Interviews

Interview with Matthew Gentzkow

Douglas Clement May 23, 2016

Stanford economist on TV & children, TV & voting, politics & persuasion, and the vibrant future of media economics

Interview with Lars Peter Hansen

Douglas Clement December 17, 2015

Nobel laureate on the importance of uncertainty, “systemic risk” as a catch phrase, and links between asset prices and the macroeconomy

Featured Articles

The Costs of Monopoly: A New View

James A. Schmitz, Jr. July 12, 2016

Contrary to conventional wisdom, monopolies inflict substantial economic harm, particularly on the poor

Message from the President

Neel Kashkari April 18, 2016

Kashkari discusses his goals for the Minneapolis Fed, highlighting the important and critical challenges facing people throughout the Ninth District.

Research Digest

Global Mad Men

Douglas Clement June 13, 2016

To understand why firms succeed in international trade, look not to prices, but to advertising and the creation of demand

The Macro Impact of Unemployment Benefits

Douglas Clement June 6, 2016

Worry (or hope) that generous unemployment benefits will impact the macroeconomy is probably unwarranted

Capital controls—for better or worse?

Douglas Clement March 31, 2016

Can limits on international capital flows be beneficial? Yes, if conditions are right

Economic Policy Papers

The Great Recession: A Macroeconomic Earthquake

Lawrence J. Christiano February 7, 2017

Why it happened, endured and wasn’t foreseen. And how it’s changing theory

Insuring Against Adverse Outcomes at Birth

Christopher Phelan December 1, 2016

Policy should focus on the insurance motives of parents

Innovation and Growth with Frictions

Randall Wright November 1, 2016

Monetary policy that provides sound banking and sound money can spur growth through innovation

Real Interest Rates over the Long Run

Kei-Mu Yi and Jing Zhang September 19, 2016

Decline and convergence since the 1980s, due significantly to factors causing lower investment demand

China’s Foreign Investment

Ellen R. McGrattan July 26, 2016

Foreign investment in China and by China has been growing rapidly, but little comes from or goes to nations with prized high technology

Self-fulfilling Prophecies in Sovereign Debt Markets

Juan Pablo Nicolini June 28, 2016

In a vicious circle, belief that default is probable can trigger default (and a credible promise to lend can eliminate it)

Foreclosure Delay and the U.S. Labor Market

Kyle Herkenhoff and Lee E. Ohanian May 3, 2016

Mortgage foreclosure delays during the Great Recession improved job match quality, homeownership retention and national income

The Stages of Economic Growth Revisited, Part 2

Daniela Costa, Timothy J. Kehoe, and Gajen Raveendranathan April 12, 2016

Part 2: Catching Up to and Joining the Economic Leader

The Stages of Economic Growth Revisited, Part 1

Daniela Costa, Timothy J. Kehoe, and Gajen Raveendranathan March 22, 2016

Part 1: A General Framework and Taking Off into Growth

Financial Repression: Evidence and Theory

V. V. Chari, Alessandro Dovis, and Patrick J. Kehoe March 1, 2016

Banks should be required to hold government debt at low interest rates only under limited conditions

The Great Recession and Financial Shocks

Zhen Huo and José-Víctor Ríos-Rull February 9, 2016

Current economic models need several additional ingredients before they can successfully explain the Great Recession

Are Prices Sticky and Does It Matter?

Liang Wang and Randall Wright January 26, 2016

Even if prices are slow to adjust, this doesn’t necessarily mean that monetary policy can be used to stimulate or slow economic activity