Consultants

About

Fernando Alvarez joined the Federal Reserve Bank of Minneapolis as a consultant in 2013. He is a professor of economics at the University of Chicago. He received his B.A. degree in economics from Universidad Nacional de La Plata and his Ph.D. from the University of Minnesota in 1994. He has taught at The Wharton School, University of Pennsylvania, and has been a visitor at Universidad de San Andres and the Universidad Torcuato Di Tella (both in Argentina), as well as the Enaudi Institute of Economics and Finance. He is a Wim Duisenberg Fellow at the European Central Bank. Fernando has been a Fellow of the Sloan Foundation and is a Fellow of the Econometric Society. He was as editor of the Journal of Political Economy and associate editor of the Review of Economic Dynamics and Quality Rated Journal of Macroeconomics. His work on endogenously incomplete markets shows that the limited commitment model of Kehoe, Levine, and Kocherlakota can be decentralized with certain borrowing constraints, as well as explain some features of asset prices. He has also presented a new estimate of the welfare cost of business cycles based on observed asset prices. His other work includes models of monetary economies with segmented markets and menu cost, and search models with incomplete markets.

About

Andrew Atkeson is a professor of economics at the University of California–Los Angeles and a consultant to the Federal Reserve Bank of Minneapolis. He has been affiliated with the Bank since 1998, when he started as a research economist. Prior to joining the Bank, he taught at the University of Minnesota, the University of Pennsylvania, and the University of Chicago.

Andy received his B.A. in economics from Yale University in 1983 and his Ph.D. from Stanford University’s Graduate School of Business in 1988. His research focuses on, among other things, monetary policy, social insurance, international economics, innovation and firm dynamics, and the intersection of macroeconomics and finance.

Andy’s work has appeared in journals such as Econometrica, the American Economic Review, the Quarterly Journal of Economics, the Journal of Political Economy, and the Review of Economic Studies. He is also a research associate at the National Bureau of Economic Research and a Fellow of the Econometric Society.

About

V. V. Chari is currently the Paul W. Frenzel Land Grant Professor of Liberal Arts at the University of Minnesota. He has been a professor of economics at the University of Minnesota since 1994 and is a former chair of the Department of Economics there. Chari has been an advisor at the Federal Reserve Bank of Minneapolis since 1994, where previously he was also a senior research officer.

Chari received his Ph.D from Carnegie-Mellon University in 1980. His research focuses on banking, fiscal, and monetary policy and issues of economic development.

Chari serves in many capacities for various organizations, including serving on the board of editors of the Journal of Economic Theory, Macrodynamics, the Review of Economic Dynamics, Econometrica, and the Journal of Economic Literature. In 1998, he was elected a fellow of the Econometric Society.

About

Lawrence Christiano is the Alfred W. Chase Chair in Business Institutions and a professor of economics at Northwestern University. He has been affiliated with the Bank since 1985 and is currently a research consultant. He has also taught at Carnegie Mellon University and the University of Chicago.

Larry received his B.A. in history and economics and M.A. in economics at the University of Minnesota. He then went on to earn his M.Sc. in econometrics and mathematical economics at the London School of Economics and his Ph.D. at Columbia University. His research has focused on macroeconomic theory, policy, and econometrics.

Larry’s work has been published in Journal of Economic Theory, American Economic Review, Review of Economics and Statistics, and numerous other journals. In addition to his work for the Minneapolis Fed, he has also served as a research consultant for the Fed’s Board of Governors and the Federal Reserve Banks of Cleveland and Chicago, and has been a visiting scholar at the International Monetary Fund and European Central Bank. He is the recipient of six National Science Foundation grants and is a Fellow of the Econometric Society.

About

Fatih Guvenen joined the Federal Reserve Bank of Minneapolis as a visiting scholar in 2008. He is currently a consultant in the Research Department and is a professor of economics at the University of Minnesota.

Fatih received his M.Sc. and Ph.D. in economics from Carnegie Mellon University. He also holds a B.Sc. in electrical and electronics engineering from Bilkent University (Turkey). He is a research associate at the National Bureau of Economic Research (EF&G Program) and served as an advisor to the Central Bank of Turkey from 2013 to 2015.

Fatih’s current research focuses on topics at the intersection of macroeconomics and inequality, including the causes and consequences of wage and earnings inequality, how rising wage dispersion among workers is linked to rising dispersion among their employers, and how individual-level wage and earnings risk varies over the life cycle and over the business cycle.

Fatih is an associate editor for the Review of Economic Dynamics and the Journal of Monetary Economics. Fatih’s work has appeared in a number of prominent economics journals, including the American Economic Review, Econometrica, the Review of Economic Studies, the Journal of Political Economy, and the Journal of Monetary Economics. He has a forthcoming book with Princeton University Press, entitled Quantitative Economics with Heterogeneity: An A-to-Z Guidebook.

About

Thomas Holmes joined the Bank as an economist in 1993. He is currently a research consultant in the Research Department and holds the Curtis L. Carlson Chair in Economics at the University of Minnesota. Before joining the Bank, he taught at the University of Wisconsin–Madison.

Tom’s research focuses on industrial organization, urban economics, and international trade. One recent publication in the Journal of Political Economy examines the differential effects of international trade on small and large manufacturing plants.  Another recent publication in Econometrica examines the rapid spread of Wal-Mart stores.

Tom received his Ph.D. in economics from Northwestern in 1985, and a B.S. in economics and B.A. in mathematics from the University of Pennsylvania in 1981.  In 2011, he was elected a Fellow of the Econometric Society.  He is current president of the Midwest Economics Association and past president of the Urban Economics Association.  He is also a research associate at the National Bureau of Economic Research.

About

Loukas Karabarbounis is a consultant at the Federal Reserve Bank of Minneapolis, an associate professor of economics at the University of Minnesota, a faculty research fellow at the National Bureau of Economic Research, and an associate editor at the Journal of Monetary Economics. He earned a Ph.D. in economics from Harvard University in 2010. He is the recipient of a 2016 Sloan Research Fellowship awarded by the Alfred P. Sloan Foundation.

His latest research focuses on topics such as the global decline of labor’s share of income, productivity and capital flows in South Europe, and cyclical fluctuations in labor markets. His work has been published in academic journals such as the American Economic Journal, the American Economic Review, the Economic Journal, the Journal of Monetary Economics, the Quarterly Journal of Economics, and the Review of Economic Dynamics.

About

Consultant Patrick Kehoe has been affiliated with the Bank since 1986 and served as a monetary advisor from 1997 to 2013. He is also the Frenzel Professor of International Economics at the University of Minnesota. Patrick received his B.A. in mathematics and Russian from Providence College in 1978 and his Ph.D. in economics from Harvard University in 1986.

Patrick’s work has appeared in numerous prestigious journals, including the American Economic Review, Econometrica, the Journal of Political Economy, and the Review of Economic Studies. He currently serves on several editorial boards and is a Fellow of the Econometric Society.

Throughout his career, Patrick has advised numerous Ph.D. students. He has been awarded several grants, including six from the National Science Foundation. His work focuses on monetary policy, time consistency, and financial crises.

About

Tim Kehoe has been an advisor at the Federal Reserve Bank of Minneapolis since 2000. A native of Newport, Rhode Island, he received his B.A. in economics and mathematics from Providence College in 1975, and his Ph.D. in economics from Yale University in 1979.

A professor at the University of Minnesota since 1987, Tim is currently the Distinguished McKnight University Professor in the Department of Economics and a research associate at the National Bureau of Economic Research. His research and teaching center on the theory and application of general equilibrium models. He has advised several foreign governments, including Spain on the impact of joining the European Community in 1986, Mexico on the impact of joining the North America Free Trade Agreement in 1994, and Panama regarding foreign trade and investment reform in 1997–98.

Tim’s distinguished career has included numerous visiting professorships at universities across the globe, authoring more than 100 books and academic articles, and supervising 68 Ph.D. theses in economics. He has received numerous research grants and awards, including nine grants from the National Science Foundation. He has been a Fellow of the Econometric Society since 1991. In 2008 he was made Doctor Honoris Causa by the Universidade de Vigo in Spain.

About

Peter J. Klenow has been a consultant at the Federal Reserve Bank of Minneapolis since 2009. He served as a senior economist at the Minneapolis Fed from 2000 to 2003. Pete currently teaches economics at Stanford University, where he has held the Ralph Landau Chair in Economics since 2003. He has also taught at the University of Chicago. He has been an associate editor for the Quarterly Journal of Economics since 2008, and is currently an associate editor for Econometrica and the Journal of Political Economy.

In the past he has served as an associate editor for the American Economic Review, the Journal of Economic Perspectives, the Review of Economic Dynamics, and the B.E. Journal in Macroeconomics.

Pete received his Ph.D. in economics from Stanford University in 1991. His work has appeared in several prominent economics journals, among them the American Economic Review, the Quarterly Journal of Economics, and the Journal of Political Economy. His research focuses on the macroeconomic implications of micro data on productivity and prices.

About

Currently professor of economics at New York University, Ricardo Lagos joined the Federal Reserve Bank of Minneapolis as a consultant in 2015. In previous years he worked at the Minneapolis Fed as a visiting scholar and a senior economist. He has also been a visiting scholar at the Federal Reserve Banks of Cleveland, New York, Philadelphia, and St. Louis.

Ricardo received his Ph.D. in economics from the University of Pennsylvania in 1997. He has worked as a lecturer (UK equivalent of assistant professor) in the Department of Economics at the London School of Economics, has taught courses in labor and monetary economics at Universidad de Los Andes (Colombia) and the University of Tokyo, and is a regular visiting professor at Universidad Di Tella (Argentina). His research interests are in macroeconomics, with emphasis on monetary and labor economics.

Ricardo’s research has been published in several journals, including American Economic Review, Econometrica, International Economic Review, Journal of Economic Theory, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, and Review of Economic Studies. He has served as associate editor of Economica, Journal of Economic Theory, Journal of Monetary Economics, and Review of Economic Dynamics. He is currently editor of the Journal of Economic Theory.

About

Ellen is a consultant at the Federal Reserve Bank of Minneapolis, a professor of economics at the University of Minnesota, and director of the Heller-Hurwicz Economics Institute. She is also a research associate at the National Bureau of Economic Research, a Fellow of the Econometric Society, a Fellow of the Society for the Advancement of Economic Theory, a member of the Bureau of Economic Analysis Advisory Committee, a member of the Minnesota Population Center Advisory Board, and President-elect of the Midwest Economics Association.

Ellen received her B.S. in economics and mathematics from Boston College and her Ph.D. from Stanford University. Prior to coming to Minnesota she taught at Duke University. She has also taught short courses at European University Institute, University of Pennsylvania, Stockholm School of Economics, UCLA, International Monetary Fund, Arizona State University, and Universidad do Minho.

Ellen’s research is concerned with the aggregate effects of monetary and fiscal policy—in particular, the effects on GDP, investment, the allocation of hours, the stock market, and international capital flows. Her recent work reexamines some business cycle puzzles in macroeconomics, considering the fact that some investments are unmeasured. Along with colleague Ed Prescott, she has also been analyzing policy reforms related to financing retirement in economies with aging populations.

About

Guido Menzio is a consultant at the Federal Reserve Bank of Minneapolis, a professor of economics at the University of Pennsylvania, and a research associate at the National Bureau of Economic Research. He has also taught economics at Princeton University and was a National Fellow at the Hoover Institution, Stanford University. Guido received his M.A. and Ph.D. in economics from Northwestern University. In 2015 he was the recipient of the Carlo Alberto Medal for Best Italian Economist Under 40.

Guido’s work has been published in several journals, including the Journal of Political Economy, American Economic Review, Journal of Economic Theory, Journal of Monetary Economics, and Review of Economic Dynamics. His latest research focuses on business cycle fluctuations, with a special focus on unemployment, vacancies, and wages.

About

Lee Ohanian is a consultant to the Federal Reserve Bank of Minneapolis, a professor of economics at the University of California–Los Angeles, and a Senior Fellow at the Hoover Institution at Stanford University. He has been affiliated with the Bank since 1993 and has also taught at the University of Minnesota, the University of Pennsylvania, Arizona State University, and the Stockholm School of Economics.

Lee’s research focuses on macroeconomic policy, business cycle theory, and economic growth. Recently he has examined the dynamics of major depressions, and he is writing a macroeconomics textbook with Thomas Cooley. His work has appeared in journals such as the Journal of Political Economy, the American Economic Review, Econometrica, and the Review of Economic Studies.

Lee received his B.A. in economics from the University of California–Santa Barbara in 1979 and his Ph.D. from the University of Rochester in 1993. Before earning his Ph.D., he worked as an economist in the airline and banking industries. He is also a research associate at the National Bureau of Economic Research and, with Jeremy Greenwood, directs the NBER working group Macroeconomics Across Time and Space.

About

Since 1998, Christopher Phelan has served in various capacities with the Federal Reserve Bank of Minneapolis, where he is currently an advisor to the Research Department. He is a professor of economics at the University of Minnesota and has taught economics at Northwestern University and the University of Wisconsin–Madison.

He received A.B. and A.M. degrees in economics and computer science from Duke University and the University of Chicago. In 1990 he received a Ph.D. in economics from the University of Chicago. His research agenda focuses on dynamic contracting, government reputation, game theory, and macroeconomics.

Chris’s work has appeared in numerous journals, including the Journal of Economic Theory, Econometrica, the Review of Economic Studies, and the Journal of Monetary Economics. He serves as referee for various economics journals and was an associate editor for the Journal of Economic Theory.

About

José-Víctor Ríos-Rull has been a consultant to the Federal Reserve Bank of Minneapolis since 2007 and has been affiliated with the Bank in various capacities since 1987. He has been Carlson Professor of Economics at the University of Minnesota since 2007 and has also taught economics at the University of Pennsylvania and Carnegie Mellon University.

José-Víctor received B.A. degrees in sociology and economics at the Universidad Complutense de Madrid in 1980 and 1982, respectively. In 1990 he earned a Ph.D. in economics from the University of Minnesota. His research focuses on thinking simultaneously about individual persons and the aggregate economy, on issues ranging from housing prices to shares of output, from credit and bankruptcy to living arrangements of families, from economic fluctuations to positive models of economic policy.

José-Victor’s large and respected body of research spans several decades and has appeared in many prestigious publications, including the Journal of Political Economy, the American Economic Review, the Review of Economic Studies, Econometrica, Demography, the International Economic Review, the Journal of Economic Theory, the Journal of Monetary Economics, and the Journal of the European Economic Association. He is also a research affiliate at the Center for European Policy Research and a research associate at the National Bureau of Economic Research and leads the Centro de Análisis y Estudios Ríos Pérez.

About

Richard Rogerson is currently Professor of Economics and Public Affairs at the Woodrow Wilson School, Princeton University. He has previously taught economics at Arizona State University, the University of Pennsylvania, the University of Minnesota, the Graduate School of Business at Stanford University, New York University, and the University of Rochester.

According to former colleague and Nobel Laureate Edward Prescott, Rogerson “has revolutionized a major area of economics—and unified it.” The primary focus of his research is on understanding various aspects of aggregate labor markets, including business cycle fluctuations and cross country differences in labor market outcomes. Rogerson’s work has appeared in a wide variety of prestigious economics journals, among them the Journal of Political Economy, the American Economic Review, the Journal of Monetary Economics, and the Review of Economic Dynamics.

About

Randall Wright is currently the Ray Zeeman Professor of Liquid Assets at the University of Wisconsin–Madison. Randy has been a consultant at the Federal Reserve Bank of Minneapolis since 2009. Since 1991 he has been an associate and co-organizer of the Macro Perspectives Group for the National Bureau of Economic Research.

Randy received his B.A. and Ph.D. degrees from the University of Manitoba and the University of Minnesota, respectively. He also holds an honorary M.A. degree from the University of Pennsylvania. The primary focus of his research is monetary theory and policy, as well as labor economics, often using search theory.

His work has appeared in many prestigious publications, such as the Journal of Political Economy, the Journal of Monetary Economics, and the American Economic Review. He has also served, in various capacities, on the editorial boards of a number of prominent economics journals.

About

Kei-Mu Yi holds the M. D. Anderson Chair in Economics at the University of Houston. He also serves as a consultant in the Research Department of the Federal Reserve Bank of Minneapolis, where he held the positions of senior vice president and director of Research, as well as special policy advisor to the president, from August 2010 to January 2016.

Before joining the Federal Reserve Bank of Minneapolis, Yi was vice president and head of Monetary and Macroeconomic Research at the Federal Reserve Bank of Philadelphia. Yi joined the Federal Reserve Bank of Philadelphia in 2004, following seven years of service at the Federal Reserve Bank of New York, where he was a research officer in the Bank’s International Research unit. Prior to joining the Federal Reserve Bank of New York, he was an assistant professor of economics at Rice University. Over the years, Yi has also taught at the Wharton School of the University of Pennsylvania, as well as at Columbia University, New York University, the University of Virginia, and the University of Iowa.

Yi’s research currently focuses on issues relating to international trade and long-run growth; structural change in an open economy; the gains from international trade, and vertical specialization / fragmentation of production. He has published articles on the importance of vertical production linkages for international trade flows and is considered one of the founders of the analysis of “offshoring.” His publications appear in prestigious economics journals such as the American Economic Review and the Journal of Political Economy. He received a B.S. in economics from MIT and a Ph.D. in economics from the University of Chicago.

About

Motohiro Yogo is a professor of economics at Princeton University. He was formerly a monetary advisor at the Federal Reserve Bank of Minneapolis and an assistant professor of finance at Wharton. He earned a Ph.D. in economics from Harvard in 2004 and an A.B. summa cum laude from Princeton in 2000.

His fields of expertise are financial economics and econometrics. His recent work is on institutional demand for financial assets and its impact on liquidity, captive reinsurance in the life insurance industry and its impact on financial risk, and the impact on financial and regulatory frictions on the supply of insurance. He has previously worked on the life-cycle demand for insurance, stocks, bonds, and housing; the relation between business cycles and asset prices; forecasting movements in stock, bond, commodity, and currency markets; and weak identification in the instrumental variables regression model.

His research has appeared in the leading economics and finance journals such as American Economic Review, Journal of Political Economy, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. His research has been covered by the Economist, Financial Times, and the Wall Street Journal. He was awarded the Zellner Thesis Award in Business and Economic Statistics by the American Statistical Association in 2005.