Kocherlakota’s Research Page (by topic)
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.
Below, I list my research papers, divided (somewhat arbitrarily) into five topics:
asset pricing and portfolio choice
cycles and growth
dynamic contracting and dynamic games
money and banking
optimal taxation
Papers are listed in reverse chronological order within each topic. See vita for full citations. Some papers occur multiple times because they are related to multiple topics.
Asset Pricing and Portfolio Choice
"Asset Pricing Implications of Pareto Optimality with Private Information," Journal of Political Economy, joint with L. Pistaferri, 2009.
"Injecting Rational Bubbles," Journal of Economic Theory, 2008.
"Household Heterogeneity and Real Exchange Rates," Economic Journal, joint with L. Pistaferri, 2007.
"Looking for
Evidence of Time-Inconsistent Preferences in Asset Market Data," Federal
Reserve Bank of
"The Effects of Moral Hazard on Asset Prices when Financial Markets are Complete," Journal of Monetary Economics, 1998.
"Testing the Consumption CAPM with Heavy-Tailed Pricing Errors," Macroeconomic Dynamics, 1997.
"Why Should Older
People Invest Less in Stocks than Younger People?" Federal Reserve Bank of
"The Equity Premium: It's Still A Puzzle," Journal of Economic Literature, 1996.
"Bubbles and Constraints on Debt Accumulation," Journal of Economic Theory, 1992.
"On Tests of Representative Consumer Asset Pricing Models," Journal of Monetary Economics, 1990.
"Disentangling the Coefficient of Relative Risk Aversion from the Elasticity of Intertemporal Substitution: An Irrelevance Result," The Journal of Finance, 1990.
"On the 'Discount' Factor in Growth Economies," Journal of Monetary Economics, 1990.
Cycles and Growth
"Creating Business
Cycles Through Credit Constraints," Federal Reserve Bank of
"Using Theory for Measurement: Measuring the Cyclical Behavior of Home Production," Journal of Monetary Economics, joint with B. F. Ingram and N. E. Savin, 1997.
"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, 1997.
"Consumption, Commitment and Cycles," Journal of Monetary Economics, 1996.
"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, 1996.
"Can Convergence Regressions Distinguish Between Exogenous and Endogenous Growth Models?" Economic Letters, joint with K. Yi, 1995.
"Explaining Business Cycles: A Multiple Shock Approach," Journal of Monetary Economics, joint with B. F. Ingram and N. E. Savin, 1994.
Dynamic Contracting and Dynamic Games
"Asset Pricing Implications of Pareto Optimality with Private Information," Journal of Political Economy, joint with L. Pistaferri, 2009.
Preferences and Optimal Social Security Systems
," working paper, joint with B. Grochulski, 2008.
"Household Heterogeneity and Real Exchange Rates,"
Economic Journal, joint with L.
Pistaferri, 2007.
"Finite Memory and Imperfect Monitoring,"
Games and Economic Behavior, joint
with H. Cole, 2005.
"Implications of Efficient Risk Sharing without Commitment,"
Review of Economic Studies, 1996.
"Internal Debt Crises and Sovereign Defaults,"
working paper, joint with C. Arellano, 2008.
"Model Fit and Model Selection," Federal Reserve Bank of St. Louis Review, 2007.
"Optimal Monetary Policy: What We Know and What We Don’t Know,"
International Economic Review, 2005.
"Societal Benefits of Illiquid Bonds,"
Journal of Economic Theory, 2003.
(technical details: Money: What’s the Question and Why We Care About the Answer,
December 2001).
"The Two-Money Theorem," International Economic Review, 2002.
"Risky Collateral and Deposit Insurance,"
Advances in Macroeconomics, 2001.
"A Signaling Model of Multiple Monies,"
Review of Economic Dynamics, joint with T. Krueger, 1999.
"Money is Memory," Journal of Economic Theory, 1998.
"Bubbles and Constraints on Debt Accumulation,"
Journal of Economic Theory, 1992.
"The New Dynamic Public Finance,"
forthcoming, Princeton University Press, 2009.
"On the Robustness of Laissez-Faire,” Journal of Economic Theory, joint with C.
Phelan, forthcoming.
"Zero Expected Wealth Taxes: A Mirrlees Approach to Dynamic
Optimal Taxation, " Econometrica,
2005.
"Optimal Monetary Policy: What We Know and What We Don’t Know,"
International Economic Review, 2005.
"Wedges and Taxes" American Economic Review Papers and Proceedings,
2004.