Our Research Focus

Economic Growth & Business Cycles

We examine differences in living standards between countries and across time, and potential explanations for those differences. We also look at what causes fluctuations in aggregate economic activity. Recent papers have dealt with the effects of differing fiscal policies and the economics of sovereign defaults.

Issue Title Author(s)
First Quarter 2014 A Business Cycle Analysis of Debt and Equity Financing Marios Karabarbounis
Patrick Macnamara
Roisin McCord
Fourth Quarter 2013 The Business Cycle Behavior of Working Capital Felipe Schwartzman
Third Quarter 2012 When Do Credit Frictions Matter for Business Cycles? Felipe Schwartzman
Second Quarter 2012 The Performance of Non-Owner-Occupied Mortgages During the Housing Crisis Breck Robinson
Third Quarter 2011 A Perspective on Modern Business Cycle Theory Nobuhiro Kiyotaki
Third Quarter 2011 Recent Developments in Economic Growth Diego Restuccia
Second Quarter 2011 Sectoral Disturbances and Aggregate Economic Activity Nadezhda Malysheva
Pierre-Daniel G. Sarte
First Quarter 2011 Optimal Contracts for Housing Services Purchases Borys Grochulski
Fourth Quarter 2010 News Shocks and Business Cycles Per Krusell
Alisdair McKay
Fourth Quarter 2010 Risk Sharing, Investment, and Incentives in the Neoclassical Growth Model Emilio Espino
Juan M. Sanchez
Third Quarter 2010 The Politics of Sovereign Defaults Juan Carlos Hatchondo
Leonardo Martinez
Fall 2009 Heterogeneity in Sectoral Employment and the Business Cycle Nadezhda Malysheva
Pierre-Daniel G. Sarte
Summer 2009 Distortionary Taxation for Efficient Redistribution Borys Grochulski
Summer 2009 The Behavior of Household and Business Investment over the Business Cycle Kausik Gangopadhyay
Juan Carlos Hatchondo
Summer 2009 Why Could Political Incentives Be Different During Election Times? Leonardo Martinez
Summer 2007 Quantitative Models of Sovereign Default and the Threat of Financial Exclusion Juan Carlos Hatchondo
Leonardo Martinez
Horacio Sapriza
Summer 2007 Barriers to Foreign Direct Investment Under Political Instability Marina Azzimonti
Pierre-Daniel G. Sarte
Spring 2007 How Accurate Are Real-Time Estimates of Output Trends and Gaps? Mark W. Watson
Spring 2007 The Economics of Sovereign Defaults Juan Carlos Hatchondo
Leonardo Martinez
Horacio Sapriza
Winter 2007 Implications of Some Alternatives to Capital Income Taxation Kartik B. Athreya
Andrea L. Waddle
Winter 2007 Exchange Rates and Business Cycles Across Countries Margarida Duarte
Diego Restuccia
Andrea L. Waddle
Winter 2007 Optimal Nonlinear Income Taxation with Costly Tax Avoidance Borys Grochulski
Fall 2005 How Well Do Diffusion Indexes Capture Business Cycles? A Spectral Analysis Raymond E. Owens
Pierre-Daniel G. Sarte
Summer 2005 Oil Prices and Consumer Spending Yash P. Mehra
Jon D. Petersen
Fall 2004 (Un)Balanced Growth Andreas Hornstein
Fall 2003 Boom and Bust in Telecommunications Elise A. Couper
John P. Hejkal
Alexander L. Wolman
Summer 2003 How Did Leading Indicator Forecasts Perform During the 2001 Recession? James H. Stock
Mark W. Watson
Winter 2003 Efficient Public Investment in a Model with Transition Dynamics Pierre-Daniel G. Sarte
Jorge Soares
Winter 2003 The Cyclical Behavior of Prices and Employee Compensation Roy H. Webb
Fall 2002 Structure From Shocks Michael Dotsey
Spring 2001 Optimal Taxation in Infinitely-Lived Agent and Overlapping Generations Models: A Review Martin Gervais
Andrés Erosa
Spring 2001 The Wealth Effect in Empirical Life-Cycle Aggregate Consumption Equations Yash P. Mehra
Fall 2000 The IT Revolution: Is It Evident in the Productivity Numbers? Per Krusell
Andreas Hornstein
Spring 2000 How the Asian Crisis Affected the World Economy: A General Equilibrium Perspective Wenli Li
Xinshen Diao
Erinc Yeldan
Winter 2000 The Business Cycle and Industry Comovement Andreas Hornstein
Fall 1999 Sticky Prices, Marginal Cost, and the Behavior of Inflation Alexander L. Wolman
Summer 1999 Growth Accounting with Technological Revolutions Andreas Hornstein
Summer 1999 An Empirical Investigation of Fluctuations in Manufacturing Pierre-Daniel G. Sarte
Summer 1999 Two Approaches to Macroeconomic Forecasting Roy H. Webb
Spring 1998 Inventory Investment and the Business Cycle Andreas Hornstein
Spring 1998 New Evidence Connecting Exchange Rates to Business Cycles Alan C. Stockman
Winter 1998 National Productivity Statistics Roy H. Webb
Fall 1997 Investing in Equities: Can it Help Social Security? Michael Dotsey
Summer 1997 On the Identification of Structural Vector Autoregressions Pierre-Daniel G. Sarte
Fall 1996 Neoclassical vs. Endogenous Growth Analysis: An Overview Bennett T. McCallum
Summer 1996 A Theory of the Capacity Utilization/Inflation Relationship Mary G. Finn
Summer 1995 Quantitative Theory and Econometrics Robert G. King
Winter 1995 Is "High" Capacity Utilization Inflationary? Mary G. Finn
Winter 1995 Using the Permanent Income Hypothesis for Forecasting Peter N. Ireland
Summer 1994 Short-Run Effects of Money When Some Prices Are Sticky Lee E. Ohanian
Alan C. Stockman
Winter 1994 Two Perspectives on Growth and Taxes Peter N. Ireland
Fall 1993 Public Investment and Economic Growth William E. Cullison
Fall 1993 Is All Government Capital Productive? Mary G. Finn
Spring 1993 Unit Roots in Macroeconomic Time Series: Some Critical Issues Bennett T. McCallum
Spring 1993 Personal Saving Behavior and Real Economic Activity Roy H. Webb

No Economic Review under this category.

Paper Title Author(s)
March 2014
Large and Small Sellers: A Theory of Equilibrium Price Dispersion with Sequential Search Guido Menzio
Nicholas Trachter
March 2014
What Inventory Behavior Tells Us About How Business Cycles Have Changed (Revised August 2014) Thomas A. Lubik
Pierre-Daniel G. Sarte
Felipe Schwartzman
January 2014
Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data Olivier Coibion
Yuriy Gorodnichenko
Marianna Kudlyak
John Mondragon
October 2013
Learning about Fiscal Policy and the Effects of Policy Uncertainty Christian Matthes
Josef Hollmayr
September 2013
The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy (Revised November 2014) Pierre-Daniel G. Sarte
Esteban Rossi-Hansberg
Fernando Parro
Lorenzo Caliendo
August 2013
Productivity Insurance: The Role of Unemployment Benefits in a Multi-Sector Model David L. Fuller
Marianna Kudlyak
Damba Lkhagvasuren
July 2013
Sudden Stops, Time Inconsistency, and the Duration of Sovereign Debt Juan Carlos Hatchondo
Leonardo Martinez
April 2013
Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry (Revised August 2014) Luis Cabral
Zhu Wang
Daniel Yi Xu
February 2013
International Reserves and Rollover Risk Javier Bianchi
Juan Carlos Hatchondo
Leonardo Martinez
November 2012
Accounting for Unemployment: The Long and Short of It Andreas Hornstein
June 2012
Accounting for Unemployment in the Great Recession: Nonparticipation Matters Marianna Kudlyak
Felipe Schwartzman
April 2012
Systematic Job Search: New Evidence from Individual Job Application Data (Revised September 2014) Marianna Kudlyak
Damba Lkhagvasuren
Roman Sysuyev
April 2012
Sales, Inventories, and Real Interest Rates: A Century of Stylized Facts Luca Benati
Thomas A. Lubik
March 2012
Fiscal Rules and the Sovereign Default Premium Juan Carlos Hatchondo
Leonardo Martinez
Francisco Roch
August 2011
Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea (Revised August 2013) Yongsung Chang
Andreas Hornstein
October 2010
Time to Produce and Emerging Market Crises (Revised July 2012) Felipe Schwartzman
August 2010
The Cyclical Price of Labor When Wages Are Smoothed Marianna Kudlyak
October 1987
The Economic Effects of Corporate Taxes in a Stochastic Growth Model Michael Dotsey
Essay Title Author(s)
January 2014
Learning about Fiscal Policy Uncertainty Christian Matthes
Tim Sablik
September 2013
Is Fiscal Austerity Good for the Economy? Renee Haltom
Thomas A. Lubik
August 2013
Will a Surge in Labor Force Participation Impede Unemployment Rate Improvement? Andreas Hornstein
Karl Rhodes
May 2013
Does Money Still Matter for Monetary Policy? Renee Haltom
October 2012
Explaining an Industry Cluster: The Case of U.S. Car Makers from 1895-1969 David A. Price
Zhu Wang
January 2012
Where Are Households in the Deleveraging Cycle? R. Andrew Bauer
Betty Joyce Nash
November 2011
Recoveries From Recessions Associated With Banking Crises: How Does This One Compare? Juan Carlos Hatchondo
David A. Price
Jonathan Tompkins
October 2011
Fifth District Manufacturing and the Recession: An Analysis of Subsector Performance Robert Schnorbus
Judy Cox
August 2011
Is Stimulative Fiscal Policy More Effective at the Zero Lower Bound? Renee Haltom
Pierre-Daniel G. Sarte
December 2010
The Service Sector and the "Great Recession" Robert Schnorbus
Aileen Watson
October 2010
The Responses of Small and Large Firms to Tight Credit Shocks: The Case of 2008 through the Lens of Gertler and Gilchrist (1994) Marianna Kudlyak
David A. Price
Juan M. Sanchez
August 2010
When Did the Recession End? Renee Haltom
July 2010
How Useful Are Consumer Surveys as Macroeconomic Indicators? Roy H. Webb
October 2009
The Case for Direct Methods to Address CO2 Emissions and Other Negative Environmental Externalities Kartik B. Athreya
Renee Haltom
April 2009
What We Do and Don't Know about Discretionary Fiscal Policy Renee Haltom