Details about Patrick J. Kehoe
Access statistics for papers by Patrick J. Kehoe.
Last updated 2023-01-22. Update your information in the RePEc Author Service.
Short-id: pke4
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Working Papers
2022
- Asset Prices and Unemployment Fluctuations: A Resolution of the Unemployment Volatility Puzzle
NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
- The Distributional Impact of the Minimum Wage in the Short and Long Run
NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2022) View citations (2)
2020
- A Framework for Studying the Monetary and Fiscal History of Latin America, 1960–2017
Staff Report, Federal Reserve Bank of Minneapolis View citations (1)
- Asset Prices and Unemployment Fluctuations
Staff Report, Federal Reserve Bank of Minneapolis View citations (3)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (10) 2018 Meeting Papers, Society for Economic Dynamics (2018) View citations (6) Working Papers, Federal Reserve Bank of Cleveland (2020) View citations (3)
- Credit Frictions in the Great Recession
Staff Report, Federal Reserve Bank of Minneapolis View citations (4)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (6) Discussion Papers, Centre for Macroeconomics (CFM) (2020) View citations (1)
- On the Importance of Household versus Firm Credit Frictions in the Great Recession
Working Papers, Federal Reserve Bank of Cleveland View citations (3)
See also Journal Article in Review of Economic Dynamics (2020)
2019
- The Monetary and Fiscal History of Brazil, 1960-2016
IDB Publications (Working Papers), Inter-American Development Bank View citations (2)
Also in Discussion Papers, Centre for Macroeconomics (CFM) (2018)  LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2018)  Staff Report, Federal Reserve Bank of Minneapolis (2018) View citations (2) NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (2)
- World financial cycles
2019 Meeting Papers, Society for Economic Dynamics View citations (5)
2018
- Evolution of Modern Business Cycle Models: Accounting for the Great Recession
Staff Report, Federal Reserve Bank of Minneapolis View citations (12)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (15)
See also Journal Article in Journal of Economic Perspectives (2018)
2017
- Appendix for Financial Frictions and Fluctuations in Volatility
Staff Report, Federal Reserve Bank of Minneapolis
- Financial Markets and Fiscal Unions
NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
- Fiscal Unions Redux
Discussion Papers, Centre for Macroeconomics (CFM) View citations (3)
Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2017) View citations (3) Staff Report, Federal Reserve Bank of Minneapolis (2017) View citations (3)
See also Journal Article in Economic Theory (2017)
- On the Importance of Easing Consumer Credit Frictions
Economic Policy Paper, Federal Reserve Bank of Minneapolis View citations (2)
- Reforming the European Monetary Union
Economic Policy Paper, Federal Reserve Bank of Minneapolis
2016
- A Proposal to Eliminate the Distortions Caused by Bailouts
Economic Policy Paper, Federal Reserve Bank of Minneapolis
- Accounting for Business Cycles
NBER Working Papers, National Bureau of Economic Research, Inc View citations (49)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2016) View citations (30)
See also Chapter (2016)
- Debt Constraints and Employment
NBER Working Papers, National Bureau of Economic Research, Inc View citations (39)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2016) View citations (24) 2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (8)
See also Journal Article in Journal of Political Economy (2019)
- Financial Frictions and Fluctuations in Volatility
NBER Working Papers, National Bureau of Economic Research, Inc View citations (50)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2012) View citations (49)
See also Journal Article in Journal of Political Economy (2019)
- Financial Repression: Evidence and Theory
Economic Policy Paper, Federal Reserve Bank of Minneapolis
2014
- Credibility and the Maturity of Government Debt
2014 Meeting Papers, Society for Economic Dynamics
- Rethinking Optimal Currency Areas
2014 Meeting Papers, Society for Economic Dynamics View citations (3)
See also Journal Article in Journal of Monetary Economics (2020)
2013
- Bailouts, Time Inconsistency, and Optimal Regulation
NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)
Also in 2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (6) Staff Report, Federal Reserve Bank of Minneapolis (2013) View citations (14)
2012
- The Puzzling Behavior of Real Exchange Rates
2012 Meeting Papers, Society for Economic Dynamics
2011
- Financial Markets and Fluctuations in Uncertainty
2011 Meeting Papers, Society for Economic Dynamics View citations (48)
2010
- Financial Crises and Fluctuations in Uncertainty
2010 Meeting Papers, Society for Economic Dynamics
- Prices are Sticky After All
NBER Working Papers, National Bureau of Economic Research, Inc View citations (51)
See also Journal Article in Journal of Monetary Economics (2015)
- Time Inconsistency and Free-Riding in a Monetary Union
Levine's Working Paper Archive, David K. Levine View citations (2)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2008) View citations (45) NBER Working Papers, National Bureau of Economic Research, Inc (2002) View citations (7)
See also Journal Article in Journal of Money, Credit and Banking (2008)
2009
- Confronting Models of Financial Frictions with the Data
2009 Meeting Papers, Society for Economic Dynamics View citations (3)
- Sophisticated Monetary Policies
NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
Also in Working Papers, Federal Reserve Bank of Minneapolis (2008)  Staff Report, Federal Reserve Bank of Minneapolis (2009) View citations (6)
See also Journal Article in The Quarterly Journal of Economics (2010)
- The Puzzling Behavior of Sectoral Real Exchange Rates
2009 Meeting Papers, Society for Economic Dynamics
2008
- Are Structural VARs with Long-Run Restrictions Useful in Developing Business Cycle Theory?
NBER Working Papers, National Bureau of Economic Research, Inc View citations (196)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2007) View citations (30)
See also Journal Article in Journal of Monetary Economics (2008)
- Facts and myths about the financial crisis of 2008
Working Papers, Federal Reserve Bank of Minneapolis View citations (40)
- New Keynesian Models: Not Yet Useful for Policy Analysis
NBER Working Papers, National Bureau of Economic Research, Inc View citations (58)
Also in Working Papers, Federal Reserve Bank of Minneapolis (2008) View citations (27) Staff Report, Federal Reserve Bank of Minneapolis (2008) View citations (28)
See also Journal Article in American Economic Journal: Macroeconomics (2009)
- On the Need for a New Approach to Analyzing Monetary Policy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (42)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2008) View citations (26) Working Papers, Federal Reserve Bank of Minneapolis (2008) View citations (26)
See also Chapter (2009)
- Temporary Price Changes and the Real Effects of Monetary Policy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (38)
Also in Working Papers, Federal Reserve Bank of Minneapolis (2008) View citations (29) Working Papers, Federal Reserve Bank of Minneapolis (2008) View citations (28)
- Time-varying risk, interest rates, and exchange rates in general equilibrium
Staff Report, Federal Reserve Bank of Minneapolis View citations (16)
Also in Working Papers, Federal Reserve Bank of Minneapolis (2005) View citations (5)
See also Journal Article in Review of Economic Studies (2009)
2007
- Comparing alternative representations and alternative methodologies in business cycle accounting
Staff Report, Federal Reserve Bank of Minneapolis View citations (21)
Also in Working Papers, Federal Reserve Bank of Minneapolis (2006)
- If exchange rates are random walks then almost everything we say about monetary policy is wrong
Working Papers, Federal Reserve Bank of Minneapolis View citations (15)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2007) View citations (14)
See also Journal Article in Quarterly Review (2008)
- On the Optimal Choice of a Monetary Policy Instrument
NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2007) View citations (11)
- Reply to Solow
Working Papers, Federal Reserve Bank of Minneapolis
- Sales and the real effects of monetary policy
Working Papers, Federal Reserve Bank of Minneapolis View citations (28)
- Sticky prices and sectoral real exchange rates
Working Papers, Federal Reserve Bank of Minneapolis View citations (21)
- The Heterogeneous State of Modern Macroeconomics: A Reply to Solow
NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2007) View citations (2)
2006
- Appendices: Business cycle accounting
Staff Report, Federal Reserve Bank of Minneapolis View citations (15)
- Business cycle accounting
Staff Report, Federal Reserve Bank of Minneapolis View citations (25)
Also in Levine's Bibliography, UCLA Department of Economics (2004) View citations (40) NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (84) Working Papers, Federal Reserve Bank of Minneapolis (2002) View citations (42) Levine's Bibliography, UCLA Department of Economics (2003) View citations (8)
See also Journal Article in Econometrica (2007)
- How to Advance Theory with Structural VARs: Use the Sims-Cogley-Nason Approach
NBER Working Papers, National Bureau of Economic Research, Inc View citations (19)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2006) View citations (9)
- Modeling the transition to a new economy: lessons from two technological revolutions
Staff Report, Federal Reserve Bank of Minneapolis View citations (3)
See also Journal Article in American Economic Review (2007)
- Modern Macroeconomics in Practice: How Theory is Shaping Policy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (71)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2006) View citations (51)
See also Journal Article in Journal of Economic Perspectives (2006)
- The advantage of transparency in monetary policy instruments
Staff Report, Federal Reserve Bank of Minneapolis View citations (3)
2005
- A critique of structural VARs using real business cycle theory
Working Papers, Federal Reserve Bank of Minneapolis View citations (79)
Also in Levine's Bibliography, UCLA Department of Economics (2004) View citations (39)
- Are Structural VARs Useful Guides for Developing Business Cycle Theories?
2005 Meeting Papers, Society for Economic Dynamics View citations (24)
- Modeling and measuring organization capital
Staff Report, Federal Reserve Bank of Minneapolis View citations (230)
See also Journal Article in Journal of Political Economy (2005)
- Sudden Stops and Output Drops
Levine's Bibliography, UCLA Department of Economics View citations (125)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2005) View citations (126) Staff Report, Federal Reserve Bank of Minneapolis (2005) View citations (98)
See also Journal Article in American Economic Review (2005)
2004
- Deflation and Depression: Is There and Empirical Link?
NBER Working Papers, National Bureau of Economic Research, Inc View citations (50)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2004) View citations (34)
See also Journal Article in American Economic Review (2004)
- On the Desirability of Fiscal Constraints in a Monetary Union
NBER Working Papers, National Bureau of Economic Research, Inc View citations (20)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2003) View citations (5)
- Patrick Kehoe's comment on \\"Determinants of business cycle comovement: a robust analysis\\" by Marianne Baxter and Michael Kouparitsas
Staff Report, Federal Reserve Bank of Minneapolis View citations (1)
- The optimal degree of discretion in monetary policy
Staff Report, Federal Reserve Bank of Minneapolis View citations (1)
Also in Working Paper Series, European Central Bank (2004) View citations (1) Working Papers, Federal Reserve Bank of Minneapolis (2002) View citations (1) NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations (6) International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2004) View citations (3)
See also Journal Article in Econometrica (2005)
2003
- Competitive equilibria with limited enforcement
Staff Report, Federal Reserve Bank of Minneapolis 
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2002) View citations (8) Working Papers, Federal Reserve Bank of Minneapolis (2002) View citations (6)
See also Journal Article in Journal of Economic Theory (2004)
- Financial Crises as Herds: Overturning the Critiques
NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2003) View citations (7)
See also Journal Article in Journal of Economic Theory (2004)
- Hot Money
Levine's Bibliography, UCLA Department of Economics View citations (30)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2003) View citations (30) NBER Working Papers, National Bureau of Economic Research, Inc (1997) View citations (8)
See also Journal Article in Journal of Political Economy (2003)
- The Time Consistency of Optimal Monetary and Fiscal Policies
Department of Economics Working Papers, Universidad Torcuato Di Tella View citations (2)
See also Journal Article in Econometrica (2004)
- The time consistency of monetary and fiscal policies
Staff Report, Federal Reserve Bank of Minneapolis View citations (2)
Also in Working Papers, Federal Reserve Bank of Minneapolis (2002) View citations (4)
2002
- Accounting for the Great Depression (technical appendix)
Working Papers, Federal Reserve Bank of Minneapolis View citations (60)
- Can sticky price models generate volatile and persistent real exchange rates?
Staff Report, Federal Reserve Bank of Minneapolis View citations (734)
Also in Staff Report, Federal Reserve Bank of Minneapolis (1998) View citations (96) NBER Working Papers, National Bureau of Economic Research, Inc (2000) View citations (98)
See also Journal Article in Review of Economic Studies (2002)
- Data Appendix to A Decade Lost and Found: Mexico and Chile in the 1980s
Online Appendices, Review of Economic Dynamics View citations (40)
Also in Documentos de Trabajo, Centro de Economía Aplicada, Universidad de Chile (2001) View citations (53)
See also Journal Article in Review of Economic Dynamics (2002)
- Measuring Organization Capital
NBER Working Papers, National Bureau of Economic Research, Inc View citations (28)
- On the robustness of herds
Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
- Policy-Driven Productivity in Chile and Mexico in the 1980s and 1990s
Documentos de Trabajo, Centro de Economía Aplicada, Universidad de Chile View citations (10)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2002) View citations (12) Documentos de Trabajo, Instituto de Economia. Pontificia Universidad Católica de Chile. (2002) View citations (12)
See also Journal Article in American Economic Review (2002)
2001
- A Decade Lost and Found: Mexico and Chile in the 1980s
Working Papers Central Bank of Chile, Central Bank of Chile View citations (39)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2001) View citations (50) Staff Report, Federal Reserve Bank of Minneapolis (2001) View citations (3)
See also Journal Article in Review of Economic Dynamics (2002)
- On the optimality of transparent monetary policy
Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
- The Advantage of Transparent Instruments of Monetary Policy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
Also in Working Papers, Federal Reserve Bank of Minneapolis (2001) View citations (12)
- The Transition to a New Economy After the Second Industrial Revolution
NBER Working Papers, National Bureau of Economic Research, Inc View citations (38)
Also in Working Papers, Federal Reserve Bank of Minneapolis (2001) View citations (35)
See also Journal Article in Proceedings (2002)
2000
- Financial crises as herds
Working Papers, Federal Reserve Bank of Minneapolis View citations (17)
- International Business Cycles with Endogenous Incomplete Markets
NBER Working Papers, National Bureau of Economic Research, Inc View citations (39)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2000) View citations (27)
See also Journal Article in Econometrica (2002)
- Money, Interest Rates, and Exchange Rates with Endogenously Segmented Asset Markets
NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)
Also in Working Papers, Federal Reserve Bank of Minneapolis (2000) View citations (8)
- Money, interest rates, and exchange rates with endogenously segmented markets
Staff Report, Federal Reserve Bank of Minneapolis View citations (14)
See also Journal Article in Journal of Political Economy (2002)
- Paths of development for early- and late-bloomers in a dynamic Heckscher-Ohlin model
Staff Report, Federal Reserve Bank of Minneapolis View citations (38)
1999
- Money and Interest Rates with Endogeneously Segmented Markets
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
Also in Staff Report, Federal Reserve Bank of Minneapolis (1999) View citations (2)
- Optimal Fiscal and Monetary Policy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (467)
Also in Staff Report, Federal Reserve Bank of Minneapolis (1998) View citations (15)
See also Chapter (1999)
1998
- On the need for fiscal constraints in a monetary union
Working Papers, Federal Reserve Bank of Minneapolis View citations (29)
See also Journal Article in Journal of Monetary Economics (2007)
- Sticky price models of the business cycle: can the contract multiplier solve the persistence problem?
Staff Report, Federal Reserve Bank of Minneapolis View citations (56)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (1996) View citations (82)
See also Journal Article in Econometrica (2000)
- Sustainable Plans
Levine's Working Paper Archive, David K. Levine View citations (30)
Also in Staff Report, Federal Reserve Bank of Minneapolis (1989) View citations (4)
See also Journal Article in Journal of Political Economy (1990)
1997
- Industry Evolution and Transition: A Neoclassical Benchmark
NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
- Models of energy use: putty-putty vs. putty-clay
Staff Report, Federal Reserve Bank of Minneapolis View citations (5)
- Models of sovereign debt: partial vs. general reputations
Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
- Monetary Shocks and Real Exchange Rates in Sticky Price Models of International Business Cycles
NBER Working Papers, National Bureau of Economic Research, Inc View citations (70)
- The poverty of nations: a quantitative exploration
Staff Report, Federal Reserve Bank of Minneapolis View citations (50)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (1996) View citations (101)
1996
- Optimal fiscal policy in a business cycle model (technical appendix)
Working Papers, Federal Reserve Bank of Minneapolis View citations (1)
- Reputation Spillover Across Relationships with Enduring and Transient Beliefs: Reviving reputation Models of Debt
NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
- Reputation spillover across relationships: reviving reputation models of debt
Staff Report, Federal Reserve Bank of Minneapolis View citations (17)
1995
- Industry evolution and transition: measuring investment in organization
Staff Report, Federal Reserve Bank of Minneapolis View citations (12)
- Optimal social insurance, incentives, and transition
Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
- Putty-clay capital and energy
Working Papers, Federal Reserve Bank of Minneapolis View citations (7)
- Social insurance and transition
Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (1993) View citations (3) Staff Report, Federal Reserve Bank of Minneapolis (1995) View citations (1)
See also Journal Article in International Economic Review (1996)
1994
- Models of Energy Use: Putty-Putty versus Putty-Clay
NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
See also Journal Article in American Economic Review (1999)
- The role of institutions in reputation models of sovereign debt
Staff Report, Federal Reserve Bank of Minneapolis 
See also Journal Article in Journal of Monetary Economics (1995)
1993
- Industry evolution and transition: the role of information capital
Staff Report, Federal Reserve Bank of Minneapolis View citations (19)
- International Business Cycles: Theory and Evidence
Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics View citations (88)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (1993) View citations (187)
- 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)
- 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
- Dynamics of the Trade Balance and the Terms of Trade: The J-Curve Revisited
Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics View citations (6)
Also in Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis (1992) View citations (7)
- Dynamics of the Trade Balance and the Terms of Trade: The S-Curve
NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1992) View citations (9) Instructional Stata datasets for econometrics, Boston College Department of Economics 
See also Software Item (1992) Software Item (1992) Journal Article in American Economic Review (1994)
- In search of scale effects in trade and growth
Staff Report, Federal Reserve Bank of Minneapolis View citations (147)
See also Journal Article in Journal of Economic Theory (1992)
- International Evidence on the Historical Properties of Business Cycles
Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics View citations (409)
Also in Staff Report, Federal Reserve Bank of Minneapolis (1991) View citations (6)
See also Journal Article in American Economic Review (1992)
- Relative Price Movements in Dynamic General Equilibrium Models of International Trade
NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1992) View citations (10) Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics (1992) View citations (12)
1991
- International real business cycles
Staff Report, Federal Reserve Bank of Minneapolis View citations (47)
Also in Working Papers, Federal Reserve Bank of Minneapolis (1987) 
See also Journal Article in Journal of Political Economy (1992)
- 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)
- Optimal fiscal policy in a stochastic growth model (technical appendix)
Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
- Reputation with multiple relationships: reviving reputation models of debt
Staff Report, Federal Reserve Bank of Minneapolis View citations (3)
1990
- Sustainable Plans and Mutual Default
IMF Working Papers, International Monetary Fund View citations (130)
Also in Staff Report, Federal Reserve Bank of Minneapolis (1989) View citations (2)
See also Journal Article in Review of Economic Studies (1993)
1989
- International coordination of fiscal policy in limiting economies
Staff Report, Federal Reserve Bank of Minneapolis View citations (6)
See also Journal Article in Journal of Political Economy (1990)
- Sustainable plans and debt
Staff Report, Federal Reserve Bank of Minneapolis View citations (7)
See also Journal Article in Journal of Economic Theory (1993)
1988
- On the denomination of government debt: a critique of the portfolio balance approach
Staff Report, Federal Reserve Bank of Minneapolis View citations (4)
See also Journal Article in Journal of Monetary Economics (1989)
- Time consistency and policy
Staff Report, Federal Reserve Bank of Minneapolis View citations (32)
1987
- Trade and Exchange-Rate Dynamics in a Dynamic Competitive Economy
Working Paper, Economics Department, Queen's University View citations (1)
1986
- Coordination of fiscal policies in a world economy
Staff Report, Federal Reserve Bank of Minneapolis 
See also Journal Article in Journal of Monetary Economics (1987)
- International policy cooperation may be undesirable
Staff Report, Federal Reserve Bank of Minneapolis View citations (3)
Journal Articles
2020
- On the Importance of Household versus Firm Credit Frictions in the Great Recession
Review of Economic Dynamics, 2020, 37 Supplement 1, S34-S67 View citations (5)
See also Working Paper (2020) Software Item (2020)
- On the Optimality of Financial Repression
Journal of Political Economy, 2020, 128, (2), 710 - 739 View citations (15)
- Rethinking Optimal Currency Areas
Journal of Monetary Economics, 2020, 111, (C), 80-94 View citations (14)
See also Working Paper (2014)
2019
- Debt Constraints and Employment
Journal of Political Economy, 2019, 127, (4), 1926 - 1991 View citations (22)
See also Working Paper (2016)
- Financial Frictions and Fluctuations in Volatility
Journal of Political Economy, 2019, 127, (5), 2049 - 2103 View citations (100)
See also Working Paper (2016)
2018
- Evolution of Modern Business Cycle Models: Accounting for the Great Recession
Journal of Economic Perspectives, 2018, 32, (3), 141-66 View citations (15)
See also Working Paper (2018)
2017
- Fiscal unions redux
Economic Theory, 2017, 64, (4), 741-776 View citations (3)
See also Working Paper (2017)
2016
- Bailouts, Time Inconsistency, and Optimal Regulation: A Macroeconomic View
American Economic Review, 2016, 106, (9), 2458-93 View citations (57)
- Debt Constraints and the Labor Wedge
American Economic Review, 2016, 106, (5), 548-53 View citations (8)
2015
- Prices are sticky after all
Journal of Monetary Economics, 2015, 75, (C), 35-53 View citations (99)
See also Working Paper (2010)
2010
- Sophisticated Monetary Policies
The Quarterly Journal of Economics, 2010, 125, (1), 47-89 View citations (39)
See also Working Paper (2009)
2009
- New Keynesian Models: Not Yet Useful for Policy Analysis
American Economic Journal: Macroeconomics, 2009, 1, (1), 242-66 View citations (295)
See also Working Paper (2008)
- Time-Varying Risk, Interest Rates, and Exchange Rates in General Equilibrium
Review of Economic Studies, 2009, 76, (3), 851-878 View citations (96)
See also Working Paper (2008)
2008
- Are structural VARs with long-run restrictions useful in developing business cycle theory?
Journal of Monetary Economics, 2008, 55, (8), 1337-1352 View citations (201)
See also Working Paper (2008)
- If exchange rates are random walks, then almost everything we say about monetary policy is wrong
Quarterly Review, 2008, (Jul), 2-9 
Also in American Economic Review, 2007, 97, (2), 339-345 (2007) View citations (33)
See also Working Paper (2007)
- Time Inconsistency and Free-Riding in a Monetary Union
Journal of Money, Credit and Banking, 2008, 40, (7), 1329-1356 View citations (48)
Also in Journal of Money, Credit and Banking, 2008, 40, (7), 1329-1356 (2008) View citations (4)
See also Working Paper (2010)
2007
- Business Cycle Accounting
Econometrica, 2007, 75, (3), 781-836 View citations (553)
See also Working Paper (2006)
- Modeling the Transition to a New Economy: Lessons from Two Technological Revolutions
American Economic Review, 2007, 97, (1), 64-88 View citations (54)
See also Working Paper (2006)
- Modern macroeconomics in practice: how theory is shaping monetary policy
Annual Report, 2007, 21, (May), 6-28
- On the need for fiscal constraints in a monetary union
Journal of Monetary Economics, 2007, 54, (8), 2399-2408 View citations (92)
See also Working Paper (1998)
2006
- Modern Macroeconomics in Practice: How Theory Is Shaping Policy
Journal of Economic Perspectives, 2006, 20, (4), 3-28 View citations (68)
See also Working Paper (2006)
2005
- Comment on: "Determinants of business cycle comovement: a robust analysis"
Journal of Monetary Economics, 2005, 52, (1), 159-162 View citations (12)
- Modeling and Measuring Organization Capital
Journal of Political Economy, 2005, 113, (5), 1026-1053 View citations (269)
See also Working Paper (2005)
- Sudden Stops and Output Drops
American Economic Review, 2005, 95, (2), 381-387 View citations (128)
See also Working Paper (2005)
- The Optimal Degree of Discretion in Monetary Policy
Econometrica, 2005, 73, (5), 1431-1475 View citations (114)
See also Working Paper (2004)
2004
- Competitive equilibria with limited enforcement
Journal of Economic Theory, 2004, 119, (1), 184-206 View citations (62)
See also Working Paper (2003)
- Deflation and Depression: Is There an Empirical Link?
American Economic Review, 2004, 94, (2), 99-103 View citations (50)
See also Working Paper (2004)
- EconomicDynamics Forum: Patrick Kehoe on Whether Price Rigidities Matter for Business Cycle Analysis
EconomicDynamics Newsletter, 2004, 5, (2)
- Financial crises as herds: overturning the critiques
Journal of Economic Theory, 2004, 119, (1), 128-150 View citations (94)
See also Working Paper (2003)
- The Time Consistency of Optimal Monetary and Fiscal Policies
Econometrica, 2004, 72, (2), 541-567 View citations (51)
See also Working Paper (2003)
2003
- Accounting for the Great Depression
Quarterly Review, 2003, 27, (Spr), 2-8 View citations (8)
Also in American Economic Review, 2002, 92, (2), 22-27 (2002) View citations (73)
- Hot Money
Journal of Political Economy, 2003, 111, (6), 1262-1292 View citations (32)
See also Working Paper (2003)
- The optimal degree of monetary policy discretion
Proceedings, 2003 View citations (33)
2002
- A Decade Lost and Found: Mexico and Chile in the 1980s
Review of Economic Dynamics, 2002, 5, (1), 166-205 View citations (105)
See also Working Paper (2001) Working Paper (2002)
- Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
Review of Economic Studies, 2002, 69, (3), 533-563 View citations (870)
See also Working Paper (2002)
- Decades lost and found: Mexico and Chile since 1980
Quarterly Review, 2002, 26, (Win), 3-30 View citations (53)
- International Business Cycles with Endogenous Incomplete Markets
Econometrica, 2002, 70, (3), 907-928 View citations (389)
See also Working Paper (2000)
- Money, Interest Rates, and Exchange Rates with Endogenously Segmented Markets
Journal of Political Economy, 2002, 110, (1), 73-112 View citations (196)
See also Working Paper (2000)
- Policy-Driven Productivity in Chile and Mexico in the 1980's and 1990's
American Economic Review, 2002, 92, (2), 16-21 View citations (13)
See also Working Paper (2002)
- The transition to a new economy after the Second Industrial Revolution
Proceedings, 2002, (Nov) View citations (1)
See also Working Paper (2001)
2000
- Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?
Econometrica, 2000, 68, (5), 1151-1180 View citations (706)
See also Working Paper (1998)
1999
- Asking the right questions about the IMF
Annual Report, 1999, 3-26 View citations (8)
- Models of Energy Use: Putty-Putty versus Putty-Clay
American Economic Review, 1999, 89, (4), 1028-1043 View citations (186)
See also Working Paper (1994)
- Taxing capital income: a bad idea
Quarterly Review, 1999, 23, (Sum), 3-17 View citations (112)
1998
- Comments on M. Obstfeld, “Open‐Economy Macroeconomics: Developments in Theory and Policy”
Scandinavian Journal of Economics, 1998, 100, (1), 277-283
- Models of Sovereign Debt: Partial versus General Reputations
International Economic Review, 1998, 39, (1), 55-70 View citations (122)
1997
- Reviving reputation models of international debt
Quarterly Review, 1997, 21, (Win), 21-30 View citations (34)
1996
- 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)
- Social Insurance and Transition
International Economic Review, 1996, 37, (2), 377-401 View citations (25)
See also Working Paper (1995)
1995
- The role of institutions in reputation models of sovereign debt
Journal of Monetary Economics, 1995, 35, (1), 45-64 View citations (55)
See also Working Paper (1994)
1994
- A primer on static applied general equilibrium models
Quarterly Review, 1994, 18, (Spr), 2-16 View citations (62)
- Capturing NAFTA's impact with applied general equilibrium models
Quarterly Review, 1994, 18, (Spr), 17-34 View citations (37)
- Dynamics of the Trade Balance and the Terms of Trade: The J-Curve?
American Economic Review, 1994, 84, (1), 84-103 View citations (835)
See also Working Paper (1992) Software Item (1992) Software Item (1992)
- Optimal Fiscal Policy in a Business Cycle Model
Journal of Political Economy, 1994, 102, (4), 617-52 View citations (388)
See also Working Paper (1993)
1993
- International business cycles: theory vs. evidence
Quarterly Review, 1993, 17, (Fall), 14-29 View citations (48)
- Sustainable Plans and Debt
Journal of Economic Theory, 1993, 61, (2), 230-261 View citations (49)
See also Working Paper (1989)
- Sustainable Plans and Mutual Default
Review of Economic Studies, 1993, 60, (1), 175-195 View citations (67)
See also Working Paper (1990)
1992
- In search of scale effects in trade and growth
Journal of Economic Theory, 1992, 58, (2), 377-409 View citations (124)
See also Working Paper (1992)
- International Evidence of the Historical Properties of Business Cycles
American Economic Review, 1992, 82, (4), 864-88 View citations (413)
See also Working Paper (1992)
- International Real Business Cycles
Journal of Political Economy, 1992, 100, (4), 745-75 View citations (1214)
See also Working Paper (1991)
1991
- 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)
1990
- International Coordination of Fiscal Policy in Limiting Economies
Journal of Political Economy, 1990, 98, (3), 617-36 View citations (51)
See also Working Paper (1989)
- Sustainable Plans
Journal of Political Economy, 1990, 98, (4), 783-802 View citations (244)
See also Working Paper (1998)
1989
- On the denomination of government debt: A critique of the portfolio balance approach
Journal of Monetary Economics, 1989, 23, (3), 359-376 View citations (50)
See also Working Paper (1988)
- Policy Cooperation Among Benevolent Governments May Be Undesirable
Review of Economic Studies, 1989, 56, (2), 289-296 View citations (177)
1988
- On the Roles of International Financial Markets and Their Relevance for Economic Policy: Comment
Journal of Money, Credit and Banking, 1988, 20, (3), 550-54 View citations (1)
1987
- Coordination of fiscal policies in a world economy
Journal of Monetary Economics, 1987, 19, (3), 349-376 View citations (60)
See also Working Paper (1986)
Chapters
2016
- Accounting for Business Cycles
Elsevier View citations (61)
See also Working Paper (2016)
2009
- On the Need for a New Approach to Analyzing Monetary Policy
A chapter in NBER Macroeconomics Annual 2008, Volume 23, 2009, pp 389-425 View citations (29)
See also Working Paper (2008)
1999
- Optimal fiscal and monetary policy
Chapter 26 in Handbook of Macroeconomics, 1999, vol. 1, Part C, pp 1671-1745 View citations (461)
See also Working Paper (1999)
Software Items
2020
- Code and data files for "On the Importance of Household versus Firm Credit Frictions in the Great Recession"
Computer Codes, Review of Economic Dynamics 
See also Journal Article in Review of Economic Dynamics (2020)
1992
- DOS executable for "Dynamics of the Trade Balance and the Terms of Trade: The J-Curve?"
QM&RBC Codes, Quantitative Macroeconomics & Real Business Cycles 
See also Working Paper (1992) Journal Article in American Economic Review (1994)
- Web interface for "Dynamics of the Trade Balance and the Terms of Trade: The J-Curve?"
QM&RBC Codes, Quantitative Macroeconomics & Real Business Cycles 
See also Journal Article in American Economic Review (1994) Working Paper (1992)
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