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
| 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.
|
| 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.
|
|
