Eric T. Swanson, Economist

Eric T. Swanson

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

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.

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