Timothy J. Kehoe

Professor of Economics, University of Minnesota

and Adviser, Federal Reserve Bank of Minneapolis

Real GDP per working-age person in the United States, 1900–2005

Compare U.S. economic growth over the period 1900-2005 to a 2 percent per year trend. Notice how trivial business cycle fluctuations are in comparison to the 1929-39 Great Depression. We need new tools to study great depressions. A new book, edited by Tim Kehoe and Ed Prescott, provides these tools.

Tim Kehoe received his B.A. in Economics and Mathematics from Providence College in 1975 and his Ph.D. from Yale University in 1979. He has taught at Wesleyan University, the Massachusetts Institute of Technology, and the University of Cambridge in England. Since 1987 Tim has been a Professor in the Department of Economics at the University of Minnesota where he is currently Distinguished McKnight University Professor. He is also an adviser at the Federal Reserve Bank of Minneapolis.  His research and teaching focus on the theory and application of general equilibrium models. Tim has advised the Spanish government on the impact of joining the European Community in 1986, the Mexican government on the impact of joining NAFTA in 1994, and the Panamanian goverment on the impact of unilateral foreign trade and invesment reforms in 1998. He is married to Jean O'Brien-Kehoe, an Associate Professor in the Department of History at the University of Minnesota.

	Research		Teaching
	Publications		Computation
	Curriculum Vitae		Personal
		Data

Click here to see an article in the 15 July 2006 issue of the Economist that discusses Tim's work on evaluating the performance of applied general equilibrium models used to study the impact of the North America Free Trade Agreement. The research discussed in the Economist article is contained in

Timothy J. Kehoe, "An Evaluation of the Performance of Applied General Equilibrium Models of the Impact of NAFTA," in Timothy J. Kehoe, T.N. Srinivasan, and John Whalley, editors, Frontiers in Applied General Equilibrium Modeling:  Essays in Honor of Herbert Scarf, Cambridge University Press, 2005, 341-77.

Recent Papers

Ed Prescott and I have just edited a new book related to the Great Depressions Project that we have been running at the Federal Reserve Bank of Minneapolis over the past eight years. Click here for the slides for a brief presentation on the Great Depressions Project. Click here for an interview with Ed and me by the EconomicDynamics Newsletter about the Great Depressions Project. Here are some papers related to that project:

• "A Decade Lost and Found:  Mexico and Chile in the 1980s" with Raphael Bergoeing, Patrick J. Kehoe, and Raimundo Soto.  (Description of the data and MS Excel file with all of the data.)
• "Decades Lost and Found:  Chile and Mexico Since 1980" with Raphael Bergoeing, Patrick J. Kehoe, and Raimundo Soto. [Revised and expanded version of previous paper.]
• "Great Depressions of the Twentieth Century" with Edward C. Prescott.  (Description of the data and MS Excel file with all of the data.)
• "Is Switzerland in a Great Depression?" with Kim J. Ruhl.  (Description of the data and MS Excel file with all of the data.)
• "Modeling Great Depressions: The Depression in Finland in the 1990s" with Juan Carlos Conesa and Kim J. Ruhl. (Description of the data and MS Excel file with all of the data.)
• "Policy-Driven Productivity in Chile and Mexico in the 1980s and 1990s"  with Raphael Bergoeing, Patrick J. Kehoe, and Raimundo Soto.
• "Recent Great Depressions:  Aggregate Growth in New Zealand and Switzerland" with Kim J. Ruhl. (Description of the data and MS Excel file with all of the data.)
• "What Can We Learn from the Current Crisis in Argentina?"  (Description of the data and MS Excel file with all of the data.)

Here are some other papers:

• "Are Shocks to the Terms of Trade Shocks to Productivity?" with Kim J. Ruhl. (Description of the data and MS Excel file with all of the data.)
• "Bankruptcy and Collateral in Debt Constrained Markets" with David K. Levine.
• "Demographics in Dynamic Heckscher-Ohlin Models:  Overlapping Generations versus Infinitely Lived Consumers," with Claustre Bajona.
• "An Evaluation of the Performance of Applied General Equilibrium Models of the Impact of NAFTA."
• "How Important is the New Goods Margin in International Trade?" with Kim J. Ruhl.
• "Real Exchange Rate Movements and the Relative Price of Nontraded Goods" with Caroline M. Betts.
• "Tradability of Goods and Real Exchange Rate Fluctuations" with Caroline M. Betts.
• "Trade, Growth, and Convergence in a Dynamic Heckscher-Ohlin Model," with Claustre Bajona.
• "Trade Theory and Trade Facts" with Raphael Bergoeing.
• "U.S. Real Exchange Rate Fluctuations and Relative Price Fluctuations" with Caroline M. Betts. (Description of the data, MS Excel file with all of the original data, and MS Excel files with all of the final data.)

For more papers go here.

Archive of research papers from the Federal Reserve Bank of Minneapolis

File format
Files posted to this site are in Adobe Acrobat (.pdf) format.
You can get Adobe's Acrobat Reader from Adobe's Web site at no charge.  

Some Links

People

• Cristina Arellano, University of Minnesota

• Raphael Bergoeing, Universidad de Chile
• Caroline Betts, University of Southern California
• Michele Boldrin, Washington University in St. Louis
• Juan Carlos Conesa, Universitat Autònoma de Barcelona
• Carlos Garriga, Federal Reserve Bank of St. Louis
• Patrick J. Kehoe, Federal Reserve Bank of Minneapolis and University of Minnesota
• Omar Licandro, European University Institute
• David K. Levine, Washington University in St. Louis
• Enrique G. Mendoza, University of Maryland
• Edward C. Prescott, Federal Reserve Bank of Minneapolis and Arizona State University
• Franck Portier, Université Toulouse I Sciences Sociales
• Carmen M. Reinhart, University of Maryland
• José-Víctor Ríos-Rull, University of Pennsylvania
• Kim J. Ruhl, University of Texas, Austin
• Jing Zhang, University of Michigan

 Organizations

• Centre de Recerca en Economia del Benestar, Universitat de Barcelona
• Department of Economics, University of Minnesota
• Quantitative Macroeconomics and Real Business Cycle Homepage
• Society for Economic Dynamics

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URL: http://www.econ.umn.edu/~tkehoe/

© 2000 by the Regents of the University of Minnesota.

The construction of this web site was supported by the National Science Foundation under Grants No. 96-18370, 00-96364, 05-20517.

The views and opinions expressed in this page are strictly those of the page author. The contents of this page have not been reviewed or approved by the University of Minnesota. Comments to:  tkehoe@econ.umn.edu
Last modified: 13 June 2008 9:48