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Federal Reserve Bank of Minneapolis Research Department

Overview
Works: 374 works in 587 publications in 1 language and 3,081 library holdings
Genres: History  Periodicals 
Roles: Publisher
Classifications: HB1, 332.41
Publication Timeline
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Publications about Federal Reserve Bank of Minneapolis
Publications by Federal Reserve Bank of Minneapolis
Most widely held works by Federal Reserve Bank of Minneapolis
Cost and benefits of inflation by Edward Foster( Book )
2 editions published in 1972 in English and held by 186 libraries worldwide
A Prescription for monetary policy : proceedings from a seminar series ( Book )
2 editions published in 1976 in English and held by 82 libraries worldwide
District economic conditions ( serial )
in English and held by 49 libraries worldwide
Does neoclassical theory account for the effects of big fiscal shocks? evidence from World War II by Ellen R McGrattan( Book )
5 editions published between 2003 and 2008 in English and held by 45 libraries worldwide
Abstract: There is much debate about the usefulness of the neoclassical growth model for assessing the macro-economic impact of fiscal shocks. We test the theory using data from World War II, which is by far the largest fiscal shock in the history of the United States. We take observed changes in fiscal policy during the war as inputs into a parameterized, dynamic general equilibrium model and compare the values of all variables in the model to the actual values of these variables in the data. Our main finding is that the theory quantitatively accounts for macroeconomic activity during this big fiscal shock
Staff report by Federal Reserve Bank of Minneapolis( Computer File )
in English and held by 44 libraries worldwide
Can sticky price models generate volatile and persistent real exchange rates? by V. V Chari( Book )
10 editions published between 1996 and 2002 in English and held by 43 libraries worldwide
"The central puzzle in international business cycles is that fluctuations in real exchange rates are volatile and persistent. We quantify the popular story for real exchange rate fluctuations: they are generated by monetary shocks interacting with sticky goods prices. If prices are held fixed for at least one year, risk aversion is high, and preferences are separable in leisure, then real exchange rates generated by the model are as volatile as in the data and quite persistent, but less so than in the data. The main discrepancy between the model and the data, the consumption--real exchange rate anomaly, is that the model generates a high correlation between real exchange rates and the ratio of consumption across countries, while the data show no clear pattern between these variables."--Federal Reserve Bank of Minneapolis web site
Studies in monetary economics ( serial )
in English and held by 41 libraries worldwide
Unmeasured investment and the puzzling U.S. boom in the 1990s by Ellen R McGrattan( Book )
3 editions published between 2007 and 2010 in English and held by 31 libraries worldwide
The basic neoclassical growth model accounts well for the postwar cyclical behavior of the U.S. economy prior to the 1990s, provided that variations in population growth, depreciation rates, total factor productivity, and taxes are incorporated. For the 1990s, the model predicts a depressed economy, when in fact the U.S. economy boomed. We extend the base model by introducing intangible investment and non-neutral technology change with respect to producing intangible investment goods and find that the 1990s are not puzzling in light of this new theory. There is compelling micro and macro evidence for our extension, and the predictions of the theory are in conformity with U.S. national products, incomes, and capital gains. We use the theory to compare current accounting measures for labor productivity and investment with the corresponding measures for the model economy with intangible investment. Our findings show that standard accounting measures greatly understate the boom in productivity and investment
Business cycle accounting by V. V Chari( Book )
6 editions published between 2003 and 2006 in English and held by 31 libraries worldwide
"We propose and demonstrate a simple method for guiding researchers in developing quantitative models of economic fluctuations. We show that a large class of models are equivalent to a prototype growth model with time-varying wedges that resemble time-varying productivity, labor taxes, and capital income taxes. We use data to measure these wedges, called efficiency, labor, and investment wedges, and then feed their measured values back into the model. We assess the fraction of fluctuations in output, employment, and investment accounted for by these wedges during the Great Depression and the 1982 recession. For the Depression, the efficiency and labor wedges together account for essentially all of the fluctuations; investment wedges play no role. For the recession, the efficiency wedge plays the most important role; the other two, minor roles. These results are not sensitive to alternative measures of capital utilization or alternative labor supply elasticities"--National Bureau of Economic Research web site
Taxes, regulations, and the value of U.S. and U.K. corporations by Ellen R McGrattan( Book )
4 editions published between 2003 and 2005 in English and held by 30 libraries worldwide
Optimal fiscal and monetary policy by V. V Chari( Book )
4 editions published between 1991 and 1998 in English and held by 30 libraries worldwide
Abstract: We provide an introduction to optimal fiscal and monetary policy using the primal approach to optimal taxation. We use this approach to address how fiscal and monetary policy should be set over the long run and over the business cycle. We find four substantive lessons for policymaking: Capital income taxes should be high initially and then roughly zero; tax rates on labor and consumption should be roughly constant; state-contingent taxes on assets should be used to provide insurance against adverse shocks; and monetary policy should be conducted so as to keep nominal interest rates close to zero. We begin optimal taxation in a static context. We then develop a general framework to analyze optimal fiscal policy. Finally, we analyze optimal monetary policy in three commonly used models of money: a cash-credit economy, a money-in-the-utility-function economy
Time-varying risk, interest rates, and exchange rates in general equilibrium by Fernando Alvarez( Book )
4 editions published between 2003 and 2008 in English and held by 30 libraries worldwide
Self-fulfilling debt crises by Harold Linh Cole( Book )
6 editions published between 1996 and 1998 in English and held by 29 libraries worldwide
Quarterly review ( file )
in English and held by 28 libraries worldwide
The transition to a new economy after the Second Industrial Revolution by Andrew Atkeson( Book )
3 editions published between 2001 and 2003 in English and held by 26 libraries worldwide
Many view the period after the Second Industrial Revolution as a paradigmatic example of a transition to a new economy following a technological revolution and conjecture that this historical experience is useful for understanding other transitions, including that after the Information Technology Revolution. We build a model of diffusion and growth to study transitions. We quantify the learning process in our model using data on the life cycle of U.S. manufacturing plants. This model accounts quantitatively for the productivity paradox, the slow diffusion of new technologies, and the ongoing investment in old technologies after the Second Industrial Revolution. The main lesson from our model for the Information Technology Revolution is that the nature of transition following a technological revolution depends on the historical context: transition and diffusion are slow only if agents have built up through learning a large amount of knowledge about old technologies before the transition begins.--Federal Reserve Bank of Minneapolis web site
Agricultural credit conditions survey ( serial )
in English and held by 25 libraries worldwide
The stock market crash of 1929 : Irving Fisher was right! by Ellen R McGrattan( Book )
4 editions published in 2001 in English and held by 25 libraries worldwide
Abstract: In the fall of 1929, the market value of all shares listed on the New York Stock Exchange fell by 30 percent. Many analysts then and now take the view that stocks were then overvalued and the stock market was in need of a correction. Irving Fisher argued that the fundamentals were strong and the stock market was undervalued. In this paper, we estimate the fundamental value of corporate equity in 1929 using data on stocks of productive capital and tax rates as in McGrattan and Prescott (2000, 2001) and compare it to actual stock valuations. We find that the stock market in 1929 did not crash because the market was overvalued. In fact, the evidence strongly suggests that stocks were undervalued, even at their 1929 peak
Application of weighted residual methods to dynamic economic models by Ellen R McGrattan( Book )
4 editions published between 1997 and 1998 in English and held by 24 libraries worldwide
What determines labor productivity? : lessons from the dramatic recovery of the U.S. and Canadian iron-ore industries by James A Schmitz( Book )
4 editions published between 2001 and 2005 in English and held by 24 libraries worldwide
Technology capital and the U.S. current account by Ellen R McGrattan( Book )
4 editions published between 2006 and 2009 in English and held by 23 libraries worldwide
We develop a general equilibrium multicountry model and use it to evaluate concerns of high U.S. current account deficits and a declining net U.S. investment position. We introduce technology capital which can be used by multinationals in some or all of their domestic and foreign operations. Prime examples are brand equity and patents. This capital is intangible and is therefore expensed rather than capitalized. The expensing of the investment implies that there are differences in reported and actual balance of payments and net asset positions. Although our model economy has efficient domestic and international capital markets, the predicted equilibrium paths for the reported series exhibit similar behavior to the observed U.S. time series. Thus, on the basis of our model's quantitative predictions, we conclude that there is no prima facie evidence that the large current account deficits are a harbinger of a future crisis
 
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Alternative Names

controlled identity Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis. Research Dept.
Research Department of the Federal Reserve Bank of Minneapolis.
Languages
English (79)
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