Ellen R. McGrattan is a professor at the University of Minnesota. She is also a consultant at the Federal Reserve Bank of Minneapolis, a Research Associate at the NBER, a Fellow of the Econometric Society, a Fellow of the Society for the Advancement of Economic Theory, and a member of the BEA Advisory Committee. She received her Ph.D. in economics from Stanford in 1989. Her research is concerned with the impact of monetary and fiscal policy---in particular, the effects on GDP, investment, hours, productivity, the stock market, and international capital flows. Her recent work reexamines some puzzles in macroeconomics and international finance,considering the fact that some investments are mismeasured.