CONTACT
nkocherl at simon dot rochester dot edu
PERSONAL
US Citizen
Married
he/his/him
EDUCATION
Ph.D. (Economics), The University of Chicago, 1987.
A.B. (Mathematics), Princeton University, 1983.
OUTSIDE ACTIVITIES:
See here.
CURRENT EMPLOYMENT
2024- : Louise & Henry Epstein Professor of Business Administration and Professor of Finance, Simon Business School, University of Rochester.
PAST EMPLOYMENT
2016-2024 : Lionel W. McKenzie Professor of Economics, University of Rochester.
2016-2023: Bloomberg Opinion contributor.
2021-2022: Chair, Department of Economics, University of Rochester.
2009-2015: President and Chief Executive Officer, Federal Reserve Bank of Minneapolis
2005-2010: Professor, Department of Economics, University of Minnesota
2006-2008: Chairperson, Department of Economics, University of Minnesota
2002-2005: Professor, Stanford University
2001-2002: Carlson Professor of Economics, University of Minnesota.
1998-2002: Professor, University of Minnesota.
1996-1998: Research Economist, Federal Reserve Bank of Minneapolis.
1993-1995: Associate Professor (with tenure), The University of Iowa.
1990-1993: Assistant Professor, The University of Iowa.
1987-1990: Assistant Professor, Kellogg Graduate School of Management, Northwestern University
HONORS AND GRANTS
· Economic Theory Fellow, Society for the Advancement of Economic Theory, 2011.
· President, Midwest Economics Association, 2011-2012.
· Fellow, Econometric Society, 2005.
· Research Associate, NBER, 2003-present.
· National Science Foundation SES-0606695, 2005-2008.
· National Science Foundation SES-0350833, 2004-2005.
· National Science Foundation SES-0076315, 2000-2004.
· National Science Foundation SES 92-23257, 1993-1995 (joint with B. F. Ingram and N.E. Savin)
SPECIAL LECTURES
· Professor Robert Bradbury Lecture, University of Florida, Gainesville, FL, 2025.
· Inaugural Anderton Economic Symposium, Hobart and William Smith College, Geneva, NY, 2023.
· Keynote Address, Bank of Korea International Conference, Seoul, South Korea, 2023.
· Joe Tiao Lecture, Kansas State University Economics Department, Manhattan, KS., 2022.
· Keynote Address, "Choosing the Right Target" Conference, McGill University, Montreal, Canada, 2020 (via Zoom).
· Keynote Address, Workshop on Empirical Monetary Economics, OFCE, Paris, France, 2019.
· Keynote Address, 8th Joint ECB-Bank of Canada Conference, Ottawa, Canada, 2019.
· Keynote Address, Bank of Canada Conference on "Next Steps for Macroeconomic Modeling," Ottawa, Canada, 2018.
· Keynote Address, Wharton Conference on Liquidity and Financial Fragility, Philadelphia, PA, 2018. Keynote Address, Wharton Conference on Liquidity and Financial Fragility, Philadelphia, PA, 2018.
· Keynote Address, Ukrainian Financial Forum, Odessa, Ukraine, 2018.
· Keynote Address, Asia Economic Policy Conference, Federal Reserve Bank of San Francisco, 2017.
· Keynote Address, ADBI Annual Conference, Tokyo, Japan, 2016.
· Steine Lecture, Vanderbilt University, Nashville, TN, 2016.
· Keynote Address, Duke-UNC Asset Pricing Conference, Durham, NC, 2016.
· Presidential Address, Midwest Economics Association, Evanston, IL, 2012.
· Plenary Lecture, Latin American and Caribbean Economic Association Meetings, 2008.
· Plenary Lecture, North American Summer Meetings of the Econometric Society, 2008.
· 6th Toulouse Lectures in Economics, Toulouse School of Economics, 2008.
· State-of-the-Art Lecture, Canadian Economics Association Meetings, 2006.
· Economic Journal Lecture, Royal Economic Society Meetings, 2006.
· Invited Lecture, World Congress of the Econometric Society, 2005.
· Plenary Speaker, Society for Economic Dynamics, July 2004.
BOOKS
· The New Dynamic Public Finance, 2010, Princeton University Press
WORKING PAPERS
PUBLICATIONS
For all co-authored articles, the ordering of authors’ names is alphabetical.
1. Optimal Labor Income Taxation: A Flexible Moral Hazard Approach, Review of Economic Studies, forthcoming.
2. The Concavity of the Phillips Curve in Time-Dependent Pricing Models, Economica, forthcoming.
3. Asymmetries in Federal Reserve Objectives, Economic Policy 40 (2025), 371-400.
4. Difficulties in Testing for Capital Overaccumulation, Quantitative Economics 15 (2024), 89-114.
5. Infinite Debt Rollover in Stochastic Economies, Econometrica 91 (2023), 1629-1658.
6. Public Debt Bubbles in Heterogeneous Agent Models with Tail Risk, International Economic Review 64 (2023), 491-509.
7. The Unavoidability of Low Inflation-Low Output Traps, Review of Economics Studies 89 (2022), 3410-3435.
8. Stabilization with Fiscal Policy, Journal of Monetary Economics 131 (2022), 1-14, lead article.
9. The 21st Century Credibility Problem, in Choosing the Right Target: Real Options for the Bank of Canada's Mandate Renewal, Max Bell School of Public Policy, McGill University, 2021.
10. Bounds on price-setting, Theoretical Economics 16 (2021), 979-1015.
11. Analytical Formulae for Accurately Sized t-tests in the Single Instrument Case, Economics Letters 189 (2020), Article 109053.
12. The Future of the Zero Lower Bound Problem, Journal of International Money and Finance 95 (2019), 228-231.
13. Public Goods with Ambiguity in Large Economies, Journal of Economic Theory 182 (2019), 218-46, joint with Y. Song.
14. Practical Policy Evaluation, Journal of Monetary Economics 102 (2019), 29-45.
15. The Decentralized Central Bank: A Review Essay on The Power and Independence of the Federal Reserve, Journal of Economic Literature (2017), 621-636.
16. Rules versus Discretion: A Reconsideration, Brookings Papers on Economic Activity, Fall 2016, 1-36.
17. Comment on 'Forward Guidance and Macroeconomic Outcomes since the Crisis,' by Campbell, et al., NBER Macro Annual (2016), 358-363.
18. Comment on ‘Quantifying the Lasting Harm of the Financial Crisis to the US Economy,’ by Robert Hall, NBER Macro Annual (2014), 146-152.
19. Internal Debt Crises and Sovereign Default, Journal of Monetary Economics 68 (2014), S68-S80, joint with C. Arellano.
20. Two Models of Land Overvaluation and Their Implications, in The Origins, History, and Future of the Federal Reserve, ed. M. Bordo and W. Roberds, New York: Cambridge University Press, 2013.
21. Central Bank Independence and Sovereign Default, in Banque de France Financial Stability Review 16 (2012), 151-154.
22. Modern Macroeconomic Models as Tools for Policy, 2009 Annual Report, Federal Reserve Bank of Minneapolis (2010).
23. Nonseparable Preferences and Optimal Social Security Systems, Journal of Economic Theory 145 (2010), 2055-2077, joint with B. Grochulski.
24. On the Robustness of Laissez-Faire, Journal of Economic Theory 144 (2009), 2372-2387, joint with C. Phelan.
25. Asset Pricing Implications of Pareto Optimality with Private Information, Journal of Political Economy 117 (2009), 555-590, joint with L. Pistaferri.
26. Inequality and Real Exchange Rates, Journal of European Economic Association 6 (2008), 597-608, joint with L. Pistaferri.
27. Monetary and Fiscal Policy: An Overview, 2nd Edition of New Palgrave Dictionary of Economics, 2008.
28. Injecting Rational Bubbles, Journal of Economic Theory 142 (2008), 218-232.
29. Model Fit and Model Selection, July-August 2007, Federal Reserve Bank of St. Louis Review, 349-360.
30. Forbearance and Prompt Corrective Action, Journal of Money, Credit, and Banking 39 (2007), 1107-29, joint with I. Shim.
31. Household Heterogeneity and Real Exchange Rates, Economic Journal 117 (2007), C1-C25, joint with L. Pistaferri (2006 Economic Journal Lecture).
32. Advances in Dynamic Optimal Taxation, Advances in Economics and Econometrics: Theory and Applications, Ninth World Congress, Volume I, 269-299, 2006.
33. Finite Memory and Imperfect Monitoring, Games and Economic Behavior 53 (2005), 59-72, joint with H. Cole.
34. Zero Expected Wealth Taxes: A Mirrlees Approach to Dynamic Optimal Taxation, Econometrica 73 (2005), 1587-1621.
35. Optimal Monetary Policy: What We Know and What We Don’t Know, International Economic Review 46 (2005), 715-729 (reprinted in Federal Reserve Bank of Minneapolis Quarterly Review 29 (2005), 10-19).
36. Wedges and Taxes, American Economic Review Papers and Proceedings (2004), 109-113.
37. Figuring Out the Impact of Hidden Savings on Optimal Unemployment Insurance, Review of Economic Dynamics 7 (2004), 541-554.
38. On the Irrelevance of Government Debt When Taxes are Distortionary, Journal of Monetary Economics 51 (2004), 299-304, joint with M. Bassetto.
39. Optimal Indirect and Capital Taxation, Review of Economic Studies 70 (2003), 569-87, joint with M. Golosov and A. Tsyvinski.
40. Societal Benefits of Illiquid Bonds, Journal of Economic Theory 108 (2003), 179-193.
41. The Two-Money Theorem, International Economic Review 43 (2002), 333-46.
42. Money: What’s the Question and Why Should We Care About the Answer? American Economic Review Papers and Proceedings (2002), 58-61.
43. Dynamic Games with Hidden Actions and Hidden States, Journal of Economic Theory 98 (2001), 114-26, joint with H. Cole.
44. Risky Collateral and Deposit Insurance, Advances in Macroeconomics 1 (2001), Article 2.
45. Looking for Evidence of Time-Inconsistent Preferences in Asset Market Data, Federal Reserve Bank of Minneapolis Quarterly Review, Summer 2001, 13-24.
46. Efficient Allocations with Hidden Income and Hidden Storage, Review of Economic Studies 68 (2001), 523-42, joint with H. Cole.
47. Creating Business Cycles Through Credit Constraints, Federal Reserve Bank of Minneapolis Quarterly Review, Summer 2000, 2-10.
48. A Signaling Model of Multiple Monies, Review of Economic Dynamics 2 (1999), 231-44, joint with T. Krueger.
49. Explaining the Fiscal Theory of the Price Level, Federal Reserve Bank of Minneapolis Quarterly Review, Fall 1999, 14-23, joint with C. Phelan.
50. The Technological Role of Fiat Money, Federal Reserve Bank of Minneapolis Quarterly Review, Summer 1998, 2-10 (based on "Money is Memory").
51. Zero Nominal Interest Rates: Why They're Good and How to Get Them, Federal Reserve Bank of Minneapolis Quarterly Review, Spring 1998, 2-10, joint with H. Cole.
52. Money is Memory, Journal of Economic Theory 81 (1998), 232-251.
53. Incomplete Record-Keeping and Optimal Payment Arrangements, Journal of Economic Theory 81 (1998), 272-289, joint with N. Wallace.
54. The Effects of Moral Hazard on Asset Prices when Financial Markets are Complete, Journal of Monetary Economics 41 (1998), 39-56.
55. Using Theory for Measurement: Measuring the Cyclical Behavior of Home Production, Journal of Monetary Economics 40 (1997), 435-456, joint with B. F. Ingram and N. E. Savin.
56. Testing the Consumption CAPM with Heavy-Tailed Pricing Errors, Macroeconomic Dynamics 1 (1997), 551-567.
57. Is there Endogenous Long Run Growth? Evidence from the United States and the United Kingdom? Journal of Money, Credit, and Banking 29 (1997), 235-262, joint with K. Yi.
58. Implications of Efficient Risk Sharing without Commitment, Review of Economic Studies 63 (1996), 595-610.
59. Why Should Older People Invest Less in Stocks than Younger People?, Federal Reserve Bank of Minneapolis Quarterly Review, Summer 1996, 11-23, joint with R. Jagannathan.
60. Reconsideration-Proofness: A Refinement for Infinite Horizon Time Inconsistency, Games and Economic Behavior 15 (1996), 33-54.
61. Consumption, Commitment and Cycles, Journal of Monetary Economics 37 (1996), 461-474.
62. The Equity Premium: It's Still A Puzzle, Journal of Economic Literature 34 (1996), 42-71.
63. A Simple Time Series Test of Endogenous vs. Exogenous Growth Models: An Application to the United States, Review of Economics and Statistics 78 (1996), 126-134, joint with K. Yi.
64. Can Convergence Regressions Distinguish Between Exogenous and Endogenous Growth Models? Economic Letters 49 (1995), 211-216, joint with K. Yi.
65. Explaining Business Cycles: A Multiple Shock Approach, Journal of Monetary Economics 34 (1994), 415-428, joint with B. F. Ingram and N. E. Savin.
66. Bubbles and Constraints on Debt Accumulation, Journal of Economic Theory 57 (1992), 245-56. (Corrigendum, Journal of Economic Theory 208 (2023), joint with A. Toda.)
67. The Variability of Velocity in Cash-in-Advance Models, Journal of Political Economy 99 (1991), 358-384, joint with R. Hodrick and D. Lucas.
68. On Tests of Representative Consumer Asset Pricing Models, Journal of Monetary Economics 26 (1990), 285-304.
69. Disentangling the Coefficient of Relative Risk Aversion from the Elasticity of Intertemporal Substitution: An Irrelevance Result, The Journal of Finance 55 (1990), 175-190 (nominated for best paper in journal, 1990).
70. On the 'Discount' Factor in Growth Economies, Journal of Monetary Economics 25 (1990), 43-47.
PRESENTATIONS (SINCE 2016)
2025: NBER (discussion EFEL), University of Florida (public lecture and keynote speaker in conference), Federal Reserve Bank of Philadelphia Conference on Credit Markets and the Macroeconomy.
2024: Simon Labor Conference (moderator, policy panel), NBER (discussion EFEL), Toulouse School of Economics, Wharton Conference on Liquidity, IMF (via Zoom), Canadian Macro Study Group.
2023: Royal Holloway (Zoom seminar), Emory University, UCLA Conference on Financial Markets (panel), Bank of Korea International Conference, CBO (Zoom seminar), IMF (conference discussion), Hobart and William Smith College (public lecture).
2022: NBER (discussion EFEL), Kansas State University, Cowles Foundation Macro Summer Conference (Yale University), joint Zoom seminar (HK Baptist University, National Taiwan University, Academia Sinica, NYU-Shanghai, Sogang University and Singapore Management University)
2021: NBER MPF (via Zoom), Hitotsubashi University (via Zoom), University of Toronto (via Zoom), National University of Singapore (via Zoom)
2020: McGill (via Zoom), NBER (discussions via Zoom EFEL, AP), ASSA discussion
2019: CREST, OFCE Workshop on Monetary Economics, Federal Reserve Board, Clarkson University, FRB-St. Louis, University of Texas, FRB-Cleveland, Deutsche Bundesbank conference, Bank of Canada conference, University of Lausanne, University of Zurich, Stony Brook Economics.
2018: FRB-Richmond conference, Bank of Canada conference, Wharton School conference, IMF, Maryland, BGSE, CREI, Ukrainian Financial Forum, Penn State, NBER EF Dynamic Equilibrium Models, Texas Monetary Conference, Carnegie-Rochester-NYU Public Policy conference, Yale General Equilibrium Theory conference, FRB-SF policy conference
2017: Northwestern University, FRB-SF conference, ECB, UCL, LSE, Booth, Cornell, BIS policy conference, Riksbank policy conference, Queen’s University conference, FRB-SF policy conference (discussion).
2016: ADB conference, Atlanta Fed conference, Vanderbilt, UCSD, LBS, Brookings, BFI conference, Brown, MIT
PH. D. ADVISEES
I am/was the primary advisor (or co-advisor) for the following students.
· Rochester: Min (Ethan) Fang, Chen Kan, Eunmi (Emma) Ko, Yajie Wang
· Stanford: Ilhyock Shim, Winnie Choi
· Minnesota: Miguel Cardoso-Lecourtois, Guilherme Carmona, Kenichi Fukushima, Nick Guo, Katya Kartashova, Cyril Monnet, Daniel Samano, Adam Slawski, Ctirad Slavik, Aleh Tsyvinski, Yuichiro Waki, Hakki Yazici, Pinar Yesin, Rui Zhao
· Iowa: Kenneth Beauchemin, Young-sik Kim, Ayhan Kose, Jiang Li
UNIVERSITY OF ROCHESTER SERVICE
Dean of the Faculty of Arts, Sciences, and Engineering Search Committee, 2016-18 (note: this position no longer exists.)
Strategic Planning Subcommittee, 2016.
Project Imagine, 2020.
Faculty Senate, 2020-26.
Chair, Faculty Budget Committee, 2023-27.
Member, Faculty Elections Committee, 2024-.
Member, Senate Executive Committee, 2024-26.
Member, Simon Business School Promotion and Tenure Committee, 2025-26.
PROFESSIONAL SERVICE
Committees
· Nomination Committee, Econometric Society, 2006.
· Committee on Honors and Awards, American Economic Association, 2006-2009.
Conferences
· Carnegie-Rochester-NYU Policy Conference Advisory Board, 2016-
· Program Committee member, North American Summer Meetings of the Econometric Society, 1999, 2004, 2006, 2007.
· Conference Co-Organizer, Conference in Honor of Neil Wallace, State College, PA, March 2006.
· Program Committee member, World Congress of the Econometric Society, August 2005.
· Conference Co-Organizer, Models of Monetary Economies II: The Next Generation, Federal Reserve Bank of Minneapolis, May 2004.
· Program Committee member, North American Winter Meetings of the Econometric Society, 2004.
· Program Committee member, American Economic Association meetings, January 2004.
· Co-organizer, Society for Economic Dynamics conference, June 2002
· Co-organizer, Minnesota Workshop in Macroeconomic Theory, August 2000
Editorial Service and Refereeing
· Guest Editor, Journal of Monetary Economics, January 2018 volume.
· Editor, Theoretical Economics, 2009..
· Foreign Editor, Review of Economic Studies, 2005-2009.
· Coordinating Editor, Review of Economic Dynamics, 2005-2008.
· Associate Editor, Quarterly Journal of Economics, 2005-2006.
· Guest Editor, International Economic Review, May 2005.
· Economics Panel Member, National Science Foundation, April 2004.
· Editor, Review of Economic Dynamics, 2003-2005, 2009.
· Associate Editor, Journal of Economic Theory, 2002-2005.
· Associate Editor, Review of Economic Dynamics, 2002-2003.
· Reviewer for Research Proposals, Economics Program, National Science Foundation
· Referee for American Economic Review, Canadian Journal of Economics, Econometrica, Economica, Economic Journal, Economic Theory, The International Economic Review, The Journal of Business and Economic Statistics, The Journal of Business, The Journal of Econometrics, The Journal of Economic Dynamics and Control, The Journal of Economic Theory, The Journal of Environmental Economics and Management, The Journal of Finance, Journal of Financial Research, The Journal of International Economics, The Journal of Macroeconomics, The Journal of Monetary Economics, The Journal of Money, Credit and Banking, The Journal of Political Economy, Management Science, Journal of Public Economics, Quarterly Review of Economics and Finance, Quarterly Journal of Economics, Review of Economic Dynamics, Review of Economics and Statistics, Review of Economic Studies, Review of Financial Studies