Central bank research hub - Papers by Ellen R. McGrattan
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Research hub papers by author Ellen R. McGrattanenThe Labor Productivity Puzzle
http://www.minneapolisfed.org/research/wp/WP694.pdf
Minneapolis Fed Working Papers by Ellen R. McGrattan, Edward C. PrescottThe Labor Productivity Puzzle2012-02-16T06:23:59ZThe Labor Productivity PuzzleFull texthttp://www.minneapolisfed.org/research/wp/WP694.pdfEdward C. PrescottEllen R. McGrattanEllen R. McGrattan, Edward C. Prescott2012-02Federal Reserve Bank of Minneapolis Working PapersOn Efficiently Financing Retirement
http://www.minneapolisfed.org/research/WP/WP692.pdf
Minneapolis Fed Working Papers by Ellen R. McGrattan, Edward C. PrescottOn Efficiently Financing Retirement2011-11-30T12:41:00ZOn Efficiently Financing RetirementFull texthttp://www.minneapolisfed.org/research/WP/WP692.pdfEdward C. PrescottEllen R. McGrattanEllen R. McGrattan, Edward C. Prescott2011-11Federal Reserve Bank of Minneapolis Working PapersTechnology Capital Transfer
http://www.minneapolisfed.org/research/WP/WP687.pdf
Minneapolis Fed Working Papers by Thomas J. Holmes, Ellen R. McGrattan, Edward C. PrescottTechnology Capital Transfer2011-05-06T06:23:59ZTechnology Capital TransferFull texthttp://www.minneapolisfed.org/research/WP/WP687.pdfThomas J. HolmesEdward C. PrescottEllen R. McGrattanThomas J. Holmes, Ellen R. McGrattan, Edward C. Prescott2011-05Federal Reserve Bank of Minneapolis Working PapersTransition to FDI Openness
http://www.minneapolisfed.org/research/WP/WP671.pdf
Minneapolis Fed Working Papers by Ellen R. McGrattanTransition to FDI Openness2009-04-28T07:16:00ZTransition to FDI OpennessFull texthttp://www.minneapolisfed.org/research/WP/WP671.pdfEllen R. McGrattanEllen R. McGrattan2009-04Federal Reserve Bank of Minneapolis Working PapersCapital Taxation During the U.S. Great Depression
http://www.minneapolisfed.org/research/WP/WP670.pdf
Minneapolis Fed Working Papers by Ellen R. McGrattanCapital Taxation During the U.S. Great Depression2009-04-21T07:16:00ZCapital Taxation During the U.S. Great DepressionFull texthttp://www.minneapolisfed.org/research/WP/WP670.pdfEllen R. McGrattanEllen R. McGrattan2009-04Federal Reserve Bank of Minneapolis Working PapersNew Keynesian Models: Not Yet Useful for Policy Analysis
http://www.minneapolisfed.org/research/WP/WP664.pdf
Minneapolis Fed Working Papers by V. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattanNew Keynesian Models: Not Yet Useful for Policy Analysis2008-07-03T07:14:59ZIn the 1970s macroeconomists often disagreed bitterly. Macroeconomists have now largely converged on method, model design, and macroeconomic policy advice. The disagreements that remain all stem from the practical implementation of the methodology. Some macroeconomists think that New Keynesian models are on the verge of being useful for quarter-to-quarter quantitative policy advice. We do not. We argue that the shocks in these models are dubiously structural and show that many of the features of the model as well as the implications due to these features are inconsistent with microeconomic evidence. These arguments lead us to conclude that New Keynesian models are not yet useful for policy analysis.New Keynesian Models: Not Yet Useful for Policy AnalysisAbstracthttp://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=1126Full texthttp://www.minneapolisfed.org/research/WP/WP664.pdfV. V. ChariEllen R. McGrattanPatrick J. KehoeV. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan2008-07Federal Reserve Bank of Minneapolis Working PapersOpenness, Technology Capital, and Development
http://www.minneapolisfed.org/research/WP/WP651.pdf
Minneapolis Fed Working Papers by Ellen R. McGrattan and Edward C. PrescottOpenness, Technology Capital, and Development2007-04-04T12:39:59ZA framework is developed with what we call technology capital. A country is a measure of locations. Absent policy constraints, a firm owning a unit of technology capital can produce the composite output good using the unit of technology capital at as many locations as it chooses. But it can operate only one operation at a given location, so the number of locations is what constrains the number of units it operates using this unit of technology capital. If it has two units of technology capital, it can operate twice as many operations at every location. In this paper, aggregation is carried out and the aggregate production functions for the countries are derived. Our framework interacts well with the national accounts in the same way as does the neoclassical growth model. It also interacts well with the international accounts. There are constant returns to scale, and therefore no monopoly rents. Yet there are gains to being economically integrated. In the framework, a country¿s openness is measured by the effect of its policies on the productivity of foreign operations. Our analysis indicates that there are large gains to this openness.Openness, Technology Capital, and DevelopmentAbstracthttp://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=1089Full texthttp://www.minneapolisfed.org/research/WP/WP651.pdfEdward C. PrescottEllen R. McGrattanEllen R. McGrattan and Edward C. Prescott2007-04Federal Reserve Bank of Minneapolis Working PapersComparing Alternative Representations and Alternative Methodologies in Business Cycle Accounting
http://www.minneapolisfed.org/research/WP/WP647.pdf
Minneapolis Fed Working Papers by V. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattanComparing Alternative Representations and Alternative Methodologies in Business Cycle Accounting2006-12-23T07:12:59ZComparing Alternative Representations and Alternative Methodologies in Business Cycle AccountingAbstracthttp://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=1078Full texthttp://www.minneapolisfed.org/research/WP/WP647.pdfV. V. ChariEllen R. McGrattanPatrick J. KehoeV. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan2006-12Federal Reserve Bank of Minneapolis Working PapersTechnology Capital and the U.S. Current Account
http://www.minneapolisfed.org/research/WP/WP646.pdf
Minneapolis Fed Working Papers by Ellen R. McGrattan and Edward C. PrescottTechnology Capital and the U.S. Current Account2006-11-29T17:36:00ZWe 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.Technology Capital and the U.S. Current AccountAbstracthttp://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=1077Full texthttp://www.minneapolisfed.org/research/WP/WP646.pdfEdward C. PrescottEllen R. McGrattanEllen R. McGrattan and Edward C. Prescott2006-11Federal Reserve Bank of Minneapolis Working PapersMeasurement with Minimal Theory
http://www.minneapolisfed.org/research/WP/WP643.pdf
Minneapolis Fed Working Papers by Ellen R. McGrattanMeasurement with Minimal Theory2006-07-05T17:34:00ZA central debate in applied macroeconomics is whether statistical tools that use minimal identifying assumptions are useful for isolating promising models within a broad class. In this paper, I compare three statistical models¿a vector autoregressive moving average (VARMA) model, an unrestricted state space model, and a restricted state space model¿that are all consistent with the same prototype business cycle model. The business cycle model is a prototype in the sense that many models, with various frictions and shocks, are observationally equivalent to it. The statistical models I consider differ in the amount of a priori theory that is imposed, with VARMAs imposing minimal assumptions and restricted state space models imposing the maximal. The objective is to determine if it is possible to successfully uncover statistics of interest for business cycle theorists with sample sizes used in practice and only minimal identifying assumptions imposed. I find that the identifying assumptions of VARMAs and unrestricted state space models are too minimal: The range of estimates are so large as to be uninformative for most statistics that business cycle researchers need to distinguish alternative theories.Measurement with Minimal TheoryAbstracthttp://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=1059Full texthttp://www.minneapolisfed.org/research/WP/WP643.pdfEllen R. McGrattanEllen R. McGrattan2006-07Federal Reserve Bank of Minneapolis Working PapersSweat Equity
http://www.minneapolisfed.org/research/WP/WP636.pdf
Minneapolis Fed Working Papers by Ellen R. McGrattan and Edward C. PrescottSweat Equity2005-06-21T07:12:00ZSweat EquityAbstracthttp://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=1036Full texthttp://www.minneapolisfed.org/research/WP/WP636.pdfEdward C. PrescottEllen R. McGrattanEllen R. McGrattan and Edward C. Prescott2005-06Federal Reserve Bank of Minneapolis Working PapersBusiness Cycle Accounting
http://www.minneapolisfed.org/research/sr/sr328.html
Minneapolis Fed Working Papers by V. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattanBusiness Cycle Accounting2004-08-27T07:10:59ZBusiness Cycle AccountingAbstracthttp://www.minneapolisfed.org/research/wp/wp625.htmlFull texthttp://www.minneapolisfed.org/research/sr/sr328.htmlV. V. ChariEllen R. McGrattanPatrick J. KehoeV. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan2002-04Federal Reserve Bank of Minneapolis Working PapersAn Economic Test of Structural VARs
http://www.minneapolisfed.org/research/wp/wp631.pdf
Minneapolis Fed Working Papers by V. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattanAn Economic Test of Structural VARs2004-05-27T18:58:00ZAn Economic Test of Structural VARsAbstracthttp://www.minneapolisfed.org/research/wp/wp631.htmlFull texthttp://www.minneapolisfed.org/research/wp/wp631.pdfV. V. ChariEllen R. McGrattanPatrick J. KehoeV. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan2004-05Federal Reserve Bank of Minneapolis Working PapersAccounting for the Great Depression
http://www.minneapolisfed.org/research/wp/Published In: AER, Papers and Proceedings (Vol. 92, No. 2, May 2002, pp. 22-27)
Minneapolis Fed Working Papers by V. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattanAccounting for the Great Depression2004-04-15T17:34:00ZAccounting for the Great DepressionAbstracthttp://www.minneapolisfed.org/research/wp/wp619.htmlFull texthttp://www.minneapolisfed.org/research/wp/Published In: AER, Papers and Proceedings (Vol. 92, No. 2, May 2002, pp. 22-27)V. V. ChariEllen R. McGrattanPatrick J. KehoeV. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan2002-02Federal Reserve Bank of Minneapolis Working Papers