Andreas Hornstein

Federal Reserve Bank of Richmond

P.O. Box 27622

Richmond, VA 23261

United States

SCHOLARLY PAPERS

49

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Scholarly Papers (49)

1.

The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-1937

FRB of Chicago Working Paper No. 2001-07
Number of pages: 42 Posted: 10 Sep 2001
Jonas D. M. Fisher and Andreas Hornstein
Federal Reserve Bank of Chicago - Economic Research Department and Federal Reserve Bank of Richmond
Downloads 270 (112,899)
Citation 5

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Great Depression, Germany, growth model, real wages, productivity, fiscal policy

2.

Introduction to the New Keynesian Phillips Curve

FRB Richmond Economic Quarterly, Vol. 94, No. 4, Fall 2008, pp. 301-309
Number of pages: 9 Posted: 12 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 134 (214,370)

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3.

The Business Cycle and Industry Comovement

FRB Richmond Economic Quarterly, Vol. 86, No. 1, Winter 2000, pp. 27-48
Number of pages: 22 Posted: 28 Nov 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 134 (214,370)

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4.

Unemployment and Vacancy Fluctuations in the Matching Model: Inspecting the Mechanism

FRB Richmond Economic Quarterly, vol. 91, no. 3, Summer 2005, pp. 19-51
Number of pages: 33 Posted: 06 Dec 2012
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 111 (246,771)
Citation 2

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5.

Staggered Prices and Inventories: Production Smoothing Reconsidered

Federal Reserve Bank of Richmond WP No. 98-8
Number of pages: 28 Posted: 01 Jul 1999
Andreas Hornstein and Pierre-Daniel G. Sarte
Federal Reserve Bank of Richmond and Federal Reserve Bank of Richmond
Downloads 97 (270,628)
Citation 1

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6.

On the Implementation of Markov-Perfect Interest Rate and Money Supply Rules: Global and Local Uniqueness

FRB of Philadelphia Working Paper No. 08-30
Number of pages: 33 Posted: 01 Nov 2007 Last Revised: 11 Feb 2009
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 82 (300,989)
Citation 1

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7.

The Rise in Long-Term Unemployment: Potential Causes and Implications

Economic Quarterly, Issue 2Q, pp. 125-149, 2015
Number of pages: 25 Posted: 31 Mar 2016
Andreas Hornstein and Thomas Lubik
Federal Reserve Bank of Richmond and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 81 (303,176)

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The Effects of Technical Change on Labor Market Inequalities

FRB Richmond Working Paper No. 04-08
Number of pages: 130 Posted: 05 Dec 2012
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 47 (406,133)
Citation 2

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inequality, institutions, labor markets, skills, technological change

The Effects of Technical Change on Labor Market Inequalities

CEPR Discussion Paper No. 5025
Number of pages: 132 Posted: 12 Sep 2005
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 32 (469,991)
Citation 2
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Inequality, institutions, labor market, skills, technological change

9.

Inventory Investment and the Business Cycle

FRB Richmond Economic Quarterly, vol. 84, no. 2, Spring 1998, pp. 49-71
Number of pages: 23 Posted: 21 Nov 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 75 (317,175)

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10.

Accounting for Unemployment: The Long and Short of It

FRB Richmond Working Paper No. 12-07
Number of pages: 51 Posted: 20 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 70 (329,617)
Citation 2

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unemployment exit rates, duration dependence, unobserved heterogeneity

11.

Towards a Theory of Capacity Utilization: Shiftwork and the Workweek of Capital

FRB Richmond Economic Quarterly, vol. 88, no. 2, Spring 2002, pp. 65-86
Number of pages: 22 Posted: 02 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 70 (329,617)
Citation 1

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12.

Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea

FRB Richmond Working Paper No. 11-04R
Number of pages: 32 Posted: 18 Dec 2012 Last Revised: 28 Aug 2013
Yongsung Chang and Andreas Hornstein
University of Rochester - Department of Economics and Federal Reserve Bank of Richmond
Downloads 61 (354,080)

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neoclassical growth model, transition dynamics, industrialization, price of capital, South Korea

Frictional Wage Dispersion in Search Models: A Quantitative Assessment

NBER Working Paper No. w13674
Number of pages: 57 Posted: 19 Dec 2007 Last Revised: 11 Feb 2008
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 41 (429,648)
Citation 9

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Frictional Wage Dispersion in Search Models: A Quantitative Assessment

FRB Richmond Working Paper No. 06-07
Number of pages: 51 Posted: 07 Dec 2012
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 11 (600,749)
Citation 4

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labor market, wage inequality, search frictions, job search

14.

Monetary Policy with Interest on Reserves

FRB Richmond Economic Quarterly, vol. 96, no. 2, Second Quarter 2010, pp. 153-177
Number of pages: 25 Posted: 16 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 45 (406,077)
Citation 1

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15.

Growth Accounting with Technological Revolutions

FRB Richmond Economic Quarterly, vol. 85, no. 3, Summer 1999, pp. 1-22
Number of pages: 22 Posted: 26 Nov 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 45 (406,077)

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16.

Problems for a Fundamental Theory of House Prices

FRB Richmond Economic Quarterly, Vol. 95, No. 1, Winter 2009, pp. 1-24
Number of pages: 24 Posted: 13 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 42 (417,246)
Citation 1

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17.

The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37

FRB Richmond Working Paper No. 01-7
Number of pages: 47 Posted: 29 Nov 2012
Jonas D. M. Fisher and Andreas Hornstein
Federal Reserve Bank of Chicago - Economic Research Department and Federal Reserve Bank of Richmond
Downloads 41 (420,962)

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Great Depression, Germany, growth model, real wages, productivity, fiscal policy

18.

Evolving Inflation Dynamics and the New Keynesian Phillips Curve

FRB Richmond Economic Quarterly, vol. 93, no. 4, Fall 2007, pp. 317-339
Number of pages: 23 Posted: 09 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 38 (432,977)

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19.

Trend Inflation, Firm-Specific Capital, and Sticky Prices

FRB Richmond Economic Quarterly, vol. 91, no. 4, Fall 2005, pp. 57-83
Number of pages: 27 Posted: 06 Dec 2012
Andreas Hornstein and Alexander L. Wolman
Federal Reserve Bank of Richmond and Federal Reserve Bank of Richmond
Downloads 38 (432,977)
Citation 1

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20.

Introduction to the Special Issue on Modern Macroeconomic Theory

FRB Richmond Economic Quarterly, vol. 97, no. 3, Third Quarter 2011, pp. 189-193
Number of pages: 5 Posted: 19 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 34 (449,606)

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On the Implementation of Markov-Perfect Monetary Policy

FRB of Philadelphia Working Paper No. 11-29
Number of pages: 22 Posted: 10 Aug 2011
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 17 (560,185)
Citation 1

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Monetary policy, Markov-perfect, determinacy, interest rate rules, money supply rules

On the Implementation of Markov-Perfect Monetary Policy

FRB Richmond Working Paper No. 09-6R
Number of pages: 22 Posted: 12 Dec 2012
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 16 (566,705)
Citation 1

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monetary policy, Markov-perfect, determinacy, interest rate rules, money supply rules

22.

Intermediate Inputs and Sectoral Comovement in the Business Cycle

FRB Richmond Working Paper No. 97-6
Number of pages: 31 Posted: 19 Nov 2012
Andreas Hornstein and Jack Praschnik
Federal Reserve Bank of Richmond and affiliation not provided to SSRN
Downloads 32 (458,480)
Citation 2

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Real Business Cycles, Multi-Sector Growth Model, Co-Movement

23.

Notes on the Inflation Dynamics of the New Keynesian Phillips Curve

FRB Richmond Working Paper No. 07-04
Number of pages: 16 Posted: 09 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 31 (463,107)

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inflation, nominal rigidities, New Keynesian Phillips Curve

24.

Estimating Matching Efficiency with Variable Search Effort

FRB Richmond Working Paper No. 16-13
Posted: 02 Dec 2016
Andreas Hornstein and Marianna Kudlyak
Federal Reserve Bank of Richmond and Federal Reserve Bank of San Francisco
Downloads 30 (467,917)

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25.

Vintage Capital as an Origin of Inequalities

CEPR Discussion Paper No. 3596
Number of pages: 66 Posted: 14 Jul 2003
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 26 (488,361)
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Vintage capital, wage inequality, unemployment, labour share, vacancy heterogeneity

26.

Why Labor Force Participation (Usually) Increases When Unemployment Declines

Economic Quarterly, Vol. 99, No. 1, First Quarter 2013, pp.1-23
Number of pages: 23 Posted: 22 Dec 2013
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 25 (493,828)

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27.

Implications of the Capital-Embodiment Revolution for Directed R&D and Wage Inequality

FRB Richmond Economic Quarterly, Vol. 89, No. 4, Fall 2003, pp. 25-50
Number of pages: 26 Posted: 05 Dec 2012
Andreas Hornstein and Per Krusell
Federal Reserve Bank of Richmond and Princeton University - Department of Economics
Downloads 25 (493,828)

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28.

Measuring Resource Utilization in the Labor Market

FRB Economic Quarterly, vol. 100, no. 1, First Quarter 2014, pp. 1-21
Number of pages: 21 Posted: 31 Jul 2015
Andreas Hornstein, Marianna Kudlyak and Fabian Lange
Federal Reserve Bank of Richmond, Federal Reserve Bank of San Francisco and McGill University
Downloads 23 (504,997)
Citation 1

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29.

Frictional Wage Dispersion in Search Models: A Quantitative Approach

CEPR Discussion Paper No. 5935
Number of pages: 53 Posted: 03 Jan 2007
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 23 (504,997)
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Mean-min ratio, search, wage dispersion

30.

Home Production

FRB Richmond Working Paper No. 06-04
Number of pages: 11 Posted: 07 Dec 2012
Yongsung Chang and Andreas Hornstein
University of Rochester - Department of Economics and Federal Reserve Bank of Richmond
Downloads 22 (510,928)

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home production, time allocation, labor supply

31.

What is the Real Story for Interest Rate Volatility?

FRB Richmond Working Paper No. 99-9
Number of pages: 25 Posted: 26 Nov 2012
Andreas Hornstein and Harald Uhlig
Federal Reserve Bank of Richmond and University of Chicago - Department of Economics
Downloads 22 (510,928)

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Interest Rate Volatility, Real Business Cycle Models, Real Interest Rate, Monetary Policy, Habit Formation, Time to Plan, Time to Build, Capital Adjustment Costs

32.

Understanding How Employment Responds to Productivity Shocks in a Model with Inventories

FRB Richmond Working Paper No. 06-06
Number of pages: 31 Posted: 07 Dec 2012
Yongsung Chang, Andreas Hornstein and Pierre-Daniel G. Sarte
University of Rochester - Department of Economics, Federal Reserve Bank of Richmond and Federal Reserve Bank of Richmond
Downloads 21 (516,729)
Citation 3

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productivity, employment, inventory investment, sticky prices

33.

Should Optimal Discretionary Monetary Policy Look at Money?

FRB Richmond Working Paper No. 02-04
Number of pages: 47 Posted: 02 Dec 2012
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 21 (516,729)
Citation 10

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monetary policy, sticky prices, optimal time-constraint policy, asymmetric incomplete information

34.

(Un)Balanced Growth

FRB Richmond Economic Quarterly, vol. 90, no. 4, Fall 2004, pp. 25-45
Number of pages: 21 Posted: 05 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 19 (528,475)

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35.

Implementation of Optimal Monetary Policy

FRB Richmond Economic Quarterly, vol. 92, no. 2, Spring 2006, pp. 113-133
Number of pages: 21 Posted: 08 Dec 2012
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 18 (534,348)

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External vs. Internal Learning-by-Doing in an R&D Based Growth Model

FRB RIchmond Working Paper No. 98-1
Number of pages: 40 Posted: 21 Nov 2012
Andreas Hornstein and Dan Peled
Federal Reserve Bank of Richmond and University of Haifa - Department of Economics
Downloads 17 (560,185)

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Learning-by-doing, R&D, growth, scale effects

External vs. Internal Learning-by-Doing in an R&D Based Growth Model

Federal Reserve Bank of Richmond WP No. 98-1
Posted: 02 Sep 1998
Andreas Hornstein and Dan Peled
Federal Reserve Bank of Richmond and University of Haifa - Department of Economics

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37.

Technical Appendix for 'Frictional Wage Dispersion in Search Models: A Quantitative Assessment'

FRB Richmond Working Paper No. 2006-08
Number of pages: 17 Posted: 10 Dec 2012
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 16 (546,093)
Citation 3

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labor market, wage inequality, search frictions, job search

38.

Technology-Policy Interaction in Frictional Labor Markets

FRB Richmond Working Paper No. 06-10
Number of pages: 49 Posted: 07 Dec 2012
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 16 (546,093)
Citation 7

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embodied technical change, vintage capital, search, labor market policies, unemployment

39.

The IT Revolution: Is It Evident in the Productivity Numbers?

FRB Richmond Economic Quarterly, Vol. 86, No. 4, Fall 2000, pp. 49-78
Number of pages: 30 Posted: 28 Nov 2012
Andreas Hornstein and Per Krusell
Federal Reserve Bank of Richmond and Princeton University - Department of Economics
Downloads 15 (552,031)

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40.

The Replacement Problem in Frictional Economies: An 'Equivalence Result'

CEPR Discussion Paper No. 5026
Number of pages: 58 Posted: 12 Sep 2005
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 15 (552,031)
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Creative destruction, inequality, technical change, unemployment, upgrading

(S,s) Inventory Policies in General Equilibrium

FRB Richmond Working Paper No. 97-7
Number of pages: 53 Posted: 19 Nov 2012
Jonas D. M. Fisher and Andreas Hornstein
Federal Reserve Bank of Chicago - Economic Research Department and Federal Reserve Bank of Richmond
Downloads 14 (580,048)
Citation 8

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Inventories, Business Cycles, Search, Matching

(S, S) Inventory Policies in General Equilibrium

Review of Economic Studies, Vol. 67, Issue 1, January 2000
Posted: 19 Nov 2000
Jonas D. M. Fisher and Andreas Hornstein
Federal Reserve Bank of Chicago - Economic Research Department and Federal Reserve Bank of Richmond

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42.

Notes on Collateral Constraints in a Simple Model of Housing

FRB Richmond Working Paper No. 09-3
Number of pages: 14 Posted: 12 Dec 2012
Andreas Hornstein
Federal Reserve Bank of Richmond
Downloads 13 (564,198)

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house prices, owner occupied housing, collateral constraints

Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?

FRB Richmond Working Paper No. 98-2
Number of pages: 49 Posted: 21 Nov 2012
Andreas Hornstein and Mingwei Yuan
Federal Reserve Bank of Richmond and Bank of Canada - Department of Monetary and Financial Analysis
Downloads 13 (586,846)
Citation 2

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Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?

Federal Reserve Bank of Richmond WP No. 97-8
Posted: 02 Sep 1998
Andreas Hornstein and Mingwei Yuan
Federal Reserve Bank of Richmond and Bank of Canada - Department of Monetary and Financial Analysis

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Aggregate Labor Force Participation and Unemployment and Demographic Trends

Number of pages: 37 Posted: 28 Mar 2019
Andreas Hornstein and Marianna Kudlyak
Federal Reserve Bank of Richmond and Federal Reserve Bank of San Francisco
Downloads 9 (614,699)

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Labor Force Participation Rate, Unemployment Rate, Demographic Composition, Age Effects, Cohort Effects, Educational Attainment

Aggregate Labor Force Participation and Unemployment and Demographic Trends

FRB Richmond Working Paper No. 19-8
Number of pages: 38 Posted: 28 Mar 2019
Andreas Hornstein and Marianna Kudlyak
Federal Reserve Bank of Richmond and Federal Reserve Bank of San Francisco
Downloads 3 (659,929)

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Labor Force Participation Rate, Unemployment Rate, Demographic Composition, Age Effects, Cohort Effects, Educational Attainment.

45.

The Replacement Problem in Frictional Economies: A Near-Equivalence Result

FRB Richmond Working Paper No. 05-01
Number of pages: 56 Posted: 06 Dec 2012
Andreas Hornstein, Per Krusell and Giovanni L. Violante
Federal Reserve Bank of Richmond, Princeton University - Department of Economics and New York University, Department of Economics
Downloads 11 (576,753)

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creative destruction, inequality, technical change, unemployment, upgrading

46.

Labor-Market Wedge Under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries

FRB Richmond Working Paper No. 18-13
Number of pages: 16 Posted: 20 Aug 2018 Last Revised: 21 Feb 2019
Yongsung Chang, Andreas Hornstein and Marios Karabarbounis
University of Rochester - Department of Economics, Federal Reserve Bank of Richmond and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 10 (583,106)

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economic fluctuations, equilibrium model, consumption

47.

Generalized Matching Functions and Resource Utilization Indices for the Labor Market

Economic Quarterly, Issue 2Q, pp. 105-126, 2016
Number of pages: 22 Posted: 15 May 2017 Last Revised: 30 Aug 2017
Andreas Hornstein and Marianna Kudlyak
Federal Reserve Bank of Richmond and Federal Reserve Bank of San Francisco
Downloads 9 (589,451)

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Labor market, utilization, nonemployment index

48.

Aggregate Implications of Changing Sectoral Trends

FRB Richmond Working Paper No. 19-11
Number of pages: 55 Posted: 31 May 2019 Last Revised: 01 Jun 2019
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Richmond, Federal Reserve Bank of Richmond and Princeton University - Woodrow Wilson School of Public and International Affairs
Downloads 8 (595,918)

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trend growth, multi-sector model, production linkages

49.

Aggregate Implications of Changing Sectoral Trends

NBER Working Paper No. w25867
Number of pages: 55 Posted: 28 May 2019
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Richmond, Federal Reserve Bank of Richmond and Princeton University - Woodrow Wilson School of Public and International Affairs
Downloads 3 (630,670)
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