Connect with Patrick
Patrick Kehoe is a Monetary Advisor and has been affiliated with the Bank since 1986. He is a Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR) and Professor of Economics at the Stanford Economic Department, positions he has held since 2015. Prior to that, he taught at the University of Minnesota, where he was a Frenzel Professor of International Economics, Princeton University, where he was a Frank Graham Professor of International Economics, the University College London, and the University of Pennsylvania, where he was the Lauder Professor of International Economics.
He received his PhD in economics from Harvard University in 1986. His research focuses on international macroeconomics. Recently, he has focused on developing business cycle models that quantitatively account for the Great Recession and developing optimal bailout policies during such downturns. Prior to that he worked on categorizing patterns of business cycles across countries and over time, new models of financial frictions, optimal monetary and fiscal policy, time inconsistency issues in policies.
Kehoe is a Fellow of the Econometric Society, a Senior Fellow at the Stanford Institute for Economic Policy Research, and a Faculty Research Fellow at the National Bureau of Economic Research. He has been on the Board of Editors of the American Economic Review, a co-editor of the International Economic Review, an associate editor of the Journal of International Economics, and an associate editor of the Quarterly Review of the Federal Reserve Bank of Minneapolis.
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Staff Report 668 (March 2025)
Erik Hurst, Patrick J. Kehoe, Elena Pastorino, and Thomas Winberry
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Staff Report 666 (March 2025)
Yan Bai, Patrick J. Kehoe, Pierlauro Lopez, and Fabrizio Perri
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Staff Report 640 (July 2022)
Erik Hurst, Patrick J. Kehoe, Elena Pastorino, and Thomas Winberry
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Staff Report 617 (December 2020)
Patrick J. Kehoe, Pierlauro Lopez, Virgiliu Midrigan, and Elena Pastorino
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Staff Report 591 (January 2020)
Patrick J. Kehoe, Pierlauro Lopez, Virgiliu Midrigan, and Elena Pastorino
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Staff Report 575 (December 2018)
Joao Ayres, Marcio Garcia, Diogo Guillen, and Patrick J. Kehoe
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Staff Report 466 (November 2018)
Cristina Arellano, Yan Bai, and Patrick J. Kehoe
Published in: Journal of Political Economy (Vol. 127, No. 5, October 2019, pp. 2049-2103), https://doi.org/10.1086/701792.
Staff Report 538: Appendix for Financial Frictions and Fluctuations in Volatility -
Staff Report 538 (November 2018)
Cristina Arellano, Yan Bai, and Patrick J. Kehoe
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Staff Report 566 (June 2018)
Patrick J. Kehoe, Virgiliu Midrigan, and Elena Pastorino
Published in: Journal of Economic Perspectives (Vol. 32, No. 3, Summer 2018, pp. 141-166) https://doi.org/10.1257/jep.32.3.141
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Staff Report 543 (February 2017)
Patrick J. Kehoe and Elena Pastorino
Published in: Economic Theory (64(4), December 2017, pp. 741-776) https://doi.org/10.1007/s00199-016-1016-x.
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Staff Report 536 (September 2016)
Patrick J. Kehoe, Virgiliu Midrigan, and Elena Pastorino
Published in: Journal of Political Economy (Vol. 127, No. 4, August 2019, pp. 1926-1991), https://doi.org/10.1086/701608.
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Staff Report 531 (September 2016)
Pedro Brinca, V. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
Published in: Handbook of Macroeconomics (Volume 2, Chapter 13, 2016, pp. 1013-1063) https://doi.org/10.1016/bs.hesmac.2016.05.002.
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Staff Report 481 (April 2013)
V. V. Chari and Patrick J. Kehoe
Published in: American Economic Review (Vol. 106, No. 9, September 2016, pp. 2458-2493) https://doi.org/10.1257/aer.20150157.
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Staff Report 413 (July 2012)
Patrick J. Kehoe and Virgiliu Midrigan
Published in: Journal of Monetary Economics (Vol. 75, October 2015, pp. 35-53), https://doi.org/10.1016/j.jmoneco.2014.12.004.
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Staff Report 419 (June 2009)
Patrick J. Kehoe, V. V. Chari, and Andrew Atkeson
A previous version was published as Working Paper 659.
Published in: Quarterly Journal of Economics (Vol. 125, No. 1, February 2010, pp. 47-89) https://doi.org/10.1162/qjec.2010.125.1.47. -
Working Paper 659 (October 2008)
Patrick J. Kehoe, V. V. Chari, and Andrew Atkeson
Published in: Quarterly Journal of Economics (Vol. 125, No. 1, February 2010, pp. 47-89), https://doi.org/10.1162/qjec.2010.125.1.47.
An updated version was published as Staff Report 419. -
Working Paper 666 (October 2008)
Patrick J. Kehoe, V. V. Chari, and Lawrence J. Christiano
Related paper: Working Paper 667 Technical Notes on Facts and Myths about the Financial Crisis of 2008
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Staff Report 412 (September 2008)
Patrick J. Kehoe and Andrew Atkeson
Published in NBER Macroeconomics Annual (Vol. 23, 2008, pp. 389-426), https://doi.org/10.1086/593091.
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Staff Report 409 (August 2008)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: American Economic Journal: Macroeconomics (Vol. 1, No. 1, January 2009, pp. 242-266) https://doi.org/10.1257/mac.1.1.242.
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Working Paper 664 (July 2008)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: American Economic Journal: Macroeconomics (Vol. 1, Iss. 1, January 2009, pp. 242-266.), https://doi.org/10.1257/mac.1.1.242.
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Quarterly Review 3211 | July 2008 (Vol. 32 No. 1)
Patrick J. Kehoe, Andrew Atkeson, and Fernando Alvarez
Originally published in a slightly different form in AEA Papers and Proceedings (Vol. 97, May 2007, pp. 339-345). Reprinted by permission of the authors and the publisher, the American Economic Association. https://doi.org/10.1257/aer.97.2.339
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Working Paper 661 (May 2008)
Patrick J. Kehoe and Virgiliu Midrigan
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Working Paper 662 (May 2008)
Patrick J. Kehoe and Andrew Atkeson
Published in NBER Macroeconomics Annual (Vol. 23, 2008, pp. 389-426), https://doi.org/10.1086/593091.
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Staff Report 308 (April 2008)
Patrick J. Kehoe and V. V. Chari
Published in: Journal of Money, Credit, and Banking (Vol. 40, No. 7, October 2008, pp. 1329-1355) https://doi.org/10.1111/j.1538-4616.2008.00162.x.
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Staff Report 399 (October 2007)
Patrick J. Kehoe and V. V. Chari
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Working Paper 656 (October 2007)
Patrick J. Kehoe and Virgiliu Midrigan
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Staff Report 371 (September 2007)
Patrick J. Kehoe, Andrew Atkeson, and Fernando Alvarez
Published in: Review of Economic Studies (Vol. 76, No. 3, July 2009, pp. 851-878) https://doi.org/10.1111/j.1467-937X.2009.00537.x.
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Working Paper 654 (September 2007)
Patrick J. Kehoe and V. V. Chari
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Staff Report 394 (August 2007)
Patrick J. Kehoe, V. V. Chari, and Andrew Atkeson
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Staff Report 364 (May 2007)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: Journal of Monetary Economics (Vol. 55, No. 8, November 2008, pp. 1337-1352) https://doi.org/10.1016/j.jmoneco.2008.09.010.
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Working Paper 652 (April 2007)
Patrick J. Kehoe and Virgiliu Midrigan
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Staff Report 384 (March 2007)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Working Paper 650 (March 2007)
Patrick J. Kehoe, Andrew Atkeson, and Fernando Alvarez
Published in AEA Papers and Proceedings (Vol. 97, No. 2, May 2007, pp. 339-345), https://doi.org/10.1257/aer.97.2.339.
Published in Quarterly Review (Vol. 32, No. 1, June 2008, pp. 2-15), https://doi.org/10.21034/qr.3211. -
Staff Report 388 (March 2007)
Patrick J. Kehoe, Andrew Atkeson, and Fernando Alvarez
Published in: American Economic Review (Vol. 97, No. 2, May 2007, pp. 339-345) https://doi.org/10.1257/aer.97.2.339.
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Working Paper 647 (December 2006)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
An updated version was published as Staff Report 384.
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Staff Report 328 (December 2006)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: Econometrica (Vol. 75, No. 3, May 2007, pp. 781-836) https://doi.org/10.1111/j.1468-0262.2007.00768.x.
See related papers:
Staff Report 362: Appendices: Business Cycle Accounting
Quarterly Review article (Vol. 27, No. 2, Spring 2003) Accounting for the Great Depression -
Staff Report 362 (December 2006)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Staff Report 379 (October 2006)
Patrick J. Kehoe
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Staff Report 376 (August 2006)
Patrick J. Kehoe and V. V. Chari
Published in: Journal of Economic Perspectives (Vol. 20, No. 4, Fall 2006, pp. 3-28) https://doi.org/10.1257/jep.20.4.3.
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Staff Report 297 (July 2006)
Patrick J. Kehoe and Andrew Atkeson
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Staff Report 296 (May 2006)
Patrick J. Kehoe and Andrew Atkeson
Published in: American Economic Review (Vol. 97, No. 1, March 2007, pp. 64-88) https://doi.org/10.1257/aer.97.1.64.
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Working Paper 627 (October 2005)
Patrick J. Kehoe, Andrew Atkeson, and Fernando Alvarez
Published in The Review of Economic Studies (Vol. 76, Iss. 3, July 2009, pp. 851–878), https://doi.org/10.1111/j.1467-937X.2009.00537.x.
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Working Paper 631 (May 2005)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Staff Report 291 (February 2005)
Patrick J. Kehoe and Andrew Atkeson
Published in: Journal of Political Economy (Vol. 113, No. 5, October 2005, pp. 1026-1053) https://doi.org/10.1086/431289.
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Staff Report 353 (January 2005)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: American Economic Review Papers and Proceedings (Vol. 95, No. 2, May 2005, pp. 381-387) https://doi.org/10.1257/000282805774670013.
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Staff Report 349 (November 2004)
Patrick J. Kehoe
Published in: Journal of Monetary Economics (Vol. 52, No. 1, January 2005, pp. 159-162) https://doi.org/10.1016/j.jmoneco.2004.10.001.
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Staff Report 326 (August 2004)
Patrick J. Kehoe, Andrew Atkeson, and Susan Athey
Published in: Econometrica (Vol. 73, No. 5, September 2005, pp. 1431-1475) https://doi.org/10.1111/j.1468-0262.2005.00626.x.
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Staff Report 331 (January 2004)
Patrick J. Kehoe and Andrew Atkeson
Published in: American Economic Review (Vol. 94, No. 2, May 2004, pp. 99-103) https://doi.org/10.1257/0002828041301588.
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Staff Report 330 (November 2003)
Patrick J. Kehoe and V. V. Chari
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Staff Report 307 (September 2003)
Patrick J. Kehoe and Fabrizio Perri
Published in: Journal of Economic Theory (Vol. 119, No. 1, November 2004, pp. 184-206) https://doi.org/10.1016/S0022-0531(03)00255-2.
Related paper: Working Paper 621: Competitive Equilibria with Limited Enforcement
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Quarterly Review 2721 | Spring 2003 (Vol. 27 No. 2)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Additional files and M-files and Ftools
This article is reprinted, with permission, from the American Economic Review (May 2002, vol. 92, no. 2, pp. 22-27). Copyright 2002 by the American Economic Association. The article was edited for publication in the Federal Reserve Bank of Minneapolis Quarterly Review. https://doi.org/10.1257/000282802320188934
Related paper: Staff Report 328, Business Cycle Accounting -
Staff Report 316 (April 2003)
Patrick J. Kehoe and V. V. Chari
Published in: Journal of Economic Theory (Vol. 119, No. 1, November 2004, pp. 128-150) https://doi.org/10.1016/S0022-0531(03)00225-4.
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Staff Report 305 (April 2003)
Patrick J. Kehoe, Fernando Alvarez, and Pablo Neumeyer
Published In: Econometrica (Vol. 72, No. 2, March 2004, pp. 541-567), https://doi.org/10.1111/j.1468-0262.2004.00500.x.
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Staff Report 228 (March 2003)
Patrick J. Kehoe and V. V. Chari
Published in: Journal of Political Economy (Vol. 111, No. 6, December 2003, pp. 1262-1292) https://doi.org/10.1086/378525.
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Working Paper 626 (November 2002)
Patrick J. Kehoe, Andrew Atkeson, and Susan Athey
Published in Econometrica (Vol. 73, No. 5, September 2005, pp. 1431-1475), https://doi.org/10.1111/j.1468-0262.2005.00626.x.
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Staff Report 277 (July 2002)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: Review of Economic Studies (Vol. 69, No. 3, August 2002, pp. 533-563) https://doi.org/10.1111/1467-937X.00216.
Additional Files and Technical Appendix
Related paper:
Staff Report 223: Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates? (December 1998 Version) -
Working Paper 622 (May 2002)
Patrick J. Kehoe and V. V. Chari
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Working Paper 619 (May 2002)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Working Paper 625 (April 2002)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Additional materials
An updated version of this paper was published as Staff Report 328, https://doi.org/10.21034/sr.328.
Published in Econometrica (Vol. 75, No. 3, May 2007, pp. 781-836), https://doi.org/10.1111/j.1468-0262.2007.00768.x.
Related papers: "Accounting for the Great Depression", Quarterly Review (Vol. 27, No.2, 2003), https://doi.org/10.21034/qr.2321, and "Appendices: Business Cycle Accounting", Staff Report 362 https://doi.org/10.21034/sr.362. -
Working Paper 621 (April 2002)
Patrick J. Kehoe and Fabrizio Perri
Published in Journal of Economic Theory (Vol. 119, Iss. 1, November 2004, pp. 184-206), https://doi.org/10.1016/S0022-0531(03)00255-2.
An updated version was published as: Staff Report 307
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Working Paper 616 (April 2002)
Patrick J. Kehoe, Fernando Alvarez, and Pablo Neumeyer
Published in Econometrica, (Vol. 72, Iss. 2, March 2004, pp. 541-567), https://doi.org/10.1111/j.1468-0262.2004.00500.x.
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Quarterly Review 2611 | Winter 2002 (Vol. 26 No. 1)
Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto, and Raphael Bergoeing
This article is a revision of an article published in the Review of Economic Dynamics (January 2002, vol. 5, no. 1, pp. 166-205). The article appears here with the permission of Academic Press and Elsevier Science. Copyright 2002 by Elsevier Science. All rights reserved. This article was edited for publication in the Federal Reserve Bank of Minneapolis Quarterly Review. https://doi.org/10.1006/redy.2001.0150
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Working Paper 619 (February 2002)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Additional files
An updated version was published in American Economic Review (Vol. 27, No. 2, May 2002, pp. 22-27), https://doi.org/10.1257/000282802320188934, and reprinted with permission as Quarterly Review (Vol. 27, No. 2, Spring 2003), https://doi.org/10.21034/qr.2721.
A technical appendix for this paper is available as Working Paper 619_1, https://doi.org/10.21034/wp.619_1. -
Working Paper 614 (October 2001)
Patrick J. Kehoe and Andrew Atkeson
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Staff Report 292 (September 2001)
Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto, and Raphael Bergoeing
Published in: Review of Economic Dynamics (Vol. 5, No. 1, January 2002, pp. 166-205) https://doi.org/10.1006/redy.2001.0150.
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Staff Report 277 (July 2001)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Working Paper 606 (July 2001)
Patrick J. Kehoe and Andrew Atkeson
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Working Paper 613 (April 2001)
Patrick J. Kehoe, Andrew Atkeson, and Susan Athey
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Staff Report 256 (September 2000)
Patrick J. Kehoe and Andrew Atkeson
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Staff Report 278 (August 2000)
Patrick J. Kehoe, Andrew Atkeson, and Fernando Alvarez
Published in: Journal of Political Economy (Vol. 110, No. 1, February 2002, pp. 73-112) https://doi.org/10.1086/324389.
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Working Paper 605 (August 2000)
Patrick J. Kehoe, Andrew Atkeson, and Fernando Alvarez
Published in Journal of Political Economy (Vol. 110, No. 1, February 2002, pp. 73-112), https://doi.org/10.1086/324389.
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Working Paper 600 (March 2000)
Patrick J. Kehoe and V. V. Chari
An updated version of this paper was published as Staff Report 316 with the title "Financial Crises as Herds: Overturning the Critiques", https://doi.org/10.21034/sr.316.
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Staff Report 265 (March 2000)
Patrick J. Kehoe and Fabrizio Perri
Published in: Econometrica (Vol. 70, No. 3, May 2002, pp. 907-928) https://doi.org/10.1111/1468-0262.00314.
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Quarterly Review 2331 | Summer 1999 (Vol. 23 No. 3)
Patrick J. Kehoe, V. V. Chari, and Andrew Atkeson
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Staff Report 260 (April 1999)
Patrick J. Kehoe, Andrew Atkeson, and Fernando Alvarez
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Staff Report 223 (December 1998)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Working Paper 589 (August 1998)
Patrick J. Kehoe and V. V. Chari
Published in: Journal of Monetary Economics (Vol. 54, No. 8, November 2007, pp. 2399-2408), https://doi.org/10.1016/j.jmoneco.2007.06.032.
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Staff Report 251 (July 1998)
Patrick J. Kehoe and V. V. Chari
Published in: Handbooks in Economics (Vol. 1C, 1999, pp. 1671-1745) https://doi.org/10.1016/S1574-0048(99)10039-9.
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Staff Report 217 (May 1998)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Published in: Econometrica (Vol. 68, No. 5, September 2000, pp. 1151-79) https://doi.org/10.1111/1468-0262.00154.
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Staff Report 204 (October 1997)
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
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Staff Report 230 (March 1997)
Patrick J. Kehoe and Andrew Atkeson
Published in: American Economic Review (Vol. 89, No. 4, September 1999, pp. 1028-43) https://doi.org/10.1257/aer.89.4.1028.
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Working Paper 580 (March 1997)
Patrick J. Kehoe and Harold L. Cole
Published in: International Economic Review (Vol. 39, No. 1, February 1998, pp. 55-70), https://doi.org/10.2307/2527230.
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Quarterly Review 2112 | Winter 1997 (Vol. 21 No. 1)
Patrick J. Kehoe and Harold L. Cole
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Working Paper 567 (August 1996)
Patrick J. Kehoe, V. V. Chari, and Lawrence J. Christiano
Supports the article "Optimal Fiscal Policy in a Business Cycle Model" published in Journal of Political Economy (Vol. 102, No. 4, August 1994, pp. 617-652), https://doi.org/10.1086/261949.
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Staff Report 209 (March 1996)
Patrick J. Kehoe and Harold L. Cole
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Staff Report 201 (November 1995)
Patrick J. Kehoe and Andrew Atkeson
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Staff Report 202 (November 1995)
Patrick J. Kehoe and Andrew Atkeson
Published in: International Economic Review (Vol. 37, No. 2, May 1996, pp. 377-401) https://doi.org/10.2307/2527329.
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Working Paper 323 (September 1995)
Patrick J. Kehoe and David K. Backus
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Working Paper 548 (April 1995)
Patrick J. Kehoe and Andrew Atkeson
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Working Paper 547 (April 1995)
Patrick J. Kehoe and Andrew Atkeson
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Working Paper 546 (March 1995)
Patrick J. Kehoe and Andrew Atkeson
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Staff Report 179 (August 1994)
Patrick J. Kehoe and Harold L. Cole
Published in: Journal of Monetary Economics (Vol. 35, No. 1, February 1995, pp. 45-64) https://doi.org/10.1016/0304-3932(94)01165-7.
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Working Paper 534 (August 1994)
Patrick J. Kehoe and Harold L. Cole
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Working Paper 530 (May 1994)
Patrick J. Kehoe
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Quarterly Review 1822 | Spring 1994 (Vol. 18 No. 2)
Patrick J. Kehoe and Timothy J. Kehoe
Published In: Modeling North America's Economic Integration (1995, pp. 33-57)
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Quarterly Review 1821 | Spring 1994 (Vol. 18 No. 2)
Patrick J. Kehoe and Timothy J. Kehoe
Published in: Modeling North America's Economic Integration, edited by Patrick J. Kehoe and Timothy J. Kehoe (Kluwer Academic Publishers, 1995, pp. 1-31).
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Quarterly Review 1742 | Fall 1993 (Vol. 17 No. 4)
Patrick J. Kehoe, David K. Backus, and Finn E. Kydland
Published In: Frontiers of Business Cycle Research (1995, pp. 331-356). The article appears here with the permission of Princeton University Press.
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Working Paper 520 (October 1993)
Lawrence J. Christiano, Patrick J. Kehoe, and V. V. Chari
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Staff Report 162 (August 1993)
Patrick J. Kehoe and Andrew Atkeson
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Staff Report 160 (July 1993)
Patrick J. Kehoe, V. V. Chari, and Lawrence J. Christiano
Published in: Journal of Political Economy (Vol. 102, No. 4, August 1994, pp. 617-652) https://doi.org/10.1086/261949.
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Staff Report 158 (July 1993)
Patrick J. Kehoe, V. V. Chari, and Lawrence J. Christiano
Published in: Journal of Monetary Economics (Vol. 37, No. 2, April 1996, pp. 203-223) https://doi.org/10.1016/S0304-3932(96)90034-3.
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Working Paper 513 (July 1993)
Patrick J. Kehoe
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Staff Report 152 (July 1992)
Patrick J. Kehoe, Timothy J. Kehoe, and David K. Backus
Published in: Journal of Economic Theory (Vol. 58, No. 2, December 1992, pp. 377-409) https://doi.org/10.1016/0022-0531(92)90060-U.
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Working Paper 498 (June 1992)
Patrick J. Kehoe, David K. Backus, and Finn E. Kydland
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Discussion Paper 65 (May 1992)
Patrick J. Kehoe, David K. Backus, and Finn E. Kydland
Published In: American Economic Review (Vol. 84, No. 1, March 1994, pp. 84-103)
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Staff Report 147 (November 1991)
Patrick J. Kehoe, V. V. Chari, and Lawrence J. Christiano
Published in: Journal of Money, Credit, and Banking (Vol 23, Num 3, August 1991 (part 2), pp. 519-539) https://doi.org/10.2307/1992686.
Published in: Political economy, growth, and business cycles (1992, pp. 283-305)
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Staff Report 146 (November 1991)
Patrick J. Kehoe, David K. Backus, and Finn E. Kydland
Published in: Journal of Political Economy (Vol 100, Num 4, August 1992, pp. 745-775) https://doi.org/10.1086/261838.
Published in: Open Economy Macroeconomics (Vol. 2, 2006, pp. 154-184)
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Staff Report 145 (November 1991)
Patrick J. Kehoe and David K. Backus
Published in: American Economic Review (Vol. 82, No. 4, September 1992, pp. 864-888)
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Working Paper 426 (October 1991)
Patrick J. Kehoe, David K. Backus, and Finn E. Kydland
Published in: Journal of Political Economy (Vol. 100, No. 4, August 1992, pp. 745-775), https://doi.org/10.1086/261838.
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Staff Report 137 (March 1991)
Patrick J. Kehoe and Harold L. Cole
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Working Paper 473 (January 1991)
Patrick J. Kehoe, V. V. Chari, and Lawrence J. Christiano
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Staff Report 125 (November 1989)
Patrick J. Kehoe and V. V. Chari
Published in: Journal of Economic Theory (Vol 61, No. 2, December 1993, pp. 230-261) https://doi.org/10.1006/jeth.1993.1068.
Published in: The legacy of Robert Lucas, Jr. (Vol. 3, 1999, pp. 325-356)
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Staff Report 124 (October 1989)
Patrick J. Kehoe and V. V. Chari
Published in: Review of Economic Studies (Vol. 60, No. 1, January 1993, pp. 175-195) https://doi.org/10.2307/2297817.
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Staff Report 122 (June 1989)
Patrick J. Kehoe and V. V. Chari
Published in: Journal of Political Economy (Vol. 98, No. 4, 1990, pp. 783-802) https://doi.org/10.1086/261706.
Published in: Monetary and fiscal policy (Vol. 1, 1994, pp. 143-163)
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Staff Report 121 (May 1989)
Patrick J. Kehoe and V. V. Chari
Published in: Journal of Political Economy (Vol. 98, No. 3, June 1990, pp. 617-636) https://doi.org/10.1086/261697.
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Working Paper 314 (February 1989)
Patrick J. Kehoe
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Working Paper 377 (February 1989)
Patrick J. Kehoe and V. V. Chari
Published in Journal of Political Economy (Vol. 98, No. 4, August 1990, pp. 783-802), https://doi.org/10.1086/261706.
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Working Paper 348 (January 1989)
Patrick J. Kehoe and David K. Backus
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Staff Report 116 (November 1988)
Patrick J. Kehoe and David K. Backus
Published in: Journal of Monetary Economics (Vol. 23, No. 3, May 1989, pp. 359-376) https://doi.org/10.1016/0304-3932(89)90038-X.
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Working Paper 359 (October 1988)
Patrick J. Kehoe and David K. Backus
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Working Paper 317 (August 1988)
Patrick J. Kehoe and V. V. Chari
Published in Journal of Political Economy (Vol. 98, No. 3, June 1990, pp. 617-636), https://doi.org/10.1086/261697.
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Staff Report 115 (August 1988)
Edward C. Prescott, Patrick J. Kehoe, and V. V. Chari
Published in: Modern Business Cycle Theory (1989, pp. 265-305)
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Working Paper 399 (June 1988)
Patrick J. Kehoe and V. V. Chari
Published in Journal of Economic Theory (Vol. 61, Iss. 2, December 1993, pp. 230-261), https://doi.org/10.1006/jeth.1993.1068.
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Working Paper 392 (February 1988)
Patrick J. Kehoe
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Working Paper 365 (February 1988)
Edward C. Prescott, V. V. Chari, and Patrick J. Kehoe
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Working Paper 354 (November 1987)
Patrick J. Kehoe and V. V. Chari
Published in Journal of Economic Theory (Vol. 61, No. 2, December 1993, pp. 230-261), https://doi.org/10.1006/jeth.1993.1068.
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Working Paper 372 (October 1987)
Patrick J. Kehoe and V. V. Chari
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Working Paper 373 (October 1987)
Patrick J. Kehoe
Published in The Review of Economic Studies (vol. 56, iss. 2, April 1989, pp. 289-296), https://doi.org/10.2307/2297462.
Versions of this report were published under the titles "International Policy Cooperation May Be Undesirable" and "Policy Cooperation Among Benevolent Governments May Be Undesirable." -
Working Paper 367 (August 1987)
Patrick J. Kehoe
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Working Paper 318 (October 1986)
Patrick J. Kehoe and David K. Backus
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Staff Report 98 (August 1986)
Patrick J. Kehoe
Published in: Journal of Monetary Economics (Vol. 19, No. 3, May 1987, pp. 349-376) https://doi.org/10.1016/0304-3932(87)90003-1.
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Working Paper 305 (April 1986)
Patrick J. Kehoe
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Staff Report 103 (February 1986)
Patrick J. Kehoe
Published in: Review of Economic Studies (Vol. 56, No. 2, April 1989, pp. 289-296) https://doi.org/10.2307/2297462.
Alternative Titles:
International Policy Cooperation May Be Undesirable
Policy Cooperation Among Benevolent Governments May Be Undesirable -
Working Paper 246 (November 1983)
Patrick J. Kehoe
Is a Fiscal Union Optimal for a Monetary Union?
2023 | Journal of Monetary Economics, 141: 157-177 | With Rafael Berriel, Eugenia Gonzalez-Aguado, and Elena Pastorino
Asset Prices and Unemployment Fluctuations: A Resolution of the Unemployment Volatility Puzzle
2023 | Review of Economic Studies, 90(3): 1304-1357 | With Pierlauro Lopez, Virgiliu Midrigan, and Elena Pastorino
On the Importance of Household Versus Firm Credit Frictions in the Great Recession
2020 | Review of Economic Dynamics, 37(S1): S34-67 | With Pierlauro Lopez, Virgiliu Midrigan, and Elena Pastorino
Rethinking Optimal Currency Areas
2020 | Journal of Monetary Economics, 111: 80-94 | With V. V. Chari and Alessandro Dovis
On the Optimality of Financial Repression
2020 | Journal of Political Economy, 128(2): 710-739 | With V. V. Chari and Alessandro Dovis
Financial Frictions and Fluctuations in Volatility
2019 | Journal of Political Economy, 127(5): 2049-2103 | With Cristina Arellano and Yan Bai
Previously: Federal Reserve Bank of Minneapolis Staff Report 466
Related: Staff Report 538: Appendix for Financial Frictions and Fluctuations in Volatility
Debt Constraints and Employment
2019 | Journal of Political Economy, 127(4): 1926-1991 | With Virgiliu Midrigan and Elena Pastorino
Previously: Federal Reserve Bank of Minneapolis Staff Report 536
Evolution of Modern Business Cycle Models: Accounting for the Great Recession
2018 | Journal of Economic Perspectives, 32(3): 141-166 | With Virgiliu Midrigan and Elena Pastorino
Previously: Federal Reserve Bank of Minneapolis Staff Report 566
Fiscal Unions Redux
2017 | Economic Theory, 64(4): 741-776 | With Elena Pastorino
Previously: Federal Reserve Bank of Minneapolis Staff Report 543
Bailouts, Time Inconsistency, and Optimal Regulation: A Macroeconomic View
2016 | American Economic Review, 106 (9): 2458-2493 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 481
Debt Constraints and the Labor Wedge
2016 | American Economic Review, 106(5): 548-553 | With Virgiliu Midrigan and Elena Pastorino
Accounting for Business Cycles
2016 | Handbook of Macroeconomics, 2(13): 1013-1063 | With Pedro Brinca, V. V. Chari, and Ellen R. McGrattan
Previously: Federal Reserve Bank of Minneapolis Staff Report 531
Macroeconomic Volatility and External Imbalances
2015 | Journal of Monetary Economics, 69: 1-15 | With Fabrizio Perri
Previously: Federal Reserve Bank of Minneapolis Staff Report 512
Prices are Sticky After All
2015 | Journal of Monetary Economics, 75: 35-53 | With Virgiliu Midrigan
Previously: Federal Reserve Bank of Minneapolis Staff Report 413
Sophisticated Monetary Policies
2010 | The Quarterly Journal of Economics, 125(1): 47-89 | With Andrew Atkeson and V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 419
Previously: Federal Reserve Bank of Minneapolis Working Paper 659
Time-Varying Risk, Interest Rates, and Exchange Rates in General Equilibrium
2009 | Review of Economic Studies, 76(3): 851-878 | With Fernando Alvarez and Andrew Atkeson
Previously: Federal Reserve Bank of Minneapolis Staff Report 371
Previously: Federal Reserve Bank of Minneapolis Working Paper 627
On the Need for a New Approach to Analyzing Monetary Policy
2009 | NBER Macroeconomics Annual 2008, 23: 389-425 | With Andrew Atkeson
Previously: Federal Reserve Bank of Minneapolis Staff Report 412
Previously: Federal Reserve Bank of Minneapolis Working Paper 662
New Keynesian Models: Not Yet Useful for Policy Analysis
2009 | American Economic Journal: Macroeconomics, 1(1): 242-266 | With V. V. Chari and Ellen R. McGrattan
Previously: Federal Reserve Bank of Minneapolis Staff Report 409
Previously: Federal Reserve Bank of Minneapolis Working Paper 664
Are Structural VARs with Long-Run Restrictions Useful in Developing Business Cycle Theory?
2008 | Journal of Monetary Economics, 55(8): 1337-1352 | With V. V. Chari and Ellen R. McGrattan
Previously: Federal Reserve Bank of Minneapolis Staff Report 364
Time Inconsistency and Free-Riding in a Monetary Union
2008 | Journal of Money, Credit and Banking, 40(7): 1329-1356 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 308
On the Need for Fiscal Constraints in a Monetary Union
2007 | Journal of Monetary Economics, 54(8): 2399-2408 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Working Paper 589
If Exchange Rates are Random Walks, Then Almost Everything We Say About Monetary Policy is Wrong
2007 | American Economic Review, 97(2): 339-345 | With Fernando Alvarez and Andrew Atkeson
Previously: Federal Reserve Bank of Minneapolis Quarterly Review 3211
Previously: Federal Reserve Bank of Minneapolis Staff Report 388
Previously: Federal Reserve Bank of Minneapolis Working Paper 650
Business Cycle Accounting
2007 | Econometrica, 75(3): 781-836 | With V. V. Chari and Ellen R. McGrattan
Previously: Federal Reserve Bank of Minneapolis Staff Report 328
Related: Staff Report 362: Appendices: Business Cycle Accounting
Modeling the Transition to a New Economy: Lessons from Two Technological Revolutions
2007 | American Economic Review, 97(1): 64-88 | With Andrew Atkeson
Previously: Federal Reserve Bank of Minneapolis Staff Report 296
Modern Macroeconomics in Practice: How Theory Is Shaping Policy
2006 | Journal of Economic Perspectives, 20(4): 3-28 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 376
Modeling and Measuring Organization Capital
2005 | Journal of Political Economy, 113(5): 1026-1053 | With Andrew Atkeson
Previously: Federal Reserve Bank of Minneapolis Staff Report 291
The Optimal Degree of Discretion in Monetary Policy
2005 | Econometrica, 73(5): 1431-1475 | With Susan Athey and Andrew Atkeson
Previously: Federal Reserve Bank of Minneapolis Staff Report 326
Previously: Federal Reserve Bank of Minneapolis Working Paper 626
Sudden Stops and Output Drops
2005 | American Economic Review, 95(20: 381-387 | With V. V. Chari and Patrick J. Kehoe
Previously: Federal Reserve Bank of Minneapolis Staff Report 353
Comment on: "Determinants of Business Cycle Comovement: A Robust Analysis"
2005 | Journal of Monetary Economics, 52(1): 159-162
Previously: Federal Reserve Bank of Minneapolis Staff Report 349
Financial Crises as Herds: Overturning the Critiques
2004 | Journal of Economic Theory, 119(1): 128-150 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 316
Previously: Federal Reserve Bank of Minneapolis Working Paper 600
Competitive Equilibria with Limited Enforcement
2004 | Journal of Economic Theory, 119(1): 184-206 | With Fabrizio Perri
Previously: Federal Reserve Bank of Minneapolis Staff Report 307
Previously: Federal Reserve Bank of Minneapolis Working Paper 621
Deflation and Depression: Is There an Empirical Link?
2004 | American Economic Review, 94(2): 99-103 | With Andrew Atkeson
Previously: Federal Reserve Bank of Minneapolis Staff Report 331
The Time Consistency of Optimal Monetary and Fiscal Policies
2004 | Econometrica, 72(2): 541-567 | With Fernando Alvarez and Pablo Andrés Neumeyer
Previously: Federal Reserve Bank of Minneapolis Staff Report 305
Previously: Federal Reserve Bank of Minneapolis Working Paper 616
International Business Cycles with Endogenous Incomplete Markets
2003 | Econometrica, 70(3): 907-928 | With Fabrizio Perri
Previously: Federal Reserve Bank of Minneapolis Staff Report 265
Hot Money
2003 | Journal of Political Economy, 111(6): 1262-1292 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 228
Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
2002 | Review of Economic Studies, 69(3): 533-563 | With V. V. Chari and Ellen R. McGrattan
Previously: Federal Reserve Bank of Minneapolis Staff Report 277
Previously: Federal Reserve Bank of Minneapolis Staff Report 223
Related: Staff Report 277: Technical Appendix: Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
Policy-Driven Productivity in Chile and Mexico in the 1980's and 1990's
2002 | American Economic Review, 92(2): 16-21 | With Raphael Bergoeing, Timothy J. Kehoe and Raimundo Soto
Accounting for the Great Depression
2002 | American Economic Review, 92(2): 22-27 | With V. V. Chari and Ellen R. McGrattan
Previously: Federal Reserve Bank of Minneapolis Quarterly Review 2721
Previously: Federal Reserve Bank of Minneapolis Working Paper 619
Related: Working Paper 619: Technical Appendix: Accounting for the Great Depression
Money, Interest Rates, and Exchange Rates with Endogenously Segmented Markets
2002 | Journal of Political Economy, 110(1): 73-112 | With Fernando Alvarez and Andrew Atkeson
A Decade Lost and Found: Mexico and Chile in the 1980s
2002 | Review of Economic Dynamics, 5(1): 166-205 | With Raphael Bergoeing, Timothy J. Kehoe and Raimundo Soto
Previously: Federal Reserve Bank of Minneapolis Staff Report 292
Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?
2000 | Econometrica, 68(5): 1151-1179 | With V. V. Chari and Ellen R. McGrattan
Previously: Federal Reserve Bank of Minneapolis Staff Report 217
Optimal Fiscal and Monetary Policy
1999 | Handbook of Macroeconomics, 1(26): 1671-1745 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 251
Models of Energy Use: Putty-Putty versus Putty-Clay
1999 | American Economic Review, 89(4): 1028-1043 | With Andrew Atkeson
Previously: Federal Reserve Bank of Minneapolis Staff Report 230
Comment on M. Obstfeld, “Open‐Economy Macroeconomics: Developments in Theory and Policy”
1998 | Scandinavian Journal of Economics, 100(1): 277-283 | With Asbjørn Rødseth
Models of Sovereign Debt: Partial versus General Reputations
1998 | International Economic Review, 39(1): 55-70 | With Harold L. Cole
Previously: Federal Reserve Bank of Minneapolis Working Paper 580
Social Insurance and Transition
1996 | International Economic Review, 37(2): 377-401 | With Andrew Atkeson
Previously: Federal Reserve Bank of Minneapolis Staff Report 202
Previously: Federal Reserve Bank of Minneapolis Working Paper 547
Optimality of the Friedman Rule in Economies with Distorting Taxes
1996 | Journal of Monetary Economics, 37(2): 203-223 | With V. V. Chari and Lawrence J. Christiano
Previously: Federal Reserve Bank of Minneapolis Staff Report 158
The Role of Institutions in Reputation Models of Sovereign Debt
1995 | Journal of Monetary Economics, 35(1): 45-64 | With Harold L. Cole
Previously: Federal Reserve Bank of Minneapolis Staff Report 179
Dynamics of the Trade Balance and the Terms of Trade: The J-Curve?
1994 | American Economic Review, 84(1): 84-103 | With David K. Backus and Finn E. Kydland
Previously: Federal Reserve Bank of Minneapolis Discussion Paper 65
Optimal Fiscal Policy in a Business Cycle Model
1994 | Journal of Political Economy, 102(4): 617-652 | With V. V. Chari and Lawrence J. Christiano
Previously: Federal Reserve Bank of Minneapolis Staff Report 160
Related: Working Paper 567: Technical Appendix to Optimal Fiscal Policy in a Business Cycle Model
Sustainable Plans and Mutual Default
1993 | Review of Economic Studies, 60(1): 175-195 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 124
In Search of Scale Effects in Trade and Growth
1992 | Journal of Economic Theory, 58(2): 377-409 | With David K. Backus and Timothy J. Kehoe
Previously: Federal Reserve Bank of Minneapolis Staff Report 152
International Evidence of the Historical Properties of Business Cycles
1992 | American Economic Review, 82(4): 864-888 | With David K. Backus
Previously: Federal Reserve Bank of Minneapolis Staff Report 145
International Real Business Cycles
1992 | Journal of Political Economy, 100(4): 745-775 | With David K. Backus and Finn E. Kydland
Previously: Federal Reserve Bank of Minneapolis Staff Report 146
Previously: Federal Reserve Bank of Minneapolis Working Paper 426
Sustainable Plans and Debt
1993 | Journal of Economic Theory, 61(2): 230-261 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 125
Optimal Fiscal and Monetary Policy: Some Recent Results
1991 | Journal of Money, Credit, and Banking, 23(3) pt 2: 519-539 | With V. V. Chari and Lawrence J. Christiano
Previously: Federal Reserve Bank of Minneapolis Staff Report 147
International Coordination of Fiscal Policy in Limiting Economies
1990 | Journal of Political Economy, 98(3): 617-636 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 121
Sustainable Plans
1990 | Journal of Political Economy, 98(4): 783-802 | With V. V. Chari
Previously: Federal Reserve Bank of Minneapolis Staff Report 122
On the Denomination of Government Debt : A Critique of the Portfolio Balance Approach
1989 | Journal of Monetary Economics, 23(3): 359-376 | With David K. Backus
Previously: Federal Reserve Bank of Minneapolis Staff Report 116
Policy Cooperation Among Benevolent Governments May Be Undesirable
1989 | Review of Economic Studies, 56(2): 289-296
Previously: Federal Reserve Bank of Minneapolis Staff Report 103
On the Roles of International Financial Markets and Their Relevance for Economic Policy: Comment
1988 | Journal of Money, Credit and Banking, 20(3): 550-554
Coordination of Fiscal Policies in a World Economy
1987 | Journal of Monetary Economics, 19(3): 349-376
Previously: Federal Reserve Bank of Minneapolis Staff Report 98