Publications

“Monetary Policy, the Tax Code, and the Real Effects of Energy Shocks,” with William T. Gavin and Benjamin D. Keen, Review of Economic Dynamics 18(3), July 2015, 694-707.
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“On Policy Consistency,” in Robert M. Solow and Janice Murray (ed.), Economics for the Curious, Palgrave Macmillan, 2014.
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“What Ails Europe and the United States?” BIS Papers No. 74, December 2013, 11-18.
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“Independent Monetary Policies, Synchronized Outcomes,” with Espen Henriksen and Roman Sustek, VoxEU, October 2013.
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“Globally Correlated Nominal Fluctuations,” with Espen Henriksen and Roman Sustek, Journal of Monetary Economics 60(6), September 2013, 613-631.
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“Endogenous Money, Inflation, and Welfare,” with Espen Henriksen, Review of Economic Dynamics 13(2), April 2010, 470-486.
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“The Welfare Cost of Inflation in the Presence of Inside Money,” with Scott Freeman and Espen Henriksen, in D.E. Altig and E. Nosal (ed.), Monetary Policy in Low-Inflation Economies, Cambridge University Press, 2009.
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“Monetary Policy, Taxes, and the Business Cycle,” with William T. Gavin and Michael R. Pakko, Journal of Monetary Economics 54(6), September 2007, 1587-1611.
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“Argentina’s Lost Decade and the Subsequent Recovery Puzzle,” with Carlos E.J.M. Zarazaga, in T.J. Kehoe and E.C. Prescott (ed.), Great Depressions of the Twentieth Century, Federal Reserve Bank of Minneapolis, 2007, pp. 191-216.
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“Quantitative Aggregate Economics,” American Economic Review 96(5), December 2006, 1373-1383 (based on Nobel Prize Lecture 2004; see below).
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“Ireland’s Great Depression,” with Alan Ahearne and Mark A. Wynne, The Economic and Social Review 37(2), Summer/Autumn 2006, 215-243.
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“Inflation Persistence and Flexible Prices,” with Robert Dittmar and William T. Gavin, International Economic Review 46(1), 2005, 245-261.
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“Quantitative Aggregate Theory,” Nobel Prize Lecture 2004, The Nobel Foundation, pp. 1-9.

“Argentina’s Recovery and Excess Capital Shallowing of the 1990s,” with Carlos E.J.M. Zarazaga, Estudios de Economia 29, June 2002, 35-45.
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“Alternative Monetary Constitutions and the Quest for Price Stability,” with Mark A. Wynne, Federal Reserve Bank of Dallas Economic and Financial Policy Review, First Quarter 2002, 1-19.
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Reprinted in The ICFAI Journal of Monetary Economics I, November 2003, pp. 74-93.

“Argentina’s Lost Decade,” with Carlos E.J.M. Zarazaga, Review of Economic Dynamics 5, 2002, 152-65.
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“Home Production Meets Time-to-Build,” with Paul Gomme and Peter Rupert, Journal of Political Economy 109, October 2001, 1115-1131.
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“Acerca del Rol del Dinero,” Revista de Economía 8, Banco Central del Uruguay, May 2001, 79-94.
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“Monetary Aggregates and Output,” with Scott Freeman, American Economic Review 90, December 2000, 1125-1135.
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“The Nominal Facts and the October 1979 Policy Change” with William T. Gavin, Federal Reserve Bank of St. Louis Review 82, November/December 2000, 39-61.
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“Price-Level Uncertainty and Inflation Targeting,” with Robert Dittmar and William T. Gavin, Federal Reserve Bank of St. Louis Review 81, July/August 1999, 23-33.
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“Endogenous Money Supply and the Business Cycle,” with William T. Gavin, Review of Economic Dynamics 2, April 1999, 347-369.
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“The Inflation-Output Variability Tradeoff and Price-Level Targets,” with Robert Dittmar and William T. Gavin, Federal Reserve Bank of St. Louis Review 81, January/February 1999, 23-29.
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“Is the Business Cycle of Argentina “Different”?” with Carlos E.J.M. Zarazaga, Federal Reserve Bank of Dallas Economic Review, Fourth Quarter 1997, 21-36.
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“Does Being Different Matter?” with D’Ann M. Petersen, Federal Reserve Bank of Dallas Economic Review, Third Quarter 1997, 2-11.
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“The Gold Standard as a Commitment Mechanism,” with Michael D. Bordo, in T. Bayoumi, B. Eichengreen, and M.P. Taylor (eds.), Modern Perspectives on the Gold Standard, Cambridge University Press, 1996, 55-100.
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“The Computational Experiment: An Econometric Tool,” with Edward C. Prescott, Journal of Economic Perspectives 10, Winter 1996, 69-85.
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Reprinted in J.E. Hartley, K.D. Hoover, and K.D. Salyer (eds.), Real Business Cycles: A Reader, Routledge, 1998.

“Comment on Liquidity Effects and Transactions Technologies,” Journal of Money, Credit and Banking 27, November 1995, Part 2, 1457-1461.
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“The Gold Standard as a Rule: An Essay in Exploration,” with Michael D. Bordo, Explorations in Economic History 32, October 1995, 423-464.
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“Introduction,” in F.E. Kydland (ed.), Business Cycle Theory, Edward Elgar Publishing Ltd., 1995, ix-xvi.

“International Business Cycles: Theory and Evidence,” with David K. Backus and Patrick J. Kehoe, in T.F. Cooley (ed.), Frontiers of Business Cycle Research, Princeton University Press, 1995, 331-356.
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“Business Cycles and Aggregate Labor Market Fluctuations,” in T.F. Cooley (ed.), Frontiers of Business Cycle Research, Princeton University Press, 1995, 126-156.
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“Heterogeneous Agents in Quantitative Aggregate Economic Theory,” Journal of Economic Dynamics and Control 18, May/July 1994, 849-864.
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“Relative Price Movements in Dynamic General Equilibrium Models of International Trade,” with David K. Backus and Patrick J. Kehoe, in F. van der Ploeg (ed.), The Handbook of International Macroeconomics, Blackwell Publishers, 1994, 62-96.
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“Dynamics of the Trade Balance and the Terms of Trade: The J-Curve?” with David K. Backus and Patrick J. Kehoe, American Economic Review 84, March 1994, 84-103.
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“International Business Cycles: Theory vs. Evidence,” with David K. Backus and Patrick J. Kehoe, Federal Reserve Bank of Minneapolis Quarterly Review, Fall 1993, 14-29.
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“Cyclical Movements of the Labor Input and its Implicit Real Wage,” with Edward C. Prescott, Federal Reserve Bank of Cleveland Economic Review 29, No. 2, 1993, 12-23.
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“Real Business Cycles,” The McGraw-Hill Encyclopedia of Economics, 2nd ed., 1993, 850-853.

“Rules versus Discretion,” The New Palgrave Dictionary of Money and Finance, The Macmillan Press Ltd., Vol. 3, 1992, 379-381.

“International Real Business Cycles,” with David K. Backus and Patrick J. Kehoe, Journal of Political Economy 100, August 1992, 745-775.
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Reprinted in N.C. Miller (ed.), Open Economy Macroeconomics, Edward Elgar Publishing Inc., 2006.

“On the Econometrics of World Business Cycles,” European Economic Review 36, 1992, 476-482.
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“Comment on Inflation, Personal Taxes, and Real Output: A Dynamic Analysis,” Journal of Money, Credit and Banking 23, August 1991, 575-579.
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“Macroeconomic Implications,” in R.W. Eberts and E.L. Groshen (eds.), Structural Changes in U.S. Labor Markets, M.E. Sharpe, 1991, 207-213.

“The Econometrics of the General Equilibrium Approach to Business Cycles,” with Edward C. Prescott, Scandinavian Journal of Economics 93, No. 2, 1991, 161-178.
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Reprinted in S. Hylleberg and M. Paldam (eds.), New Approaches to Empirical Macroeconomics, Blackwell Publishers, 1991, 33-50.

Printed in Spanish as “El analisis econométrico del enfoque de equilibrio general de los ciclos económicos,” Cuadernos Económicos de ICE, No. 48, 1991, 125-42.
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Reprinted in K.D. Hoover (ed.), Macroeconometrics: Developments, Tensions and Prospects, Kluwer Academic Publishers, 1995.

Reprinted in J.E. Hartley, K.D. Hoover, and K.D. Salyer (eds.), Real Business Cycles: A Reader, Routledge, 1998.

“Hours and Employment Variation in Business Cycle Theory,” with Edward C. Prescott, Economic Theory 1, 1991, 63-81.
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Reprinted in F.E. Kydland (ed.), Business Cycle Theory, Edward Elgar Publishing Ltd., 1995, 351-69.

“Business Cycles: Real Facts and a Monetary Myth,” with Edward C. Prescott, Federal Reserve Bank of Minneapolis Quarterly Review, Spring 1990, 3-18.
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Reprinted in K.D. Hoover (ed.), The New Classical Macroeconomics, Vol. 3, Edward Elgar Publishing Ltd., 1992, 514-29.

Reprinted in P.J. Miller (ed.), The Rational Expectations Revolution, MIT Press, 1994.

Reprinted in F.E. Kydland (ed.), Business Cycle Theory, Edward Elgar Publishing Ltd., 1995, 67-82.

“Monetary Policy in Models with Capital,” in F. van der Ploeg and A.J. de Zeeuw (eds.), Dynamic Policy Games in Economics, North-Holland, 1989, 267-288.
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“The Workweek of Capital and its Cyclical Implications,” with Edward C. Prescott, Journal of Monetary Economics 21, March/May 1988, 343-360.
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Reprinted in K.D. Hoover (ed.), The New Classical Macroeconomics, Vol. 3, Edward Elgar Publishing Ltd., 1992, 496-513.

“Intertemporal Preferences and Labor Supply,” with V. Joseph Hotz and Guilherme L. Sedlacek, Econometrica 56, March 1988, 335-360.
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“A Clarification: Using the Growth Model to Account for Fluctuations,” in K. Brunner and A.H. Meltzer (eds.), Essays on Macroeconomic Implications of Financial and Labor Markets and Political Processes, Carnegie-Rochester Conference Series on Public Policy 21, Autumn 1984, 225-230.
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“Labor-Force Heterogeneity and the Business Cycle,” in K. Brunner and A.H. Meltzer (eds.), Essays on Macroeconomic Implications of Financial and Labor Markets and Political Processes, Carnegie-Rochester Conference Series on Public Policy 21, Autumn 1984, 173-208.
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“Implications of Dynamic Optimal Taxation for the Evolution of Tax Structures: A Comment,” in Carnegie Political Economy Conference Series 3, eds. A.H. Meltzer, P. Ordeshook, and T. Romer, Public Choice, 1983, 229-235.
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“Predicting the Price Level in a World that Changes All the Time: A Comment,” in K. Brunner and A.H. Meltzer (eds.), Economic Policy in a World of Change, Carnegie-Rochester Conference Series on Public Policy 17, Autumn 1982, 57-65.
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“Time to Build and Aggregate Fluctuations,” with Edward C. Prescott, Econometrica 50, November 1982, 1345-1370.
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Reprinted in E.S. Phelps (ed.), Recent Developments in Macroeconomics, Vol. 3, Edward Elgar Publishing Ltd., 1991, 53-78.

Reprinted in K.D. Hoover (ed.), The New Classical Macroeconomics, Vol. 3, Edward Elgar Publishing Ltd., 1992, 268-93.

Reprinted in F.E. Kydland (ed.), Business Cycle Theory, Edward Elgar Publishing Ltd., 1995, 275-300.

Reprinted in J.-P. Bénassy (ed.), Imperfect Competition, Nonclearing Markets and Business Cycles, Edward Elgar Publishing Ltd., 2006, 211-236.

“A Competitive Theory of Fluctuations and the Feasibility and Desirability of Stabilization Policy,” with Edward C. Prescott, in S. Fischer (ed.), Rational Expectations and Economic Policy, University of Chicago Press for the National Bureau of Economic Research, 1980, 169-187.
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“Dynamic Optimal Taxation, Rational Expectations and Optimal Control,” with Edward C. Prescott, Journal of Economic Dynamics and Control 2, February 1980, 79-91.
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“A Dynamic Dominant Firm Model of Industry Structure,” Scandinavian Journal of Economics 81, No. 3, 1979, 355-366.
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“Equilibrium Solutions in Dynamic Dominant-Player Models,” Journal of Economic Theory 15, August 1977, 307-324.
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“Rules Rather than Discretion: The Inconsistency of Optimal Plans,” with Edward C. Prescott, Journal of Political Economy 85, June 1977, 473-491.
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Reprinted in R.E. Lucas, Jr., and T.J. Sargent (eds.), Rational Expectations and Econometric Practice, University of Minnesota Press, 1981.

Reprinted in A.B. Atkinson (ed.), Modern Public Finance, Vol. 2, Edward Elgar Publishing Ltd., 1991, 332-50.

Reprinted in E.S. Phelps (ed.), Recent Developments in Macroeconomics, Vol. 1, Edward Elgar Publishing Ltd., 1991, 315-33.

Reprinted in K.D. Hoover (ed.), The New Classical Macroeconomics, Vol. 3, Edward Elgar Publishing Ltd., 1992, 505-23.

Reprinted in T. Persson and G. Tabellini (eds.), Monetary and Fiscal Policy, Volume 1: Credibility, MIT Press, 1994.

Reprinted in S.C.W. Eijffinger (ed.), Independent Central Banks and Economic Performance, Edward Elgar Publishing Ltd., 1998.

Reprinted in P. Whiteley (ed.), Economic Policy, Edward Elgar Publishing Ltd., 1998.

“Decentralized Stabilization Policies: Optimization and the Assignment Problem,” Annals of Economic and Social Measurement 5, 1976, 249-261.
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“Noncooperative and Dominant Player Solutions in Discrete Dynamic Games,” International Economic Review 16, June 1975, 321-335.
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“Hierarchical Decomposition in Linear Economic Models,” Management Science 21, May 1975, 1029-1039.
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“Optimal Stabilization Policy: A New Formulation,” with Edward C. Prescott, in W.G. Vogt and M.H. Mickle (eds.), Modeling and Simulation, Volume 5: Proceedings of the Fifth Annual Pittsburgh Conference, Pittsburgh, 1974, 217-222.

“Duality in Fractional Programming,” Naval Research Logistics Quarterly 19, December 1972, 691-697.
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“Dynamic Flow-of-Funds Networks,” with Sten Thore, in S. Eilon and T.R. Fowkes (eds.), Applications of Management Science in Banking and Finance, Gower Press, 1972, 259-276.
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“Simulation of Liner Operations,” Sosialøkonomen 23, November 1969, 13-24 (in Norwegian).
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Printed in English by Institute for Shipping Research, Norwegian School of Economics and Business Administration, 1970.
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“Some Critical Comments on PERT,” with Terje Hansen, Bedriftsøkonomen 31, May 1969, 256-269 (in Norwegian).
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