Details about Andreas Hornstein

Workplace:

Federal Reserve Bank of Richmond, (more information at EDIRC)

Access statistics for papers by Andreas Hornstein.

Last updated 2025-03-17. Update your information in the RePEc Author Service.

Short-id: pho142

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Working Papers

2024

1. The Relationship Between Inflation and the Distribution of Relative Price Changes
   Working Paper, Federal Reserve Bank of Richmond

2023

2. Disincentive Effects of Unemployment Insurance Benefits
   Working Paper, Federal Reserve Bank of Richmond View citations (3)

2022

3. Aggregate Implications of Changing Sectoral Trends
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (8)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (14)
   Working Papers, Princeton University. Economics Department. (2021)
   Working Paper, Federal Reserve Bank of Richmond (2019) View citations (13)
   See also Journal Article Aggregate Implications of Changing Sectoral Trends, Journal of Political Economy, University of Chicago Press (2022) View citations (18) (2022)

2021

4. Quarantine, Contact Tracing, and Testing: Implications of an Augmented SEIR Model
   Working Paper, Federal Reserve Bank of Richmond
   See also Journal Article Quarantine, Contact Tracing, and Testing: Implications of an Augmented SEIR Model, The B.E. Journal of Macroeconomics, De Gruyter (2022) (2022)

2020

5. Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries
   Working Paper Series, Institute of Economic Research, Seoul National University
   Also in Working Paper, Federal Reserve Bank of Richmond (2018)
   Working papers, Yonsei University, Yonsei Economics Research Institute (2018)
   See also Journal Article Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries, Economic Quarterly, Federal Reserve Bank of Richmond (2020) (2020)
6. Social Distancing, Quarantine, Contact Tracing, and Testing: Implications of an Augmented SEIR Model
   Working Paper, Federal Reserve Bank of Richmond View citations (2)
7. Why Is Current Unemployment So Low?
   Working Paper Series, Federal Reserve Bank of San Francisco

2019

8. Aggregate Labor Force Participation and Unemployment and Demographic Trends
   Working Paper, Federal Reserve Bank of Richmond View citations (8)
   Also in Working Paper Series, Federal Reserve Bank of San Francisco (2019) View citations (8)
9. Sectoral and Aggregate Structural Change
   2019 Meeting Papers, Society for Economic Dynamics

2017

10. Estimating Matching Efficiency with Variable Search Effort
    2017 Meeting Papers, Society for Economic Dynamics View citations (2)
    Also in Working Paper Series, Federal Reserve Bank of San Francisco (2015) View citations (6)
    Working Paper, Federal Reserve Bank of Richmond (2016) View citations (10)
11. Generalized Matching Functions and Resource Utilization Indices for the Labor Market
    Working Paper Series, Federal Reserve Bank of San Francisco
    See also Journal Article Generalized Matching Functions and Resource Utilization Indices for the Labor Market, Economic Quarterly, Federal Reserve Bank of Richmond (2016) (2016)

2014

12. Monetary Policy and Global Equilibria in an Economy with Capital
    2014 Meeting Papers, Society for Economic Dynamics View citations (1)

2012

13. Accounting for unemployment: the long and short of it
    Working Paper, Federal Reserve Bank of Richmond View citations (10)

2011

14. On the implementation of Markov-Perfect interest rate and money supply rules: global and local uniqueness
    Working Paper, Federal Reserve Bank of Richmond
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2008) View citations (3)
15. On the implementation of Markov-perfect monetary policy
    Working Papers, Federal Reserve Bank of Philadelphia View citations (4)
16. Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (5)
    Also in Working Paper, Federal Reserve Bank of Richmond (2011) View citations (1)
    See also Journal Article Transition dynamics in the neoclassical growth model: the case of South Korea, The B.E. Journal of Macroeconomics, De Gruyter (2015) View citations (4) (2015)

2009

17. Notes on collateral constraints in a simple model of housing
    Working Paper, Federal Reserve Bank of Richmond

2007

18. Frictional Wage Dispersion in Search Models: A Quantitative Assessment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (40)
    Also in Working Paper, Federal Reserve Bank of Richmond (2006) View citations (27)
    See also Journal Article Frictional Wage Dispersion in Search Models: A Quantitative Assessment, American Economic Review, American Economic Association (2011) View citations (247) (2011)
19. Interest rate versus money supply instruments: on the implementation of Markov-perfect optimal monetary policy
    Working Papers, Federal Reserve Bank of Philadelphia
20. Modelling Capital in Matching Models: Implications for Unemployment Fluctuations
    Working Papers, Princeton University. Economics Department. View citations (1)
21. Notes on the inflation dynamics of the New Keynesian Phillips curve
    Working Paper, Federal Reserve Bank of Richmond View citations (2)

2006

22. Frictional Wage Dispersion in Search Models: A Quantitative Approach
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (9)
23. Frictional Wage Inequality: A Puzzle?
    2006 Meeting Papers, Society for Economic Dynamics
24. Home production
    Working Paper, Federal Reserve Bank of Richmond View citations (7)
25. Technical appendix for \"Frictional wage dispersion in search models: a quantitative assessment\"
    Working Paper, Federal Reserve Bank of Richmond View citations (7)
26. Technology-policy interaction in frictional labor markets
    Working Paper, Federal Reserve Bank of Richmond View citations (5)
    See also Journal Article Technology—Policy Interaction in Frictional Labour-Markets, The Review of Economic Studies, Review of Economic Studies Ltd (2007) View citations (31) (2007)
27. Understanding how employment responds to productivity shocks in a model with inventories
    Working Paper, Federal Reserve Bank of Richmond View citations (9)

2005

28. The Effects of Technical Change on Labor Market Inequalities
    Working Papers, Princeton University, Department of Economics, Center for Economic Policy Studies. View citations (92)
    Also in Working Paper, Federal Reserve Bank of Richmond (2004) View citations (9)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2005) View citations (6)
    See also Chapter The Effects of Technical Change on Labor Market Inequalities, Handbook of Economic Growth, Elsevier (2005) View citations (102) (2005)
29. The Replacement Problem in Frictional Economies: An 'Equivalence Result'
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (9)
30. The replacement problem in frictional economies: a near equivalence result
    Working Paper, Federal Reserve Bank of Richmond View citations (9)
    See also Journal Article The Replacement Problem In Frictional Economies: A Near-Equivalence Result, Journal of the European Economic Association, MIT Press (2005) View citations (9) (2005)

2004

31. A Quantitative Study of the Replacement Problem in Frictional Economies
    2004 Meeting Papers, Society for Economic Dynamics
32. Productivity, Employment, and Inventories: Smoothing Over Sticky Prices
    2004 Meeting Papers, Society for Economic Dynamics
33. Productivity, employment, and inventories
    Working Paper, Federal Reserve Bank of Richmond View citations (3)

2002

34. Data Appendix to The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37
    Online Appendices, Review of Economic Dynamics View citations (6)
    See also Journal Article The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2002) View citations (25) (2002)
35. Should optimal discretionary monetary policy look at money?
    Working Paper, Federal Reserve Bank of Richmond View citations (3)
36. Vintage Capital as an Origin of Inequalities
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
    Also in Working Paper, Federal Reserve Bank of Richmond (2002) View citations (5)
    See also Journal Article Vintage capital as an origin of inequalities, Proceedings, Federal Reserve Bank of San Francisco (2002) View citations (6) (2002)

2001

37. Sticky prices and inventories: production smoothing reconsidered
    Working Paper, Federal Reserve Bank of Richmond View citations (7)
38. The role of real wages, productivity and fiscal policy in Germany's Great Depression 1928-1937
    Working Paper Series, Federal Reserve Bank of Chicago View citations (1)
39. The role of real wages, productivity, and fiscal policy in Germany's Great Depression, 1928-37
    Working Paper, Federal Reserve Bank of Richmond View citations (3)
    See also Journal Article The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2002) View citations (25) (2002)

1999

40. What is the real story for interest rate volatility?
    Working Paper, Federal Reserve Bank of Richmond
    See also Journal Article What is the Real Story for Interest Rate Volatility?, German Economic Review, Verein für Socialpolitik (2000) View citations (4) (2000)

1998

41. (S,s) Inventory policies in general equilibrium
    Working Paper, Federal Reserve Bank of Richmond View citations (17)
    Also in University of Western Ontario, Departmental Research Report Series, University of Western Ontario, Department of Economics (1995) View citations (1)
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis (1995) View citations (10)
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1996) View citations (4)
    See also Journal Article (S, s) Inventory Policies in General Equilibrium, The Review of Economic Studies, Review of Economic Studies Ltd (2000) View citations (46) (2000)
42. Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?
    Staff Working Papers, Bank of Canada View citations (2)
    Also in Working Paper, Federal Reserve Bank of Richmond (1998) View citations (2)
    See also Journal Article Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?, Canadian Journal of Economics, Canadian Economics Association (1999) View citations (1) (1999)
43. External vs. internal learning-by-doing in an R&D based growth model
    Working Paper, Federal Reserve Bank of Richmond View citations (8)
44. Staggered prices and inventories: production smoothing reconsidered
    Working Paper, Federal Reserve Bank of Richmond View citations (2)

1997

45. Intermediate inputs and sectoral comovement in the business cycle
    Working Paper, Federal Reserve Bank of Richmond View citations (87)
    See also Journal Article Intermediate inputs and sectoral comovement in the business cycle, Journal of Monetary Economics, Elsevier (1997) View citations (105) (1997)

1994

46. The real business cycle: intermediate inputs and sectoral comovement
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis View citations (4)

1989

47. The firm and the plant in general equilibrium theory
    Staff Report, Federal Reserve Bank of Minneapolis View citations (27)

Journal Articles

2024

1. Aggregate Effects of the Adoption of AI
   Richmond Fed Economic Brief, 2024, 24, (19)
2. Residual Seasonality in Monthly Core Inflation
   Richmond Fed Economic Brief, 2024, 24, (13)
3. The Persistent Decline of LFP Rates for Older Individuals Around the Pandemic
   Richmond Fed Economic Brief, 2024, 24, (34)

2023

4. How Far Is Labor Force Participation from Its Trend?
   FRBSF Economic Letter, 2023, 2023, (20), 5 View citations (1)
5. Profits and Inflation in the Time of COVID
   Richmond Fed Economic Brief, 2023, 23, (37) View citations (1)
6. Unemployment Changes as Recession Indicators
   Richmond Fed Economic Brief, 2023, 23, (13)

2022

7. Aggregate Implications of Changing Sectoral Trends
   Journal of Political Economy, 2022, 130, (12), 3286 - 3333 View citations (18)
   See also Working Paper Aggregate Implications of Changing Sectoral Trends, Working Paper Series (2022) View citations (8) (2022)
8. How Did Pandemic UI Benefits Affect Employment Recovery in Local Industry Markets?
   Richmond Fed Economic Brief, 2022, 22, (44)
9. Quarantine, Contact Tracing, and Testing: Implications of an Augmented SEIR Model
   The B.E. Journal of Macroeconomics, 2022, 22, (1), 53-88
   See also Working Paper Quarantine, Contact Tracing, and Testing: Implications of an Augmented SEIR Model, Working Paper (2021) (2021)
10. Recession Predictors: An Evaluation
    Richmond Fed Economic Brief, 2022, 22, (30) View citations (1)
11. The Pandemic's Impact on Unemployment and Labor Force Participation Trends
    Richmond Fed Economic Brief, 2022, 22, (12)
    Also in Richmond Fed Economic Brief, 2022, 22, (12) (2022)

2021

12. Was There a Better Way to Contain COVID-19?
    Richmond Fed Economic Brief, 2021, 21, (18)

2020

13. Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries
    Economic Quarterly, 2020, (1Q), 1-17
    See also Working Paper Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries, Working Paper Series (2020) (2020)

2019

14. How Have Changing Sectoral Trends Affected GDP Growth?
    FRBSF Economic Letter, 2019 View citations (1)
15. Projecting Unemployment and Demographic Trends
    Richmond Fed Economic Brief, 2019, (September)

2018

16. The Labor Force Participation Rate Trend and Its Projections
    FRBSF Economic Letter, 2018 View citations (4)

2017

17. How Much Has Job Matching Efficiency Declined?
    FRBSF Economic Letter, 2017 View citations (1)

2016

18. Assessing the Effect of the Affordable Care Act on Part-Time Employment
    Richmond Fed Economic Brief, 2016, (October) View citations (1)
19. Generalized Matching Functions and Resource Utilization Indices for the Labor Market
    Economic Quarterly, 2016, (2Q), 105-126
    See also Working Paper Generalized Matching Functions and Resource Utilization Indices for the Labor Market, Working Paper Series (2017) (2017)

2015

20. Inflation Targeting: Could Bad Luck Explain Persistent One-Sided Misses?
    Richmond Fed Economic Brief, 2015, (Sept) View citations (1)
21. The Rise in Long-Term Unemployment: Potential Causes and Implications
    Economic Quarterly, 2015, (2Q), 125-149 View citations (1)
22. Transition dynamics in the neoclassical growth model: the case of South Korea
    The B.E. Journal of Macroeconomics, 2015, 15, (2), 649-676 View citations (4)
    See also Working Paper Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea, RCER Working Papers (2011) View citations (5) (2011)

2014

23. Does the Unemployment Rate Really Overstate Labor Market Recovery?
    Richmond Fed Economic Brief, 2014, (June) View citations (4)
24. Measuring Resource Utilization in the Labor Market
    Economic Quarterly, 2014, (1Q), 1-21 View citations (46)

2013

25. Why Labor Force Participation (Usually) Increases when Unemployment Declines
    Economic Quarterly, 2013, (1Q), 1-23 View citations (3)
26. Will a Surge in Labor Force Participation Impede Unemployment Rate Improvement?
    Richmond Fed Economic Brief, 2013, (Aug)

2011

27. Frictional Wage Dispersion in Search Models: A Quantitative Assessment
    American Economic Review, 2011, 101, (7), 2873-98 View citations (247)
    See also Working Paper Frictional Wage Dispersion in Search Models: A Quantitative Assessment, NBER Working Papers (2007) View citations (40) (2007)
28. Introduction to the special issue on modern macroeconomic theory
    Economic Quarterly, 2011, 97, (3Q), 189-193
29. Potential causes and implications of the rise in long-term unemployment
    Richmond Fed Economic Brief, 2011, (Sep)

2010

30. Monetary policy with interest on reserves
    Economic Quarterly, 2010, 96, (2Q), 153-177 View citations (4)

2009

31. On the employment effects of productivity shocks: The role of inventories, demand elasticity, and sticky prices
    Journal of Monetary Economics, 2009, 56, (3), 328-343 View citations (33)
32. Problems for a fundamental theory of house prices
    Economic Quarterly, 2009, 95, (Win), 1-24 View citations (15)

2008

33. Introduction to the New Keynesian Phillips curve
    Economic Quarterly, 2008, 94, (Fall), 301-309 View citations (3)

2007

34. Evolving inflation dynamics and the New Keynesian Phillips curve
    Economic Quarterly, 2007, 93, (Fall), 317-339 View citations (15)
35. Technology—Policy Interaction in Frictional Labour-Markets
    The Review of Economic Studies, 2007, 74, (4), 1089-1124 View citations (31)
    See also Working Paper Technology-policy interaction in frictional labor markets, Working Paper (2006) View citations (5) (2006)

2006

36. Implementation of optimal monetary policy
    Economic Quarterly, 2006, 92, (Spr), 113-133

2005

37. The Replacement Problem In Frictional Economies: A Near-Equivalence Result
    Journal of the European Economic Association, 2005, 3, (5), 1007-1057 View citations (9)
    See also Working Paper The replacement problem in frictional economies: a near equivalence result, Working Paper (2005) View citations (9) (2005)
38. Trend inflation, firm-specific capital, and sticky prices
    Economic Quarterly, 2005, 91, (Fall), 57-83 View citations (23)
39. Unemployment and vacancy fluctuations in the matching model: inspecting the mechanism
    Economic Quarterly, 2005, 91, (Sum), 19-50 View citations (132)

2004

40. (Un)balanced growth
    Economic Quarterly, 2004, 90, (Fall), 25-45

2003

41. Implications of the capital-embodiment revolution for directed R&D and wage inequality
    Economic Quarterly, 2003, 89, (Fall), 25-50 View citations (8)
42. Should a monetary policymaker look at money?
    Journal of Monetary Economics, 2003, 50, (3), 547-579 View citations (28)

2002

43. The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37
    Review of Economic Dynamics, 2002, 5, (1), 100-127 View citations (25)
    See also Working Paper Data Appendix to The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37, Online Appendices (2002) View citations (6) (2002)
    Working Paper The role of real wages, productivity, and fiscal policy in Germany's Great Depression, 1928-37, Working Paper (2001) View citations (3) (2001)
44. Towards a theory of capacity utilization: shiftwork and the workweek of capital
    Economic Quarterly, 2002, (Spr), 65-86 View citations (3)
45. Vintage capital as an origin of inequalities
    Proceedings, 2002, (Nov) View citations (6)
    See also Working Paper Vintage Capital as an Origin of Inequalities, CEPR Discussion Papers (2002) View citations (8) (2002)

2001

46. Computers and growth with frictions: aggregate and disaggregate evidence A comment
    Carnegie-Rochester Conference Series on Public Policy, 2001, 55, (1), 217-228

2000

47. (S, s) Inventory Policies in General Equilibrium
    The Review of Economic Studies, 2000, 67, (1), 117-145 View citations (46)
    See also Working Paper (S,s) Inventory policies in general equilibrium, Working Paper (1998) View citations (17) (1998)
48. The IT revolution: is it evident in the productivity numbers?
    Economic Quarterly, 2000, (Fall), 49-78 View citations (9)
49. The business cycle and industry comovement
    Economic Quarterly, 2000, (Win), 27-48 View citations (35)
50. What is the Real Story for Interest Rate Volatility?
    German Economic Review, 2000, 1, (1), 43-67 View citations (4)
    Also in German Economic Review, 2000, 1, (1), 43-67 (2000) View citations (4)
    See also Working Paper What is the real story for interest rate volatility?, Working Paper (1999) (1999)

1999

51. Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?
    Canadian Journal of Economics, 1999, 32, (4), 878-905 View citations (1)
    See also Working Paper Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?, Staff Working Papers (1998) View citations (2) (1998)
52. Growth accounting with technological revolutions
    Economic Quarterly, 1999, (Sum), 1-22 View citations (14)

1998

53. Inventory investment and the business cycle
    Economic Quarterly, 1998, (Spr), 49-71 View citations (30)

1997

54. Intermediate inputs and sectoral comovement in the business cycle
    Journal of Monetary Economics, 1997, 40, (3), 573-595 View citations (105)
    See also Working Paper Intermediate inputs and sectoral comovement in the business cycle, Working Paper (1997) View citations (87) (1997)

1993

55. Money and Insurance in a Turnpike Environment
    Economic Theory, 1993, 3, (1), 19-34 View citations (9)
56. Monopolistic competition, increasing returns to scale, and the importance of productivity shocks
    Journal of Monetary Economics, 1993, 31, (3), 299-316 View citations (109)

1991

57. Insurance Contracts as Commodities: A Note
    The Review of Economic Studies, 1991, 58, (5), 917-928 View citations (6)
58. Measures of the Insurance Sector Output
    The Geneva Papers on Risk and Insurance - Issues and Practice, 1991, 16, (2), 191-206 View citations (3)

Chapters

2005

1. The Effects of Technical Change on Labor Market Inequalities
   Chapter 20 in Handbook of Economic Growth, 2005, vol. 1, Part B, pp 1275-1370 View citations (102)
   See also Working Paper The Effects of Technical Change on Labor Market Inequalities, Princeton University, Department of Economics, Center for Economic Policy Studies. (2005) View citations (92) (2005)

1996

2. Can Technology Improvements Cause Productivity Slowdowns?
   A chapter in NBER Macroeconomics Annual 1996, Volume 11, 1996, pp 209-276 View citations (164)