Ellen McGrattan is an American

macroeconomist Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output/GDP ( ...

who is Professor of Economics at the

University of Minnesota The University of Minnesota Twin Cities (historically known as University of Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Twin Cities of Minneapolis and Saint ...

and past director of the Heller-Hurwicz Economics Institute, and consults for the

Federal Reserve Bank of Minneapolis The Federal Reserve Bank of Minneapolis, located in Minneapolis, Minnesota, Minneapolis, Minnesota, in the United States, covers the 9th District of the Federal Reserve, which is made up of Minnesota, Montana, North Dakota, North and South Dakota ...

. McGrattan's professional honors include being a research associate at the

National Bureau of Economic Research The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic co ...

, a Fellow of the

Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools in the practice of econometrics. It is an independent organization with no connections to societies of professional mathematicians o ...

, a Fellow of the

Society for the Advancement of Economic Theory The Society for the Advancement of Economic Theory abbreviated as SAET is a non-profit membership society founded to "advance knowledge in theoretical economics and to facilitate communication among researchers in economics, mathematics, game theor ...

. She is a member of the

Bureau of Economic Analysis The Bureau of Economic Analysis (BEA) of the United States Department of Commerce is a U.S. government agency that provides official macroeconomic and industry statistics, most notably reports about the gross domestic product (GDP) of the United ...

Advisory Committee, and the

Minnesota Population Center The Minnesota Population Center (MPC) is a university-wide interdisciplinary research center at the University of Minnesota. MPC was established in 2000, absorbing two earlier population research organizations. The primary goals of the center are t ...

Advisory Board, and formerly served as president of the Midwest Economics Association.

Education

McGrattan received a

Bachelor of Science A Bachelor of Science (BS, BSc, B.S., B.Sc., SB, or ScB; from the Latin ') is a bachelor's degree that is awarded for programs that generally last three to five years. The first university to admit a student to the degree of Bachelor of Scienc ...

in economics and mathematics from

Boston College Boston College (BC) is a private university, private Catholic Jesuits, Jesuit research university in Chestnut Hill, Massachusetts, United States. Founded in 1863 by the Society of Jesus, a Catholic Religious order (Catholic), religious order, t ...

, followed by a

Ph.D. A Doctor of Philosophy (PhD, DPhil; or ) is a terminal degree that usually denotes the highest level of academic achievement in a given discipline and is awarded following a course of graduate study and original research. The name of the deg ...

in economics from

Stanford University Leland Stanford Junior University, commonly referred to as Stanford University, is a Private university, private research university in Stanford, California, United States. It was founded in 1885 by railroad magnate Leland Stanford (the eighth ...

in 1989. McGrattan has taught courses at

Duke University Duke University is a Private university, private research university in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present-day city of Trinity, North Carolina, Trinity in 1838, the school moved to Durham in 1 ...

, the

European University Institute The European University Institute (EUI) is an international postgraduate and post-doctoral research-intensive university and an intergovernmental organisation with juridical personality, established by its founding member states to contribu ...

, the

Stockholm School of Economics The Stockholm School of Economics (SSE; , HHS) is a private business school located in city district Vasastaden in the central part of Stockholm, Sweden. SSE offers BSc, MSc and MBA programs, along with PhD- and Executive education progr ...

, the

University of California, Los Angeles The University of California, Los Angeles (UCLA) is a public university, public Land-grant university, land-grant research university in Los Angeles, California, United States. Its academic roots were established in 1881 as a normal school the ...

, the

University of Pennsylvania The University of Pennsylvania (Penn or UPenn) is a Private university, private Ivy League research university in Philadelphia, Pennsylvania, United States. One of nine colonial colleges, it was chartered in 1755 through the efforts of f ...

, the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...

Arizona State University Arizona State University (Arizona State or ASU) is a public university, public research university in Tempe, Arizona, United States. Founded in 1885 as Territorial Normal School by the 13th Arizona Territorial Legislature, the university is o ...

, and the

University of Minho The University of Minho (''Universidade do Minho'') is a public university in Minho Province, Portugal. It is divided into the following campuses: * Largo do Paço (rectorate), in Braga * Campus of Gualtar, in Braga * Convento dos Congregados, i ...

Research

McGrattan is a

who studies the effects of

monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rat ...

and

fiscal policy In economics and political science, fiscal policy is the use of government revenue collection ( taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variab ...

on observable economic outcomes, such as

gross domestic product Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performanc ...

investment Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...

, time allocation,

stock market A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange a ...

variables, and international

capital flow In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. A typical example is the machinery used in a factory. At the macroeconomic level, ...

s. She has extended

real business-cycle theory Real business-cycle theory (RBC theory) is a class of new classical macroeconomics macroeconomic model, models in which business-cycle fluctuations are accounted for by Real vs. nominal in economics, real, in contrast to nominal, Shock (economics) ...

and reexamined puzzles in the study of

business cycle Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, governmen ...

s, including (in joint work with

Edward C. Prescott Edward Christian Prescott (December 26, 1940 – November 6, 2022) was an American economist. He received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, Nobel Memorial Prize in Economics in 2004, sharing the award with ...

) the role of unmeasured investment in the

1990s United States boom The 1990s economic boom in the United States was a major economic expansion that lasted between 1993 and 2001, coinciding with the economic policies of the Clinton administration. It began following the early 1990s recession during the presidency ...

. Other work on

intangible asset An intangible asset is an asset that lacks physical substance. Examples are patents, copyright, exclusive franchises, Goodwill (accounting), goodwill, trademarks, and trade names, reputation, Research and development, R&D, Procedural knowledge, ...

s has studied

sweat equity Sweat equity refers to work one does to build up value without a salary. This ownership interest, or increase in value, is created as a direct result of hard work by the owner. For example, homeowners who renovate or repair their house themselves a ...

. Other joint work with Prescott has studied the financing of

pension A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a " defined benefit plan", wh ...

s in countries with

population aging Population ageing is an overall change in the ages of a population. This can typically be summarised in a single parameter as an increase in the median age. Causes are a long-term decline in fertility rates and a decline in mortality rates. Most ...

.McGrattan and Prescott, 2017

Selected papers

* * *

References

External links

* http://users.econ.umn.edu/~erm/research.php {{DEFAULTSORT:McGrattan, Ellen 20th-century American economists American women economists Fellows of the Econometric Society Living people 1962 births 21st-century American economists 20th-century American women 21st-century American women Boston College alumni Stanford University alumni