Academic Appointments


Administrative Appointments


  • Gordon and Betty Moore Fellow, Stanford Institute for Economic Policy Research (2006 - Present)
  • Professsor, Department of Economics, Stanford University (2003 - Present)
  • Faculty Research Fellow, NBER, National Bureau of Economic Research (1997 - 2003)
  • Associate Professor, Graduate School of Business, University of Chicago (1995 - 2000)
  • Assistant Professor, Graduate School of Business, University of Chicago (1991 - 1995)
  • Sloan Doctoral Dissertation Fellowship, Sloan Foundation (1990 - 1991)

Honors & Awards


  • Ralph Landau Chair, Department of Economics, Stanford University (2003-)
  • Excellence in Refereeing Award, Quarterly Journal of Economics (2012)
  • Excellence in Refereeing Award, American Economic Review (2011)
  • Faculty Teaching Award, Department of Economics, Stanford University (2010)
  • MBA Teaching Award, Graduate School of Business, University of Chicago (1999)
  • Executive MBA Teaching Award, Graduate School of Business, University of Chicago (1993)
  • Graduate Teaching Assistant Award, Department of Economics, Stanford University (1989)

Boards, Advisory Committees, Professional Organizations


  • Research Associate, NBER, National Bureau of Economic Research (2003 - Present)
  • Co-organizer with Chad Jones of the Economic Growth group, NBER, National Bureau of Economic Research (2000 - Present)
  • Intergovernmental Personnel Assignment, U.S. Bureau of Labor Statistics (2001 - Present)
  • Visiting Scholar, Federal Reserve Banks, Minneapolis (1994 - 1999)
  • Visiting Scholar, Federal Reserve Banks, Minneapolis (2003 - 2004)
  • Visting Scholar, Federal Reserve Banks, Minneapolis (2006 - 2006)
  • Visting Scholar, Federal Reserve Banks, Minneapolis (2009 - 2009)
  • Visitng Scholar, Federal Reserve Banks, Minneapolis (2010 - Present)
  • Visitng Scholar, Federal Reserve Banks, San Francisco (2005 - Present)
  • Visiting Scholar, Federal Reserve Banks, Kansas City (2004 - 2006)
  • Research Associate, Center for the Advanced Study in Economic Efficiency (2010 - Present)
  • Associate Editor, Econometrica (2012 - Present)
  • Associate Editor, Quarterly Journal of Economics (2008 - Present)
  • Associate Editor, Journal of Economic Perspectives (2008 - 2010)
  • Member, Board of Editors, American Economic Review (2000 - 2006)
  • Associate Editor, Review of Economic Dynamics (2000 - 2005)
  • Associate Editor, The B.E. Journal in Macroeconomics (2000 - 2005)
  • Macroeconomics Programme Director, International Growth Centre in London (2009 - 2009)
  • Visiting Professor, Department of Economics, Harvard University (2008 - 2008)
  • Member, Microeconomics of Growth Advisory Board, World Bank (2006 - 2007)
  • Co-Director, Economic Fluctuations & Growth Program, NBER, National Bureau of Economic Research (2013 - Present)

Professional Education


  • B.S., University of California at Berkeley (1986)
  • Ph.D, Stanford University, Economics (1991)

2019-20 Courses


Stanford Advisees


  • Doctoral Dissertation Reader (AC)
    Michael Webb
  • Doctoral Dissertation Advisor (AC)
    Johannes Dolfen, Yoko Shibuya

All Publications


  • Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce Goolsbee, A. D., Klenow, P. J. AMER ECONOMIC ASSOC. 2018: 488–92
  • Resurrecting the Role of the Product Market Wedge in Recessions AMERICAN ECONOMIC REVIEW Bils, M., Klenow, P. J., Malin, B. A. 2018; 108 (4-5): 1118–46
  • Beyond GDP? Welfare across Countries and Time AMERICAN ECONOMIC REVIEW Jones, C. I., Klenow, P. J. 2016; 106 (9): 2426-2457
  • Real Rigidities and Nominal Price Changes ECONOMICA Klenow, P. J., Willis, J. L. 2016; 83 (331): 443-472

    View details for DOI 10.1111/ecca.12191

    View details for Web of Science ID 000383734500003

  • THE LIFE CYCLE OF PLANTS IN INDIA AND MEXICO QUARTERLY JOURNAL OF ECONOMICS Hsieh, C., Klenow, P. J. 2014; 129 (3): 1035-1084

    View details for DOI 10.1093/qje/qju014

    View details for Web of Science ID 000342236000001

  • India's mysterious manufacturing miracle REVIEW OF ECONOMIC DYNAMICS Bollard, A., Klenow, P. J., Sharma, G. 2013; 16 (1): 59-85
  • Reset Price Inflation and the Impact of Monetary Policy Shocks AMERICAN ECONOMIC REVIEW Bils, M., Klenow, P. J., Malin, B. A. 2012; 102 (6): 2798-2825
  • Testing of Keynesian Labor Demand Klenow, P. J., Bils, M., Malin, B. edited by Acemoglu, D., Parker, J., Woodford, W. 2012: 311–49
  • Microeconomic Evidence on Price-Setting Handbook of Monetary Economics Klenow, P. J., Malin, B. edited by Firedman, B., Woodford, M. Elsevier. 2011
  • Development Accounting AMERICAN ECONOMIC JOURNAL-MACROECONOMICS Hsieh, C., Klenow, P. J. 2010; 2 (1): 207-223
  • MISALLOCATION AND MANUFACTURING TFP IN CHINA AND INDIA QUARTERLY JOURNAL OF ECONOMICS Hsieh, C., Klenow, P. J. 2009; 124 (4): 1403-1448
  • Why Doesn't Capitalism Flow to Poor Countries? BROOKINGS PAPERS ON ECONOMIC ACTIVITY Di Tella, R., Macculloch, R. 2009: 285-332
  • Coment On "Big Answers for Big Questions: The Presumption of Growth Policy" What Works in Development? Thinking Big and Thinking Small Banerjee, A. edited by Cohen, J., Easterly, W. Washington, D.C.: Brookings Institution. 2009: 222–224
  • State-dependent or time-dependent pricing: Does it matter for recent US inflation? QUARTERLY JOURNAL OF ECONOMICS Klenow, P. J., Kryvtsov, O. 2008; 123 (3): 863-904
  • Endogenous variety and the gains from trade 120th Annual Meeting of the American-Economic-Association Arkolakis, C., Demidova, S., Klenow, P. J., Rodriguez-Clare, A. AMER ECONOMIC ASSOC. 2008: 444–50
  • Sticky information and sticky prices Conference on Microeconomic Adjustment and Macroeconomics Dynamics Klenow, P. J., Willis, J. L. ELSEVIER SCIENCE BV. 2007: S79–S99
  • Relative prices and relative prosperity AMERICAN ECONOMIC REVIEW Hsieh, C., Klenow, P. J. 2007; 97 (3): 562-585
  • Valuing consumer products by the time spent using them: An application to the Internet 118th Annual Meeting of the American-Economic-Association Goolsbee, A., Klenow, P. J. AMER ECONOMIC ASSOC. 2006: 108–13
  • The variety and quality of a nation's exports AMERICAN ECONOMIC REVIEW Hummels, D., Klenow, P. J. 2005; 95 (3): 704-723
  • "Externalities and Growth" Externalities and Growth" Handbook of Economic Growth Klenow, P. J., Rodriguez-Clare, A. edited by Aghion, P., Durlauf, S. 2005: 817–861
  • Some evidence on the importance of sticky prices JOURNAL OF POLITICAL ECONOMY Bils, M., Klenow, P. J. 2004; 112 (5): 947-985
  • Sticky Prices and Monetary Policy Shocks Federal Reserve Bank of Minneapolis Quarterly Review Klenow, P. J., Bils, M., Krytsov, O. 2003: 2-9
  • Measuring Consumption Growth: The Impact of New and Better Products Federal Reserve Bank of Minneapolis Quarterly Review Klenow, P. J. 2003: 10-23
  • Evidence on learning and network externalities in the diffusion of home computers JOURNAL OF LAW & ECONOMICS Goolsbee, A., Klenow, P. J. 2002; 45 (2): 317-343
  • Quantifying quality growth AMERICAN ECONOMIC REVIEW Bils, M., Klenow, P. J. 2001; 91 (4): 1006-1030
  • The acceleration in variety growth 113th Annual Meeting of the American-Economics-Association Bils, M., Klenow, P. J. AMER ECONOMIC ASSOC. 2001: 274–80
  • Comment on "It's not factor accumulation: Stylized facts and growth models," by William Easterly and Ross Levine WORLD BANK ECONOMIC REVIEW Klenow, P. 2001; 15 (2): 221-224
  • Does schooling cause growth? AMERICAN ECONOMIC REVIEW Bils, M., Klenow, P. J. 2000; 90 (5): 1160-1183
  • Ideas versus rival human capital: Industry evidence on growth models JOURNAL OF MONETARY ECONOMICS Klenow, P. J. 1998; 42 (1): 3-23
  • Using consumer theory to test competing business cycle models JOURNAL OF POLITICAL ECONOMY Bils, M., Klenow, P. J. 1998; 106 (2): 233-261
  • Learning Curves and the Cyclical Behavior of Manufacturing Industries Review of Economic Dynamics Klenow, P. J. 1998; 1: 531-550
  • Stronger protection or technological revolution: what is behind the recent surge in patenting? A comment Carnegie-Rochester Conference on Public Policy Klenow, P. J. ELSEVIER SCIENCE PUBL B V. 1998: 305–309
  • Economic growth: A review essay JOURNAL OF MONETARY ECONOMICS Klenow, P. J., Rodriguez-Clare, A. 1997; 40 (3): 597-617
  • The neoclassical revival in growth economics: Has it gone too far? NBER Macroeconomics Annual 1997 Conference Klenow, P. J., Rodriguez-Clare, A. M I T PRESS. 1997: 73-?
  • Comment On "Measuring Inflation and Real Growth" Federal Reserve Bank of St. Louis Review Klenow, P. J., Triplett, J. 1997; 79: 43-46
  • Sematech: Purpose and performance Colloquium on Science, Technology, and the Economy IRWIN, D. A., Klenow, P. J. NATL ACAD SCIENCES. 1996: 12739–42

    Abstract

    In previous research, we have found a steep learning curve in the production of semiconductors. We estimated that most production knowledge remains internal to the firm, but that a significant fraction "spills over" to other firms. The existence of such spillovers may justify government actions to stimulate research on semiconductor manufacturing technology. The fact that not all production knowledge spills over, meanwhile, creates opportunities for firms to form joint ventures and slide down their learning curves more efficiently. With these considerations in mind, in 1987 14 leading U.S. semiconductor producers, with the assistance of the U.S. government in the form of $100 million in annual subsidies, formed a research and development (R&D) consortium called Sematech. In previous research, we estimated that Sematech has induced its member firms to lower their R&D spending. This may reflect more sharing and less duplication of research, i.e., more research being done with each R&D dollar. If this is the case, then Sematech members may wish to replace any funding withdrawn by the U.S. government. This in turn would imply that the U.S. government's contributions to Sematech do not induce more semiconductor research than would otherwise occur.

    View details for Web of Science ID A1996VT05400013

    View details for PubMedID 8917487

  • High-tech R&D subsidies - Estimating the effects of Sematech Symposium on Growth and International Trade IRWIN, D. A., Klenow, P. J. ELSEVIER SCIENCE BV. 1996: 323–44
  • Industry innovation: Where and why Carnegie-Rochester Conference on Public Policy Klenow, P. J. ELSEVIER SCIENCE PUBL B V. 1996: 125–150
  • LEARNING-BY-DOING SPILLOVERS IN THE SEMICONDUCTOR INDUSTRY JOURNAL OF POLITICAL ECONOMY IRWIN, D. A., Klenow, P. J. 1994; 102 (6): 1200-1227
  • The Importance of Federal Reserve Credibility: Evidence from the Taylor Model Evaluating Policy Regimes Klenow, P. J. edited by Bryant, R., Hooper, P., Mann, C. Washington, D.C.: Brookings Institution. 1993: 475–493