CV

Curriculum Vitae
Pete Klenow

Contact Info

Department of Economics
Stanford University
Stanford, CA 94305-6072
Klenow@Stanford.edu

Education

Bachelor of Science, University of California at Berkeley, 1986
Ph.D. in Economics, Stanford University, 1991

Employment

2003-present: Professor, Department of Economics, Stanford University.
2000-2003: Senior Economist, Federal Reserve Bank of Minneapolis.
1995-2000: Associate Professor, University of Chicago Booth School of Business
1991-1995: Assistant Professor, University of Chicago Booth School of Business

Working Papers

"How Much Will Global Warming Cool Global Growth?" with Ishan Nath and Valerie Ramey, September 2024. Slides

"Population and Welfare: Measuring Growth when Life is Worth Living" with Mohamad Adhami, Mark Bils, and Chad Jones, August 2024. Slides

"Carbon Taxes and Misallocation in Chile" with Ernesto Pastén and Cian Ruane, August 2024. Slides

"Idea Rents and Firm Growth" with Timo Boppart, Reiko Laski, and Huiyu Li, August 2024, slides only.

"Good Rents versus Bad Rents: R&D Misallocation and Growth" with Philippe Aghion, Antonin Bergeaud, Timo Boppart, and Huiyu Li, May 2024. Slides

"Customers and Retail Growth" with Liran Einav, Jon Levin, and Raviv Murciano-Goroff, October 2022, under revision for the Review of Economic Studies. Slides

"Romer or Ricardo?" with Chang-Tai Hsieh and Kazuatsu Shimizu, June 2022. Slides

Refereed Publications

"Race and Economic Well-Being in the United States" with Jean-Felix Brouillette and Chad Jones, August 2024, conditionally accepted at AER: Insights. Slides

"Entry Costs Rise with Growth" with Huiyu Li, September 2024, forthcoming in JPE Macroeconomics. Slides

“A Theory of Falling Growth and Rising Rents” with Philippe Aghion, Antonin Bergeaud, Timo Boppart, and Huiyu Li, Review of Economic Studies 90, November 2023, 2675-2702. Slides Appendix

"The Intensive Margin in Trade: How Big and How Important?" with Ana M. Fernandes, Sergii Meleshchuk, Martha Denisse Pierola, and Andrés Rodríguez-Clare, AEJ: Macroeconomics 15, July 2023, 320-354. Appendix

"A Global View of Creative Destruction" with Chang-Tai Hsieh and Ishan Nath, JPE Macroeconomics 1, June 2023, 243-275. Slides

"Assessing the Gains from E-Commerce" with Paul Dolfen, Liran Einav, Benjamin Klopack, Jon Levin, Larry Levin and Wayne Best, AEJ: Macroeconomics 15, January 2023, 342-270. Slides Appendix

"Misallocation or Mismeasurement?" with Mark Bils and Cian Ruane, Journal of Monetary Economics 124, November 2021, 39-56. Slides

"The Allocation of Talent and U.S. Economic Growth" with Chang-Tai Hsieh, Erik Hurst and Chad Jones, Econometrica. 87, September 2019, 1439-1474. Slides (Chad’s 10 minute video)

"How Destructive is Innovation?" with Daniel Garcia-Macia and Chang-Tai Hsieh, Econometrica 87, September 2019, 1507-1541.

"Missing Growth from Creative Destruction" with Philippe Aghion, Antonin Bergeaud, Timo Boppart, and Huiyu Li, American Economic Review 109, August 2019, 2795-2822. Appendix

"Resurrecting the Role of the Product Market Wedge in Recessions" with Mark Bils and Ben Malin, American Economic Review 108, April 2018, 1118-1146. Appendix

"Beyond GDP? Welfare across Countries and Time" with Chad Jones, American Economic Review 106, September 2016, 2426-2457. Appendix Dataset

"Real Rigidities and Nominal Price Changes" with Jon Willis, Economica 83, July 2016, 443-472.

"The Life Cycle of Plants in India and Mexico" with Chang-Tai Hsieh, Quarterly Journal of Economics 129, August 2014, 1035-1084.

"India’s Mysterious Manufacturing Miracle" with Albert Bollard and Gunjan Sharma, Review of Economic Dynamics 16, January 2013, 59-85.

"Reset Price Inflation and the Impact of Monetary Policy Shocks" with Mark Bils and Benjamin Malin, American Economic Review 102, October 2012, 2798-2825.

"Development Accounting" with Chang-Tai Hsieh, AEJ: Macroeconomics 2, January 2010, 207-223.

"Misallocation and Manufacturing TFP in China and India" with Chang-Tai Hsieh, Quarterly Journal of Economics 124, November 2009, 1403-1448. Formula Corrections: Appendix

"State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation?" with Oleksiy Kryvtsov, Quarterly Journal of Economics 123, August 2008, 863-904. Appendices: Frequencies Parameters

"Sticky Information and Sticky Prices" with Jon Willis, Journal of Monetary Economics 54, September 2007, 79-99.

"Relative Prices and Relative Prosperity" with Chang-Tai Hsieh, American Economic Review 97, June 2007, 562-585.

"The Variety and Quality of a Nation's Exports" with David Hummels, American Economic Review 95, June 2005, 704-723.

"Some Evidence on the Importance of Sticky Prices" with Mark Bils, Journal of Political Economy 112, October 2004, 947-985. Data: Appendix Table

"Evidence on Learning and Network Externalities in the Diffusion of Home Computers" with Austan Goolsbee, Journal of Law & Economics 45, October 2002, 317-344.

"Quantifying Quality Growth" with Mark Bils, American Economic Review 91, September 2001, 1006-1030.

"Does Schooling Cause Growth?" with Mark Bils, American Economic Review 90, December 2000, 1160-1183.

"Ideas vs. Rival Human Capital: Industry Evidence on Growth Models," Journal of Monetary Economics 42, August 1998, 3-24.

"Using Consumer Theory to Test Competing Business Cycle Models" with Mark Bils, Journal of Political Economy 106, April 1998, 233-261. Data: Tables 1-3

"Learning Curves and the Cyclical Behavior of Manufacturing Industries," Review of Economic Dynamics 1, April 1998, 531-550.

"High-Tech R&D Subsidies: Estimating the Effects of Sematech" with Douglas A. Irwin, Journal of International Economics 40, May 1996, 323-344.

"Learning by Doing Spillovers in the Semiconductor Industry" with Douglas A. Irwin, Journal of Political Economy 102, December 1994, 1200-1227.

Other Publications

"Innovative Growth Accounting" with Huiyu Li, NBER Macroeconomics Annual, 35, 2021, 245-295. Slides

“Improved Allocation of Talent Boosts U.S. Economic Growth” with Chang-Tai Hsieh, Erik Hurst, and Chad Jones, Microeconomic Insights, October 2020.

“Innovative Growth Accounting” with Huiyu Li, Vox EU, August 2020.

Trading Off Consumption and COVID-19 Deaths, with Robert E. Hall and Charles I. Jones, Federal Reserve Bank of Minneapolis Quarterly Review 42, June 2020. Slides

“Is Rising Concentration Hampering Productivity Growth?” with Huiyu Li and Theodore Naff, Federal Reserve Bank of San Francisco Economic Letter, November 2019.

“Growth and Well-Being: Policy Should Not Be Based on GDP Alone” with Chad Jones, Microeconomic Insights, September 2018.

"Internet Rising, Prices Falling: Measuring Inflation in a World of e-Commerce" with Austan Goolsbee, American Economic Review Papers and Proceedings 108, May 2018, 488-492. LONGER VERSION

“Missing Growth from Creative Destruction” with Huiyu Li, Federal Reserve Bank of San Francisco Economic Letter, October 2017.

"The Reallocation Myth" with Chang-Tai Hsieh, September 2017, for the Federal Reserve Bank of Kansas City Economic Symposium on “Fostering a Dynamic Global Economy.” Gita Gopinath’s discussion John Haltiwanger’s comments Reply to Haltiwanger

“Missing growth: How imputation and creative destruction affect TFP measurement” with Philippe Aghion, Antonin Bergeaud, Timo Boppart, and Huiyu Li, Vox EU, August 2017.

"Testing for Keynesian Labor Demand" with Mark Bils and Benjamin Malin, NBER Macroeconomics Annual 2012, D. Acemoglu, J. Parker and M. Woodford ed., Cambridge, MA: MIT Press, 311-349.

"Microeconomic Evidence on Price-Setting" with Benjamin Malin, in the Handbook of Monetary Economics 3A, B. Friedman and M. Woodford ed.: Elsevier, 2011, 231-284.

"Endogenous Variety and the Gains from Trade" with Costas Arkolakis, Svetlana Demidova, and Andrés Rodríguez-Clare, American Economic Review Papers and Proceedings 98, May 2008, 444-450.

"Valuing Consumer Products by the Time Spent Using Them: An Application to the Internet" with Austan Goolsbee, American Economic Review Papers and Proceedings 96, May 2006, 108-113.

"Externalities and Growth" with Andrés Rodríguez-Clare, Handbook of Economic Growth, volume 1A, P. Aghion and S. Durlauf, eds., 2005, 817-861 (chapter 11). Data: Panel

"Sticky Prices and Monetary Policy Shocks" with Mark Bils and Oleksiy Kryvtsov, Federal Reserve Bank of Minneapolis Quarterly Review, Winter 2003, 2-9.

"Measuring Consumption Growth: The Impact of New and Better Products," Federal Reserve Bank of Minneapolis Quarterly Review, Winter 2003, 10-23.

"The Acceleration in Variety Growth" with Mark Bils, American Economic Review Papers and Proceedings 91, May 2001, 274-280.

"The Neoclassical Revival in Growth Economics: Has It Gone Too Far?" with Andrés Rodríguez-Clare, NBER Macroeconomics Annual 1997, B. Bernanke and J. Rotemberg ed., Cambridge, MA: MIT Press, 73-102. Data: Appendix

"Economic Growth: A Review Essay" with Andrés Rodríguez-Clare, Journal of Monetary Economics 40, December 1997, 597-618.

"Industry Innovation: Where and Why," Carnegie-Rochester Conference Series on Public Policy 44, June 1996, 125-150.

"Sematech: Purpose and Performance" with Douglas A. Irwin, Proceedings of the National Academy of Sciences 93, November 1996, 12739-42.

"The Importance of Federal Reserve Credibility: Evidence from the Taylor Model," in Evaluating Policy Regimes, Brookings Institution, 1993, 475-93.

Comments and Special Presentations

On “Female entrepreneurship, financial frictions and capital misallocation in the US” by Marta Morazzoni and Andrea Sy, May 2022.

STEG Lecture on “Misallocation: Recent applications and advances”, May 2021.

Sir Richard Stone Lecture on "Firms and Growth", University of Cambridge, May 2019. Video and interview

On “Misallocation Measures: The Distortion that Ate the Residual” by John Haltiwanger, Robert Kulick, and Chad Syverson, February 2018.

Kuznets Lectures on "Firms and Growth", Yale University, April 2017.

"Misallocation and Productivity", September 2012 talk at the Symposium on Growth and Development, Stockholm, Sweden.

On “Why Doesn’t Capitalism Flow to Poor Countries?” by Rafael Di Tella and Robert MacCulloch, in the Brookings Papers on Economic Activity, Spring 2009, 326-329. SLIDES

On “Big Answers for Big Questions: The Presumption of Growth Policy” by Abhijit Banerjee, in What Works in Development? Thinking Big and Thinking Small, J. Cohen and W. Easterly ed. Washington, D.C.: Brookings Institution, 2009, 222-226. SLIDES

"Income Differences Across Countries", July 2006 (plenary talk at the Society for Economic Dynamics annual meeting in Vancouver, British Columbia).

On "It's Not Factor Accumulation: Stylized Facts and Growth Models,” by Easterly and Levine, World Bank Economic Review 15, 2001, 221-224.

On "Stronger Protection or Technological Revolution: What is Behind the Recent Surge in Patenting?” by Kortum and Lerner, Carnegie-Rochester Conference on Public Policy 48, June 1998, 305-309.

On "Measuring Inflation and Real Growth” by Jack Triplett, Federal Reserve Bank of St. Louis Review 79, May/June 1997, 43-46.

Fallow Working Papers

"Human Capital Policy" with James J. Heckman, 1997.

"Quantifying Variety Gains from Trade Liberalization" with Andrés Rodríguez-Clare, 1997.

Professional Activities

Gordon and Betty Moore Senior Fellow, Stanford Institute for Economic Policy Research, 2006-present

Dong Wei Faculty Fellow, Stanford King Center on Global Development, 2018-2019

National Bureau of Economic Research (NBER):

· Faculty Research Fellow, 1996-present