Patrick Kehoe

About

Patrick Kehoe is a Professor of Economics at Stanford University and a member of the Academic Council Faculty. His research primarily focuses on international macroeconomics, with recent work developing business cycle models that quantitatively account for the Great Recession and exploring optimal bailout policies during economic downturns. He has also worked on categorizing patterns of business cycles across countries and over time, creating new models of financial frictions, and analyzing optimal monetary and fiscal policy, including time inconsistency issues in policies. Prior to his recent focus, Kehoe's work has encompassed a broad range of topics within macroeconomics and financial economics, contributing to the understanding of international finance, economic history, and the development of economic models. His research aims to push forward the frontier of knowledge in economics, combining both basic and applied research efforts.

Research topics

• Business

Selected publications

• International Business Cycles:

  Princeton University Press eBooks · 2020 · 55 citations

  PublisherDOI

• Asset Prices and Unemployment Fluctuations: A Resolution of the Unemployment Volatility Puzzle

  The Review of Economic Studies · 2022-08-16 · 24 citations

  article1st authorCorresponding

  Abstract Recent work has demonstrated that existing solutions of the unemployment volatility puzzle are at odds with the procylicality of the opportunity cost of employment, the cyclicality of wages, and the volatility of risk-free rates. We propose a model of business cycles that is immune to these critiques by incorporating two key features. First, we allow for preferences that generate time-varying risk over the business cycle to account for observed fluctuations in asset prices. Second, we i…

  PublisherDOI

• The Distributional Impact of the Minimum Wage in the Short and Long Run

  SSRN Electronic Journal · 2022-01-01 · 17 citations

  articleOpen access
  PublisherDOI

• Asset Prices and Unemployment Fluctuations

  Working paper · 2020-03-05 · 16 citations

  reportOpen access1st authorCorresponding

  Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search models are inconsistent with the procylicality of the opportunity cost of employment, the cyclicality of wages, and the volatility of risk-free rates.We propose a model that is immune to these critiques and solves this puzzle by allowing for preferences that generate time-varying risk over the cycle, and so account for observed asset pricing fluctuations, and for human capital ac…

  PublisherOA PDFDOI

• Asset Prices and Unemployment Fluctuations: A Resolution of the Unemployment Volatility Puzzle

  SSRN Electronic Journal · 2022-01-01 · 14 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

Recent grants

• Asset Market Frictions in Quantitative International Business Cycle Models

  NSF · $388k · 2002–2010

• Financial Frictions in Quantitative International Business Cycle Models

  NSF · $221k · 2004–2012

Frequent coauthors

• V. V. Chari

  493 shared

• Andrew Atkeson

  University of California, Los Angeles

  432 shared

• Ellen R. McGrattan

  222 shared

• Elena Pastorino

  Stanford University

  179 shared

• Virgiliu Midrigan

  New York University

  126 shared

• João Ayres

  Inter-American Development Bank

  97 shared

• Fernando Álvarez

  University of Chicago

  90 shared

• Susan Athey

  81 shared

Education

• Phd, Economics

  Harvard University

  1986

Similar researchers at Stanford University

• Guido W Imbensh-109
• Nicholas Bloomh-106
• Matthew O. Jacksonh-103