Welcome to my website! I am a research economist focusing on monetary economics, macro-finance and climate finance.
- Senior Research Advisor at the Federal Reserve Bank of San Francisco
- Director of the Center for Monetary Research at the SF Fed
- Lecturer at UC Berkeley, Haas School of Business
- Associate Editor at the Journal of Financial Econometrics, the Journal of Business & Economic Statistics, and the Journal of Money, Credit and Banking
- Research Fellow at CEPR, CESifo, and the IMFS
- Senior Research Fellow at the University of Hamburg
My research mainly studies the role of financial markets for the macroeconomy, monetary policy, and the green transition. I am particularly interested in understanding the effects of monetary policy on the yield curve and asset prices—including monetary policy surprises, forward guidance, monetary policy communication, quantitative easing, monetary policy uncertainty, and risks to the economic outlook. More recently I’ve been studying issues in climate economics and climate finance, including the pricing of climate risks.
CV 🔹 Fed Website 🔹 Google Scholar 🔹 RePeC 🔹 SSRN
- Monetary Economics
- Macro-Finance
- Climate Finance
Ph.D. in Economics, 2010
University of California, San Diego
M.A. in Quant. Economics and Finance, 2005
University of St. Gallen, Switzerland
B.A. in Economics, 2003
University of St. Gallen, Switzerland
News
Fed Framework Review
Together with coauthors across the Federal Reserve System, I had the privilege of working on a paper for the Fed’s 2025 Framework Review.
- Paper: Accounting for Uncertainty and Risks in Monetary Policy (with Travis Berge, Giuseppe Fiori, Francesca Loria, and Molin Zhong
- 2025 Statement on Longer-Run Goals and Monetary Policy Strategy
- Chair Powell’s 2025 Jackson Hole Speech: Monetary Policy and the Fed’s Framework Review
- FEDS Note: A Roadmap for the Federal Reserve’s 2025 Review of Its Monetary Policy Framework written by Sylvain Leduc, Anna Paulson, Trevor Reeve, and Stacey Tevlin
SF Fed Center for Monetary Research
The Center for Monetary Research (CMR) is a new initiative, launched in October 2024 by the San Francisco Fed, that aims to improve our understanding of the links between monetary policy, financial markets, and the macroeconomy. Among the CMR data pages are three that make available updated estimates for some of my papers:
- Treasury Yield Skewness (based on 2024 JF paper with Chernov)
- Monetary Policy Surprises (based on 2023 NBERMA paper with Swanson)
- Monetary Policy Uncertainty (based on 2022 EJ paper with Lakdawala & Mueller)
Current Work
Corporate Green Pledges
with Daniel Huber, Eric Offner, Marlene Renkel, and Ole Wilms
Revise-and-resubmit at Review of Financial Studies
Financial Market Effects of FOMC Communication: Evidence from a New Event-Study Database
with Miguel Acosta, Andrea Ajello, Francesca Loria, and Silvia Miranda-Agrippino
Risk Appetite and the Macroeconomic Effects of Monetary Policy
with Maik Schmeling and Andreas Schrimpf
The Response of Prices to Monetary Policy: Firm-Level Evidence from Sweden
with Alexander Czarnota and Mathias Klein
Effects of Carbon Policies on Inflation Expectations
with Diego Känzig and Glenn Rudebusch
Seminars
Virtual Seminar on Monetary Economics
The Virtual Seminar on Monetary Economics is a monthly online research seminar, jointly hosted by our Center for Monetary Research and CEPR. Its focus is the study of monetary policy, covering topics such as central banks’ goals and frameworks, design of optimal policies, implementation choices, transmission to financial markets and the macroeconomy, and international dimensions of monetary policy. My coorganizers are Refet Gürkaynak, Klodiana Istrefi, and Michael McMahon.
SF Fed Macro-Finance Workshop
The CMR Macro-Finance Workshop is a quarterly meeting with our visiting scholars, featuring two presentations of macro-finance or monetary research.
For other events and seminars, please refer to the CMR Events Page.
Disclaimer: The material on this website does not represent the views of the Federal Reserve Bank of San Francisco or the Federal Reserve System.