Lee E. Ohanian

8283 Bunche Hall
UCLA, Department of Economics
Box 951477
Los Angeles, CA 90095
Tel: 310/825-0979
Fax: 310/825-9528

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: EFG
NBER Affiliation: Research Associate

NBER Working Papers and Publications

September 2017Tarnishing the Golden and Empire States: Land-Use Restrictions and the U.S. Economic Slowdown
with Kyle F. Herkenhoff, Edward C. Prescott: w23790

Published: Kyle F. Herkenhoff & Lee E. Ohanian & Edward C. Prescott, 2017. "Tarnishing the Golden and Empire States: Land-Use Restrictions and the U.S. Economic Slowdown," Journal of Monetary Economics, .

May 2016The Great Recession in the Shadow of the Great Depression: A Review Essay on “Hall of Mirrors: The Great Depression, The Great Recession and the Uses and Misuses Of History”

Published: Lee E. Ohanian, 2017. "The Great Recession in the Shadow of the Great Depression: A Review Essay on , by Barry Eichengreen," Journal of Economic Literature, vol 55(4), pages 1583-1601.

March 2016Neoclassical Models in Macroeconomics
with Gary D. Hansen: w22122
November 2015Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America
with Paulina Restrepo-Echavarria, Mark L. J. Wright: w21744
October 2015Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default
with Kristopher Gerardi, Kyle F. Herkenhoff, Paul S. Willen: w21630
September 2015The Impact of Foreclosure Delay on U.S. Employment
with Kyle F. Herkenhoff: w21532
October 2014Competitive Pressure and the Decline of the Rust Belt: A Macroeconomic Analysis
with Simeon Alder, David Lagakos: w20538
February 2013The Impact of Cartelization, Money, and Productivity Shocks on the International Great Depression
with Harold L. Cole: w18823
September 2011Aggregate Hours Worked in OECD Countries: New Measurement and Implications for Business Cycles
with Andrea Raffo: w17420

Published: Ohanian, Lee E. & Raffo, Andrea, 2012. "Aggregate hours worked in OECD countries: New measurement and implications for business cycles," Journal of Monetary Economics, Elsevier, vol. 59(1), pages 40-56. citation courtesy of

August 2011Labor Market Dysfunction During the Great Recession
with Kyle F. Herkenhoff: w17313

Published: “Labor Market Dysfunction during the Great Recession,” with Lee E. Ohanian (UCLA), Cato Papers on Public Policy, edited by Jeffrey Miron, Volume 1, 2011.

May 2011Comment on "What Fiscal Policy is Effective at Zero Interest Rates?"
in NBER Macroeconomics Annual 2010, Volume 25, Daron Acemoglu and Michael Woodford, editors
December 2010The General Theory of Employment, Interest, and Money After 75 Years: The Importance of Being in the Right Place at the Right Time
with Matthew N. Luzzetti: w16631
August 2009What - or Who - Started the Great Depression?

Published: Ohanian, Lee E., 2009. "What - or who - started the great depression?," Journal of Economic Theory, Elsevier, vol. 144(6), pages 2310-2335, November. citation courtesy of

December 2006Long-Term Changes in Labor Supply and Taxes: Evidence from OECD Countries, 1956-2004
with Andrea Raffo, Richard Rogerson: w12786

Published: Ohanian, Lee & Raffo, Andrea & Rogerson, Richard, 2008. "Long-term changes in labor supply and taxes: Evidence from OECD countries, 1956-2004," Journal of Monetary Economics, Elsevier, vol. 55(8), pages 1353-1362, November. citation courtesy of

April 2006Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence From World War II
with Ellen R. McGrattan: w12130

Published: Ellen R. McGrattan & Lee E. Ohanian, 2010. "Does Neoclassical Theory Account For The Effects Of Big Fiscal Shocks? Evidence From World War Ii," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 51(2), pages 509-532, 05. citation courtesy of

March 2006Why Have Business Cycle Fluctuations Become Less Volatile?
with Andres Arias, Gary D. Hansen: w12079

Published: Arias, Andres, Gary D. Hansen and Lee Ohanian. “Why Have Business Cycle Fluctuations Become Less Volatile?” Economic Theory 32 (July 2007): 43-58. citation courtesy of

April 2005Deflation and the International Great Depression: A Productivity Puzzle
with Harold L. Cole, Ron Leung: w11237
December 2004Latin America in the Rearview Mirror
with Harold L. Cole, Alvaro Riascos, James A. Schmitz, Jr.: w11008


  • Harold L. Cole & Lee E. Ohanian & Alvaro Riascos & James A. Schmitz, Jr., 2006. "Latin America in the rearview mirror," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sep. citation courtesy of
  • Cole, Harold L. & Ohanian, Lee E. & Riascos, Alvaro & Schmitz, James Jr, 2005. "Latin America in the rearview mirror," Journal of Monetary Economics, Elsevier, vol. 52(1), pages 69-107, January. citation courtesy of

January 2001Re-Examining the Contributions of Money and Banking Shocks to the U.S. Great Depression
with Harold L. Cole
in NBER Macroeconomics Annual 2000, Volume 15, Ben S. Bernanke and Kenneth Rogoff, editors
February 1995Dynamic Equilibrium Economies: A Framework for Comparing Models and Data
with Francis X. Diebold, Jeremy Berkowitz: t0174

Published: Review of Economic Studies, Vol. 65 (1998): 433-452.

November 1993Short-Run Independence of Monetary Policy Under Pegged Exchange Rates and Effects of Money on Exchange Rates and Interest Rates
with Alan C. Stockman: w4517


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