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Federal Reserve Bank of Minneapolis Research Department

Overview
Works: 424 works in 938 publications in 1 language and 3,391 library holdings
Genres: Periodicals  History  Conference papers and proceedings 
Roles: Publisher
Classifications: HB1, 330
Publication Timeline
Key
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 )
3 editions published between 1972 and 1975 in English and held by 182 libraries worldwide
A Prescription for monetary policy : proceedings from a seminar series by Federal Reserve Bank of Minneapolis( Book )
4 editions published in 1976 in English and held by 82 libraries worldwide
District economic conditions ( serial )
in English and held by 48 libraries worldwide
Does neoclassical theory account for the effects of big fiscal shocks? : evidence from World War II by Ellen R McGrattan( Book )
11 editions published between 2003 and 2008 in English and held by 46 libraries worldwide
There is much debate about the usefulness of the neoclassical growth model for assessing the macroeconomic 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 ghis big fiscal shock
Can sticky price models generate volatile and persistent real exchange rates? by V. V Chari( Book )
14 editions published between 1996 and 2002 in English and held by 45 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
Staff report by Federal Reserve Bank of Minneapolis( file )
in English and held by 43 libraries worldwide
Studies in monetary economics ( serial )
in English and held by 39 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 )
7 editions published between 2001 and 2005 in English and held by 34 libraries worldwide
"In the early 1980s, as a result of unprecedented developments in the world steel market, iron-ore was entering the Great Lakes from as far away as South America. The Great Lakes regional producers, that is, the U.S.and Canadian iron-ore industries, faced a major crisis that cast doubt on their future. In response to the crisis, these iron-ore industries dramatically changed how they produced iron-ore, in the process doubling their labor productivity and pushing foreign competition out of the Great Lakes. I show that most of the productivity gains were due to changes in institutional rules, and most importantly in work rules, that governed how production took place"--Federal Reserve Bank of Minneapolis web site
Unmeasured investment and the puzzling U.S. boom in the 1990s by Ellen R McGrattan( Book )
6 editions published between 2007 and 2010 in English and held by 32 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
The stock market crash of 1929 : Irving Fisher was right! by Ellen R McGrattan( Book )
8 editions published between 2001 and 2003 in English and held by 31 libraries worldwide
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
Taxes, regulations, and the value of U.S. and U.K. corporations by Ellen R McGrattan( Book )
6 editions published between 2003 and 2005 in English and held by 30 libraries worldwide
Self-fulfilling debt crises by Harold Linh Cole( Book )
9 editions published between 1996 and 1998 in English and held by 30 libraries worldwide
Optimal fiscal and monetary policy by V. V Chari( Book )
6 editions published between 1991 and 1998 in English and held by 29 libraries worldwide
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
Business cycle accounting by V. V Chari( Book )
7 editions published between 2003 and 2006 in English and held by 28 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
Agricultural credit conditions survey ( serial )
in English and held by 25 libraries worldwide
Technical appendix : unmeasured investment and the puzzling U.S. boom in the 1990s by Ellen R McGrattan( Book )
4 editions published between 2007 and 2009 in English and held by 24 libraries worldwide
Threats to industry survival and labor productivity : world iron-ore markets in the 1980's by José Enrique Galdón-Sánchez( Book )
7 editions published between 1999 and 2000 in English and held by 24 libraries worldwide
Divides the eight major noncommunist iron-ore producing countries into groups based on the threat of closure faced by mines in the 1980's in the respective country. Compares the production and productivity records of these iron-ore producing countries over the 1980's. Discusses a formal definition of threat of closure
Application of weighted residual methods to dynamic economic models by Ellen R McGrattan( Book )
7 editions published between 1997 and 1998 in English and held by 24 libraries worldwide
Time-varying risk, interest rates, and exchange rates in general equilibrium by Fernando Alvarez( Book )
6 editions published between 2003 and 2008 in English and held by 24 libraries worldwide
Sophisticated monetary policies by Andrew Atkeson( Book )
5 editions published between 2008 and 2009 in English and held by 19 libraries worldwide
'In standard approaches to monetary policy, interest rate rules often lead to indeterminacy. Sophisticated policies, which depend on the history of private actions and can differ on and off the equilibrium path, can eliminate indeterminacy and uniquely implement any desired competitive equilibrium. Two types of sophisticated policies illustrate our approach. Both use interest rates as the policy instrument along the equilibrium path. But when agents deviate from that path, the regime switches, in one example to money ; in the other, to a hybrid rule. Both lead to unique implementation, while pure interest rate rules do not. We argue that adherence to the Taylor principle is neither necessary nor sufficient for unique implementation with pure interest rate rules but is sufficient with hybrid rules. Our results are robust to imperfect information and may provide a rationale for empirical work on monetary policy rules and determinacy."--Abstract
 
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Alternative Names

controlled identity Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis. Research Dept.
Minneapolis Fed Research
Research Department of the Federal Reserve Bank of Minneapolis.
Languages
English (124)
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