Eric T. Swanson Mt Rainier
Welcome Research Curriculum Vitae Perturbation AIM

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

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.
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.

Contact Information

Prof. Eric Swanson
Department of Economics
University of California, Irvine
3151 Social Science Plaza
Irvine, CA 92697-5100
(949) 824-8305
eric.swanson@uci.edu