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.

First Quarter 2014

Measuring Resource Utilization in the Labor Market

Andreas Hornstein, Marianna Kudlyak and Fabian Lange

Second Quarter 2010

Monetary Policy with Interest on Reserves

Andreas Hornstein

Spring 2006

Implementation of Optimal Monetary Policy

Andreas Hornstein and Michael Dotsey

Fall 2004

(Un)Balanced Growth

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

November 2012, No. 12-07

Accounting for Unemployment: The Long and Short of It

Andreas Hornstein

April 2009, No. 09-3

Notes on Collateral Constraints in a Simple Model of Housing

Andreas Hornstein

November 2006, No. 06-10

Technology-Policy Interaction in Frictional Labor Markets

Andreas Hornstein, Per Krusell and Giovanni L. Violante

September 2006, No. 06-8

Technical Appendix for "Frictional Wage Dispersion in Search Models: A Quantitative Assessment"

Andreas Hornstein, Per Krusell and Giovanni L. Violante

September 2006, No. 06-7

Frictional Wage Dispersion in Search Models: A Quantitative Assessment

Andreas Hornstein, Per Krusell and Giovanni L. Violante

May 2006, No. 06-4

Home Production

Andreas Hornstein and Yongsung Chang

April 2005, No. 05-1

The Replacement Problem in Frictional Economies: A Near-Equivalence Result

Andreas Hornstein, Per Krusell and Giovanni L. Violante

December 2004, No. 04-8

The Effects of Technical Change on Labor Market Inequalities

Andreas Hornstein, Per Krusell and Giovanni L. Violante

November 2002, No. 02-4

Should Optimal Discretionary Monetary Policy Look at Money?

Andreas Hornstein and Michael Dotsey

August 2002, No. 02-2

Vintage Capital as an Origin of Inequalities

Andreas Hornstein, Per Krusell and Giovanni L. Violante

August 2001, No. 01-7

The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37

Andreas Hornstein and Jonas D.M. Fisher

October 1999, No. 99-9

What is the Real Story for Interest Rate Volatility?

Andreas Hornstein and Harald Uhlig

March 1998, No. 98-1

External vs. Internal Learning-by-Doing in an R&D Based Growth Model

Andreas Hornstein and Dan Peled

May 1997, No. 97-6

Intermediate Inputs and Sectoral Comovement in the Business Cycle

Andreas Hornstein and Jack Praschnik

May 1997, No. 97-7 (Published Nov. 1994, Revised Feb. 1998)

(S,s) Inventory Policies in General Equilibrium

Andreas Hornstein and Jonas D.M. Fisher

June 2014, No. 14-06

Does the Unemployment Rate Really Overstate Labor Market Recovery?

Andreas Hornstein, Marianna Kudlyak, Fabian Lange and Tim Sablik

August 2013, No. 13-08

Will a Surge in Labor Force Participation Impede Unemployment Rate Improvement?

Andreas Hornstein and Karl Rhodes

September 2011, No. 11-09

Potential Causes and Implications of the Rise in Long-Term Unemployment

Andreas Hornstein, Thomas A. Lubik and Jessie Romero

"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