Michael D. Bauer

Michael D. Bauer

Senior Research Advisor

Federal Reserve Bank of San Francisco

Welcome to my website! I am a research economist at the Federal Reserve Bank of San Francisco, which is part of the Federal Reserve System, the central bank of the United States. In addition, I am a research fellow at CEPR, CESifo, and the IMFS. I am currently on leave from the University of Hamburg.

My research focuses on the role of financial markets for the macroeconomy, monetary policy, and climate change. 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 working on social discount rates, the social cost of carbon and climate finance.

CV 🔹 Fed Website 🔹 Google Scholar 🔹 Twitter 🔹 LinkedIn 🔹 RePeC 🔹 SSRN

  • Monetary Economics
  • Asset Pricing
  • 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

Current Work

The Effect of U.S. Climate Policy on Financial Markets: An Event Study of the Inflation Reduction Act
with Eric Offner and Glenn Rudebusch, Brookings Working Paper, September 2023.

Perceptions about Monetary Policy
with Carolin Pflueger and Adi Sunderam, NBER Working Paper, December 2022.

Climate Policy Curves: Linking Policy Choices to Climate Outcomes
with Martin Hänsel, Moritz Drupp, Gernot Wagner and Glenn Rudebusch, CEPR Discussion Paper, November 2022.

Cross-Sectional Skewness in Survey Forecasts
with Mikhail Chernov

Risk Appetite and the Monetary Transmission
with Maik Schmeling and Andreas Schrimpf

The Financial Market Response to Green Firm Announcements
with Daniel Huber, Eric Offner, Marlene Renkel, and Ole Wilms

Changes in the Green Bond Premium
with Kerstin Lopatta, Thomas Tammen, and Ole Wilms


Virtual Seminar on Climate Economics

The Virtual Seminar on Climate Economics is an online seminar series open to everyone interested in research on the economics of climate change.
More information here.