The Art and Practice of Economics Research
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The Art and Practice of Economics Research

Lessons from Leading Minds

Simon W. Bowmaker

The Art and Practice of Economics Research provides an in-depth look into the research methods of leading economists from across the United States and Europe. This innovative volume contains 25 interviews with practicing economists, presenting insightful personal accounts into an often-misunderstood field.
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Chapter: Ellen R. McGrattan (Federal Reserve Bank of Minneapolis)

Simon W. Bowmaker


Ellen McGrattan was born in New London, Connecticut in 1962 and graduated with a BS in mathematics and economics from Boston College in 1984 before obtaining a PhD in economics from Stanford University in 1989. Between 1989 and 1992, she was an Assistant Professor of Economics at Duke University and then joined the Federal Reserve Bank of Minneapolis, where she has remained ever since, currently serving as Monetary Advisor in the Research Department. Dr McGrattan’s research focuses on the aggregate effects of monetary and fiscal policy, in particular the impact on GDP, investment, the allocation of hours, and the stock market. Her most-cited articles in chronological order include ‘Money as a Medium of Exchange in an Economy with Artificially Intelligent Agents’, Journal of Economic Dynamics and Control (1990), co-authored with Ramon Marimon and Thomas Sargent, ‘The Macroeconomic Effects of Distortionary Taxation’, Journal of Monetary Economics (1994), ‘An Equilibrium Model of the Business Cycle with Household Production and Fiscal Policy’, International Economic Review (1997), co-authored with Richard Rogerson and Randall Wright, ‘Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?’, Econometrica (2000), co-authored with V.V. Chari 301 Columns Design XML Ltd / Job: Bowmaker-Art_and_Practice_Economics_Research 9/7 / Division: 16McGrattan /Pg. Position: 1 / Date: JOBNAME: Bowmaker PAGE: 2 SESS: 3 OUTPUT: Thu Aug 23 16:50:48 2012 302 The art and practice of economics research and Patrick Kehoe, and ‘Can Sticky Price Models Generate Volatile and Persistent Real Exchange...

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