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Federal Reserve Bank of Minneapolis

Discussion Paper / Institute for Empirical Macroeconomics

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Phone: (612) 204-5000
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Web: http://www.minneapolisfed.org/pubs/
For technical questions regarding this series, please contact (Diane Rosenberger)
Series handle: repec:fip:fedmem

2006

145 Learning your earning: are labor income shocks really very persistent?
by Fatih Guvenen [Downloadable!]
144 Ben-Porath meets skill-biased technical change: a theoretical analysis of rising inequality
by Fatih Guvenen & Burhanettin Kuruscu [Downloadable!]

2005

143 Optimal welfare-to-work programs
by Nicola Pavoni & Giovanni L. Violante [Downloadable!]

2004

142 Search, money, and inflation under private information
by Huberto M. Ennis [Downloadable!]
140 Dynamic optimal taxation with private information
by Stefania Albanesi & Christopher Sleet [Downloadable!]

2003

141 Urban structure and growth
by Esteban Rossi-Hansberg & Mark L. J. Wright [Downloadable!]

2001

139 Capital accumulation in a model of growth and creative destruction
by Klaus Walde [Downloadable!]
137 The social discount rate
by Andrew Caplin & John Leahy [Downloadable!]

2000

138 Does the progressivity of taxes matter for economic growth?
by Elizabeth M. Caucutt & Selahattin Imrohoroglu & Krishna B. Kumar [Downloadable!]
136 Time inconsistent preferences and Social Security
by Ayse Imrohoroglu & Selahattin Imrohoroglu & Douglas H. Joines [Downloadable!]
135 Knowledge exchange, matching, and agglomeration
by Marcus Berliant & Robert R. Reed, III & Ping Wang [Downloadable!]
134 Bad politicians
by Francesco Caselli & Massimo Morelli [Downloadable!]

1999

133 Political economy of taxation in an overlapping-generations economy
by Marco Bassetto [Downloadable!]
132 Efficient investment in children
by S. Rao Aiyagari & Jeremy Greenwood & Ananth Seshadri [Downloadable!]
131 Keynesian conundrum: multiplicity and time consistent stabilization
by Bill Dupor [Downloadable!]
130 Chain of production as a monetary propagation mechanism
by Kevin X. D. Huang & Zheng Liu [Downloadable!]
129 Entrepreneurial moral hazard and bank monitoring: a model of the credit channel
by Rafael Repullo & Javier Suarez [Downloadable!]
128 Private money and reserve management in a random-matching model
by Ricardo de O. Cavalcanti & Andres Erosa & Ted Temzelides [Downloadable!]

1998

127 Staggered contracts and business cycle persistence
by Kevin X. D. Huang & Zheng Liu [Downloadable!]
126 Microfoundations and macro implications of indivisible labor
by Casey B. Mulligan [Downloadable!]

1997

125 The demand for money by firms: some additional empirical results
by Casey B. Mulligan [Downloadable!]
124 A Markov switching model of GNP growth with duration dependence
by Pok-san Lam [Downloadable!]
123 The optimal inflation tax
by Isabel Correia & Pedro Teles [Downloadable!]
122 Electronic money: the end of inflation?
by Ramon Marimon & Juan Pablo Nicolini & Pedro Teles [Downloadable!]
121 The syndrome of exchange-rate-based stabilizations and the uncertain duration of currency pegs
by Enrique G. Mendoza & Martin Uribe [Downloadable!]
120 Rational herd behavior and the globalization of securities markets
by Guillermo A. Calvo & Enrique G. Mendoza [Downloadable!]
119 International portfolio diversification and labor/leisure choice
by Urban J. Jermann [Downloadable!]
118 Monetary policy regimes and beliefs
by David Andolfatto & Paul Gomme [Downloadable!]
117 Relationship between labor-income risk and average return: empirical evidence from the Japanese stock market
by Ravi Jagannathan & Keiichi Kubota & Hitoshi Takehara [Downloadable!]
116 Entrepreneurship, saving and social mobility
by Vincenzo Quadrini [Downloadable!]
115 Plant level irreversible investment and equilibrium business cycles
by Marcelo Veracierto [Downloadable!]

1996

114 The role of trade in technology diffusion
by Andres Rodriguez-Clare [Downloadable!]
113 Fluctuating risk in an aggregated Ss-model
by John Hassler [Downloadable!]
112 Aggregate employment fluctuations with microeconomic asymmetries
by Jeffrey R. Campbell & Jonas D.M. Fisher [Downloadable!]
111 Limited-dependent rational expectations models with jumps
by M. Hashem Pesaran & Francisco J. Ruge-Murcia [Downloadable!]
110 On convergence in endogenous growth models
by Salvador Ortigueira & Manuel Santos [Downloadable!]
109 A note on dynamic programming with homogeneous functions
by Nancy L. Stokey [Downloadable!]
108 NAFTA and Mexican development
by Nancy L. Stokey [Downloadable!]

1995

107 Accuracy estimates for a numerical approach to stochastic growth models
by Manuel S. Santos & Jesus Vigo [Downloadable!]
106 Understanding why high income households save more than low income households
by Mark Huggett & Gustavo Ventura [Downloadable!]
105 The one-sector growth model with idiosyncratic shocks
by Mark Huggett [Downloadable!]
104 (S,s) inventory policies in general equilibrium
by Jonas D.M. Fisher & Andreas Hornstein [Downloadable!]
103 Measuring the cyclical behavior of home production: a macroeconomic analysis
by Beth F. Ingram & Narayana R. Kocherlakota & N.E. Savin [Downloadable!]
102 The equity premium: it's still a puzzle
by Narayana R. Kocherlakota [Downloadable!]
101 A toolkit for analyzing nonlinear dynamic stochastic models easily
by Harald Uhlig [Downloadable!]
100 On the dynamic selection of mechanisms for provisions of public projects
by Roger Lagunoff [Downloadable!]
99 Time-varying risk and international portfolio diversification with contagious bear markets
by Giorgio De Santis & Bruno Gerard [Downloadable!]
98 Fiscal policy, productivity shocks, and the U.S. trade balance deficit
by Robert Kollmann [Downloadable!]
97 On the economics of fiscal populism in an open economy
by Jess Benhabib & Andres Velasco [Downloadable!]

1994

96 Stochastic volatility and the distribution of exchange rate news
by Ronald Mahieu & Peter Schotman [Downloadable!]
95 The replacement problem
by Thomas F. Cooley & Jeremy Greenwood & Mehmet Yorukoglu [Downloadable!]
94 Fiscal spending shocks, endogenous government spending, and real business cycles
by Steve Ambler & Alain Paquet [Downloadable!]
93 Stock returns and volatility in emerging financial markets
by Giorgio De Santis & Selahattin Imrohoroglu [Downloadable!]
92 The effect of tax-favored retirement accounts on capital accumulation and welfare
by Ayse Imrohoroglu & Selahattin Imrohoroglu & Douglas H. Joines [Downloadable!]
91 Solving nonlinear rational expectations models by parameterized expectations: convergence to stationary solutions
by Albert Marcet & David A. Marshall [Downloadable!]
90 Equilibrium selections
by Beth Allen & Jayasri Dutta & Haraklis M. Polemarchakis [Downloadable!]
89 The real business cycle: intermediate inputs and sectoral comovement
by Andreas Hornstein & Jack Praschnik [Downloadable!]
88 The cyclical behavior of job creation and job destruction: a sectoral model
by Jeremy Greenwood & Glenn M. MacDonald & Guang-Jia Zhang [Downloadable!]

1993

87 On intertemporal general-equilibrium reallocation effects of Europe's move to a single market
by Jean Mercenier & Bernardin Akitoby [Downloadable!]
86 New evidence on altruism: a study of TIAA-CREF retirees
by John Laitner & F. Thomas Juster [Downloadable!]
85 Endogenous expenditures on public schools and persistent growth
by Gerhard Glomm & B. Ravikumar [Downloadable!]
84 A time series model with periodic stochastic regime switching
by Eric Ghysels [Downloadable!]
83 Start-up costs and pecuniary externalities as barriers to economic development
by Antonio Ciccone & Kiminori Matsuyama [Downloadable!]
82 Custom versus fashion: path-dependence and limit cycles in a random matching game
by Kiminori Matsuyama [Downloadable!]
81 Modelling complementarity in monopolistic competition
by Kiminori Matsuyama [Downloadable!]
80 A business cycle model with nominal wage contracts and government
by Jang-Ok Cho & Louis Phaneuf [Downloadable!]
79 Cyclical factor utilization
by Mark Bils & Jang-Ok Cho [Downloadable!]

1992

78 The efficiency and welfare effects of tax reform: are fewer tax brackets better than more?
by David Altig & Charles T. Carlstrom [Downloadable!]
77 A dynamic index model for large cross sections
by Danny Quah & Thomas J. Sargent [Downloadable!]
76 Macroeconomic implications of investment-specific technological change
by Jeremy Greenwood & Zvi Hercowitz & Per Krusell [Downloadable!]
75 Empirical cross-section dynamics in economic growth
by Danny Quah [Downloadable!]
74 Communication, commitment, and growth
by Albert Marcet & Ramon Marimon [Downloadable!]
73 Expectationally-driven market volatility: an experimental study
by Ramon Marimon & Stephen E. Spear & Shyam Sunder [Downloadable!]
72 Federal fiscal constitutions part 1: risk sharing and moral hazard
by Torsten Persson & Guido Tabellini [Downloadable!]
71 On the cyclical allocation of risk
by Paul Gomme & Jeremy Greenwood [Downloadable!]
70 Liquidity effects, monetary policy, and the business cycle
by Lawrence J. Christiano & Martin Eichenbaum [Downloadable!]
69 Alternative specifications for consumption and the estimation of the intertemporal elasticity of substitution
by Paul Beaudry & Eric van Wincoop [Downloadable!]
68 Liquidity and real activity in three monetary models
by Don E. Schlagenhauf & Jeffrey M. Wrase [Downloadable!]
67 A monetary, open-economy model with capital mobility
by Don E. Schlagenhauf & Jeffry M. Wrase [Downloadable!]
66 Solving nonlinear dynamic models on parallel computers
by Wilbur John Coleman II [Downloadable!]
65 Dynamics of the trade balance and the terms of trade: the J-curve revisited
by David Backus & Patrick Kehoe & Finn Kydland [Downloadable!]
64 Priors for macroeconomic time series and their application
by John Geweke [Downloadable!]
63 The Swedish business cycle: stylized facts over 130 years
by John Hassler & Petter Lundvik & Torsten Persson & Paul Soderlind [Downloadable!]
62 Politics and economic policy
by Torsten Persson [Downloadable!]
61 Risk-taking, global diversification, and growth
by Maurice Obstfeld [Downloadable!]
60 The equity premium and the allocation of income risk
by Jean-Pierre Danthine & John B. Donaldson & Rajnish Mehra [Downloadable!]
59 Business cycles and the asset structure of foreign trade
by Marianne Baxter & Mario J. Crucini [Downloadable!]
58 Computing Markov perfect Nash equilibria: numerical implications of a dynamic differentiated product model
by Ariel Pakes & Paul McGuire [Downloadable!]
57 Liquidity and real activity in a simple open economy model
by Don E. Schlagenhauf & Jeffrey M. Wrase [Downloadable!]
36 Recursive methods for computing equilibria of business cycle models
by Gary D. Hansen & Edward C. Prescott [Downloadable!]

1991

56 Fiscal policy, specialization, and trade in the two-sector model: the return of Ricardo?
by Marianne Baxter [Downloadable!]
55 Money and growth revisited
by Paul Gomme [Downloadable!]
54 Individual heterogeneity and interindustry wage differentials
by Michael P. Keane [Downloadable!]
53 Productive externalities and business cycles
by Marianne Baxter & Robert G. King [Downloadable!]
52 Comparing predictive accuracy I: an asymptotic test
by Francis X. Diebold & Roberto S. Mariano [Downloadable!]
51 The employment and wage effects of oil price shocks: a sectoral analysis
by Michael P. Keane & Eswar S. Prasad [Downloadable!]
50 Energy price shocks, capacity utilization and business cycle fluctuations
by Mary G. Finn [Downloadable!]
49 Minimum weighted residual methods for solving aggregate growth models
by Kenneth L. Judd [Downloadable!]
48 Risk-sharing, altruism, and the factor structure of consumption
by Fumio Hayashi & Joseph Altonji & Laurence Kotlikoff [Downloadable!]
46 The permanent income hypothesis when the bliss point is stochastic
by James M. Nason [Downloadable!]
45 Seasonality and equilibrium business cycle theories
by R. Anton Braun & Charles L. Evans [Downloadable!]
44 When unit roots matter: excess volatility and excess smoothness of long term interest rates
by Peter Schotman [Downloadable!]
43 On Bayesian routes to unit roots
by Peter C. Schotman & Herman K. van Dijk [Downloadable!]
42 Price deflation and real tariff rates: the United States, 1903 to 1940
by Mario J. Crucini [Downloadable!]
41 The relation between skill levels and the cyclical variability of employment, hours and wages
by Michael P. Keane & Eswar S. Prasad [Downloadable!]
40 Seigniorage and the welfare cost of inflation: evidence from an intertemporal model of money and consumption
by Zvi Eckstein & Leonardo Leiderman [Downloadable!]
39 Employment and business cycle asymmetries: a data based study
by Gerard A. Pfann [Downloadable!]
38 Tax distortions in a neoclassical monetary economy
by Thomas F. Cooley & Gary D. Hansen [Downloadable!]
37 The macroeconomic effects of distortionary taxation
by Ellen R. McGrattan [Downloadable!]

1990

47 Human capital, aggregate shocks, and panel data estimation
by Sumru Altug & Robert A. Miller [Downloadable!]
35 Rational expectations modeling with seasonally adjusted data
by Christopher A. Sims [Downloadable!]
34 On maximum-likelihood estimation of the differencing parameter of fractionally integrated noise with unknown mean
by Yin-Wong Cheung & Francis X. Diebold [Downloadable!]
33 Have postwar economic fluctuations been stabilized?
by Francis X. Diebold & Glenn D. Rudebusch [Downloadable!]
32 Real exchange rates under the gold standard
by Francis X. Diebold & Steven Husted & Mark Rush [Downloadable!]
31 International evidence on business cycle duration dependence
by Francis X. Diebold & Glenn D. Rudebusch & Daniel E. Sichel [Downloadable!]
30 Ex-day behavior of Japanese stock prices: new insights from new methodology
by Fumio Hayashi & Ravi Jagannathan [Downloadable!]
29 Implications of security market data for models of dynamic economies
by Lars Peter Hansen & Ravi Jagannathan [Downloadable!]
28 Sectoral shift theories of unemployment: evidence from panel data
by Michael P. Keane [Downloadable!]
27 Nominal contracting theories of unemployment: evidence from panel data
by Michael P. Keane [Downloadable!]
26 The allocation of goods and time over the business cycle
by Jeremy Greenwood & Zvi Hercowitz [Downloadable!]
25 The output, employment, and interest rate effects of government consumption
by S. Rao Aiyagari & Lawrence J. Christiano & Martin Eichenbaum [Downloadable!]
24 Current real business cycle theories and aggregate labor market fluctuations
by Lawrence J. Christiano & Martin Eichenbaum [Downloadable!]

1989

23 The role of money in a business cycle model
by Finn E. Kydland [Downloadable!]
22 Modeling trends
by Christopher A. Sims [Downloadable!]
21 Comparisons of alternative identification schemes for the U.S. real GNP- unemployment level correlation: sensitivity analysis
by Masanao Aoki [Downloadable!]
20 Structural changes in the real GNP interdependence of the U.S., West Germany, and Japan during the period 1970-1986
by Masanao Aoki [Downloadable!]
19 Instrumental variable estimators for state space models
by Masanao Aoki [Downloadable!]
18 Unit roots in real GNP: do we know, and do we care?
by Lawrence J. Christiano & Martin Eichenbaum [Downloadable!]
17 Hours and employment variation in business cycle theory
by Finn E. Kydland & Edward C. Prescott [Downloadable!]
16 A computationally practical simulation estimator for panel data, with applications to labor supply and real wage movement over the business cycle
by Michael P. Keane [Downloadable!]
15 Solving nonlinear stochastic optimization and equilibrium problems backwards
by Christopher A. Sims [Downloadable!]
14 A nine variable probabilistic macroeconomic forecasting model
by Christopher A. Sims [Downloadable!]
13 The relationship of firm growth and Q with multiple capital goods: theory and evidence from panel data on Japanese firms
by Fumio Hayashi & Tohru Inoue [Downloadable!]
12 Stochastic inflation and the equity premium
by Pamela Labadie [Downloadable!]
11 Models and their uses
by Christopher A. Sims [Downloadable!]
10 The magnitude of the speculative motive for holding inventories in a real business cycle model
by Lawrence J. Christiano & Terry J. Fitzgerald [Downloadable!]
9 Solving a particular growth model by linear quadratic approximation and by value function iteration
by Lawrence J. Christiano [Downloadable!]
8 A systems approach to recursive economic forecasting and seasonal adjustment
by Peter Young & Cho Ng & Peter Armitage [Downloadable!]
7 Recursive estimation and modelling of nonstationary and nonlinear time series
by Peter C. Young & David E. Runkle [Downloadable!]
6 Behavior of male workers at the end of the life-cycle: an empirical analysis of states and controls
by John Rust [Downloadable!]

1988

5 The effects of stochastic inflation on asset prices
by Pamela A. Labadie [Downloadable!]
4 Understanding unit rooters: a helicopter tour
by Christopher A. Sims & Harald Uhlig [Downloadable!]
3 Bayesian skepticism on unit root econometrics
by Christopher A. Sims [Downloadable!]
2 Reasonable extreme bounds analysis
by Clive W. J. Granger & Harald F. Uhlig [Downloadable!]
1 Aggregation of time series variables-a survey
by Clive W. J. Granger [Downloadable!]

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