Working papers

Lukasz Rachel and Morten O. Ravn, 2025, "Brothers in Arms: Monetary-Fiscal Interactions Without Ricardian Equivalence," manuscript UCL. NEW!

• CEPR Discussion Paper no. 20445 (ungated version available above).

Renato Faccini, Seungcheol Lee, Ralph Luetticke, Morten O. Ravn and Tobias Renkin. 2024. "Financial Frictions: Micro vs Macro Volatility." 

This is a new and substantially revised version of:

Seungcheol Lee, Ralph Luetticke and Morten O. Ravn. 2020. “Financial Frictions: Macro vs. Micro Volatility." CEPR Discussion Paper no. 15133. NEW! Ungated version.

• August 2021 updated version of the paper.

Andresa Lagerborg, Evi Pappa and Morten O. Ravn, 2021. “Sentimental Business Cycles." (Revised version of CEPR Discussion Paper no. 15098). NEW!  Further material:  

• July 2021 updated version of the paper.

• Online Appendix. 

• Dataset on Mass Shootings in the United States, 1965-2019. 

• 2019 version of the paper.

Neele Balke and Morten O. Ravn. 2016. “Time-Consistent Fiscal Policy in a Debt Crisis.” CEPR Discussion Paper no.11646. Ungated Version.

Karel Mertens and Morten O. Ravn. 2011.  “Credit Channels in a Liquidity Trap.” CEPR Discussion Paper no.8322. Ungated version.

Publications

Renato Faccini, Seungcheol Lee, Ralph Luetticke, Morten O. Ravn and Tobias Renkin. 2025. "Financial Frictions: Micro vs Macro Volatility." Conditionally accepted, American Economic Review.

Alisdair McKay and Morten O. Ravn. 2025. "Nominal Rigidities and Business Cycles." Chapter 18 of Azzimonti, Krusell, McKay and Mukoyama (eds): Macroeconomics, Oxford University Press, forthcoming.

Evi Pappa, Morten O. Ravn and Vincent Sterk. 2023. "Expectations and Incomplete Markets." Chapter 19 (pp. 569-612) of Bachmann, Topa and van der Klaauw: Handbook of Economic Expectations, Academic Press (Elsevier).  Link to chapter.

Andresa Lagerborg, Evi Pappa and Morten O. Ravn, 2023. “Sentimental Business Cycles." Review of Economic Studies. Online appendix. Dataset on Mass Shootings in the United States, 1965-2019.

Orazio Attanasio, Kieran Larkin, Morten O. Ravn and Mario Padula. 2022. “(S)Cars and the Great Recession.“, Econometrica, September, 90(5), 2319-56. Online appendix.  Link to Econometrica

Morten O. Ravn and Vincent Sterk. 2021. “Macroeconomic Fluctuations with HANK&SAM: An Analytical Approach” Journal of the European Economic Association 19(2), 1162-1202.

Karel Mertens and Morten O. Ravn. 2019. “The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States: Reply to Jentsch and Lunsford.” American Economic Review 109 (7), 2679-91.

Evi Pappa, Andresa Lagerborg, and Morten O. Ravn. 2019. “Does Economic Insecurity Really Impact on Gun Violence at US Schools?” Nature Human Behavior (May).

Andrew Fieldhouse, Karel Mertens, and Morten O. Ravn. 2018. “The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy.” Quarterly Journal of Economics 133 (3), 1503-60.

Morten O. Ravn and Vincent Sterk. 2017. “Job Uncertainty and Deep Recessions.” Journal of Monetary Economics 90 (October), 125-141.

Rob Horne, John Bell, Jonathan Montgomery, Morten O. Ravn and John E. Tooke. 2015. “A New Social Contract for Medical Innovation.” Lancet 385 (9974), 1153-54.

Karel Mertens and Morten O. Ravn. 2014. “Fiscal Policy in an Expectations Driven Liquidity Trap.” Review of Economic Studies 81: 1637-67.

Karel Mertens and Morten O. Ravn. 2014. “A Reconciliation of SVAR and Narrative Estimates of the Tax Multiplier.” Journal of Monetary Economics 68: S1-S19 (lead article).

Karel Mertens and Morten O. Ravn. 2013. “The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States.” American Economic Review 103(4): 1212-47. On-line appendix.

Morten O. Ravn, Stephanie Schmitt-Grohe and Martin Uribe. 2012. “Consumption, Government Spending, and the Real Exchange Rate.” Journal of Monetary Economics 59(3): 215-34 (lead article).

Karel Mertens and Morten O. Ravn. 2012. “Empirical Evidence on the Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks.” American Economic Journal: Economic Policy 4(2): 145-81.

Karel Mertens and Morten O. Ravn. 2011. “Leverage and the Financial Accelerator in a Liquidity Trap.” American Economic Review May (P&P): 413-16.

Karel Mertens and Morten O. Ravn. 2011. “Understanding the Effects of Anticipated and Unanticipated Tax Policy Shocks.”  Review of Economic Dynamics 14(1): 27-54.

Karel Mertens and Morten O. Ravn. 2011. “Technology-Hours Redux: Tax Changes and the Measurement and Impact of Technology Shocks.” NBER International Seminar on Macroeconomics 2010: Chicago University Press.

Haroon Mumtaz, Jean Imbs, Morten O. Ravn and Helene Rey. 2010. “One TV, One Price?” Scandinavian Journal of Economics 112(4): 753-81.

Karel Mertens and Morten O. Ravn. 2010. “Measuring the Impact of Fiscal Policy Shocks in the Face of Anticipation.” Economic Journal 120 (May): 393-413. Coauthored with Karel Mertens.

Morten O. Ravn, Stephanie Schmitt-Grohe and Martin Uribe. 2010. “Incomplete Cost Pass-Through Under Deep Habits.” Review of Economic Dynamics 13(2): 317-32.

Morten O. Ravn, Stephanie Schmitt-Grohe, Martin Uribe, and Lenno Uuskula. 2010. "Deep Habits and the Dynamic Effects of Monetary Policy Shocks.” Journal of the Japanese and International Economy 24(2): 236-58.

Morten O. Ravn, Stephanie Schmitt-Grohe and Martin Uribe. 2009. "The Macroeconomics of Subsistence Points.” Macroeconomic Dynamics 12(S1): 136-47.

Morten O. Ravn. 2008. “The Consumption - Tightness Puzzle.” NBER International Seminar on Macroeconomics 2006: 1-39: Chicago University Press.

Morten O. Ravn and Saverio Simonelli. 2008. “Labor Market Dynamics and Business Cycles: Structural Evidence for the United States.” Scandinavian Journal of Economics 109(4): 743-77.

Morten O. Ravn, Stephanie Schmitt-Grohe and Martin Uribe. 2007. “Pricing to Habits and the Law of One Price.” American Economic Review 97 (P&P): 232-38.

Morten O. Ravn, Stephanie Schmitt-Grohe and Martin Uribe. 2006. “Deep Habits.” Review of Economic Studies 73(1): 195-218. 

Haroon Mumtaz, Jean Imbs, Morten O. Ravn and Helene Rey. 2005. "PPP Strikes Back: Aggregation and the Real Exchange Rate." Quarterly Journal of Economics 120 (1): 1-43 (lead article).

Zacharias Psaradakis, Morten O. Ravn and Martin sola. 2005. “Markov Switching Causality and the Money-Output Relationship.” Journal of Applied Econometrics 20(5): 665-83.

Morten O. Ravn and Elisabetta Mazzenga. 2004. “International Business Cycles: The Quantitative Role of Transportation Costs.” Journal of International Money and Finance 23(4): 645-71.

Morten O. Ravn and Martin Sola. 2004. "Asymmetric Effects of Monetary Policy in the US: Positive vs. Negative or Big vs. Small?” Quarterly Review Federal Reserve Bank of St. Louis (September/October): 41-60. 

Haroon Mumtaz, Jean Imbs, Morten O. Ravn and Helene Rey. 2003. “Non-Linearities and Real Exchange Rate Dynamics.” Journal of the European Economic Association I(2-3): 639-649.

Morten O. Ravn and Harald Uhlig. 2002. “On Adjusting the HP-Filter for the Frequency of Observations.” Review of Economics and Statistics 84(1): 371-80. 

Fabio Canova and Morten O. Ravn. 2000. “The Macroeconomic Effects of German Unification: Real Adjustments and the Welfare State.” Review of Economic Dynamics 3: 423-60.

Morten O. Ravn and Jan Rose Sorensen. 1999. “Schooling, Training, Growth and Minimum Wages.” Scandinavian Journal of Economics 101(3): 441-57. Jan Rose Sorensen has changed name to Jan Rose Skaksen.

Morten O. Ravn and Martin Sola. 1998. "Business Cycle Dynamics: Predicting Transitions with Macrovariables.” Published in: Nonlinear Time Series Analysis of Economic and Financial Data, Philip Rothman (ed.), Kluwer Academic Press.

Morten O. Ravn and Jan Rose Sorensen. 1997. "Minimum Wages: Curse or Blessing?” Research in Labor Economics 16: 343-367. Jan Rose Sorensen has changed name to Jan Rose Skaksen.

Morten O. Ravn. 1997. "International Business Cycles in Theory and in Practise.” Journal of International Money and Finance 16(2): 255-83.

Morten O. Ravn. 1997. “Permanent and Transitory Shocks and the U.K. Business Cycle.” Journal of Applied Econometrics 12(1): 27-48.

Fabio Canova and Morten O. Ravn. 1996. “International Consumption Risk Sharing.” International Economic Review 37(3): 573-601. 

Morten O. Ravn and Martin sola. 1995. “Stylized Facts and Changes in Regime: Are Prices Procyclical?” Journal of Monetary Economics 36(3): 497-526.

Keith Blackburn and Morten O. Ravn. “Growth, Human Capital Spill-overs and International Policy Cooperation.” Scandinavian Journal of Economics 95(4): 494-515.

Morten O. Ravn and Martin Sola. 1993. “The Use of Recursive Variance Plots: a Note.” Applied Economics.

Keith Blackburn and Morten O. Ravn. 1992. “Business Cycles in the U.K.: Facts and Fictions.” Economica 59: 383-401.

Non-Refereed

Martin Cripps, Andrea Galeotti, Rachel Griffith, Morten O. Ravn, Kjell Salvanes and Frederic Vermeulen. 2015.  “Introduction to Economic Journal 125th Anniversary Issue.” Economic Journal 125(583).

Karel Mertens and Morten O. Ravn. 2011. “The Research Agenda: Fiscal Policy, Anticipation Effects, Expectations and Crisis.” Society of Economic Dynamics Newsletter 12(2).

Keith Blackburn and Morten O. Ravn, 1993. “Growth, Human Capital Spill-overs and International Policy Cooperation.” In Endogenous Growth, Torben M. Andersen and Karl Moene (eds.), Blackwell: Oxford.

Vox.Eu Columns

John Hassler, Per Krusell, Morten O. Ravn and Kjetil Storesletten. 2020. “Economic Policy under the Pandemic: A European Perspective." 

Andrew Fieldhouse, Karel Mertens, and Morten O. Ravn. 2017. "US Housing Credit Policies and Their Macroeconomic Effects.” 

Morten O. Ravn and Vincent Sterk. 2017. “New Models for Macroeconomic Policy."

Karel Mertens and Morten O. Ravn. 2012. “Eliminating a Known Unknown: Firms Evidence on Tax Multipliers."

Karel Mertens and Morten O. Ravn. 2009. “The Timing of Fiscal Interventions." 

Published Discussions

Morten O. Ravn. 2011. Discussion of Milesi-Ferretti and Tille: “The Great Retrenchment: International Capital Flows During the Global Financial Crisis.” Economic Policy.

Morten O. Ravn. 2010. Discussion of Repullo, Saurina and Trucharte: “Mitigating the Procyclical Effects of Basel II.” Economic Policy 25 (issue 60).

Morten O. Ravn. 2010. Discussion of Lenza, Pill, and Reichlin: “Monetary Policy in Exceptional Times.” Economic Policy 25 (issue 59).

Morten O. Ravn. 2009. Discussion of Manganelli and Wolswijk: “What Drives Spreads in the Euro Area Government Bond Market?” Economic Policy vol.24 (iss.58).

Morten O. Ravn. 2009. Discussion of Coeurdacier, De Santis and Aviat: “Cross-Border Mergers and Acquisitions and European Integration.” Economic Policy vol.24 (iss.57).

Policy Reports

Martin Floden, Anna Larsson, Morten O. Ravn and Anders Vredin. 2012. “Konjunkturrapporten 2012: Simple Rules, Diffiult Times.” SNS: 2012.