Details about Patrick J. Kehoe

E-mail:
Homepage:	http://www.econ.umn.edu/~kehoe/
Workplace:	Department of Economics, Stanford University, (more information at EDIRC) Federal Reserve Bank of Minneapolis, (more information at EDIRC)

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

1. Asset Prices and Unemployment Fluctuations: A Resolution of the Unemployment Volatility Puzzle
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
2. 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

3. A Framework for Studying the Monetary and Fiscal History of Latin America, 1960–2017
   Staff Report, Federal Reserve Bank of Minneapolis View citations (1)
4. 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)
5. 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)
6. 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

7. 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)
8. World financial cycles
   2019 Meeting Papers, Society for Economic Dynamics View citations (5)

2018

9. 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

10. Appendix for Financial Frictions and Fluctuations in Volatility
    Staff Report, Federal Reserve Bank of Minneapolis
11. Financial Markets and Fiscal Unions
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
12. 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)
13. On the Importance of Easing Consumer Credit Frictions
    Economic Policy Paper, Federal Reserve Bank of Minneapolis View citations (2)
14. Reforming the European Monetary Union
    Economic Policy Paper, Federal Reserve Bank of Minneapolis

2016

15. A Proposal to Eliminate the Distortions Caused by Bailouts
    Economic Policy Paper, Federal Reserve Bank of Minneapolis
16. 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)
17. 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)
18. 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)
19. Financial Repression: Evidence and Theory
    Economic Policy Paper, Federal Reserve Bank of Minneapolis

2014

20. Credibility and the Maturity of Government Debt
    2014 Meeting Papers, Society for Economic Dynamics
21. 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

22. 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

23. The Puzzling Behavior of Real Exchange Rates
    2012 Meeting Papers, Society for Economic Dynamics

2011

24. Financial Markets and Fluctuations in Uncertainty
    2011 Meeting Papers, Society for Economic Dynamics View citations (48)

2010

25. Financial Crises and Fluctuations in Uncertainty
    2010 Meeting Papers, Society for Economic Dynamics
26. 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)
27. 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

28. Confronting Models of Financial Frictions with the Data
    2009 Meeting Papers, Society for Economic Dynamics View citations (3)
29. 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)
30. The Puzzling Behavior of Sectoral Real Exchange Rates
    2009 Meeting Papers, Society for Economic Dynamics

2008

31. 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)
32. Facts and myths about the financial crisis of 2008
    Working Papers, Federal Reserve Bank of Minneapolis View citations (40)
33. 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)
34. 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)
35. 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)
36. 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

37. 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)
38. 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)
39. 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)
40. Reply to Solow
    Working Papers, Federal Reserve Bank of Minneapolis
41. Sales and the real effects of monetary policy
    Working Papers, Federal Reserve Bank of Minneapolis View citations (28)
42. Sticky prices and sectoral real exchange rates
    Working Papers, Federal Reserve Bank of Minneapolis View citations (21)
43. 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

44. Appendices: Business cycle accounting
    Staff Report, Federal Reserve Bank of Minneapolis View citations (15)
45. 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)
46. 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)
47. 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)
48. 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)
49. The advantage of transparency in monetary policy instruments
    Staff Report, Federal Reserve Bank of Minneapolis View citations (3)

2005

50. 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)
51. Are Structural VARs Useful Guides for Developing Business Cycle Theories?
    2005 Meeting Papers, Society for Economic Dynamics View citations (24)
52. 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)
53. 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

54. 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)
55. 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)
56. 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)
57. 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

58. 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)
59. 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)
60. 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)
61. 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)
62. 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

63. Accounting for the Great Depression (technical appendix)
    Working Papers, Federal Reserve Bank of Minneapolis View citations (60)
64. 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)
65. 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)
66. Measuring Organization Capital
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (28)
67. On the robustness of herds
    Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
68. 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

69. 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)
70. On the optimality of transparent monetary policy
    Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
71. 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)
72. 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

73. Financial crises as herds
    Working Papers, Federal Reserve Bank of Minneapolis View citations (17)
74. 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)
75. 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)
76. 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)
77. 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

78. 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)
79. 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

80. 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)
81. 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)
82. 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

83. Industry Evolution and Transition: A Neoclassical Benchmark
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
84. Models of energy use: putty-putty vs. putty-clay
    Staff Report, Federal Reserve Bank of Minneapolis View citations (5)
85. Models of sovereign debt: partial vs. general reputations
    Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
86. 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)
87. 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

88. Optimal fiscal policy in a business cycle model (technical appendix)
    Working Papers, Federal Reserve Bank of Minneapolis View citations (1)
89. 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)
90. Reputation spillover across relationships: reviving reputation models of debt
    Staff Report, Federal Reserve Bank of Minneapolis View citations (17)

1995

91. Industry evolution and transition: measuring investment in organization
    Staff Report, Federal Reserve Bank of Minneapolis View citations (12)
92. Optimal social insurance, incentives, and transition
    Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
93. Putty-clay capital and energy
    Working Papers, Federal Reserve Bank of Minneapolis View citations (7)
94. 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

95. 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)
96. 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

97. Industry evolution and transition: the role of information capital
    Staff Report, Federal Reserve Bank of Minneapolis View citations (19)
98. 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)
99. 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)
100. 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

101. 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)
102. 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)
103. 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)
104. 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)
105. 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

106. 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)
107. 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)
108. Optimal fiscal policy in a stochastic growth model (technical appendix)
     Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
109. Reputation with multiple relationships: reviving reputation models of debt
     Staff Report, Federal Reserve Bank of Minneapolis View citations (3)

1990

110. 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

111. 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)
112. 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

113. 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)
114. Time consistency and policy
     Staff Report, Federal Reserve Bank of Minneapolis View citations (32)

1987

115. Trade and Exchange-Rate Dynamics in a Dynamic Competitive Economy
     Working Paper, Economics Department, Queen's University View citations (1)

1986

116. 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)
117. International policy cooperation may be undesirable
     Staff Report, Federal Reserve Bank of Minneapolis View citations (3)

Journal Articles

2020

1. 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)
2. On the Optimality of Financial Repression
   Journal of Political Economy, 2020, 128, (2), 710 - 739 View citations (15)
3. Rethinking Optimal Currency Areas
   Journal of Monetary Economics, 2020, 111, (C), 80-94 View citations (14)
   See also Working Paper (2014)

2019

4. Debt Constraints and Employment
   Journal of Political Economy, 2019, 127, (4), 1926 - 1991 View citations (22)
   See also Working Paper (2016)
5. Financial Frictions and Fluctuations in Volatility
   Journal of Political Economy, 2019, 127, (5), 2049 - 2103 View citations (100)
   See also Working Paper (2016)

2018

6. 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

7. Fiscal unions redux
   Economic Theory, 2017, 64, (4), 741-776 View citations (3)
   See also Working Paper (2017)

2016

8. Bailouts, Time Inconsistency, and Optimal Regulation: A Macroeconomic View
   American Economic Review, 2016, 106, (9), 2458-93 View citations (57)
9. Debt Constraints and the Labor Wedge
   American Economic Review, 2016, 106, (5), 548-53 View citations (8)

2015

10. Prices are sticky after all
    Journal of Monetary Economics, 2015, 75, (C), 35-53 View citations (99)
    See also Working Paper (2010)

2010

11. Sophisticated Monetary Policies
    The Quarterly Journal of Economics, 2010, 125, (1), 47-89 View citations (39)
    See also Working Paper (2009)

2009

12. 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)
13. 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

14. 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)
15. 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)
16. 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

17. Business Cycle Accounting
    Econometrica, 2007, 75, (3), 781-836 View citations (553)
    See also Working Paper (2006)
18. 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)
19. Modern macroeconomics in practice: how theory is shaping monetary policy
    Annual Report, 2007, 21, (May), 6-28
20. 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

21. 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

22. Comment on: "Determinants of business cycle comovement: a robust analysis"
    Journal of Monetary Economics, 2005, 52, (1), 159-162 View citations (12)
23. Modeling and Measuring Organization Capital
    Journal of Political Economy, 2005, 113, (5), 1026-1053 View citations (269)
    See also Working Paper (2005)
24. Sudden Stops and Output Drops
    American Economic Review, 2005, 95, (2), 381-387 View citations (128)
    See also Working Paper (2005)
25. The Optimal Degree of Discretion in Monetary Policy
    Econometrica, 2005, 73, (5), 1431-1475 View citations (114)
    See also Working Paper (2004)

2004

26. Competitive equilibria with limited enforcement
    Journal of Economic Theory, 2004, 119, (1), 184-206 View citations (62)
    See also Working Paper (2003)
27. Deflation and Depression: Is There an Empirical Link?
    American Economic Review, 2004, 94, (2), 99-103 View citations (50)
    See also Working Paper (2004)
28. EconomicDynamics Forum: Patrick Kehoe on Whether Price Rigidities Matter for Business Cycle Analysis
    EconomicDynamics Newsletter, 2004, 5, (2)
29. Financial crises as herds: overturning the critiques
    Journal of Economic Theory, 2004, 119, (1), 128-150 View citations (94)
    See also Working Paper (2003)
30. The Time Consistency of Optimal Monetary and Fiscal Policies
    Econometrica, 2004, 72, (2), 541-567 View citations (51)
    See also Working Paper (2003)

2003

31. 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)
32. Hot Money
    Journal of Political Economy, 2003, 111, (6), 1262-1292 View citations (32)
    See also Working Paper (2003)
33. The optimal degree of monetary policy discretion
    Proceedings, 2003 View citations (33)

2002

34. 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)
35. 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)
36. Decades lost and found: Mexico and Chile since 1980
    Quarterly Review, 2002, 26, (Win), 3-30 View citations (53)
37. International Business Cycles with Endogenous Incomplete Markets
    Econometrica, 2002, 70, (3), 907-928 View citations (389)
    See also Working Paper (2000)
38. 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)
39. 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)
40. The transition to a new economy after the Second Industrial Revolution
    Proceedings, 2002, (Nov) View citations (1)
    See also Working Paper (2001)

2000

41. 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

42. Asking the right questions about the IMF
    Annual Report, 1999, 3-26 View citations (8)
43. 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)
44. Taxing capital income: a bad idea
    Quarterly Review, 1999, 23, (Sum), 3-17 View citations (112)

1998

45. Comments on M. Obstfeld, “Open‐Economy Macroeconomics: Developments in Theory and Policy”
    Scandinavian Journal of Economics, 1998, 100, (1), 277-283
46. Models of Sovereign Debt: Partial versus General Reputations
    International Economic Review, 1998, 39, (1), 55-70 View citations (122)

1997

47. Reviving reputation models of international debt
    Quarterly Review, 1997, 21, (Win), 21-30 View citations (34)

1996

48. 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)
49. Social Insurance and Transition
    International Economic Review, 1996, 37, (2), 377-401 View citations (25)
    See also Working Paper (1995)

1995

50. 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

51. A primer on static applied general equilibrium models
    Quarterly Review, 1994, 18, (Spr), 2-16 View citations (62)
52. Capturing NAFTA's impact with applied general equilibrium models
    Quarterly Review, 1994, 18, (Spr), 17-34 View citations (37)
53. 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)
54. 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

55. International business cycles: theory vs. evidence
    Quarterly Review, 1993, 17, (Fall), 14-29 View citations (48)
56. Sustainable Plans and Debt
    Journal of Economic Theory, 1993, 61, (2), 230-261 View citations (49)
    See also Working Paper (1989)
57. Sustainable Plans and Mutual Default
    Review of Economic Studies, 1993, 60, (1), 175-195 View citations (67)
    See also Working Paper (1990)

1992

58. 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)
59. 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)
60. International Real Business Cycles
    Journal of Political Economy, 1992, 100, (4), 745-75 View citations (1214)
    See also Working Paper (1991)

1991

61. 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

62. 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)
63. Sustainable Plans
    Journal of Political Economy, 1990, 98, (4), 783-802 View citations (244)
    See also Working Paper (1998)

1989

64. 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)
65. Policy Cooperation Among Benevolent Governments May Be Undesirable
    Review of Economic Studies, 1989, 56, (2), 289-296 View citations (177)

1988

66. 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

67. 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

1. Accounting for Business Cycles
   Elsevier View citations (61)
   See also Working Paper (2016)

2009

2. 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

3. 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

1. 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

2. 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)
3. 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)