University of Minnesota

Timothy J. Kehoe


Capital Flows and Real Exchange Rates

Here are some lecture notes and programs in MATLAB that Gonzalo Fernandez de Cordoba has developed based on

Gonzalo Fernandez de Cordoba and Timothy J. Kehoe, "Capital Flows and Real Exchange Rate Fluctuations Following Spain's Entry into the European Community," Journal of International Economics, 51 (2000), 49-78.

These notes start at the most basic level and end at the level of computing equilibria of the model used in the paper. The notes are in Spanish. We hope to have English versions up eventually.

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

Lecture 6

Here are MATLAB programs written by Rudolfs Bems of the International Monetary Fund to do the computations descibed in Lecture 6.


Trade Theory

Here is the Fortran code and readme to replicate the numerical examples in

Claustre Bajona and Timothy J. Kehoe, "Trade, Growth, and Convergence in a Dynamic Heckscher-Ohlin Model," Review of Economic Dynamics, 13 (2010), 487-513.


Great Depressions

Here are the computer programs to accompany Great Depressions of the Twentieth Century.

The files below demonstrate how to calibrate the neoclassical growth model and then solve the model numerically, using data from Finland as an example.

BaseCaseCalibration.xls calibrates model parameters and derives a sequence of TFP values in the 'calibration' worksheet. The parameters are also saved in paramBase.txt, and the series of TFP values along with labor endowment and taxes are saved in dataBase.txt. The MATLAB program depressions.m uses these text files and solveModel.m to solve the model numerically. The output this program saves to output.xls can be used to generate the graphs in BaseCaseCalibration.xls.

These files can be used to model any economy over any period by replacing the data in BaseCaseCalibration.xls and saving the results in the correct format to paramBase.txt and dataBase.txt.; Below is an overview of the calibration procedures, the MATLAB programs, and using the files on your own data. More details can be found in the files themselves.



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