Real GDP per working-age person in the United States, 1875–2010
Compare U.S. economic growth over the period 1875-2010 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 book, edited by Tim Kehoe and Ed Prescott, provides these tools. Gonzalo Fernández de Córdoba and Tim have written a short paper explaining how studying great depressions of the past is essential for understanding the recent financial crisis. (Click here for a version in Spanish.) Click here for an article by Caroline Baum in the Bloomberg News in March 2009 about the relevance of this paper for the U.S. financial crisis.
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 government on the impact of unilateral foreign trade and investment reforms in 1998. He is married to Jean O'Brien-Kehoe, a Distinguished McKnight University Professor in the Department of History at the University of Minnesota.
Students on the 2019–2020 job market (with placements)