Contact Information

Ellen R. McGrattan
4-161 Hanson Hall
612-625-6714
erm@umn.edu

Office Hours
By appointment

Mailing Address
Department of Economics
University of Minnesota
4-101 Hanson Hall
1925 4th St S
Minneapolis, MN 55455

Research Materials











All Publications and Papers:

On Financing Retirement with an Aging Population
Ellen R. McGrattan and Edward C. Prescott
March 2017
Quantitative Economics, 8(1): 75-115
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Intangible Capital and Measured Productivity
Ellen R. McGrattan
March 2017
Federal Reserve Bank of Minneapolis, Staff Report 545
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The Impact of Brexit on Foreign Investment and Production
Ellen R. McGrattan and Andrea Waddle
March 2017
Federal Reserve Bank of Minneapolis, Staff Report 542
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An Aggregate Model for Policy Analysis with Demographic Change
Ellen R. McGrattan and Edward C. Prescott
December 2016
Journal of the Economics of Ageing , forthcoming
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Accounting for Business Cycles
Pedro Brinca, V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
September 2016
Handbook of Macroeconomics, Volume 2A
eds., J. B. Taylor and H. Uhlig, North-Holland, pp. 1013-63
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China's Foreign Investment
Ellen R. McGrattan
July 2016
Federal Reserve Bank of Minneapolis, Economic Policy Papers, 16-9
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Monetary Policy and Employment
Ellen R. McGrattan
September 2015
Federal Reserve Bank of Minneapolis, Economic Policy Papers, 15-7
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Quid Pro Quo: Technology Capital Transfers for Market Access in China
Thomas J. Holmes, Ellen R. McGrattan, and Edward C. Prescott
July 2015
Review of Economic Studies, 82(3): 1154-1193
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Taxing Wealth
Ellen R. McGrattan
February 2015
Federal Reserve Bank of Minneapolis, Economic Policy Papers, 15-4
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The Costs of Quid Pro Quo
Thomas J. Holmes, Ellen R. McGrattan, and Edward C. Prescott
January 2015
Federal Reserve Bank of Minneapolis, Economic Policy Papers, 15-1
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Why Are Married Women Working So Much?
Larry Jones, Rodolfo Manuelli, and Ellen R. McGrattan
October 2014
Journal of Demographic Economics, 81(1): 75-114
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A Reassessment of Real Business Cycle Theory
Ellen R. McGrattan and Edward C. Prescott
May 2014
American Economic Review Papers and Proceedings, 104(5): 177-187
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Transition to FDI Openness: Reconciling Theory and Evidence
Ellen R. McGrattan
October 2012
Review of Economic Dynamics, 15(4): 437-458
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Capital Taxation During the U.S. Great Depression
Ellen R. McGrattan
August 2012
Quarterly Journal of Economics, 127(3): 1515-1550
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The Labor Productivity Puzzle
Ellen R. McGrattan and Edward C. Prescott
2012
Government Policies and the Delayed Economic Recovery
eds., L. Ohanian, J. Taylor, and I. Wright,
Hoover Institution Press, pp. 115-154
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Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
Ellen R. McGrattan and Edward C. Prescott
October 2010
American Economic Journal: Macroeconomics, 2(4): 88-123
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Technology Capital and the U.S. Current Account
Ellen R. McGrattan and Edward C. Prescott
September 2010
American Economic Review, 100(4): 1493-1522
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Measurement with Minimal Theory
Ellen R. McGrattan
July 2010
Federal Reserve Bank of Minneapolis, Quarterly Review, 33(1): 2-13
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Comment on Christian's "Human Capital Accounting in the United States: 1994-2006"
Ellen R. McGrattan
June 2010
Survey of Current Business, 90(6): 37-41
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Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence From World War II
Ellen R. McGrattan and Lee E. Ohanian
May 2010
International Economic Review, 51(2): 509-532
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Openness, Technology Capital, and Development
Ellen R. McGrattan and Edward C. Prescott
November 2009
Journal of Economic Theory, 144(6): 2454-2476
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New Keynesian Models: Not Yet Useful for Policy Analysis
V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
January 2009
American Economic Journal: Macroeconomics, 1(1): 242-266
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Are Structural VARs with Long-Run Restrictions Useful in Developing Business Cycle Theory?
V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
November 2008
Journal of Monetary Economics, 55(8): 1337-1352
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Download narrated slides disputing claims of SVAR literature (ppt)

Real Business Cycles
Ellen R. McGrattan
2008
The New Palgrave Dictionary of Economics, 2nd Ed.
eds., S. N. Durlauf and L. E. Blume, Palgrave Macmillan
Search dictionary
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Changes in the Distribution of Family Hours Worked Since 1950
Ellen R. McGrattan and Richard Rogerson
2008
Frontiers of Family Economics
ed., P. Rupert
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Business Cycle Accounting
V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
May 2007
Econometrica, 75(3): 781-836
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Comparing Alternative Representations, Methodologies, and Decompositions in Business Cycle Accounting
V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
March 2007
Federal Reserve Bank of Minneapolis, Staff Report 385
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Productivity and the Post-1990 U.S. Economy
Ellen R. McGrattan and Edward C. Prescott
July/August 2005
Federal Reserve Bank of St. Louis Review, 87(4): 537-549
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Taxes, Regulations, and the Value of U.S. and U.K. Corporations
Ellen R. McGrattan and Edward C. Prescott
July 2005
Review of Economic Studies, 72(3): 767-796
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Sudden Stops and Output Drops
V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
May 2005
American Economic Review, Papers and Proceedings, 95(2): 381-387
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Comment on Mendoza and Tesar's "Why Hasn't Tax Competition Triggered a Race to the Bottom? Some Quantitative Lessons from the EU"
Ellen R. McGrattan
January 2005
Journal of Monetary Economics, 52(1): 205-211
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Comment on Gali and Rabanal's "Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data"
Ellen R. McGrattan
2005
NBER Macroeconomic Annual 2004,
eds., M. Gertler and K. Rogoff, MIT Press, pp. 289-308
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The 1929 Stock Market: Irving Fisher Was Right
Ellen R. McGrattan and Edward C. Prescott
November 2004
International Economic Review, 45(4): 991-1009
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Changes in Hours Worked, 1950-2000
Ellen R. McGrattan and Richard Rogerson
July 2004
Federal Reserve Bank of Minneapolis, Quarterly Review, 28(1): 14-33
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Average Debt and Equity Returns: Puzzling?
Ellen R. McGrattan and Edward C. Prescott
May 2003
American Economic Review, Papers and Proceedings, 93(2): 392-397
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Testing for Stock Market Overvaluation/Undervaluation
Ellen R. McGrattan and Edward C. Prescott
2003
Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies,
eds., W. Hunter, G. Kaufman, and M. Pomerleano, MIT Press
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The Optimum Quantity of Debt: Technical Appendix
S. R. Aiyagari and Ellen R. McGrattan
March 2003
Annals of Economics and Finance, 4(1): 193-217
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Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
August 2002
Review of Economic Studies, 69(3): 533-563
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Accounting for the Great Depression
V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
May 2002
American Economic Review, Papers and Proceedings, 92(2): 22-27
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Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?
V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
September 2000
Econometrica, 68(5): 1151-1179
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Is the Stock Market Overvalued?
Ellen R. McGrattan and Edward C. Prescott
Fall 2000
Federal Reserve Bank of Minneapolis, Quarterly Review, 24(4): 20-40
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The Declining U.S. Equity Premium
Ravi Jagannathan, Ellen R. McGrattan, and Anna Scherbina
Fall 2000
Federal Reserve Bank of Minneapolis, Quarterly Review, 24(4): 3-19
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Predicting the Effects of Federal Reserve Policy in a Sticky-Price Model: An Analytical Approach
Ellen R. McGrattan
December 1999
Federal Reserve Bank of Minneapolis, Working Paper 598
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Explaining Cross-Country Income Differences
Ellen R. McGrattan and James A. Schmitz, Jr.
1999
Handbook of Macroeconomics, Volume 1A
eds., J. B. Taylor and M. Woodford, North-Holland, pp. 669-737
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Maintenance and Repair: Too Big to Ignore
Ellen R. McGrattan and James A. Schmitz, Jr.
Fall 1999
Federal Reserve Bank of Minneapolis, Quarterly Review, 23(4): 2-13
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Application of Weighted Residual Methods to Dynamic Economic Models
Ellen R. McGrattan
1999
Computational Methods for the Study of Dynamic Economies
eds., R. Marimon and A. Scott,
Oxford University Press, pp. 114-142
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The Optimum Quantity of Debt
S. Rao Aiyagari and Ellen R. McGrattan
October 1998
Journal of Monetary Economics, 42(3): 447-469
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A Defense of AK Growth Models
Ellen R. McGrattan
Fall 1998
Federal Reserve Bank of Minneapolis, Quarterly Review, 22(4): 13-27
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Comment on Gordon, Leeper, and Zha's "Trends in Velocity and Policy Expectations"
Ellen R. McGrattan
December 1998
Carnegie-Rochester Series on Public Policy, 49: 305-316
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Changes in Hours Worked Since 1950
Ellen R. McGrattan and Richard Rogerson
Winter 1998
Federal Reserve Bank of Minneapolis, Quarterly Review, 22(1): 2-19
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Comment on King and Goodfriend's "The New Neoclassical Synthesis and the Role of Monetary Policy"
Ellen R. McGrattan
1998
NBER Macroeconomic Annual 1997,
eds., B. S. Bernanke and J. J. Rotemberg, MIT Press, pp. 283-289
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The Poverty of Nations
V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan
October 1997
Federal Reserve Bank of Minneapolis, Staff Report 204
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An Equilibrium Model of the Business Cycle With Household Production and Fiscal Policy
Ellen R. McGrattan, Richard Rogerson, and Randall Wright
May 1997
International Economic Review, 38(2): 267-290
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Solving the Stochastic Growth Model With a Finite Element Method
Ellen R. McGrattan
January-March 1996
Journal of Economic Dynamics and Control, 20(1-3): 19-42
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Mechanics of Forming and Estimating Dynamic Linear Economies
Evan W. Anderson, Lars P. Hansen, Ellen R. McGrattan, and Thomas J. Sargent
1996
Handbook of computational Economics, Volume 1
eds., H. Amman, D. Kendrick, and J. Rust,
North-Holland, pp. 171-252
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The CAPM Debate
Ravi Jagannathan and Ellen R. McGrattan
Fall 1995
Federal Reserve Bank of Minneapolis, Quarterly Review, 19(4): 2-17
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On Adaptive Learning in Strategic Games
Ramon Marimon and Ellen R. McGrattan
1995
Learning and Rationality in Economics,
eds., A. Kirman and M. Salmon, Basil Blackwell Press

A Progress Report on Business Cycle Models
Ellen R. McGrattan
Fall 1994
Federal Reserve Bank of Minneapolis, Quarterly Review, 18(4): 2-16
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The Macroeconomic Effects of Distortionary Taxation
Ellen R. McGrattan
June 1994
Journal of Monetary Economics, 33(3): 573-601
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A Note on Computing Competitive Equilibria in Linear Models
Ellen R. McGrattan
January 1994
Journal of Economic Dynamics and Control, 20(1-3): 19-42
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The Macroeconomics of War and Peace
R. Anton Braun and Ellen R. McGrattan
1994
NBER Macroeconomic Annual 1993, Volume 19
eds., O. J. Blanchard and S. Fischer, MIT Press, pp. 289-308
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Government Policy and Aggregate Fluctuations
Ellen R. McGrattan
November 1991
Revista de Analisis Economico, 6(2): 21-36
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Money as a medium of exchange in an economy with artificially intelligent agents
Ramon Marimon, Ellen R. McGrattan, and Thomas J. Sargent
May 1990
Journal of Economic Dynamics and Control, 14(2): 329-373
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Solving the Stochastic Growth Model by Linear-Quadratic Approximation
Ellen R. McGrattan
January 1990
Journal of Business and Economic Statistics, 8(1): 41-44
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