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


My recent research has focused on unconventional monetary policy (particularly forward guidance and large-scale asset purchases by the Fed) and the relationship between financial markets and the macroeconomy. Current versions of my working papers are provided below. If you're looking for reprints, presentation slides, or additional material for my published papers or other research-related information, click on the corresponding tab at right.

Working Papers

“The Importance of Fed Chair Speeches as a Monetary Policy Tool.”
(abstract)(full paper)(presentation at the AEA Meetings)

“A Reassessment of Monetary Policy Surprises and High-Frequency Idenetification;” (with Michael Bauer), forthcoming in the NBER Macroeconomics Annual.
(abstract)(full paper)(presentation at the NBER Macroeconomics Annual Conference)(shorter presentation at the AEA Meetings)

“An Alternative Explanation for the ‘Fed Information Effect’” (with Michael Bauer), forthcoming in The American Economic Review. (Previous versions circulated uner the title, “The Fed’s Response to Economic News Explains the ‘Fed Information Effect’.”
(abstract)(full paper)(online appendix)(presentation at Empirical Monetary Economics Conference)

“The Federal Funds Market, Pre- and Post-2008,” forthcoming in the Research Handbook of Financial Markets, Refet Gürkaynak and Jonathan Wrigth (eds.)
(abstract)(full paper)(presentation at the Research Handbook of Financial Markets Conference)

“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