Economists

Staff Economists

 

Andreas Hornstein

Andreas Hornstein

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 senior advisor 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

Curriculum vitae

"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.

Issue Title Author(s)
First Quarter 2013 Why Labor Force Participation (Usually) Increases when Unemployment Declines Andreas Hornstein
Third Quarter 2011 Introduction to the Special Issue on Modern Macroeconomic Theory Andreas Hornstein
Second Quarter 2010 Monetary Policy with Interest on Reserves Andreas Hornstein
Winter 2009 Problems for a Fundamental Theory of House Prices Andreas Hornstein
Fall 2008 Introduction to the New Keynesian Phillips Curve Andreas Hornstein
Fall 2007 Evolving Inflation Dynamics and the New Keynesian Phillips Curve Andreas Hornstein
Spring 2006 Implementation of Optimal Monetary Policy Michael Dotsey
Andreas Hornstein
Fall 2005 Trend Inflation, Firm-Specific Capital, and Sticky Prices Andreas Hornstein
Alexander L. Wolman
Summer 2005 Unemployment and Vacancy Fluctuations in the Matching Model: Inspecting the Mechanism Andreas Hornstein
Per Krusell
Giovanni L. Violante
Fall 2004 (Un)Balanced Growth Andreas Hornstein
Fall 2003 Implications of the Capital-Embodiment Revolution for Directed R&D and Wage Inequality Andreas Hornstein
Per Krusell
Spring 2002 Towards a Theory of Capacity Utilization: Shiftwork and the Workweek of Capital Andreas Hornstein
Fall 2000 The IT Revolution: Is It Evident in the Productivity Numbers? Per Krusell
Andreas Hornstein
Winter 2000 The Business Cycle and Industry Comovement Andreas Hornstein
Summer 1999 Growth Accounting with Technological Revolutions Andreas Hornstein
Spring 1998 Inventory Investment and the Business Cycle Andreas Hornstein
Paper Title Author(s)
12-07
November 2012
Accounting for Unemployment: The Long and Short of It Andreas Hornstein
11-04R
August 2011
Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea (Revised August 2013) Yongsung Chang
Andreas Hornstein
09-6R
April 2009
On the Implementation of Markov-Perfect Monetary Policy (Revised August 2011) Michael Dotsey
Andreas Hornstein
09-3
April 2009
Notes on Collateral Constraints in a Simple Model of Housing Andreas Hornstein
07-4
August 2007
Notes on the Inflation Dynamics of the New Keynesian Phillips Curve Andreas Hornstein
06-10
November 2006
Technology-Policy Interaction in Frictional Labor Markets Andreas Hornstein
Per Krusell
Giovanni L. Violante
06-8
September 2006
Technical Appendix for "Frictional Wage Dispersion in Search Models: A Quantitative Assessment" Andreas Hornstein
Per Krusell
Giovanni L. Violante
06-7
September 2006
Frictional Wage Dispersion in Search Models: A Quantitative Assessment Andreas Hornstein
Per Krusell
Giovanni L. Violante
06-6
August 2006
Understanding How Employment Responds to Productivity Shocks in a Model with Inventories Yongsung Chang
Andreas Hornstein
Pierre-Daniel G. Sarte
06-4
May 2006
Home Production Yongsung Chang
Andreas Hornstein
05-1
April 2005
The Replacement Problem in Frictional Economies: A Near-Equivalence Result Andreas Hornstein
Per Krusell
Giovanni L. Violante
04-8
December 2004
The Effects of Technical Change on Labor Market Inequalities Andreas Hornstein
Per Krusell
Giovanni L. Violante
04-9
December 2004
Productivity, Employment, and Inventories Pierre-Daniel G. Sarte
Andreas Hornstein
Yongsung Chang
02-4
November 2002
Should Optimal Discretionary Monetary Policy Look at Money? Michael Dotsey
Andreas Hornstein
02-2
August 2002
Vintage Capital as an Origin of Inequalities Giovanni L. Violante
Per Krusell
Andreas Hornstein
01-7
August 2001
The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37 Jonas D.M. Fisher
Andreas Hornstein
01-6
March 2001
Sticky Prices and Inventories: Production Smoothing Reconsidered Pierre-Daniel G. Sarte
Andreas Hornstein
99-9
October 1999
What is the Real Story for Interest Rate Volatility? Andreas Hornstein
Harald Uhlig
98-8
December 1998
Staggered Prices and Inventories: Production Smoothing Reconsidered Pierre-Daniel G. Sarte
Andreas Hornstein
98-2
March 1998
Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate? (Published: Apr. 1996; Revised: Jan. 1998) Andreas Hornstein
Mingwei Yuan
98-1
March 1998
External vs. Internal Learning-by-Doing in an R&D Based Growth Model Andreas Hornstein
Dan Peled
97-7 (Published Nov. 1994, Revised Feb. 1998)
May 1997
(S,s) Inventory Policies in General Equilibrium Jonas D.M. Fisher
Andreas Hornstein
97-6
May 1997
Intermediate Inputs and Sectoral Comovement in the Business Cycle Andreas Hornstein
Jack Praschnik

"A New Measure of Resource Utilization in the Labor Market" (joint with Marianna Kudlyak and Fabian Lange), April 2014.

"The Cyclicality of the Labor Force Participation Rate," May 2013.

Contact Us

Richmond

Andreas Hornstein
(804) 697-8266