote Monetary Advisor

Minneapolis, Minnesota USA

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Jonathan Heathcote is a monetary advisor in the Research Department of the Federal Reserve Bank of Minneapolis. Between 2006 and 2008 he was an economist in the International Finance Division of the Federal Reserve Board of Governors. From 2002 to 2008 he was an assistant and then associate professor at Georgetown University. Jonathan has also taught at the Stockholm School of Economics and Duke University, and the Stern School of Business, New York University. Jonathan received a B.A. in philosophy, politics, and economics from Keble College, Oxford University, in 1993, and his Ph.D. in economics from the University of Pennsylvania in 1998. His work has appeared in several prestigious publications, including the American Economic Review, the Journal of Political Economy, and the Review of Economic Studies. He is currently an editor of the Review of Economic Dynamics.

Wealth and Volatility
2018 | Review of Economic Studies, 85(4): 2173-2213 | With Fabrizio Perri
Previously: Federal Reserve Bank of Minneapolis Staff Report 508

Optimal Tax Progressivity: An Analytical Framework
2017 | The Quarterly Journal of Economics, 132(4): 1693-1754 | With Kjetil Storesletten and Giovanni L. Violante
Previously: Federal Reserve Bank of Minneapolis Staff Report 496

The Macroeconomics of the Quiet Revolution: Understanding the Implications of the Rise in Women’s Participation for Economic Growth and Inequality
2017 | Research in Economics, 71(3): 521-539 | With Kjetil Storesletten and Giovanni L. Violante

On the Desirability of Capital Controls
2016 | IMF Economic Review, 64(1): 75-102 | With Fabrizio Perri
Previously: Federal Reserve Bank of Minneapolis Staff Report 523

Assessing International Efficiency
2014 | Handbook of International Economics, Gita Gopinath, Elhanan Helpman, and Kenneth Rogoff, eds., Vol. 4, Chapter 9: 523-584 | With Fabrizio Perri
Previously: Federal Reserve Bank of Minneapolis Staff Report 480

Consumption and Labor Supply with Partial Insurance: An Analytical Framework
2014 | American Economic Review, 104(7): 2075-2126 | With Kjetil Storesletten and Giovanni L. Violante
Previously: Federal Reserve Bank of Minneapolis Staff Report 432

The International Diversification Puzzle Is Not as Bad as You Think
2013 | Journal of Political Economy, 121(6): 1108-1159 | With Fabrizio Perri

From Wages to Welfare: Decomposing Gains and Losses from Rising Inequality
2013 | Advances in Economics and Econometrics: Theory and Applications, Tenth World Congress, Econometric Society, Daron Acemoglu, Manuel Arellano, and Eddie Dekel, eds., Vol. 2: 235-282 | With Kjetil Storesletten and Giaovanni L. Violante

The Macroeconomic Implications of Rising Wage Inequality in the United States
2010 | Journal of Political Economy, 118(4): 681-722 | With Kjetil Storesletten and Giovanni L. Violante

Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967–2006
2010 | Review of Economic Dynamics, 13(1): 15-51 | With Fabrizio Perri and Giovanni L. Violante
Previously: Federal Reserve Bank of Minneapolis Staff Report 436

Dollarization and Financial Integration
2010 | Journal of Economic Theory, 145(3): 944-973 | With Cristina Arellano
Previously: Federal Reserve Bank of Minneapolis Staff Report 385

Quantitative Macroeconomics with Heterogeneous Households
2009 | Annual Review of Economics, 1: 319-354 | With Kjetil Storesletten and Giovanni L. Violante
Previously: Federal Reserve Bank of Minneapolis Staff Report 420

Insurance and Opportunities: A Welfare Analysis of Labor Market Risk
2008 | Journal of Monetary Economics, 55(3): 501-525 | With Kjetil Storesletten and Giovanni L. Violante

The Price and Quantity of Residential Land in the United States
2007 | Journal of Monetary Economics, 54(8): 2595-2620 | With Morris A. Davis

Housing and the Business Cycle
2005 | International Economic Review, 46(3): 751-784 | With Morris A. Davis

Two Views of Inequality Over the Life-Cycle
2005 | Journal of the European Economic Association, 3(2-3): 765-775 | With Kjetil Storesletten and Giovanni L. Violante

Fiscal Policy with Heterogeneous Agents and Incomplete Markets
2005 | Review of Economic Studies, 72(1): 161-188

Financial Globalization and Real Regionalization
2004 | Journal of Economic Theory, 119(1): 207-243 | With Fabrizio Perri

On the Distributional Effects of Reducing Capital Taxes
2004 | International Economic Review, 45(2): 523-554 | With David Domeij

Why Has the US Economy become Less Correlated with the Rest of the World?
2003 | American Economic Review, 93(2): 63-69 | With Fabrizio Perri

Financial Autarky and International Real Business Cycles
2002 | Journal of Monetary Economics, 49(3): 601-627 | With Fabrizio Perri