Details about Lawrence Christiano

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Workplace:	Department of Economics, Northwestern University, (more information at EDIRC)

Access statistics for papers by Lawrence Christiano.

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Working Papers

2022

1. Modeling the Great Recession as a Bank Panic: Challenges
   NBER Working Papers, National Bureau of Economic Research, Inc

2021

2. Financial Dollarization: Efficient Intranational Risk Sharing or Prescription for Disaster?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)

2020

3. Why is Unemployment so Countercyclical?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
   See also Journal Article in Review of Economic Dynamics (2021)

2018

4. Discouraging Deviant Behavior in Monetary Economics
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
5. Does the New Keynesian Model Have a Uniqueness Problem?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (18)
6. On DSGE Models
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (51)

2017

7. Financialization in Commodity Markets
   Working Paper Series, Federal Reserve Bank of Chicago View citations (10)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (18)
   Staff Report, Federal Reserve Bank of Minneapolis (2017) View citations (10)
8. The Great Recession: A Macroeconomic Earthquake
   Economic Policy Paper, Federal Reserve Bank of Minneapolis View citations (3)

2014

9. The Optimal Extraction of Exhaustible Resources
   Economic Policy Paper, Federal Reserve Bank of Minneapolis View citations (3)
10. Understanding the Great Recession
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (41)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2014) View citations (17)
    See also Chapter (2013)

2013

11. Leverage Restrictions in a Business Cycle Model
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (38)
12. Risk Shocks
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (35)
13. Unemployment and Business Cycles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (43)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2013) View citations (15)

2012

14. Involuntary Unemployment and the Business Cycle
    Working Paper Series, Sveriges Riksbank (Central Bank of Sweden) View citations (13)
    Also in FRB Atlanta CQER Working Paper, Federal Reserve Bank of Atlanta (2010) View citations (32)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (65)
    Working Paper Series, European Central Bank (2010) View citations (52)
    See also Journal Article in Review of Economic Dynamics (2021)

2011

15. Government Policy, Credit Markets and Economic Activity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (42)
16. Introducing Financial Frictions and Unemployment into a Small Open Economy Model
    Working Paper Series, Sveriges Riksbank (Central Bank of Sweden) View citations (294)
    Also in FRB Atlanta CQER Working Paper, Federal Reserve Bank of Atlanta (2010) View citations (4)
17. Monetary Policy and Stock Market Booms
    Working Papers, Banco Central de Reserva del Perú View citations (6)
    Also in FRB Atlanta CQER Working Paper, Federal Reserve Bank of Atlanta (2010) View citations (83)
    Working Papers, Duke University, Department of Economics (2010) View citations (183)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (200)
    See also Journal Article in Proceedings - Economic Policy Symposium - Jackson Hole (2010)

2010

18. Comment on Eggertsson, \"What fiscal policy is effective at zero interest rates?\"
    FRB Atlanta CQER Working Paper, Federal Reserve Bank of Atlanta
19. DSGE Models for Monetary Policy Analysis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (215)
    Also in FRB Atlanta CQER Working Paper, Federal Reserve Bank of Atlanta (2010) View citations (82)
    See also Chapter (2010)
20. Financial factors in economic fluctuations
    Working Paper Series, European Central Bank View citations (425)
21. Firm-specific capital, nominal rigidities and the business cycle
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (128)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2005) View citations (243)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2005) View citations (195)
    Working Paper Series, Federal Reserve Bank of Chicago (2004) View citations (39)
    Working Paper Series, Sveriges Riksbank (Central Bank of Sweden) (2004) View citations (111)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (2004) View citations (104)
    See also Journal Article in Review of Economic Dynamics (2011)
22. When is the government spending multiplier large?
    FRB Atlanta CQER Working Paper, Federal Reserve Bank of Atlanta View citations (15)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (242)

2008

23. Facts and myths about the financial crisis of 2008
    Working Papers, Federal Reserve Bank of Minneapolis View citations (40)

2007

24. Optimal Monetary Policy in a 'Sudden Stop'
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (33)
    See also Journal Article in Journal of Monetary Economics (2009)
25. Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (38)
    See also Journal Article in Journal of Economic Dynamics and Control (2008)
26. Two Reasons Why Money and Credit May be Useful in Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (82)

2006

27. Assessing Structural VARs
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (174)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2006) View citations (74)
    See also Chapter (2007)
28. Two Flaws In Business Cycle Accounting
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (61)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (2006) View citations (42)
29. Two flaws in business cycle dating
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (24)

2005

30. Alternative procedures for estimating vector autoregressions identified with long-run restrictions
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (4)
    See also Journal Article in Journal of the European Economic Association (2006)
31. Assessing the Usefulness of Structural Vector Autoregressions
    2005 Meeting Papers, Society for Economic Dynamics View citations (1)
32. Online Appendix to "Firm-Specific Capital, Nominal Rigidities and the Business Cycle"
    Online Appendices, Review of Economic Dynamics View citations (59)
    See also Journal Article in Review of Economic Dynamics (2011)

2004

33. The Great Depression and the Friedman-Schwartz Hypothesis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (72)
    Also in Computing in Economics and Finance 2004, Society for Computational Economics (2004) View citations (63)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (2004) View citations (40)
    See also Journal Article in Proceedings (2003)
34. The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (130)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2003) View citations (18)
    See also Journal Article in Journal of the European Economic Association (2004)
35. Why Do Firms Hold Inventories?
    2004 Meeting Papers, Society for Economic Dynamics

2003

36. Expectation traps and monetary policy
    Staff Report, Federal Reserve Bank of Minneapolis View citations (83)
    Also in Working Papers, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University View citations (103)
    Working Paper Series, Federal Reserve Bank of Chicago (2002) View citations (10)
    Macroeconomics, University Library of Munich, Germany (2002) View citations (28)
    NBER Working Papers, National Bureau of Economic Research, Inc (2002) View citations (39)
37. How do Canadian hours worked respond to a technology shock?
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
38. Stock Market and Investment Goods Prices: Implications for Macroeconomics
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (62)
39. What Happens After a Technology Shock?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (400)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2003) View citations (235)

2002

40. Monetary Policy in a Financial Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (48)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2002) View citations (25)
    Working Paper Series, Federal Reserve Bank of Chicago (2002) View citations (25)
    See also Journal Article in Journal of Economic Theory (2004)

2001

41. How Severe is the Time Inconsistency Problem in Monetary Policy?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
    See also Journal Article in Quarterly Review (2003)
42. Maximum likelihood in the frequency domain: the importance of time-to-plan
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (4)
    See also Journal Article in Journal of Monetary Economics (2003)
43. Money Growth Monitoring and the Taylor Rule
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (107)
44. Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (503)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2001) View citations (504)
    Working Paper Series, Federal Reserve Bank of Chicago (2001) View citations (402)
    See also Journal Article in Journal of Political Economy (2005)

2000

45. Habit persistence, asset returns and the business cycle
    Staff Report, Federal Reserve Bank of Minneapolis View citations (164)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (1999) View citations (43)
    See also Journal Article in American Economic Review (2001)
46. Monetary Policy in an International Financial Crisis
    Econometric Society World Congress 2000 Contributed Papers, Econometric Society View citations (16)
47. The Conventional Treatment of Seasonality in Business Cycle Analysis: Does it Create Distortions?
    NBER Technical Working Papers, National Bureau of Economic Research, Inc View citations (2)
    See also Journal Article in Journal of Monetary Economics (2002)
48. The Expectations Trap Hypothesis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (66)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2000) View citations (44)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (2000) View citations (40)
    See also Journal Article in Economic Perspectives (2000)
49. Understanding the Fiscal Theory of the Price Level
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (135)
    See also Journal Article in Economic Review (2000)

1999

50. Maximum Likelihood in the Frequency Domain: A Time to Build Example
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in Working Papers, London School of Economics - Centre for Labour Economics (1999) View citations (5)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (1999) View citations (4)
    Working Paper Series, Federal Reserve Bank of Chicago (1999) View citations (6)
51. Taylor Rules in a Limited Participation Model
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (101)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1999) View citations (84)
    Working Paper Series, Federal Reserve Bank of Chicago (1999) View citations (88)
52. The Band Pass Filter
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (120)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1999) View citations (163)
    See also Journal Article in International Economic Review (2003)

1998

53. Modeling Money
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (73)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1997) View citations (7)
54. Monetary Policy Shocks: What Have We Learned and to What End?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (594)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1997) View citations (30)
    See also Chapter (1999)
55. Solving Dynamic Equilibrium Models by a Method of Undetermined Coefficients
    NBER Technical Working Papers, National Bureau of Economic Research, Inc View citations (23)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1998) View citations (38)
    See also Journal Article in Computational Economics (2002)
56. Stock market and investment good prices: implications of macroeconomics
    Working Paper Series, Federal Reserve Bank of Chicago View citations (14)

1997

57. Algorithms for Solving Dynamic Models with Occasionally Binding Constraints
    NBER Technical Working Papers, National Bureau of Economic Research, Inc View citations (13)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1997) View citations (20)
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1994) View citations (45)
    Staff Report, Federal Reserve Bank of Minneapolis (1994) View citations (44)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (1997) View citations (12)
    See also Journal Article in Journal of Economic Dynamics and Control (2000)
58. Habit persistence and asset returns in an exchange economy
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (59)
    See also Journal Article in Macroeconomic Dynamics (1997)

1996

59. Asset Pricing Lessons for Modeling Business Cycles
    Working Papers, Banca Italia - Servizio di Studi View citations (4)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (1995) View citations (39)
    NBER Working Papers, National Bureau of Economic Research, Inc (1995) View citations (49)
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1995) View citations (51)
    University of Western Ontario, Departmental Research Report Series, University of Western Ontario, Department of Economics (1995) View citations (44)
60. Chaos, Sunspots, and Automatic Stabilizers
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (1996) View citations (2)
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1996) View citations (2)
    See also Journal Article in Journal of Monetary Economics (1999)
61. Expectation Traps and Discretion
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (47)
    Also in Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco (1996) View citations (9)
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1996) View citations (4)
    See also Journal Article in Journal of Economic Theory (1998)
62. Optimal fiscal policy in a business cycle model (technical appendix)
    Working Papers, Federal Reserve Bank of Minneapolis View citations (1)
63. Sticky Price and Limited Participation Models of Money: A Comparison
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (26)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (1996) View citations (66)
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1996) View citations (9)
    See also Journal Article in European Economic Review (1997)

1995

64. Inside Money, Outside Money and Short Term Interest Rates
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (105)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1995) View citations (56)
    See also Journal Article in Journal of Money, Credit and Banking (1995)
65. Small Sample Properties of GMM for Business Cycle Analysis
    NBER Technical Working Papers, National Bureau of Economic Research, Inc View citations (13)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1995) View citations (4)
    Staff Report, Federal Reserve Bank of Minneapolis (1995) View citations (4)
    See also Journal Article in Journal of Business & Economic Statistics (1996)
66. Tobin's Q and asset returns: implications for business cycle analysis
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (9)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1995) View citations (11)
    Staff Report, Federal Reserve Bank of Minneapolis (1995) View citations (9)
    University of Western Ontario, Departmental Research Report Series, University of Western Ontario, Department of Economics (1995) View citations (2)

1994

67. Identification and the effects of monetary policy shocks
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (52)
68. The Effects of Monetary Policy Shocks: Some Evidence from the Flow of Funds
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (85)
69. The effects of monetary policy shocks: evidence from the Flow of Funds
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (76)
    See also Journal Article in The Review of Economics and Statistics (1996)

1993

70. Optimal Fiscal Policy in a Business Cycle Model
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (1993) View citations (6)
    See also Journal Article in Journal of Political Economy (1994)
71. Optimality of the Friedman Rule in Economies with Distorting Taxes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (51)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (1993) View citations (11)
    See also Journal Article in Journal of Monetary Economics (1996)

1992

72. Liquidity Effects and the Monetary Transmission Mechanism
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (282)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (1992) View citations (240)
    See also Journal Article in American Economic Review (1992)
73. Liquidity Effects, Monetary Policy, and the Business Cycle
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (43)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1992) View citations (28)
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis (1992) View citations (38)
    See also Journal Article in Journal of Money, Credit and Banking (1995)

1991

74. Identification and the Liquidity Effect of a Monetary Policy Shock
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (78)
75. Liquidity effects, monetary policy, and the business cycle (technical appendix)
    Working Papers, Federal Reserve Bank of Minneapolis View citations (4)
76. Optimal fiscal and monetary policy: some recent results
    Staff Report, Federal Reserve Bank of Minneapolis View citations (219)
    See also Journal Article in Journal of Money, Credit and Banking (1991)
77. Optimal fiscal policy in a stochastic growth model (technical appendix)
    Working Papers, Federal Reserve Bank of Minneapolis View citations (2)

1990

78. Computational algorithms for solving variants of Fuerst's model
    Working Papers, Federal Reserve Bank of Minneapolis View citations (4)
79. Current real business cycle theories and aggregate labor market fluctuations
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis View citations (180)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1990) View citations (22)
    See also Journal Article in American Economic Review (1992)
80. The Output, Employment, and Interest Rate Effects of Government Consumption
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (28)
    Also in Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis (1990) View citations (30)
    Working Papers, Federal Reserve Bank of Minneapolis (1990) View citations (21)
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1990) View citations (35)
    See also Journal Article in Journal of Monetary Economics (1992)
81. The permanent income hypothesis revisited
    Staff Report, Federal Reserve Bank of Minneapolis View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1987) View citations (5)
    See also Journal Article in Econometrica (1991)
82. Unit roots in real GNP: do we know, and do we care?
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (60)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1989) View citations (47)
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis (1989) View citations (26)
    See also Journal Article in Carnegie-Rochester Conference Series on Public Policy (1990)

1989

83. Solving a particular growth model by linear quadratic approximation and by value function iteration
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis View citations (1)
84. The magnitude of the speculative motive for holding inventories in a real business cycle model
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis View citations (9)

1988

85. Is Theory Really Ahead of Measurement? Current Real Business Cycle Theories and Aggregate Labor Market Fluctuations
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
86. Searching For a Break in GNP
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)
    See also Journal Article in Journal of Business & Economic Statistics (1992)

1987

87. Comment on Romer, \"Crazy explanations for the productivity slowdown\"
    Working Papers, Federal Reserve Bank of Minneapolis
88. Dynamic properties of two approximate solutions to a particular growth model
    Working Papers, Federal Reserve Bank of Minneapolis View citations (1)
89. Estimating continuous time rational expectations models in frequency domain: a case study
    Working Papers, Federal Reserve Bank of Minneapolis
90. Intertemporal substitution and smoothness of consumption
    Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
91. Is consumption insufficiently sensitive to innovations in income?
    Staff Report, Federal Reserve Bank of Minneapolis View citations (16)
    See also Journal Article in American Economic Review (1987)
92. Money does Granger-cause output in the bivariate output-money relation
    Staff Report, Federal Reserve Bank of Minneapolis View citations (12)
93. Money does Granger-cause output in the bivariate output-money relation (technical appendix)
    Working Papers, Federal Reserve Bank of Minneapolis
94. Temporal aggregation and structural inference in macroeconomics
    Working Papers, Federal Reserve Bank of Minneapolis View citations (40)
    Also in NBER Technical Working Papers, National Bureau of Economic Research, Inc (1986) View citations (13)
    See also Journal Article in Carnegie-Rochester Conference Series on Public Policy (1987)
95. Temporal aggregation and the stock adjustment model of inventories
    Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
96. Why does inventory investment fluctuate so much? Or: does the stock market dance to its own music? (technical appendix)
    Working Papers, Federal Reserve Bank of Minneapolis View citations (1)

1986

97. A continuous time, general equilibrium, inventory-sales model
    Working Papers, Federal Reserve Bank of Minneapolis
    Also in Working Papers, Federal Reserve Bank of Minneapolis (1985) View citations (1)
98. On the accuracy of linear quadratic approximations: an example
    Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
99. Temporal aggregation bias and government policy evaluation
    Working Papers, Federal Reserve Bank of Minneapolis

1985

100. A method for estimating the timing interval in a linear econometric model, with an application to Taylor's model of staggered contracts
     Staff Report, Federal Reserve Bank of Minneapolis View citations (13)
     See also Journal Article in Journal of Economic Dynamics and Control (1985)

1981

101. Rational expectations, hyperinflation, and the demand for money
     Working Papers, Federal Reserve Bank of Minneapolis

1980

102. The term structure of interest rates and the aliasing identification problem
     Working Papers, Federal Reserve Bank of Minneapolis

Journal Articles

2021

1. Involuntary Unemployment and the Business Cycle
   Review of Economic Dynamics, 2021, 39, 26-54 View citations (3)
   See also Working Paper (2012)
2. Why is Unemployment so Countercyclical?
   Review of Economic Dynamics, 2021, 41, 4-37 View citations (5)
   See also Working Paper (2020)

2011

3. Commentary: Remarks on Unconventional Monetary Policy
   International Journal of Central Banking, 2011, 7, (1), 121-130 View citations (3)
4. Firm-Specific Capital, Nominal Rigidities and the Business Cycle
   Review of Economic Dynamics, 2011, 14, (2), 225-247 View citations (254)
   See also Working Paper (2010)
   Working Paper (2005)
   Software Item (2010)
5. Política monetaria y auges del mercado bursátil
   Monetaria, 2011, XXXIV, (2), 257-319

2010

6. Monetary policy and stock market booms
   Proceedings - Economic Policy Symposium - Jackson Hole, 2010, 85-145 View citations (94)
   See also Working Paper (2011)

2009

7. Optimal monetary policy in a [`]sudden stop'
   Journal of Monetary Economics, 2009, 56, (4), 582-595 View citations (25)
   See also Working Paper (2007)

2008

8. Shocks, structures or monetary policies? The Euro Area and US after 2001
   Journal of Economic Dynamics and Control, 2008, 32, (8), 2476-2506 View citations (119)
   See also Working Paper (2007)

2007

9. Comment
   Journal of Business & Economic Statistics, 2007, 25, 143-151

2006

10. Alternative Procedures for Estimating Vector Autoregressions Identified with Long-Run Restrictions
    Journal of the European Economic Association, 2006, 4, (2-3), 475-483 View citations (22)
    See also Working Paper (2005)

2005

11. Bubbles, financial shocks, and monetary policy
    Proceedings, 2005 View citations (1)
12. Comment on: "Tax distortions and the case for price stability"
    Journal of Monetary Economics, 2005, 52, (1), 275-280
13. Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
    Journal of Political Economy, 2005, 113, (1), 1-45 View citations (4977)
    Also in Proceedings, 2001, (Jun) (2001) View citations (313)
    See also Working Paper (2001)

2004

14. Introduction: macroeconomic implications of capital flows in a global economy
    Journal of Economic Theory, 2004, 119, (1), 1-5
15. Monetary policy in a financial crisis
    Journal of Economic Theory, 2004, 119, (1), 64-103 View citations (122)
    See also Working Paper (2002)
16. The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology
    Journal of the European Economic Association, 2004, 2, (2-3), 381-395 View citations (123)
    See also Working Paper (2004)

2003

17. How severe is the time-inconsistency problem in monetary policy?
    Quarterly Review, 2003, 27, (Sum), 17-33 View citations (10)
    See also Working Paper (2001)
18. Inflation and monetary policy in the twentieth century
    Economic Perspectives, 2003, 27, (Q I), 22-45 View citations (15)
19. Maximum likelihood in the frequency domain: the importance of time-to-plan
    Journal of Monetary Economics, 2003, 50, (4), 789-815 View citations (52)
    See also Working Paper (2001)
20. The Band Pass Filter
    International Economic Review, 2003, 44, (2), 435-465 View citations (866)
    See also Working Paper (1999)
21. The Great Depression and the Friedman-Schwartz hypothesis
    Proceedings, 2003, 1119-1215 View citations (244)
    See also Working Paper (2004)

2002

22. Solving Dynamic Equilibrium Models by a Method of Undetermined Coefficients
    Computational Economics, 2002, 20, (1-2), 21-55 View citations (121)
    See also Working Paper (1998)
23. The conventional treatment of seasonality in business cycle analysis: does it create distortions?
    Journal of Monetary Economics, 2002, 49, (2), 335-364 View citations (14)
    See also Working Paper (2000)
24. What is a good macroeconomic model for a central bank to use? panel discussion
    Proceedings, 2002, (Mar)
    Also in Proceedings, 2002, (Mar) (2002) View citations (3)

2001

25. Comment on The Costs of Losing Monetary Independence: The Case of Mexico
    Journal of Money, Credit and Banking, 2001, 33, (2), 398-403 View citations (2)
26. Habit Persistence, Asset Returns, and the Business Cycle
    American Economic Review, 2001, 91, (1), 149-166 View citations (689)
    See also Working Paper (2000)

2000

27. Algorithms for solving dynamic models with occasionally binding constraints
    Journal of Economic Dynamics and Control, 2000, 24, (8), 1179-1232 View citations (222)
    See also Working Paper (1997)
28. Comment on Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates
    Journal of Money, Credit and Banking, 2000, 32, (4), 905-30 View citations (17)
29. Price stability: is a tough central bank enough?
    Economic Commentary, 2000, (Aug)
30. The expectations trap hypothesis
    Economic Perspectives, 2000, 25, (Q II), 21-39 View citations (40)
    See also Working Paper (2000)
31. Understanding the fiscal theory of the price level
    Economic Review, 2000, (Q II), 2-38 View citations (103)
    See also Working Paper (2000)

1999

32. Chaos, sunspots and automatic stabilizers
    Journal of Monetary Economics, 1999, 44, (1), 3-31 View citations (122)
    See also Working Paper (1996)
33. The Research Agenda: Larry Christiano and Martin Eichenbaum write about their current research program on the monetary transmission mechanism
    EconomicDynamics Newsletter, 1999, 1, (1) View citations (5)

1998

34. Expectation Traps and Discretion
    Journal of Economic Theory, 1998, 81, (2), 462-492 View citations (116)
    See also Working Paper (1996)
35. The business cycle: it's still a puzzle
    Economic Perspectives, 1998, 22, (Q IV), 56-83 View citations (63)

1997

36. Dynamic effects of monetary policy; a conference sponsored by the Federal Reserve Bank of Cleveland, November 6-8, 1996
    Proceedings, 1997, (Nov)
37. HABIT PERSISTENCE AND ASSET RETURNS IN AN EXCHANGE ECONOMY
    Macroeconomic Dynamics, 1997, 1, (2), 312-332 View citations (62)
    See also Working Paper (1997)
38. Sticky price and limited participation models of money: A comparison
    European Economic Review, 1997, 41, (6), 1201-1249 View citations (366)
    See also Working Paper (1996)

1996

39. Identification and the liquidity effect: a case study
    Economic Perspectives, 1996, 20, (May), 2-13 View citations (4)
40. Optimality of the Friedman rule in economies with distorting taxes
    Journal of Monetary Economics, 1996, 37, (2-3), 203-223 View citations (188)
    See also Working Paper (1993)
41. Small-Sample Properties of GMM for Business-Cycle Analysis
    Journal of Business & Economic Statistics, 1996, 14, (3), 309-27 View citations (36)
    See also Working Paper (1995)
42. The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds
    The Review of Economics and Statistics, 1996, 78, (1), 16-34 View citations (723)
    Also in Proceedings, 1994, (Apr) (1994) View citations (39)
    See also Working Paper (1994)
43. Time to plan and aggregate fluctuations
    Quarterly Review, 1996, 20, (Win), 14-27 View citations (61)

1995

44. Inside Money, Outside Money, and Short-Term Interest Rates
    Journal of Money, Credit and Banking, 1995, 27, (4), 1354-86 View citations (103)
    Also in Proceedings, 1994, 1354-1401 (1994) View citations (16)
    See also Working Paper (1995)
45. Liquidity Effects, Monetary Policy, and the Business Cycle
    Journal of Money, Credit and Banking, 1995, 27, (4), 1113-36 View citations (147)
    See also Working Paper (1992)
46. Resolving the liquidity effect: commentary
    Proceedings, 1995, (May), 55-62 View citations (8)
    Also in Review, 1995, (May), 55-62 (1995) View citations (3)

1994

47. Optimal Fiscal Policy in a Business Cycle Model
    Journal of Political Economy, 1994, 102, (4), 617-52 View citations (386)
    See also Working Paper (1993)

1993

48. Interest rate smoothing in an equilibrium business cycle model
    Proceedings, 1993, (Mar) View citations (4)

1992

49. Current Real-Business-Cycle Theories and Aggregate Labor-Market Fluctuations
    American Economic Review, 1992, 82, (3), 430-50 View citations (669)
    See also Working Paper (1990)
50. Liquidity Effects and the Monetary Transmission Mechanism
    American Economic Review, 1992, 82, (2), 346-53 View citations (304)
    See also Working Paper (1992)
51. Liquidity effects, the monetary transmission mechanism, and monetary policy
    Economic Perspectives, 1992, 16, (Nov), 2-14 View citations (69)
52. Searching for a Break in GNP
    Journal of Business & Economic Statistics, 1992, 10, (3), 237-50 View citations (285)
    See also Working Paper (1988)
53. The output, employment, and interest rate effects of government consumption
    Journal of Monetary Economics, 1992, 30, (1), 73-86 View citations (168)
    See also Working Paper (1990)

1991

54. Modeling the liquidity effect of a money shock
    Quarterly Review, 1991, 15, (Win), 3-34 View citations (80)
55. Optimal Fiscal and Monetary Policy: Some Recent Results
    Journal of Money, Credit and Banking, 1991, 23, (3), 519-39 View citations (257)
    Also in Proceedings, 1991, 519-546 (1991) View citations (234)
    See also Working Paper (1991)
56. The Permanent Income Hypothesis Revisited
    Econometrica, 1991, 59, (2), 397-423 View citations (76)
    See also Working Paper (1990)

1990

57. Linear-Quadratic Approximation and Value-Function Iteration: A Comparison
    Journal of Business & Economic Statistics, 1990, 8, (1), 99-113 View citations (51)
58. Solving the Stochastic Growth Model by Linear-Quadratic Approximation and by Value-Function Iteration
    Journal of Business & Economic Statistics, 1990, 8, (1), 23-26 View citations (39)
59. Unit roots in real GNP: Do we know, and do we care?
    Carnegie-Rochester Conference Series on Public Policy, 1990, 32, (1), 7-61 View citations (130)
    See also Working Paper (1990)

1989

60. P*: not the inflation forecaster's holy grail
    Quarterly Review, 1989, 13, (Fall), 3-18 View citations (25)
61. Understanding Japan's saving rate: the reconstruction hypothesis
    Quarterly Review, 1989, 13, (Spr), 10-25 View citations (40)

1988

62. Money does Granger-cause output in the bivariate money-output relation
    Journal of Monetary Economics, 1988, 22, (2), 217-235 View citations (81)
63. Why does inventory investment fluctuate so much?
    Journal of Monetary Economics, 1988, 21, (2-3), 247-280 View citations (198)

1987

64. Cagan's Model of Hyperinflation under Rational Expectations
    International Economic Review, 1987, 28, (1), 33-49 View citations (14)
65. Is Consumption Insufficiently Sensitive to Innovations in Income?
    American Economic Review, 1987, 77, (2), 337-41 View citations (18)
    See also Working Paper (1987)
66. Temporal aggregation and structural inference in macroeconomics
    Carnegie-Rochester Conference Series on Public Policy, 1987, 26, (1), 63-130 View citations (70)
    See also Working Paper (1987)
67. Why is consumption less volatile than income?
    Quarterly Review, 1987, 11, (Fall), 2-20 View citations (12)

1986

68. Money and the U.S. economy in the 1980s: a break from the past?
    Quarterly Review, 1986, 10, (Sum), 2-13 View citations (11)

1985

69. A method for estimating the timing interval in a linear econometric model, with an application to Taylor's model of staggered contracts
    Journal of Economic Dynamics and Control, 1985, 9, (4), 363-404 View citations (15)
    See also Working Paper (1985)

1984

70. A reexamination of the theory of automatic stabilizers
    Carnegie-Rochester Conference Series on Public Policy, 1984, 20, (1), 147-206 View citations (22)
71. Reply to Olivier Blanchard
    Carnegie-Rochester Conference Series on Public Policy, 1984, 20, (1), 209-210

1981

72. A Survey of Measures of Capacity Utilization (Mesures de l'utilisation des capacités de production) (Estudio de mediciones de utilización de la capacidad)
    IMF Staff Papers, 1981, 28, (1), 144-198 View citations (1)

Chapters

2017

1. Comment on "Michelson-Morley, Fisher, and Occam: The Radical Implications of Stable Quiet Inflation at the Zero Bound"
   A chapter in NBER Macroeconomics Annual 2017, volume 32, 2017, pp 227-245

2015

2. Comment on "Networks and the Macroeconomy: An Empirical Exploration"
   A chapter in NBER Macroeconomics Annual 2015, Volume 30, 2015, pp 346-373 View citations (2)

2014

3. Comment on "Whither News Shocks?"
   A chapter in NBER Macroeconomics Annual 2014, Volume 29, 2014, pp 279-284

2013

4. Understanding the Great Recession
   A chapter in Lessons from the Financial Crisis for Monetary Policy, 2013 View citations (5)
   See also Working Paper (2014)

2012

5. Comment on "The Household Effects of Government Spending"
   A chapter in Fiscal Policy after the Financial Crisis, 2012, pp 141-149

2011

6. Comment on "Unemployment in an Estimated New Keynesian Model"
   A chapter in NBER Macroeconomics Annual 2011, Volume 26, 2011, pp 361-380 View citations (5)
7. Comment on "What Fiscal Policy is Effective at Zero Interest Rates?"
   A chapter in NBER Macroeconomics Annual 2010, volume 25, 2011, pp 113-124 View citations (4)

2010

8. DSGE Models for Monetary Policy Analysis
   Chapter 07 in Handbook of Monetary Economics, 2010, vol. 3, pp 285-367 View citations (186)
   See also Working Paper (2010)

2007

9. Assessing Structural VARs
   A chapter in NBER Macroeconomics Annual 2006, Volume 21, 2007, pp 1-106 View citations (66)
   See also Working Paper (2006)

1999

10. Monetary policy shocks: What have we learned and to what end?
    Chapter 02 in Handbook of Macroeconomics, 1999, vol. 1, Part A, pp 65-148 View citations (2239)
    See also Working Paper (1998)

Software Items

2010

1. Code files for "Firm-Specific Capital, Nominal Rigidities and the Business Cycle"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2011)