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


My recent research has focused on the relationship between financial markets and macroeconomics. Current versions of my working papers are provided below. If you're looking for reprints, presentation slides, or additional material for my published papers; a complete listing of all my papers by topic; presentation slides from my discussions of other authors’ work; or citations to my work in academic journals, the popular press, or policymaker speeches and testimony, click on the corresponding tab at right.

Working Papers

“Implications of Labor Market Frictions for Risk Aversion and Risk Premia,” forthcoming in American Economic Journal: Macroeconomics.
(abstract)(full paper)(presentation at Bilkent University, Ankara)

“Measuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets.”
(abstract)(full paper)(nontechnical summary, NBER Digest)(presentation at Boston College)(shorter presentation at the NBER Summer Institute, Cambridge MA)(Business Insider, 5/22/17)

“A Macroeconomic Model of Equities and Real, Nominal, and Defaultable Debt.”
(abstract)(full paper)(presentation at Stanford Institute for Theoretical Economics)(shorter presentation at Bank of Canada/FRB San Francisco conference, San Francisco)

Longer, working-paper version of “Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates” (with John Williams), The American Economic Review 104, October 2014, pp. 3154-3185. The working paper contains more simulation results from the model and additional discussion of some issues related to longer-term interest rates.
(abstract)(published version)(longer working paper version)(nontechnical summary, VoxEU)(presentation at UC Davis)(shorter presentation at AEA Meetings, San Diego)(Econbrowser 2/15/12)(Reuters 2/14/12)

Longer, working-paper version of “Risk Aversion and the Labor Margin in Dynamic Equilibium Models,” The American Economic Review 102, June 2012, pp. 1663-1691. The working paper contains results for habits and early results for generalized recursive preferences.
(abstract)(published version)(longer working paper version)

Working-paper version of “The Bond Premium in a DSGE Model with Long-Run Real and Nominal Risks” (with Glenn Rudebusch), American Economic Journal: Macroeconomics 4, January 2012, pp. 105-43. The working paper contains results for a generalized consol and a simpler preference specification that is closer to Woodford's textbook.
(abstract)(working paper version)

“Higher-Order Perturbation Solutions to Dynamic, Discrete-Time Rational Expectations Models” (with Gary Anderson and Andrew Levin).
(abstract)(full paper)(Perturbation AIM code & examples)

“Optimal Time-Consistent Monetary Policy in the New Keynesian Model with Repeated Simultaneous Play” (with Gauti Eggertsson), working paper, 2008.
(abstract)(full paper)(NBER Summer Institute presentation)(shorter presentation at SCE Meetings, Paris)

“Econometric Estimation when the ‘True’ Model Forecasts or Errors Are Observed,” working paper, 2006.
(abstract)(full paper)

“Bayesian Optimal Policy in the Presence of Regime Change and Local Parameter Uncertainty,” working paper, 2006.
(abstract)(full paper)

Working Papers
Published Papers
Research Papers by Topic
Conference Discussions
Citations in Academic Journals
Citations in the Popular Press
Citations by Policymakers