Lawrence Christiano
Department of Economics
Northwestern University
2001 Sheridan Road
Evanston, IL 60208
Tel: 847/491-8231
Fax: 847/491-7001
E-Mail: 
WWW: http://faculty.wcas.northwestern.edu/~lchrist/
NBER Program Affiliations:
EFG
NBER Affiliation: Research Associate
Institutional Affiliation: Northwestern University
Information about this author at RePEc
NBER Working Papers and Publications
| January 2020 | Why is Unemployment so Countercyclical?
with Martin S. Eichenbaum, Mathias Trabandt: w26723
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| August 2018 | Discouraging Deviant Behavior in Monetary Economics
with Yuta Takahashi: w24949
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| July 2018 | On DSGE Models
with Martin S. Eichenbaum, Mathias Trabandt: w24811
Published: Lawrence J. Christiano & Martin S. Eichenbaum & Mathias Trabandt, 2018. "On DSGE Models," Journal of Economic Perspectives, vol 32(3), pages 113-140. citation courtesy of 
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| May 2018 | Does the New Keynesian Model Have a Uniqueness Problem?
with Martin S. Eichenbaum, Benjamin K. Johannsen: w24612
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| November 2017 | Comment on "Michelson-Morley, Fisher, and Occam: The Radical Implications of Stable Quiet Inflation at the Zero Bound"
in NBER Macroeconomics Annual 2017, volume 32, Martin Eichenbaum and Jonathan A. Parker, editors
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| September 2017 | Financialization in Commodity Markets
with V.V. Chari: w23766
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| October 2015 | Comment on "Networks and the Macroeconomy: An Empirical Exploration"
in NBER Macroeconomics Annual 2015, Volume 30, Martin Eichenbaum and Jonathan A. Parker, editors
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| November 2014 | Comment on "Whither News Shocks?"
in NBER Macroeconomics Annual 2014, Volume 29, Jonathan A. Parker and Michael Woodford, editors
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| April 2014 | Understanding the Great Recession
with Martin S. Eichenbaum, Mathias Trabandt: w20040
Published: Lawrence J. Christiano & Martin S. Eichenbaum & Mathias Trabandt, 2015. "Understanding the Great Recession," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(1), pages 110-67, January. citation courtesy of
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| October 2013 | Understanding the Great Recession
with Martin S. Eichenbaum, Mathias Trabandt
in Lessons from the Financial Crisis for Monetary Policy, Mark Gertler, organizer
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| August 2013 | Unemployment and Business Cycles
with Martin S. Eichenbaum, Mathias Trabandt: w19265
Published: Lawrence J. Christiano & Martin S. Eichenbaum & Mathias Trabandt, 2016. "Unemployment and Business Cycles," Econometrica, Econometric Society, vol. 84, pages 1523-1569, 07. citation courtesy of
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| January 2013 | Risk Shocks
with Roberto Motto, Massimo Rostagno: w18682
Published: Christiano, Lawrence J., Roberto Motto, and Massimo Rostagno. 2014. "Risk Shocks." American Economic Review, 104(1): 27-65. citation courtesy of
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| Leverage Restrictions in a Business Cycle Model
with Daisuke Ikeda: w18688
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| June 2012 | Comment on "The Household Effects of Government Spending"
in Fiscal Policy after the Financial Crisis, Alberto Alesina and Francesco Giavazzi, editors
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| October 2011 | Comment on "Unemployment in an Estimated New Keynesian Model"
in NBER Macroeconomics Annual 2011, Volume 26, Daron Acemoglu and Michael Woodford, editors
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| June 2011 | Government Policy, Credit Markets and Economic Activity
with Daisuke Ikeda: w17142
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| May 2011 | Comment on "What Fiscal Policy is Effective at Zero Interest Rates?"
in NBER Macroeconomics Annual 2010, Volume 25, Daron Acemoglu and Michael Woodford, editors
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| September 2010 | Monetary Policy and Stock Market Booms
with Cosmin L. Ilut, Roberto Motto, Massimo Rostagno: w16402
Published: Lawrence Christiano & Cosmin Ilut & Roberto Motto & Massimo Rostagno, 2010. "Monetary policy and stock market booms," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 85-145. citation courtesy of
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| June 2010 | DSGE Models for Monetary Policy Analysis
with Mathias Trabandt, Karl Walentin: w16074
Published: DSGE Models for Monetary Policy Analys is, joint with Mathia s Trabandt and Karl Walentin, in Benjamin M. Friedman, and Michael Woodford, editors: Handbook of Monetary Economics , Vol. 3A, The Netherlands: North-Holland.
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| March 2010 | Involuntary Unemployment and the Business Cycle
with Mathias Trabandt, Karl Walentin: w15801
Published: Lawrence J. Christiano & Mathias Trabandt & Karl Walentin, 2020. "Involuntary unemployment and the business cycle," Review of Economic Dynamics, .
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| October 2009 | When is the government spending multiplier large?
with Martin Eichenbaum, Sergio Rebelo: w15394
Published: Lawrence Christiano & Martin Eichenbaum & Sergio Rebelo, 2011. "When Is the Government Spending Multiplier Large?," Journal of Political Economy, University of Chicago Press, vol. 119(1), pages 78 - 121. citation courtesy of
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| October 2007 | Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
with Roberto Motto, Massimo Rostagno: w13521
Published: Christiano, Lawrence & Motto, Roberto & Rostagno, Massimo, 2008. "Shocks, structures or monetary policies? The Euro Area and US after 2001," Journal of Economic Dynamics and Control, Elsevier, vol. 32(8), pages 2476-2506, August. citation courtesy of
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| Two Reasons Why Money and Credit May be Useful in Monetary Policy
with Roberto Motto, Massimo Rostagno: w13502
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| July 2007 | Optimal Monetary Policy in a 'Sudden Stop'
with Fabio Braggion, Jorge Roldos: w13254
Published: Braggion, Fabio & Christiano, Lawrence J. & Roldos, Jorge, 2009.
"Optimal monetary policy in a [`]sudden stop',"
Journal of Monetary Economics,
Elsevier, vol. 56(4), pages 582-595, May.
citation courtesy of
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| May 2007 | Assessing Structural VARs
with Martin Eichenbaum, Robert Vigfusson
in NBER Macroeconomics Annual 2006, Volume 21, Daron Acemoglu, Kenneth Rogoff and Michael Woodford, editors
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| October 2006 | Two Flaws In Business Cycle Accounting
with Joshua M. Davis: w12647
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| July 2006 | Assessing Structural VARs
with Martin Eichenbaum, Robert Vigfusson: w12353
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| January 2005 | Firm-Specific Capital, Nominal Rigidities and the Business Cycle
with David Altig, Martin Eichenbaum, Jesper Linde: w11034
Published: David Altig & Lawrence Christiano & Martin Eichenbaum & Jesper Linde, . "Firm-Specific Capital, Nominal Rigidities and the Business Cycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics. citation courtesy of
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| January 2004 | The Great Depression and the Friedman-Schwartz Hypothesis
with Roberto Motto, Massimo Rostagno: w10255
Published:
- Lawrence J. Christiano & Roberto Motto & Massimo Rostagno, 2003. "The Great Depression and the Friedman-Schwartz hypothesis," Proceedings, Federal Reserve Bank of Cleveland, pages 1119-1215. citation courtesy of
- Lawrence J. Christiano & Roberto Motto & Massimo Rostagno, 2003. "The Great Depression and the Friedman-Schwartz Hypothesis," Journal of Money, Credit, and Banking, vol 35(6b), pages 1119-1197.
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| The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology
with Martin Eichenbaum, Robert Vigfusson: w10254
Published: Lawrence J. Christiano & Martin Eichenbaum & Robert Vigfusson, 2004. "The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology," Journal of the European Economic Association, MIT Press, vol. 2(2-3), pages 381-395, 04/05. citation courtesy of
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| October 2003 | Stock Market and Investment Goods Prices: Implications for Macroeconomics
with Jonas D. M. Fisher: w10031
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| July 2003 | What Happens After a Technology Shock?
with Martin Eichenbaum, Robert Vigfusson: w9819
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| June 2002 | Monetary Policy in a Financial Crisis
with Christopher Gust, Jorge Roldos: w9005
Published: Christiano, Lawrence J., Christopher Gust and Jorge Roldos. "Monetary Policy In A Financial Crisis," Journal of Economic Theory, 2004, v119(1,Nov), 64-103. citation courtesy of
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| April 2002 | Expectation Traps and Monetary Policy
with Stefania Albanesi, V.V. Chari: w8912
Published: Albanesi, Stefania, V. V. Chari and Lawrence J. Christiano. "Expectation Traps And Monetary Policy," Review of Economic Studies, 2003, v70(4,Oct), 715-741. citation courtesy of
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| October 2001 | Money Growth Monitoring and the Taylor Rule
with Massimo Rostagno: w8539
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| July 2001 | Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
with Martin Eichenbaum, Charles Evans: w8403
Published:
- Christiano, Lawrence J., Martin Eichenbaum, and Charles L. Evans. 2005. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," Journal of Political Economy, 113(1): 1-45, February 2005 citation courtesy of
- Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Proceedings, Federal Reserve Bank of San Francisco, issue Jun. citation courtesy of
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| February 2001 | How Severe is the Time Inconsistency Problem in Monetary Policy?
with Stefania Albanesi, V.V. Chari: w8139
Published: Albanesi, Stefania, V. V. Chari and Lawrence J. Christiano. "How Severe Is The Time-Inconsistency Problem In Monetary Policy?," FRB Minneapolis - Quarterly Review, 2003, v27(3,Summer), 17-33. citation courtesy of
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| December 2000 | The Conventional Treatment of Seasonality in Business Cycle Analysis: Does it Create Distortions?
with Richard M. Todd: t0266
Published: Christiano, Lawrence J. and Richard M. Todd. "The Conventional Treatment Of Seasonality In Business Cycle Analysis: Does It Create Distortions?," Journal of Monetary Economics, 2002, v49(2,Mar), 335-364.
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| July 2000 | The Expectations Trap Hypothesis
with Christopher J. Gust: w7809
Published: Christiano, Lawrence J. and Christopher Gust. "The Expectations Trap Hypothesis," FRB Chicago - Economic Perspectives, 2000, v24(2,Second-Qtr), 21-39. citation courtesy of
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| April 2000 | Understanding the Fiscal Theory of the Price Level
with Terry J. Fitzgerald: w7668
Published: Christiano, Lawrence J. and Terry J. Fitzgerald. "Understanding The Fiscal Theory Of The Price Level," FRB Cleveland - Economic Review, 2000, v36(2,Qtr-2), 2-37. citation courtesy of
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| July 1999 | The Band Pass Filter
with Terry J. Fitzgerald: w7257
Published: Christiano, Lawrence J. and Terry J. Fitzgerald. "The Band Pass Filter," International Economic Review, 2003, v44(2,May), 435-465. citation courtesy of
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| March 1999 | Taylor Rules in a Limited Participation Model
with Christopher J. Gust: w7017
Published: Published as "Sticky Price and Limited Participation Models of Money: A Comparison", European Economic Review, Vol. 41, no. 6 (June 1997): 1201-12 49.
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| Maximum Likelihood in the Frequency Domain: A Time to Build Example
with Robert J. Vigfusson: w7027
Published: Christiano, Lawrence J. and Robert J. Vigfusson. "Maximum Likelihood In The Frequency Domain: The Importance Of Time-To-Plan," Journal of Monetary Economics, 2003, v50(4,May), 789-815.
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| February 1998 | Solving Dynamic Equilibrium Models by a Method of Undetermined Coefficients
t0225
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| Monetary Policy Shocks: What Have We Learned and to What End?
with Martin Eichenbaum, Charles L. Evans: w6400
Published:
- Published as "The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds", Review of Economics and Statistics, Vol. 78, no. 1(February 1996): 16-34.
- Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1999. "Monetary policy shocks: What have we learned and to what end?," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 2, pages 65-148 Elsevier.
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| January 1998 | Modeling Money
with Martin Eichenbaum, Charles L. Evans: w6371
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| October 1997 | Algorithms for Solving Dynamic Models with Occasionally Binding Constraints
with Jonas D.M. Fisher: t0218
Published: Christiano, Lawrence J. and Jonas D.M. Fisher. "Algorithms For Solving Dynamic Models With Occasionally Binding Constraints," Journal of Economic Dynamics and Control, 2000, v24(8,Jul), 1179-1232.
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| October 1996 | Sticky Price and Limited Participation Models of Money: A Comparison
with Martin Eichenbaum, Charles L. Evans: w5804
Published: Christiano, Lawrence J., Martin Eichenbaum and Charles L. Evans. "Sticky Price And Limited Participation Models Of Money: A Comparison," European Economic Review, 1997, v41(6,Jun), 1201-1249. citation courtesy of
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| August 1996 | Chaos, Sunspots, and Automatic Stabilizers
with Sharon G. Harrison: w5703
Published: Journal of Monetary Economics, Vol. 44, no. 1 (August 1999): 3-31. citation courtesy of
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| April 1996 | Expectation Traps and Discretion
with V. V. Chari, Martin Eichenbaum: w5541
Published: Journal of Economic Theory, Vol. 81, no. 2 (August 1998): 462-492 citation courtesy of
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| October 1995 | Tobin's q and Asset Returns: Implications for Business Cycle Analysis
with Jonas Fisher: w5292
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| September 1995 | Asset Pricing Lessons for Modeling Business Cycles
with Michele Boldrin, Jonas D.M. Fisher: w5262
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| Inside Money, Outside Money and Short Term Interest Rates
with V. V. Chari, Martin Eichenbaum: w5269
Published:
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| March 1995 | Small Sample Properties of GMM for Business Cycle Analysis
with Wouter J. Den Haan: t0177
Published: Christiano, Lawrence J. and Wouter J. Den Haan. "Small-Sample Properties Of GMM For Business-Cycle Analysis," Journal of Business and Economic Statistics, 1996, v14(3,Jul), 309-327.
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| April 1994 | The Effects of Monetary Policy Shocks: Some Evidence from the Flow of Funds
with Martin Eichenbaum, Charles Evans: w4699
Published: Review of Economics and Statistics, vol. LXXVIII, no. 1, February 1996, pp. 16-34
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| October 1993 | Optimal Fiscal Policy in a Business Cycle Model
with V. V. Chari, Patrick J. Kehoe: w4490
Published: Journal of Political Economy, vol. 102, no. 3, August 1994 citation courtesy of
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| August 1993 | Optimality of the Friedman Rule in Economies with Distorting Taxes
with V. V. Chari, Patrick J. Kehoe: w4443
Published: Journal of Monetary Economics, vol. 37, no. 2 (April 1996). citation courtesy of
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| August 1992 | Liquidity Effects, Monetary Policy, and the Business Cycle
with Martin Eichenbaum: w4129
Published: Journal of Money, Credit and Banking, vol. 27, no. 4, November 1995 Part I pp 1113-1136 citation courtesy of
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| January 1992 | Liquidity Effects and the Monetary Transmission Mechanism
with Martin Eichenbaum: w3974
Published: American Economic Review, Papers and Preceedings Vol. 82, No. 2, pp. 346-353 May 1992 citation courtesy of
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| November 1991 | Identification and the Liquidity Effect of a Monetary Policy Shock
with Martin Eichenbaum: w3920
Published: "Some Empirical Evidence on the Liquidity Effect", Political Economy, Growth, and Business Cycles EDS.: A. Cuikerman, Z. Hercowitz, L. Leiderman MIT Press 1992
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| April 1990 | The Output, Employment, and Interest Rate Effects of Government Consumption
with S. Rao Aiyagari, Martin Eichenbaum: w3330
Published: Journal of Monetary Economics, 1992 citation courtesy of
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| October 1989 | Unit Roots in Real GNP: Do We Know, and Do We Care?
with Martin Eichenbaum: w3130
Published:
- Carnegie Rochester Conference Series on Public Policy, Vol. 32, pp. 7-61, Spring 1990.
- Christiano, Lawrence J. & Eichenbaum, Martin, 1990. "Unit roots in real GNP: Do we know, and do we care?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 7-61, January. citation courtesy of
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| September 1988 | Is Theory Really Ahead of Measurement? Current Real Business Cycle Theories and Aggregate Labor Market Fluctuations
with Martin Eichenbaum: w2700
Published: American Economic Review Vol. 82, No. 3, pp. 430-450 June 1992
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| August 1988 | Searching For a Break in GNP
w2695
Published: Journal of Business and Economic Statistics, July 1992, Vol. 10, No. 3 citation courtesy of
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| April 1987 | The Permanent Income Hypothesis Revisited
with Martin Eichenbaum, David Marshall: w2209
Published: Econometrica, Volume 59, Number 2, March 1991, pp. 397-424. citation courtesy of
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| September 1986 | Temporal Aggregation and Structural Inference in Macroeconomics
with Martin S. Eichenbaum: t0060
Published: Eichenbaum, Martin S. and L. J. Christiano. "Temporal Aggregation and Structural Inference in Macroeconomics," Carnegie-Rochester Conference Series on Public Policy, Vol. 26, Spring 1987, pp. 63-130.
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