Research Material  


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Data and codes


Some of the research contained in this page has been supported by the NSF and by the ERC

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Additional material

The End of Privilege: A re-examination of the net foreign asset position of the United States Google Scholar

Jonathan Heathcote and Andy Atkeson

May 2024

Working paper

Also available as:
NBER working paper 29771
CEPR discussion paper 17268
Minneapolis Fed Staff Report 639

Replication files data (excel) , figures (matlab)

NBER Digest coverage, April 2022
Video of Graham Lecture

Real Interest Rates, Inflation, and Default Google Scholar

Sewon Hur and Ilenin Kondo

Dec 2023

Working paper

Also available as:

CEPR Discussion Paper 13388
Minneapolis Fed Staff Report 574

Comment on: "International tax competition with rising intangible capital and financial globalization" by V. Quadrini and V. Rios-Rull Google Scholar


Nov 2023

Journal of Monetary Economics, 2024, Forthcoming


How do households respond to income shocks? Google Scholar

Dirk Krueger and Egor Malkov

Nov 2023

Working paper

Also available as:
NBER working paper 31894
CEPR discussion paper 18614
Minneapolis Fed Staff Report 655

More Unequal We Stand? Inequality Dynamics in the United States, 1967--2021 Google Scholar

Jonathan Heathcote, Gianluca Violante and Lichen Zhang

Oct 2023

Review of Economic Dynamics, October 2023, 50, 235-266

Also available as:
NBER working paper 31486
CEPR discussion paper 18294
Minneapolis Fed Staff Report 648

Minneapolis Fed article (by Jeff Horwich): Telling the nuanced story of economic inequality in the U.S., layer by layer

Pandemic control in ECON-EPI Networks Google Scholar

Marina Azzimonti, Alessandra Fogli and Mark Ponder

Feb 2023

Working paper

Older versions:
Covid Economics: Vetted and Real-Time Papers, Issue 44, 25 August 2020
NBER Working paper 27741
CEPR Discussion paper 15229
Minneapolis Fed Staff Report 609

Minneapolis Fed Press Coverage
Coverage by South Dakota Public Radio

Unequal Growth Google Scholar

Francesco Lippi

Feb 2023

Journal of Monetary Economics, January 2023, 133, 1-18 (lead article)


World Financial Cycles

Yan Bai, Patrick Kehoe and PierLauro Lopez

Oct 2022

In progress


Comments on "The Monetary and Fiscal History of Venezuela, 1960-2016", by Diego Restuccia


Jul 2021

In: T. Kehoe and J. Nicolini (eds) A Monetary and Fiscal History of Latin America

Data (Excel), Slides

The Rise of US Earnings Inequality: Does the Cycle Drive the Trend?

Jonathan Heathcote and Gianluca Violante

Jun 2020

Review of Economic Dynamics, August 2020, 37 (Supp. 1), S181-204

Also available as:
NBER Working paper 27345
CEPR Discussion paper 14870
Minneapolis Fed Staff Report 604

Wall Street Journal Coverage
Vox EU podcast

Exchange Rates Policies at the Zero Lower Bound

Manuel Amador, Javier Bianchi and Luigi Bocola

Sep 2019

Review of Economic Studies, July 2020, 87(4), 1605-1645

Older versions available as:
NBER wp 23266
CEPR dp 11928
Minneapolis Fed Working paper 740

Data and codes

A graph

Foreign Reserve Management

Manuel Amador, Javier Bianchi and Luigi Bocola

July 2018

In progress


Wealth and Volatility

Jonathan Heathcote

Oct 2017

Review of Economic Studies, October 2018, 85(4), 2173–2213

Older versions available as NBER wp 20994, Minneapolis Fed Staff Report 508

The Region summary

Data and Codes

International Recessions

Vincenzo Quadrini

Sep 2017

American Economic Review, April 2018, 108(4-5), 935-84

Data, Codes, Data and Codes

The Region summary

AEA Video

Capital Requirements and bailouts

George Stefanidis

Aug 2017

Working Paper

Also available as:

Minneapolis Fed Staff Report 554

The Region Summary

On the Distribution of the Welfare Losses of Large Recessions

Dirk Krueger and Kurt Mittman

Aug 2017

Advances in Economics and Econometrics, in B. Honoré, A. Pakes, M. Piazzesi and L. Samuleson (eds) Advances in Economics and Econometrics: Volume 2, Eleventh World Congress of the Econometric Society, August 2017, Cambridge University Press, 143-184


Comment on: "Capital Controls and Monetary Policy Autonomy in a Small Open Economy'' by J. Scott Davis and Ignacio Presno


Jan 2017

Journal of Monetary Economics, January 2017, 85, 131-35


Reverse Speculative Attacks

Manuel Amador, Javier Bianchi and Luigi Bocola

Nov 2016

Journal of Economic Dynamics and Control, November 2016, 72, 125-137

Also available as:
NBER wp 22298
Minneapolis Fed Staff Report 528

The Region summary

Macroeconomics and Household Heterogeneity

Dirk Krueger and Kurt Mittman

Jun 2016

Handbook of Macroeconomics, vol. 2A, November 2016, Elsevier (Amsterdam), 843-921

Also available as:
NBER wp 22319
Minneapolis Fed Staff Report 529

Washington Post Blog, Vox EU Column, Equitable Growth Blog, Macromom Blog

On the Desirability of Capital Controls

Jonathan Heathcote

Feb 2016

IMF Economic Review, April 2016, 64, 1, 75-102

Also available as NBER wp 21898, CEPR dp 11080, Minneapolis Fed Staff Report 523

WSJ Blog Coverage

The Region Summary

Macroeconomic volatility and external imbalances

Alessandra Fogli

Dec 2014

Journal of Monetary Economics, January 2015, 69, 1-15 (lead article)

Data and Codes

Also available as NBER wp 20872

NBER Digest Summary

Inequality, Recessions and Recoveries


Apr 2014

Federal Reserve Bank of Minneapolis

Annual Report Essay, 2013


The international diversification puzzle is not as bad as you think

Jonathan Heathcote

Dec 2013

Journal of Political Economy, December 2013, 121 (6) 1108-1159

Data and Codes

Assessing International Efficiency

Jonathan Heathcote

Nov 2013

Handbook of International Economics, vol. 4, January 2014, Elsevier (Amsterdam), 523-584


Comment on: "Structural and Cyclical Forces in the Labor Market During the Great Recession: Cross-Country Evidence"

Aug 2013

NBER International Seminar on Macroeconomics 2012 August 2013, University of Chicago Press, 405-414

Data for figures

The Geography of the Great Recession

Alessandra Fogli and Enoch Hill

Aug 2013

NBER International Seminar on Macroeconomics 2012 August 2013, University of Chicago Press, 305-331

Available as NBER wp 18447

Global Banks and Crisis Transmission

Sebnem Kalemli-Ozcan, Elias Papaioannou

Feb 2012

Journal of International Economics, March 2013, 89(2) 495–510


Inequality and Redistribution during the Great Recession

Joe Steinberg

Jan 2012

Working paper

Avaialable as Minneapolis FED Economic Policy Paper

Featured on the Economist, Nov 2012

Public versus Private Risk Sharing

Dirk Krueger

May 2011

Journal of Economic Theory, May 2011, 146(3), 920-956

Available as NBER wp 15582 and CEPR dp 7625

Old draft: Risk sharing: private insurance markets or redistributive taxes?

First version: Minneapolis FED SR 262

Technical appendix

Comment on "Monetary Policy and the Global Housing


Apr. 2011

Economic policy, April 2011, 66, 275-278


Tax buyouts

Marco Del Negro and Fabiano Schivardi

Jul 2010

Journal of Monetary Economics
July 2010, 57(5), Pages 576-595

Also available as NBER wp 15847

Minneapolis FED Economic Policy Paper

Comment on "From Great Depression to Great Credit Crisis: Similarities,Differences and Lessons"


Feb 2010

Economic policy, Apr. 2010, 62, 254-258


Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967-2006

Jonathan Heathcote and Gianluca Violante

Jan 2010

Review of Economic Dynamics, January 2010, 13(1), p. 15-51


Vox EU article

Older drafts: NBER wp 15483, CEPR dp 7538

Cross sectional facts for macroeconomists

Dirk Krueger, Luigi Pistaferri and Gianluca Violante

Dec 2009

Review of Economic Dynamics, January 2010, 13(1), p. 15-51

Blog review

Cross sectional facts for macroeconomists web page

Comment on: "Planning to cheat: EU fiscal policy in real time"


Oct 2009

Economic policy, Oct. 2009, 60, p. 797-801


Comment on: "Unsecured Credit markets Are Not Insurance Markets'' by Kartik Athreya, Xuan S. Tam and Eric R. Young


Jan 2009

Journal of Monetary Economics
Jan 2009, 56, (1), 104-108

Data and Codes

Comment on: ��Optimal saving distortions with recursive preferences�� by Emmanuel Fahri and Ivan Werning


Jan 2008

Journal of Monetary Economics
Jan 2008,55, 43�47


Evaluating Asset Pricing Models with Limited Commitment using Household Consumption Data

Hanno Lustig and Dirk Krueger

Nov 2007

Journal of the European Economic Association (Papers and Proceedings) April-May 2008, 6/2-3, p. 715-726

Older draft: NBER wp 13650

The Great Moderation and the US External Imbalances

Alessandra Fogli

Dec 2006

Monetary and Economic Studies 
Dec 2006, 26, 209-225

Updated slides

Older drafts: NBER wp 12708 and CEPR dp 6010

Default and Enforcement Constraints


Jan 2007

New Palgrave Dictionary of Economics 2nd edition


Does Income Inequality lead to Consumption inequality? Evidence and theory

Dirk Krueger

Aug 2005


Review of Economic Studies
March 2006, 73, 163-193


Dataset Codes 
Popular Press Coverage

Wall Street Journal

The region

New York times

LA Times

Business Week 

CNN Money

Money Magazine 

Die Welt

NBER Digest

The economist

The Research Agenda: Risk Sharing across Households, Generations and Countries

Dirk Krueger

Apr 2005

EconDynamics Newsletter
April 2005


Understanding Consumption Smoothing: Evidence from the US Consumer Expenditure Data

Dirk Krueger

Nov 2004

Journal of the European Economic Association (Papers and Proceedings), April-May 2005, 3/2-3, p. 340-349


Business Cycles in Emerging Economies: the Role of Interest Rates

Andy Neumeyer

Mar 2004

Journal of Monetary Economics
March 2005, 52/2, 345-380

Older drafts: NBER wp 10387 and CEPR dp 4482

Financial Globalization and Real Regionalization

Jonathan Heathcote

Aug 2003

Journal of Economic Theory
November 2004, 119/1, p. 207-243

Sternbusiness article
Older drafts: NBER wp 9292 and CEPR dp 3268

On the welfare consequences of the increase in inequality in the United States

Dirk Krueger

Jun 2003

2003 NBER Macro Annual  

Older draft: NBER wp 9993

Why has the U.S. economy become less correlated with the rest of the world?

Jonathan Heathcote

Jan 2003

American Economic Review
Papers and Proceedings
May 2003, 93/2, p. 63-69


Competitive Equilibria with Limited Enforcement

Patrick Kehoe

Oct 2002

Journal of Economic Theory
November 2004, 119/1, p. 184-206

Old drafts: Minneapolis FED Working paper 307, NBER wp 9077

Comment to "Current Accounts in the Long and Short Run"


Aug 2002

2002 NBER Macro Annual


Exchange Rate Overshooting and the  Costs of Floating

Michele Cavallo, Kate Kisselev, Nouriel Roubini

Apr 2002

Working paper


The Great Depression in Italy: Trade Restrictions and Real Wage Rigidities

Vincenzo Quadrini

Sep 2001

Review of Economic Dynamics
Jan. 2002, 5/1, p. 128-151


Article has been reprinted in: Great Depressions of the twentieth century.

The Role of Fiscal Policy in Japan: a Quantitative Study


Feb 2001

Japan and the World Economy
Dec. 2001, 13/4, p. 387-404


Financial Autarky and International Business Cycles

Jonathan Heathcote

Dec 2000

Journal of Monetary Economics
April 2002, 49/3, p. 601-627


International Business Cycles with Endogenous Incomplete Markets

Patrick Kehoe

Mar 2000

May 2002, 70/3, p. 907-928


Persistent Growth: An International Perspective

Alessandra Fogli

Feb 1999

Preliminary Draft


L'integrazione europea: un'analisi empirica

Marcello De Cecco

Mar 1996

Moneta e Credito
March 1996, 193, p. 89-121


All papers are in PDF format