Welcome
I am a professor in the Economics Department at
the University of California, Irvine. This site provides copies of all my working
papers, computer programs, data, research in various stages, and other miscellaneous information about
me. For a listing of citations to my work, visit
my Google Scholar author page.
The page you are viewing, http://www.ericswanson.org, or equivalently,
http://www.ericswanson.us, is the up-to-date location of my site. I expect
to maintain this URL as my home page for the next several years.
What’s New
| 3/22/25:
| I just had the honor of giving a keynote presentation on “The Past, Present, and Future of the
‘Fed Information Effect’” at the Society for Nonlinear Dynamics and Econometrics
Conference, and I’ve posted slides from my presentation. Also, my
paper, “The Macroeconomic
Effects of the Federal Reserve’s Conventional and Unconventional Monetary Policies,” has
been published in September 2024 issue of the IMF Economic Review, and I’ve posted the final
version. Finally, I updated my curriculum vitae.
|
| 1/6/25:
| I just got back from the annual AEA Meetings in San Francisco, where I presented my
paper, “The Macroeconomic
Effects of the Federal Reserve’s Conventional and Unconventional Monetary Policies,” and
I’ve posted slides
from my presentation. I’ve also updated my curriculum vitae.
|
| 10/12/24:
| I’ve posted a new version of my working paper with Sebastian Graves and Christopher
Huckfeldt, “The Labor
Demand and Labor Supply Channels of Monetary Policy.” This revised version has a new
heterogeneous-agent model, an expanded appendix, and a number of revisions for clarity. I also recently
presented the paper at the University of Illinois and have posted slides from my presentation. Finally, I updated
my curriculum vitae.
|
| 6/14/24:
| Earlier today I discussed a paper by Cieslak, McMahon, and Pang, on the Federal Reserve’s flexible
average inflation targeting framework, and I’ve posted slides from my discussion and
here’s
a link
to the conference presentations.
|
| 5/19/24:
| My paper, “The
Macroeconomic Effects of the Federal Reserve’s Conventional and Unconventional Monetary
Policies,” has been accepted at the IMF Economic Review, and I’ve posted the
latest version. I also updated my curriculum vitae.
|
| 2/19/24:
| I have several updates: First, starting this past January 1, I’ve taken over for Yuriy
Gorodnichenko as the co-editor of
the Journal of Monetary
Economics. Second, I’ve posted an updated version of my working paper with Seb Graves and
Chris Huckfeldt, “The Labor
Demand and Labor Supply Channels of Monetary Policy.” This revised version draws out more
relationships to the literature, provides additional discussion of labor force composition over the
business cycle, and incorporates numerous revisions for clarity. Third, I’ve posted a revised
version of my working paper, “The Macroeconomic Effects of the Federal
Reserve’s Conventional and Unconventional Monetary Policies.” In this revised version, I
provide weak-instrument-robust standard errors for many of the results and incorporate a few minor
revisions for clarity. Finally, I updated my curriculum vitae.
|
| 10/02/23:
| I’ve posted a new version of my working paper with Sebastian Graves and Christopher
Huckfeldt, “The Labor
Demand and Labor Supply Channels of Monetary Policy.” I also updated my curriculum vitae.
|
| 8/17/23:
| I have two new working papers. I presented the first, “Speeches by the Fed Chair Are More Important than
FOMC Announcements: An Improved High-Frequency Measure of U.S. Monetary Policy Shocks,” at the
NBER Summer Institute and posted slides from my presentation. Second, I presented
“The
Macroeconomic Effects of the Federal Reserve’s Conventional and Unconventional Monetary
Policies,” at a few institutions this summer and posted slides from my presentation. Also, my paper,
“The Federal Funds Market,
Pre- and Post-2008.” has been published in The Research Handbook of Financial Markets.
Finally, I’ve updated my curriculum vitae.
|
| 5/27/23:
| My paper with Michael Bauer, “A Reassessment of Monetary Policy Surprises and
High-Frequency Identification,” has been published in the NBER Macroeconomics Annual,
and I’ve posted the published version. Also, my paper, “The Importance of Fed Chair Speeches As a Monetary
Policy Tool,” has been published in the American Economic Association Papers &
Proceedings, and I’ve posted the published version. Finally, I’ve updated
my curriculum vitae.
|
| 3/24/23:
| My paper with Michael Bauer, “An Alternative Explanation for the ‘Fed
Information Effect,’” has been published in the American Economic Review, and
I’ve posted the published version. I’ve also posted a new working paper with Sebastian
Graves and Christopher Huckfeldt, “The Labor Demand and Labor Supply Channels of
Monetary Policy.” Finally, I’ve updated my curriculum vitae
|
| 1/8/23:
| Also at the AEA Meetings this weekend, I presented my paper with Michael Bauer, “A Reassessment of Monetary Policy Surprises and
High-Frequency Identification,” and discussed the paper “Estimating the Fed’s
Unconventional Policy Shocks,” by Marek Jarocinski. I’ve posted slides from my presentation
and slides from my
discussion.
|
| 1/5/23:
| Happy New Year! My paper with Michael Bauer, “An Alternative Explanation for the ‘Fed
Information Effect,’” has been accepted at The American Economic Review. I have
also posted a new working paper, “The Importance of Fed Chair Speeches as a Monetary
Policy Tool,’” which I’m presenting at the American Economic Association Meetings
in New Orleans this weekend. I’ve posted the slides from my presentation as well.
Finally, I updated my curriculum
vitae.
|
| 6/2/22:
| My paper, “Measuring
the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets,” won the
Journal of Monetary Economics 2022 Best Paper Prize. Also, Michael Bauer and I have revised our
working paper, “A
Reassessment of Monetary Policy Surprises and High-Frequency Identification,” and I’ve
revised my working paper on “The Federal Funds Market, Pre- and
Post-2008.” I’ve posted the revised versions of both papers. Finally, I updated
my curriculum vitae.
|
| 4/6/22:
| Last Friday I presented my new working paper with Michael Buaer, “A Reassessment of Monetary Policy Surprises and
High-Frequency Identification,” at the NBER Macroeconomics Annual conference, and I’ve
posted slides from my
presentation.
|
| 1/7/22:
| Happy New Year! Earler today I discussed the paper “Announcement-Specific Decompositions of
Unconventional Monetary Polcy Shocks and Their Macroeconomic Effects,” by Daniel Lewis at the Allied
Social Science Association/Society for Computational Economics meetings (online), and I’ve
posted slides from my
discussion.
|
| 12/9/21:
| Yesterday I gave a keynote presentation at the Empirical Monetary Economics conference on my paper with
Michael Bauer, “An
Alternative Explanation for the ‘Fed Information Effect,’” and I’ve posted
the slides from my presentation.
A few weeks ago, I presented my survey article on “The Federal Funds Market,” at the Research
Handbook of Financial Markets conference, and I’ve posted slides from that presentation as well. I also
discussed a paper by Ciminelli, Rogers, and Wu at the Asia Economic Policy Conference, and I’ve
posted slides from my discussion. Finally, I updated my curriculum vitae.
|
| 10/22/21:
| I have a new working paper with Michael Bauer, “A Reassessment of Monetary Policy Surprises and
High-Frequency Identification,” that has been accepted for the NBER Macroeconomics Annual conference
in Spring 2022. We’ll post a draft once we have one ready for distribution. I also have a new
working paper, a survey article on “The Federal Funds Market.” Finally, I updated my curriculum vitae.
|
| 9/28/21:
| I’ve posted a revised version of my working paper, “A Macroeconomic Model of Equities and Real,
Nominal, and Defaultable Debt.” This version contains a number of updates and revisions for
clarity. I also recently presented my working paper with Michale Buaer, “An Alternative Explanation for the ‘Fed
Information Effect,’” at Trinity College, Dublin, online, and I’ve posted
the slides
from my presentation. Finally, I updated my curriculum vitae.
|
| 8/31/21:
| Michael Bauer and I have revised our working paper, “An Alternative Explanation for the ‘Fed
Information Effect.’” (Previous versions of this paper circulated under the title,
“The Fed’s Response to Economic News Explains the ‘Fed Information
Effect.’”) There is also an online appendix for those who are
interested. Also, last Friday I discussed a paper by Maik Schmeling, Andreas Schrimpf, and Sigurd
Steffensen, “Monetary Policy Expectation Errors,” at the European Finance Association
Meetings (online), and I’ve posted slides from my discussion. Finally, I
updated my curriculum vitae.
|
| 7/19/21:
| Today I discussed a paper by Carolin Pflueger and Gianluca Rinaldi on “Why Does the Fed Move
Markets So Much? A Model of Monetary Policy and Time-Varying Risk Aversion,” at the IMF conference
on Advances in Monetary Economics. I’ve posted
the slides from my
discussion.
|
| 7/1/21:
| Today I presented my paper with Michael Bauer, “The Fed’s Response to Economic News
Explains the ‘Fed Information Effect’,” at the Society for Economic Dynamics annual
meeting in Minneapolis. I’ve posted the slides from my presentation. Also,
my discussion of
Michiel De Pooter, Giovanni Favara, Michele Modugno and Jason Wu’s paper, “Monetary Policy
Uncertainty and Monetary Policy Surprises,” has been published in the Journal of International
Money and Finance, and I’ve posted reprints. Finally, I updated
my curriculum vitae.
|
| 4/12/21:
| My paper, “Measuring
the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets,” has
been published in the Journal of Monetary Economics, and I’ve
posted reprints.
People often ask me for copies of the three monetary policy factors that I estimated in that paper,
so I’ve posted them in a spreadsheet that you can
download here. Finally, I updated my curriculum vitae.
|
|
