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
| 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.
Also, 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.
|
| 1/4/21:
| Happy New Year! Earlier today, I presented my paper with Michael Bauer, “The Fed’s Response to Economic News
Explains the ‘Fed Information Effect’,” at the annual American Economic
Association/Allied Social Sciences meetings. I’ve posted the slides from my presentation.
|
| 10/1/20:
| My working paper,
“Measuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial
Markets,” has been accepted for publication in the Journal of Monetary Economics, and
I’ve posted the most
recent version. Earlier today, I discussed a new paper by Vania Stavrakeva and Jenny Tang on
“The Dollar During the Great Recession: US Monetary Policy Signaling and the Flight to
Safety,” at
the
CEBRA/CEPR Conference on Exchange Rates and Monetary Policy, and I’ve posted
the slides from my
discussion. Also, my previous discussion of Michiel De Pooter,
Giovanni Favara, Michele Modugno and Jason Wu’s paper, “Monetary Policy Uncertainty and
Monetary Policy Surprises,” has been accepted for publication in the Journal of International
Money and Finance, and I’ve posted my written comments. Finally, I updated
my curriculum vitae.
|
| 8/31/20:
| I posted the most recent version of my paper with Michael Bauer, “The Fed’s Response to Economic News
Explains the ‘Fed Information Effect’.” The content of this new version is similar
to previous drafts, but we substantially revised the presentation of the results for clarity. I also
updated my pages on Citations in the Popular Press
and Citations by Policymakers, and my curriculum vitae.
|
| 7/9/20:
| Today I presented the latest version of my paper with Michael Bauer, “The Fed’s Response to Economic News
Explains the ‘Fed Information Effect’,” at the NBER Summer Institute (online).
I’ve posted the slides from my presentation and the
latest version of the paper, which includes an updated theoretical section on the implications of our
findings for high-frequency estimates of the effects of monetary policy on financial and macroeconomic
variables. I’ve also posted a revised draft of my working paper, “Measuring the Effects of Federal Reserve
Forward Guidance and Asset Purchases on Financial Markets;” this version includes additional
discussion and clarification in several places, including an expanded Figure 1. Finally, I updated
my curriculum vitae.
|
| 5/16/20:
| In April, I participated in an online panel discussion at UC Irvine about the economic effects of the
coronavirus pandemic; here are the slides from my presentation, and you
can view the panel discussion here. Also, my paper,
“Implications of
Labor Market Frictions for Risk Aversion and Risk Premia,” has been published in
the American Economic Journal: Macroeconomics; I’ve posted the published version.
Finally, I updated my curriculum
vitae.
|
| 3/2/20:
| I have a new working paper, “The Fed’s Response to Economic News
Explains the ‘Fed Information Effect’,” joint with
Michael Bauer at Universität Hamburg, which I’ve posted.
I’ve also updated my curriculum
vitae.
|
| 10/7/19:
| I’ve posted a revised draft of my working paper, “Measuring the Effects of Federal Reserve
Forward Guidance and Asset Purchases on Financial Markets.” This new version includes
updated estimates through June 2019 and subsample analysis of the post-ZLB period from December 2015 to June 2019.
|
| 8/19/19:
| I have several updates. First, my paper, “The Federal Reserve Is Not Very Constrained by
the Lower Bound on Nominal Interest Rates,” has been published in the Brookings Papers on
Economic Activity, and I’ve posted the PDF. You can also
view
the other papers in the symposium. Second, my paper “Implications of Labor Market Frictions for Risk
Aversion and Risk Premia,” has been accepted at the American Economic Journal:
Macroeconomics, and I’ve posted the most recent version. Third, I’ve posted a revised
draft of my working paper,
“A Macroeconomic Model of Equities and Real, Nominal, and Defaultable Debt.” This version
includes clearer motivation and discussion in several places. I’ve also
posted slides
from my recent presentation of that paper at the Stanford Institute for Theoretical Economics.
Finally, I’ve updated my curriculum vitae. I should also have additional updates for this website in a
few weeks.
|
| 12/31/18:
| Happy New Year! I’ve posted a revised version of my working paper, “Implications of Labor Market Frictions for Risk
Aversion and Risk Premia,” along with slides from my presentation at Bilkent University.
This new version contains numerical results for a version of the model with Epstein-Zin preferences and
additional discussion and robustness analysis. I’ve also updated my curriculum vitae.
|
| 12/5/18:
| I’m testing out UCI’s website hosting, and will have new updates soon.
|
| 9/17/18:
| I have a new working paper, “The Federal Reserve Is Not Very Constrained by
the Lower Bound on Nominal Interest Rates,” prepared for a
symposium
at the Brookings Institution. I’ve also uploaded
my presentation slides
from the panel.
|
| 8/2/18:
| My paper, “Risk
Aversion, Risk Premia, and the Labor Margin with Generalized Recursive Preferences,” has been
published in The Review of Economic Dynamics. Second, I’ve posted a revised version of my
working paper,
“Measuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial
Markets.” This new version includes bootstrapped standard errors, additional robustness checks,
additional discussion, and a number of clarifications. I’ve also updated my curriculum vitae.
|
| 1/8/18:
| I’m back from the AEA meetings. I’ve posted slides from my discussion of Kroencke,
Schmeling, and Schrimpf’s paper, “The FOMC Risk Shift”; slides from my discussion of Hanson, Lucca, and
Wright’s paper,“Interest Rate Conundrums in the Twenty-First Century,”;
and slides from my
discussion of Carvalho, Eusepi, Moench, and Preston’s “Anchored Inflation
Expectations.” I’ve also updated my curriculum vitae.
|
| 11/24/17:
| Happy Thanksgiving! First, my paper, “Risk Aversion, Risk Premia, and the Labor Margin
with Generalized Recursive Preferences,” was recently accepted at the Review of Economic
Dynamics. I’ve posted the preprints. Second, I’ve posted a revised version of my
working paper,
“Implications of Labor Market Frictions for Risk Aversion and Risk Premia.” This new
version includes updated and improved discussion and explanations in several places. Third, I’ve
also posted a revised version of my working paper, “Measuring the Effects of Federal Reserve
Forward Guidance and Asset Purchases on Financial Markets.” This revision also includes
improved explanations and discussion in several places. Fourth and finally, I’ve updated
my curriculum vitae.
|
|
