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Research Interests
I am working on topics in macroeconomics, mainly business cycles and growth. Recently I have worked on the effects of inventories on employment fluctuations, the effect of vintage capital in economies with labor market frictions, and the impact of education on capital accumulation.
Professional Experience
Andreas Hornstein is a vice president in the Research Department. His research has been published in a number of economic journals, including the Review of Economic Studies, the Journal of Monetary Economics, and the NBER Macroeconomic Annual. Prior to joining the Richmond Fed in 1996, Hornstein taught at the University of Western Ontario in London, Canada.
Education
Ph.D., University of Minnesota, 1991
Diplom, Universitaet Konstanz (Germany), 1984
"On the Employment Effects of Productivity Shocks: The Role of Inventories, Demand Elasticity, and Sticky Prices" (with Yongsung Chang and Pierre-Daniel Sarte). Journal of Monetary Economics 56, no. 3 (April 2009): 328-343.
"Technology-Policy Interaction in Frictional Labour-Markets" (with Per Krusell and Giovanni L. Violante). Review of Economic Studies 74, no. 4 (October 2007): 1089-1124.
"The Replacement Problem in Frictional Economies: A Near-Equivalence Result" (with Per Krusell and Giovanni L. Violante). Journal of the European Economic Association 3, no. 5 (September 2005): 1007-1057.
"Book Review: The Macroeconomics of Imperfect Competition and Nonclearing Markets: A Dynamic General Equilibrium Approach." Journal of Economic Literature 42, no. 2 (June 2004): 513-515.
"Should a Monetary Policymaker Look at Money?" (with Michael Dotsey). Journal of Monetary Economics 50, no. 3 (April 2003): 547-579.
"Book Review: Barriers to Riches." Journal of Economic Literature 40, no. 4 (December 2002): 1246-1246.
"The Role of Real Wages, Productivity, and Fiscal Policy in Germany’s Great Depression 1928-1937" (with Jonas D. M. Fisher). Review of Economic Dynamics 5, no. 1 (January 2002): 100-127.
"What Is the Real Story for Interest Rate Volatility?" (with Harald Uhlig). German Economic Review 1, no. 1 (February 2000): 43-67.
"(S, s) Inventory Policies in General Equilibrium" (with Jonas D. M. Fisher). Review of Economic Studies 67, no. 1 (January 2000): 117-145.
"Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?" (with Mingwei Yuan). Canadian Journal of Economics 32, no. 4 (August 1999): 878-905.
"Intermediate Inputs and Sectoral Comovement in the Business Cycle" (with Jack Praschnik). Journal of Monetary Economics 40, no. 3 (December 1997): 573-595.
"Monopolistic Competition, Increasing Returns to Scale, and the Importance of Productivity Shocks." Journal of Monetary Economics 31, no. 3 (June 1993): 299-316.
"Money and Insurance in a Turnpike Environment" (with Per Krusell). Economic Theory 3, no. 1 (January 1993): 19-34.
"Insurance Contracts as Commodities: A Note" (with Edward C. Prescott). Review of Economic Studies 58, no. 5 (October 1991): 917-928.
