Kocherlakota’s Research Page (by date)
On October 8, 2009, Narayana Kocherlakota became
President of the Federal Reserve Bank of Minneapolis. Please view his page on the
Minneapolis Fed website for the most
up-to-date information.
Working Papers
"Internal Debt Crises
and Sovereign Defaults," joint with C. Arellano, August 2008.
"Nonseparable Preferences and Optimal Social Security Systems
," joint with B. Grochulski,
July 2008.
Published and
Forthcoming Papers
See vita for precise citations. Authors’ names are alphabetical for all
papers.
Forthcoming:
"On the Robustness of Laissez-Faire," Journal of
Economic Theory, joint with C. Phelan.
2009: "Asset Pricing Implications of Pareto Optimality with Private
Information," Journal of Political Economy,
joint with L. Pistaferri.
2008:
"Injecting Rational Bubbles," Journal of
Economic Theory.
"Monetary and Fiscal Policy: An Overview,"
New
Palgrave.
"Inequality and Real Exchange Rates," Journal of
the European Economic Association, joint with L. Pistaferri.
2007:
"Forbearance and Prompt Corrective Action,"
Journal of Money, Credit, and Banking, joint
with I. Shim.
"Model Fit and Model Selection," Federal Reserve Bank of St. Louis Review.
"Household Heterogeneity and Real Exchange Rates,"
Economic Journal, joint with L. Pistaferri.
2006:
"Advances in Dynamic Optimal Taxation,"
Advances
in Economics and Econometrics: Theory and Applications, Ninth World Congress,
Volume I.
2005:
"Finite Memory and Imperfect Monitoring,"
Games
and Economic Behavior, joint with H. Cole.
"Zero Expected Wealth Taxes: A Mirrlees
Approach to Dynamic Optimal Taxation, " Econometrica.
"Optimal Monetary Policy: What We Know and What We Don’t Know,"
International Economic Review.
2004:
"Figuring Out the Impact of Hidden Savings on Optimal
Unemployment Insurance," Review of Economic Dynamics.
"Wedges and Taxes," American
Economic Review Papers and Proceedings.
"On the Irrelevance of Government Debt When Taxes are Distortionary," Journal of
Monetary Economics, joint with M. Bassetto.
2003:
"Optimal Indirect and Capital Taxation,"
Review of Economic Studies, joint
with M. Golosov and A. Tsyvinski.
"Societal Benefits of Illiquid Bonds,"
Journal of Economic Theory.
2002:
"Money: What’s the Question and Why Should We Care About the Answer?" American
Economic Review Papers and Proceedings.
See "Money: What’s the Question and Why We Care About the Answer, " December 2001, for technical details.
"The Two-Money Theorem," International Economic Review.
2001:
"Looking for Evidence of Time-Inconsistent Preferences in Asset
Market Data," Federal Reserve Bank of Minneapolis Quarterly
Review.
"Efficient Allocations with Hidden Income and Hidden Storage,"
Review of Economic Studies, joint
with H. Cole.
"Dynamic Games with Hidden Actions and Hidden States,"
Journal of Economic Theory, joint with H. Cole.
"Risky Collateral and Deposit Insurance,"
Advances in Macroeconomics.
2000:
"Creating Business Cycles Through Credit Constraints,"
Federal Reserve Bank of Minneapolis Quarterly Review.
1999:
"Explaining the Fiscal Theory of the Price Level,"
Federal Reserve Bank of Minneapolis
Quarterly Review, joint with C. Phelan.
"A Signaling Model of Multiple Monies,"
Review of Economic Dynamics, joint with T. Krueger.
1998:
"Money is Memory," Journal of Economic Theory.
"Incomplete Record-Keeping and Optimal Payment Arrangements,"
Journal of Economic Theory, joint with N. Wallace.
"The Technological Role of Fiat Money,"
Federal Reserve Bank of Minneapolis
Quarterly Review, (based on "Money is Memory").
"Zero Nominal Interest Rates: Why They're
Good and How to Get Them," Federal Reserve Bank of Minneapolis Quarterly Review, joint with H.
Cole.
"The Effects of Moral Hazard on Asset Prices when Financial
Markets are Complete," Journal of Monetary Economics.
1997:
"Using Theory for Measurement: Measuring the Cyclical
Behavior of Home Production," Journal of Monetary Economics, joint with B. F. Ingram and N. E. Savin.
"Testing the Consumption CAPM with Heavy-Tailed Pricing
Errors," Macroeconomic
Dynamics.
"Is there Endogenous Long Run Growth? Evidence from the United States and the
United Kingdom," Journal
of Money, Credit, and Banking, joint with K. Yi.
1996:
"Implications of Efficient Risk Sharing without Commitment,"
Review of Economic Studies.
See also, “Differentiability of the Efficient Frontier when Commitment
to Risk Sharing is Limited,” by Thorsten Koeppl
of Queen's University for an important correction to the above paper.)
"Why Should Older People Invest Less in Stocks than Younger
People?" Federal
Reserve Bank of Minneapolis
Quarterly Review, joint with R. Jagannathan.
"Reconsideration-Proofness: A
Refinement for Infinite Horizon Time Inconsistency," Games and Economic Behavior.
"Consumption, Commitment and Cycles," Journal of Monetary Economics.
"The Equity Premium: It's Still A Puzzle,"
Journal of Economic Literature.
"A Simple Time Series Test of Endogenous vs. Exogenous Growth
Models: An Application to the United States,"
Review of Economics and Statistics,
joint with K. Yi.
1995:
"Can Convergence Regressions Distinguish Between Exogenous
and Endogenous Growth Models?" Economic Letters, joint with K. Yi.
1994:
"Explaining Business Cycles: A
Multiple Shock Approach," Journal of Monetary Economics, joint with B. F. Ingram and N. E. Savin.
1992:
"Bubbles and Constraints on Debt Accumulation,"
Journal of Economic Theory.
1991:
"The Variability of Velocity in Cash-in-Advance Models,"
Journal of Political Economy, joint with R. Hodrick
and D. Lucas.
1990:
"On Tests of Representative Consumer Asset Pricing Models,"
Journal
of Monetary Economics.
"Disentangling the Coefficient of Relative Risk Aversion from
the Elasticity of Intertemporal Substitution: An
Irrelevance Result," The
Journal of Finance.
"On the 'Discount' Factor in Growth Economies,"
Journal of Monetary Economics.