W. P. Carey Chair in Economics
Center for the Advanced Study in Economic Efficiency
Nobel Laureate, Economics; Arizona State University Regents' Professor; W. P. Carey Chair in Economics; Professor of Economics
Ph.D., Carnegie-Mellon University, 1967; M.S., Case-Western Reserve University, 1963; B.A., Swarthmore College, 1962
Macroeconomics, general equilibrium, business cycles, monetary policy
Technology capital and the U.S. current account; financial intermediation and financial crises; technology capital openness, and development; the needed quantity of government debt; lifetime aggregate labor supply with endogenous workweek length; an equity premium without risk.
Academic Positions Held
Arizona State University: 2003-present. Previous appointments: University of Minnesota; University of Chicago; Northwestern University; Carnegie-Mellon University; University of Pennsylvania. Visiting Appointments: New York University; University of California-Santa Barbara; University of Chicago; Northwestern University; Norwegian School of Business and Economics.
Career and Recent Professional Awards; Teaching Awards
The Nobel Prize in Economics; Regent Professor, Arizona State University; W. P. Carey Chair in Economics, Arizona State University; McKnight Presidential Chair in Economics, University of Minnesota; Laurea Honoris Causa in Economica, University of Rome "Tor Vergata"; Erwin Plein Nemmers Prize in Economics, Northwestern University; Regents' Professor, University of Minnesota; Fellow, American Academy of Arts and Sciences; Fellow, Econometric Society; Guggenheim Fellow; Brookings Economic Policy Fellow
Research Associate, National Bureau of Economic Research; Co-editor, Economic Theory
Corporate and Public Sector Leadership
Senior Advisor, Federal Reserve Bank of Minneapolis
"Nobel Lecture: The Transformation of Macroeconomic Policy and Research," Journal of Political Economy 114, 203-35, 2006.
Great Depressions of the Twentieth Century, co-edited with T. J. Kehoe, Federal Reserve Bank of Minneapolis, 2007
Barriers to Riches, with S.L. Parente, MIT Press, 2000.
"Taxes, Regulations, and the Value of U.S. and U.K. Corporations," with E.R. McGrattan, Review of Economic Studies 72, 767-96, 2005.
"The 1929 Stock Market: Irving Fisher Was Right," with E.R. McGrattan, International Economic Review 45, 991-1009, November 2004.
"Technology Capital and the U.S. Current Account," with E.R. McGrattan, American Economic Review, forthcoming 2009.
"Why Do Americans Work So Much More Than Europeans?" Federal Reserve Bank of Minneapolis Quarterly Review 28, 2-13, July 2004.
"The Equity Premium: A Puzzle," with R. Mehra, Journal of Monetary Economics 15, 145-61, March 1985.
"Pareto Optimality and Competitive Equilibria with Adverse Selection and Moral Hazard," with R. M. Townsend, Economometrica 52, 21-45, January 1984
"Time to Build and Aggregate Fluctuations," with F.E. Kydland, Econometrica 50, 1345-70, November 1982 (cited for the Nobel Prize).
"Rules Rather Than Discretion: The Inconsistency of Optimal Plans," with F.E. Kydland, Journal of Political Economy 85, 473-91, June 1977 (cited for the Nobel Prize).