Narayana Kocherlakota
Biographic Data
| ID | 5805136 |
|---|---|
| NAME | Narayana Kocherlakota |
| GIVEN NAMES | Narayana |
| FAMILY NAME | Kocherlakota |
| SIGNATURE | KOCHERLAKOTA N |
| AFFILIATIONS | Federal Reserve Bank of Minneapolis |
| ORCID | 0000-0001-9253-8139 |
| VERIFIED | Yes |
| TOTAL WORKS | 7 |
| TOTAL CITATIONS | 9 |
| WORKS AS AUTHOR | 7 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 1970 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 2 |
The concavity of the Phillips curve in time‐dependent pricing models
This paper derives the curvature properties of the short‐run Phillips curve for a wide class of models with time‐dependent pricing frictions. The Phillips curve is globally concave under relatively weak conditions (the elasticity of substitution between goods is larger than 2). Intuitively, when economic activity is very high (low), substitution effects within the price index imply that inflation behaves as if prices are nearly fully sticky (flex…
Asset Pricing Implications of Pareto Optimality with Private Information
We compare the empirical performance of a standard incomplete markets asset pricing model with that of a novel model with constrained Pareto-optimal allocations. We represent the models' stochastic discount factors in terms of the cross-sectional distribution of consumption and use these representations to evaluate the models' empirical implications. The first model is inconsistent with the equity premium in the United States, United Kingdom, and…
Household Heterogeneity and Real Exchange Rates
We assume that individuals can fully insure themselves against cross-country shocks but not against individual-specific shocks. We consider two particular models of limited risk-sharing: domestically incomplete markets (DI) and private information-Pareto optimal (PIPO) risk-sharing. For each model, we derive a restriction relating the cross-sectional distributions of consumption and real exchange rates. We evaluate these restrictions using househ…
Implications of Efficient Risk Sharing without Commitment
Consumption data generally indicates that consumption risk is not perfectly diversified across individuals. This paper considers if and when imperfect diversification is a feature of efficient allocations in a symmetric information environment without commitment. It shows that if individuals are sufficiently patient, imperfect diversification is always sub-optimal in the long run; however, if individuals are not so patient, imperfect diversificat…
A Simple Time Series Test of Endogenous vs. Exogenous Growth Models
Narayana R. Kocherlakota, Kei-Mu Yi, A Simple Time Series Test of Endogenous vs. Exogenous Growth Models: An Application to the United States, The Review of Economics and Statistics, Vol. 78, No. 1 (Feb., 1996), pp. 126-134
The Variability of Velocity in Cash-in-Advance Models
Monetary models based on cash-in-advance constraints make strong predictions about the stochastic properties of endogenous variables such as the velocity of circulation of money, the rate of inflation, and real and nominal interest rates. The authors develop numerical methods to understand these predictions because the models cannot be characterized analytically. They calibrate some cash-in-advance models using driving processes estimated from U.…
Essays in Monetary Economics
Essays in Monetary Economics Get access Essays in Monetary Economics. By Harry G. Johnson. 2nd ed. with new Introduction. London: Allen & Unwin. 1969. 332 pp. Bibliog. Index. (Unwin University Books, 52.) 25s. International Affairs, Volume 46, Issue 4, October 1970, Page 780, https://doi.org/10.1093/ia/46.4.780b Published: 01 October 1970
The Variability of Velocity in Cash-in-Advance Models
Monetary models based on cash-in-advance constraints make strong predictions about the stochastic properties of endogenous variables such as the velocity of circulation of money, the rate of inflation, and real and nominal interest rates. The authors develop numerical methods to understand these predictions because the models cannot be characterized analytically. They calibrate some cash-in-advance models using driving processes estimated from U.…
Asset Pricing Implications of Pareto Optimality with Private Information
We compare the empirical performance of a standard incomplete markets asset pricing model with that of a novel model with constrained Pareto-optimal allocations. We represent the models' stochastic discount factors in terms of the cross-sectional distribution of consumption and use these representations to evaluate the models' empirical implications. The first model is inconsistent with the equity premium in the United States, United Kingdom, and…
Household Heterogeneity and Real Exchange Rates
We assume that individuals can fully insure themselves against cross-country shocks but not against individual-specific shocks. We consider two particular models of limited risk-sharing: domestically incomplete markets (DI) and private information-Pareto optimal (PIPO) risk-sharing. For each model, we derive a restriction relating the cross-sectional distributions of consumption and real exchange rates. We evaluate these restrictions using househ…
Essays in Monetary Economics
Essays in Monetary Economics Get access Essays in Monetary Economics. By Harry G. Johnson. 2nd ed. with new Introduction. London: Allen & Unwin. 1969. 332 pp. Bibliog. Index. (Unwin University Books, 52.) 25s. International Affairs, Volume 46, Issue 4, October 1970, Page 780, https://doi.org/10.1093/ia/46.4.780b Published: 01 October 1970
Essays in Monetary Economics
Essays in Monetary Economics Get access Essays in Monetary Economics. By Harry G. Johnson. 2nd ed. with new Introduction. London: Allen & Unwin. 1969. 332 pp. Bibliog. Index. (Unwin University Books, 52.) 25s. International Affairs, Volume 46, Issue 4, October 1970, Page 780, https://doi.org/10.1093/ia/46.4.780b Published: 01 October 1970
The Variability of Velocity in Cash-in-Advance Models
Monetary models based on cash-in-advance constraints make strong predictions about the stochastic properties of endogenous variables such as the velocity of circulation of money, the rate of inflation, and real and nominal interest rates. The authors develop numerical methods to understand these predictions because the models cannot be characterized analytically. They calibrate some cash-in-advance models using driving processes estimated from U.…
Implications of Efficient Risk Sharing without Commitment
Consumption data generally indicates that consumption risk is not perfectly diversified across individuals. This paper considers if and when imperfect diversification is a feature of efficient allocations in a symmetric information environment without commitment. It shows that if individuals are sufficiently patient, imperfect diversification is always sub-optimal in the long run; however, if individuals are not so patient, imperfect diversificat…
A Simple Time Series Test of Endogenous vs. Exogenous Growth Models
Narayana R. Kocherlakota, Kei-Mu Yi, A Simple Time Series Test of Endogenous vs. Exogenous Growth Models: An Application to the United States, The Review of Economics and Statistics, Vol. 78, No. 1 (Feb., 1996), pp. 126-134
Household Heterogeneity and Real Exchange Rates
We assume that individuals can fully insure themselves against cross-country shocks but not against individual-specific shocks. We consider two particular models of limited risk-sharing: domestically incomplete markets (DI) and private information-Pareto optimal (PIPO) risk-sharing. For each model, we derive a restriction relating the cross-sectional distributions of consumption and real exchange rates. We evaluate these restrictions using househ…
Asset Pricing Implications of Pareto Optimality with Private Information
We compare the empirical performance of a standard incomplete markets asset pricing model with that of a novel model with constrained Pareto-optimal allocations. We represent the models' stochastic discount factors in terms of the cross-sectional distribution of consumption and use these representations to evaluate the models' empirical implications. The first model is inconsistent with the equity premium in the United States, United Kingdom, and…
The concavity of the Phillips curve in time‐dependent pricing models
This paper derives the curvature properties of the short‐run Phillips curve for a wide class of models with time‐dependent pricing frictions. The Phillips curve is globally concave under relatively weak conditions (the elasticity of substitution between goods is larger than 2). Intuitively, when economic activity is very high (low), substitution effects within the price index imply that inflation behaves as if prices are nearly fully sticky (flex…
Economics (6 works) · Monetary Policy and Economic Impact (5 works) · Computer Science (4 works) · Econometrics (4 works) · Economic theories and models (4 works) · Financial Literacy, Pension, Retirement Analysis (3 works) · Microeconomics (3 works) · Consumption (sociology (2 works) · Expected utility hypothesis (2 works) · Financial economics (2 works)