Lee E. Ohanian


Professor of Economics, University of California, Los Angeles

Senior Fellow, Hoover Institution, Stanford University

  • Contact via Email
  • Curriculum Vitae
  • Bio

Published Works

  • Selected Papers
  • Books
  • Other Papers
  • Working Papers
  • Op-Ed Articles
  • Interviews, Lectures, and Videos
  • Economic Crisis
  • Great Depression
  • Congressional Testimony

Other Websites

  • UCLA Economics Department
  • Minneapolis Fed
  • Leigh Speakers Bureau
  • NBER
  • UCLA Course Websites
  • Download Papers
  • Center for Advanced Study for Economic Efficiency
  • Hoover Institution

  • “What - or Who - Started the Great Depression?”, forthcoming, Journal of Economic Theory


  • “Does Neoclassical Theory Account for the Effects of Fiscal Shocks? Evidence from World War II,” with Ellen McGrattan, forthcoming, International Economic Review.


  • “Long-Term Changes in Labor Supply and Taxes: Evidence from OECD Countries”, with Andrea Raffo and Richard Rogerson, Journal of Monetary Economics, 55 (8), pp. 1353–1362, 2008.


  • “Why Have Business Cycle Fluctuations Become Less Volatile?” with Andres Arias and Gary Hansen, Economic Theory, 32 (1), pp. 43–58, 2007.


  • “Monetary policy and learning”, Review of Economic Dynamics, Volume 8, Issue 2, April 2005, pp. 257-261, with Marco Del Negro and Tao Zha.


  • “Latin America in the Rear View Mirror”, with Harold Cole, Alavaro Riascos, and James Schmitz, Journal of Monetary Economics, 52 (1), pp. 69–107, 2005.


  • “Trend-Reverting Fluctuations in the Life Cycle Model”, with Costas Azarariadis and James Bullard, Journal of Economic Theory, 119 (2), pp. 334–356, 2004.


  • “New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis”, Journal of Political Economy, Vol. 112, No. 4, August 2004, pp. 779-816, with Harold Cole.


  • “Complex Eigenvalues and Trend-Reverting Fluctuations”, forthcoming, Journal of Economic Theory, with Costas Azarariadis and James Bullard.


  • “Unit Roots, Trend Breaks, and Transitory Dynamics: A Macroeconomic Perspective”, Macroeconomic Dynamics, vol. 6, no. 5, November 2002, with Lutz Kilian.


  • “”, Journal of Monetary Economics, Vol. 49, issue 4, May 2002, pp. 653-686, with Harold Cole.


  • “The Great U.K. Depression: A Puzzle and Possible Resolution”, Review of Economic Dynamics, January 2002, pp. 19-44 with Harold Cole.


  • “Capital-Skill Complementarity and Inequality: A Macroeconomic Analysis”, Econometrica, September, 2000, 1029 – 1054, with Per Krusell, Jose Victor Rios-Rull, and Giovanni Violante.


  • “Dynamic Equilibrium Economics: A Framework for Comparing Models and Data”, Review of Economic Studies, July 1998, vol. 65, (3), pp. 433-452, with Frank Diebold and Jeremy Berkowitz.


  • “Short-Run Independence of Monetary Policy under Pegged Exchange Rates and Effects of Money on Exchange Rates and Interest Rates”, Journal of Money, Credit, and Banking, vol. 29, (4), part 2, 1997, pp. 783 – 806, with Alan Stockman.


  • “The Macroeconomic Effects of War Finance in the United States: World War II and the Korean War”, American Economic Review, vol. 87, (1), 1997, pp. 23 - 40.


  • “Postwar British Economic Growth and the Legacy of Keynes”, Journal of Political Economy , vol. 3, (105), 1997, pp. 439 – 472, with Thomas Cooley.


  • “The Effects of Real and Monetary Shocks in a Business Cycle Model with Some Sticky Prices”, Journal of Money, Credit and Banking, vol. 27, (4), Part 2, November 1995, pp. 1209 – 1234, with Alan Stockman and Lutz Kilian.


  • “The Cyclical Behavior of Prices”, Journal of Monetary Economics, 28, 1991, pp. 25 – 60, with Thomas Cooley.


  • “A Note on Spurious Inference in a Linearly Detrended Vector Autoregression”, The Review of Economics and Statistics, August, 1991, pp. 568 - 571.


  • “The Impact of Stochastic and Deterministic Trends on Money-Output Causality, a Multi- Country Investigation”, Journal of Econometrics, 45, 1990, pp. 291 – 308, with Robert Krol.


  • “The Spurious Effects of Unit Roots on Vector Autoregressions: A Monte Carlo Study”, Journal of Econometrics, November, 1988, pp. 251 - 266.


  • “The Great Depression in the United States from a Neoclassical Perspective”, (revised and updated), forthcoming in Neoclassical Studies of Great Depressions, Federal Reserve Bank of Minneapolis, Tim Kehoe and Edward Prescott, eds, 2004.


  • “The Great U.S. and U.K. Great Depressions through the Lens of Neoclassical Theory”, American Economic Review Papers and Proceedings, May 2002, with Harold Cole.


  • “Why Did Productivity Fall so Much During the Great Depression?”, American Economic Review Papers and Proceedings, May 2001, p. 34-38, reprinted in Quarterly Review, Federal Reserve Bank of Minneapolis, Spring 2002, pp. 12-17.


  • “Are Phillips Curves Useful for Inflation Forecasting?”, Quarterly Review, Federal Reserve Bank of Minneapolis, Winter, 2001, pp. 2-11.


  • “Re-Examining the Contribution of Money and Banking Shocks to the U.S. Great Depression”, NBER Macroeconomics Annual, 2001, pp. 183-227, MIT Press, Ben Bernanke and Kenneth Rogoff, eds., with Harold Cole.


  • “Shrinking Money and the Effectiveness of Monetary Policy”, in Challenges for Central Banking, pp. 229-246, 2001, Kluwer, Anthony Santomero, Staffan Viotti, and Anders Vredin, eds.


  • “Aggregate Returns to Scale: Why Measurement is Imprecise”, Quarterly Review, Federal Reserve Bank of Minneapolis, Summer 1999, pp. 19-26, with Harold Cole.


  • “The Defining Moment: A Review Essay”, Journal of Political Economy, February 1998, pp. 178-185.


  • “The Great Depression in the United States from a Neoclassical Perspective”, Quarterly Review, Federal Reserve Bank of Minneapolis, Winter 1999, pp. 2-24, with Harold Cole.


  • “How Capital Taxes Harm Economic Growth: Britain Versus the United States”, Business Review, Federal Reserve Bank of Philadelphia, July/August 1997, pp. 17-27.


  • “The Macroeconomic Effects of War Finance in the United States: World War II and the Korean War”, The American Economic Review, Vol. 87, No. 1, March 1997, pp. 23-40


  • “Are Data on Industry Evolution and Gross Job Turnover Relevant for Macroeconomics?”, Carnegie Rochester Conference on Public Policy Series, (44) June, 1996, pp. 215 – 250, with Andy Atkeson and Aubhik Khan.


  • “When the Bubble Bursts: Psychology or Fundamentals?”, Business Review, Federal Reserve Bank of Philadelphia, January, 1996, pp. 3 -13, reprinted in Problémes économiques, Direction de la Documentation Française.


  • “Theoretical Issues of Liquidity Effects”, Quarterly Review, Federal Reserve Bank of St. Louis, vol. 77 (3) May/June 1995, pp. 3 – 25, with Alan Stockman.


  • “Short Run Effects of Money When Some Prices are Sticky”, Quarterly Review, Federal Reserve Bank of Richmond, 80 (3), Summer 1994, pp. 1 – 23, with Alan Stockman.


  • “VAR Priors and Economic Theory”, Proceedings of the American Statistical Association, 1987, pp. 423 – 426, with Gerald Nickelsburg.


Copyright © Lee E. Ohanian 2009