Address:
European
Centre for Advances Research in Economics and Statistics, ECARES
Université Libre de Bruxelles, CP 114
50
Avenue Franklin Roosevelt
B-1050
robert_kollmann@yahoo.com
robert.kollmann@ulb.ac.be
Degrees:
University of Bonn;
Vordiplom (Econ), 1982.
Université
de Louvain; Licence en Sciences
Economiques, 1985. (Advisor: Prof. Claude dAspremont).
London School of Economics; M.Sc. in
Econometrics and Mathematical Economics, 1986. (Advisor: Prof. John Hardman Moore).
University of Chicago; Ph.D. (Econ),
1991. (Advisor: Prof. Michael Woodford.)
Concours National d'Agrégation de l'Enseignement Supérieur en Sciences
Economiques, Ministry of Education, France, 1994.
(Recruitment
competition for University Professors)
Academic
appointments:
University of Bonn (1999-2004).
Université Libre de Bruxelles (2006-).
Other
affiliations/professional experience:
Research
Fellow, Centre for Economic Policy Research, CEPR
(2002-).
Fellow, Euro-Area Business Cycle Network (EABCN) (2009-).
Research Associate, PEGGED (Politics, Economics and Global
Governance) network (2008-).
Research Associate, Globalization and Monetary
Policy Institute, Federal Reserve Bank of Dallas (2009-).
HCM
Fellow, Economics Department,
Summer
Intern, Rand Corporation,
Research
Assistant,
Visiting Scholar: Federal Reserve Bank of New York; Federal
Reserve Bank of St. Louis; Institute for Empirical Macroeconomics, Federal
Reserve Bank of Minneapolis; Board of Governors of the Federal Reserve System;
Bank of Canada; International Monetary Fund; CentER for Economic Research,
Tilburg University;
Member of Programme/Scientific
Committees of Research Conferences and Workshops:
Annual congress of European Economic Association, 2005, 2007, 2008
and 2009.
First Brussels Conference on
International Macroeconomics and Finance (co-organized by ECARES, the Centre for
Economic Policy Research, University of
Second Brussels Conference on
International Macroeconomics and Finance (co-organized by ECARES, the Centre
for Economic Policy Research, the World Economy and Finance programme of ESRC
(UK), University of Leuven and the National Bank of Belgium), February 2009.
Co-organizer of the joint research
workshop of the National Bank of Belgium, Université Libre de Bruxelles,
Université Catholique de Louvain and University of
Organized sessions on "International
Capital Flows" at the Annual meetings of the American Economic
Association, 2007, 2008, and 2009.
Local organizer, Annual conference of Society for
Economic Dynamics,
Rankings of Economists in
http://ideas.repec.org/top/top.belgium.html
http://ideas.repec.org/top/top.eu.html#authors
Papers:
Many of my paper can be
downloaded from:
http://ideas.repec.org/e/pko143.html
http://ssrn.com;
see especially: http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=65371
A) Published or
forthcoming
Government
Purchases and the Real Exchange Rate , 2009.
Forthcoming in 2010
in: Open Economies Review (special
issue Testing Open Economy Macro Models).
Also published as
CEPR Discussion Paper 7427 (August 2009).
International
Portfolios, Capital Accumulation and the Dynamics of Capital Flows ,
with Nicolas
Coeurdacier (
Journal of International Economics, 2010, Vol. 80, pp.100-112.
Slides for this paper. Older versions of the paper were published as
CEPR DP 6902 (July
2008) and as
Working
Paper No 27, The Globalization and Monetary Policy Institute, Fed of
Solving the Incomplete Markets Model
with Aggregate Uncertainty Using a Perturbation Method,
with Jinill Kim
(Federal Reserve Board) and Sunghyun
Kim (
Journal of Economic Dynamics and Control, 2010, Vol. 34, pp.50-58 (special issue on "Heterogeneous Agents: Incomplete Markets and Aggregate Uncertainty", edited by
Wouter den Haan, Ken Judd and Michel Juillard). This paper is a contribution to a project that compares numerical solution methods for an economy with heterogenous agents. Please read it in conjunction with the model description (by den Haan-Judd-Juillard), JEDC, 2010, Vol. 34, pp. 1-3. Wouter den Haan provides a detailed comparison between the different solution methods (JEDC, 2010, Vol. 34, pp.4-27) ; that comparison paper provides detailed additional results beyond those reported in my paper with J. Kim and S. Kim.
Comment on Fiscal Policy, Intercountry Adjustment and the Real Exchange Rate within Europe (C. Allsopp and D. Vines, Oxford University); in: The EuroThe First Decade, Cambridge University Press, 2010 (Marco Buti, Servaas Deroose, Vítor Gaspar, and Joăo Nogueira Martins, editors), ISBN 978-9-279-09842-0, pp.552-556.
Welfare Maximizing Operational Monetary and
Tax Policy Rules, Macroeconomic Dynamics, 2008, Vol. 12, pp. 112-125.
International
Portfolios with Supply, Demand and Redistributive Shocks, with Nicolas Coeurdacier (London
Business School) and Philippe
Martin (Sciences Po, Paris), NBER
International Seminar on Macroeconomics 2007, pp. 231-263 (University
of Chicago Press). Published also as: CEPR Discussion Paper 6482 (Sept. 2007)
and NBER Working Paper 13424 (Sept. 2007).
Comment on "International Prices and
Productivity: an Empirical Analysis of the Transmission among OECD
Countries", NBER International Seminar on Macroeconomics
2006, pp.186-194 (
A Dynamic General Equilibrium Model of International Portfolio Holdings: Comment, Econometrica, 2006, Vol. 74, pp.269-273.
Macroeconomic Effects of Nominal Exchange Rates Regimes: New Insights into the Role of Price Dynamics, Journal of International Money and Finance, 2005, Vol. 24, pp.275-292. Also published in 2004 as CEPR DP 4487.
Welfare Effects of a Monetary Union: the
Role of Trade Openness, Journal of the European Economic Association, 2004, Vol. 2, pp.289-301.
A detailed version of that paper appeared as: Monetary Policy Rules in an Interdependent World, 2003, CEPR DP 4012.
Monetary Policy Rules in the Open Economy: Effects on Welfare and Business Cycles, Journal of Monetary Economics, 2002, Vol.49, pp.989-1015. Also published in 2002 as CEPR DP 3279.
The Exchange Rate in a Dynamic-Optimizing Business Cycle Model with Nominal Rigidities: A Quantitative Investigation, Journal of International Economics, 2001, Vol. 55, pp. 243-262.
Explaining International Comovements of Output and Asset Returns: The Role of Money and Nominal Rigidities, Journal of Economic Dynamics and Control, 2001, Vol. 25, pp. 1547-1583.
U.S. Trade Balance Dynamics:
the Role of Fiscal Policy and Productivity Shocks and of Financial Market
Linkages, Journal of International Money and Finance, 1998, Vol. 17, pp.637-669. (Early version
published in 1995 as Discussion Paper 98, Institute for Empirical
Macroeconomics, Federal Reserve Bank of Minneapolis.)
The Cyclical Behavior of
Mark Ups in U.S. Manufacturing and Trade: New Empirical Evidence Based on a
Model of Optimal Storage, Economics Letters, 1997, Vol. 57,
pp.331-337.
Endogenous Fertility in a
Model with Non-Dynastic Parental Preferences, Journal of Population
Economics, 1997. Vol. 10, 87-95.
Incomplete Asset Markets and
the Cross-Country Consumption Correlation Puzzle, Journal of Economic
Dynamics and Control, 1996,
Vol.20, pp.945-962.
Consumption, Real Exchange
Rates and the Structure of International Asset Markets, Journal of International Money and Finance, 1995, Vol. 14,
pp.191-211.
The Correlation of
Productivity Growth Across Regions and Industries in the US, Economics
Letters, 1995, Vol. 47, pp.437-443.
Hidden
Unemployment: A Search Theoretic
Interpretation, Economics Letters, 1994, Vol. 46,
pp.351-355.
The Duration
of Unemployment as a Signal, Economics Letters, 1994, Vol.
45, pp.373-377.
"Comment on
'A Forecasting Equation for the Canada-US Dollar Exchange Rate', by R. Amano
and S. van Norden", in: The Exchange Rate and the Economy, Proceedings
of 1992 Bank of Canada Conference; Bank of Canada, 1993, Ottawa (ISBN
0-660-15195-2), pp. 266-271.
Book review of "Economic
and Monetary Union in Europe: Moving Beyond Maastricht" (Peter Kenen;
Cambridge University Press, 1995), Review of International Economics,
1998, pp.181-182.
Book review of
"Frontiers of Business Cycle Research" (T.Cooley, ed.; Princeton
University Press, 1995), Journal
of Economics (Zeitschrift für Nationalökonomie), 1996, Vol. 63,
pp.222-223.
B) Working papers
Comparison of Numerical Solutions
to a Suite of Multi-Country Models, 2009,
with Serguei Maliar (Stanford
University), Benjamin
Malin (Federal Reserve Board) and Paul Pichler (
Prepared for Journal of Economic Dynamics and Control, special issue on "Numerical Solutions for Multi-Country Models".
Low-Order Perturbation Analysis of a Multi-Country Complete Markets Model, 2009,
with Jinill Kim
(Federal Reserve Board) and Sunghyun
Kim (
Prepared for Journal of Economic Dynamics and Control, special issue on "Numerical Solutions for Multi-Country Models".
Productive Government
Expenditures and the Real Exchange Rate, 2009,
with Parantap Basu, (
Limited Asset Market Participation and the Consumption-Real Exchange Rate Anomaly, 2009
CEPR Discussion Paper 7542.
Household Heterogeneity
and the Real Exchange Rate: Still a Puzzle, 2009
CEPR Discussion Paper 7301. All data and programmes (MATLAB) used in this paper are available upon request.
International
Portfolio Equilibrium and the Current Account, 2006
CEPR Discussion
Paper 5512.
Slides for presentation at NBER
EFG conference,
Solving Non-Linear Rational Expectations Models: Approximations based on Taylor Expansions, 2005. Working Paper.
"The Sensitivity of Macroeconomic Fluctuations to the Degree
of Price Stickiness", Working Paper 2000.
"Fiscal Policy in Open Economies with Nominal Rigidities: a
General Equilibrium Perspective", Working Paper, 2000.
C) Ph.D. dissertation
"Essays on International Business Cycles", Economics
Department,
● Chapter 1
(Introduction) and
●
● Appendix and
Bibliography. APPENDIX PART 1 (pp.72-91) APPENDIX
PART 2 (pp.91-111).
My 1991 dissertation (pp.12-13) showed that efficient
international risk sharing countries requires that ratios of Home and Foreign
marginal utilities of aggregate consumption are proportional to the relative
price of Home vs. Foreign consumption:
U(C)/U(C*)=kP/P*,
with C,C*: aggregate
consumption of Home and Foreign households, respectively; P,P*: Home and
Foreign consumption prices indices (expressed in a common currency); U is the
marginal utility of consumption, and k>0 is a date-and-time invariant
coefficient (that reflects countries relative wealth). With constant relative risk aversion, this
implies: - s log(C/C*)=log(P/P*),
where s>0 is the coefficient of relative risk aversion. Thus, in an efficient world, relative Home
vs. Foreign consumption would be closely linked to the (CPI-based) real
exchange rate; a country whose real exchange rate depreciates would experience
faster consumption growth than the rest of the world. The dissertation shows that this prediction
is strongly rejected by the data (pp.
22-27). My 1995 Journal of International Money and Finance paper (see
above) is based on these results.
Two years after my dissertation, David Backus and Gregor Smith
(Journal of International Economics, 1993) published a paper that derives the
same risk sharing condition; these authors likewise conclude that this
condition is rejected empirically. The
literature sometimes refers to the risk sharing condition as the Backus-Smith
condition, and describes the empirical failure of that condition as the
Backus-Smith puzzle. My dissertation independently (and earlier) derived that
condition, and it provided empirical tests that are complementary to those of
Backus and Smith.
------------------------------------
Robert Kollman, Robert Kolman, Robert Kolmann, R. Kollman, R. Kolman,
R. Kolmann
Robert Collmann, Robert Collman,
Robert Colman, Robert Colmann, R.
Collmann, R. Collman, R. Colman, R.
Colmann
Backus-Smith condition, Backus-Smith puzzle, Backus Smith
condition, Backus Smith puzzle, consumption-real exchange rate anomaly,
consumption-real exchange rate puzzle,
consumption correlation puzzle, consumption correlation anomaly