Work in Progress

Risk Appetite and the Macroeconomic Effects of Monetary Policy
with Maik Schmeling and Andreas Schrimpf

News in Fed Speeches
with Sophia Kazinnik and Daniel Wilson

Heterogeneity of Beliefs and Treasury Bonds
with Adem Atmaz, Andrea Buffa, and Mikhail Chernov

Working Papers

Michael Bauer, Alexander Czarnota, Mathias Klein (2026). Prices and Monetary Policy: The Role of Financial Constraints. Working Paper.

PDF coming soon

Michael D. Bauer, Daniel Huber, Eric A. Offner, Ole Wilms (2026). Corporate Green Pledges. FRBSF Working Paper. Revise-and-resubmit at Review of Financial Studies.

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Michael Bauer, Diego Känzig, Glenn Rudebusch (2026). Carbon Pricing and Inflation Expectations. Working Paper.

PDF coming soon

Miguel Acosta, Andrea Ajello, Michael Bauer, Francesca Loria, Silvia Miranda-Agrippino (2025). Financial Market Effects of FOMC Communication: Evidence from a New Event-Study Database. FRBSF Working Paper. Revise-and-resubmit at Journal of Monetary Economics.

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Michael Bauer, Travis Berge, Giuseppe Fiori, Francesca Loria, Molin Zhong (2025). Accounting for Uncertainty and Risks in Monetary Policy. FEDS Paper.

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Publications

Michael D. Bauer, Eric A. Offner, Glenn D. Rudebusch (2025). Green Stocks and Monetary Policy Shocks: Evidence from Europe. European Economic Review.

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Martin C. Hänsel, Michael D. Bauer, Moritz A. Drupp, Gernot Wagner, Glenn D. Rudebusch (2024). Climate policy curves highlight key mitigation choices. Climate Policy.

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Michael D. Bauer, Carolin E. Pflueger, Adi Sunderam (2024). Changing Perceptions and Post-Pandemic Monetary Policy. Proceedings of 2024 Jackson Hole Economic Policy Symposium.

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Michael D. Bauer, Eric A. Offner, Glenn D. Rudebusch (2024). The Effect of U.S. Climate Policy on Financial Markets: An Event Study of the Inflation Reduction Act. Forthcoming in Advances in Econometrics.

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Michael D. Bauer, Carolin E. Pflueger, Adi Sunderam (2024). Perceptions about Monetary Policy. Quarterly Journal of Economics.

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Michael D. Bauer, Mikhail Chernov (2024). Interest Rate Skewness and Biased Beliefs. Journal of Finance.

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Michael D. Bauer, Glenn D. Rudebusch (2023). The Rising Cost of Climate Change: Evidence from the Bond Market. Review of Economics and Statistics.

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Michael D. Bauer, Eric T. Swanson (2023). A Reassessment of Monetary Policy Surprises and High-Frequency Identification. NBER Macroeconomics Annual.

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Michael D. Bauer, Eric T. Swanson (2023). An Alternative Explanation for the "Fed Information Effect". American Economic Review.

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Michael D. Bauer, Ben S. Bernanke, Eric Milstein (2023). Risk Appetite and the Risk-Taking Channel of Monetary Policy. Journal of Economic Perspectives.

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Michael D. Bauer, Daniel Huber, Glenn D. Rudebusch, Ole Wilms (2022). Where is the Carbon Premium? Global Performance of Green and Brown Stocks. Journal of Climate Finance.

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Michael D. Bauer, Aeimit Lakdawala, Philippe Mueller (2022). Market-Based Monetary Policy Uncertainty. Economic Journal.

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Michael D. Bauer, Glenn D. Rudebusch (2020). Interest Rates Under Falling Stars. American Economic Review.

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Michael D. Bauer (2018). Restrictions on Risk Prices in Dynamic Term Structure Models. Journal of Business and Economic Statistics.

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Michael D. Bauer, James D. Hamilton (2017). Robust Bond Risk Premia. Review of Financial Studies.

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Michael D. Bauer, Glenn D. Rudebusch (2017). Resolving the Spanning Puzzle in Macro-Finance Term Structure Models. Review of Finance.

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Michael D. Bauer, Glenn D. Rudebusch (2016). Monetary Policy Expectations at the Zero Lower Bound. Journal of Money, Credit and Banking.

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Michael D. Bauer (2015). Nominal Interest Rates and the News. Journal of Money, Credit and Banking.

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Michael D. Bauer (2015). Inflation Expectations and the News. International Journal of Central Banking.

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Michael D. Bauer, Glenn D. Rudebusch (2014). The Signaling Channel for Federal Reserve Bond Purchases. International Journal of Central Banking.

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Michael D. Bauer, Christopher J. Neely (2014). International Channels of the Fed’s Unconventional Monetary Policy. Journal of International Money and Finance.

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Michael D. Bauer, Glenn D. Rudebusch, Jing Cynthia Wu (2014). Term Premia and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset: Comment. American Economic Review.

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Michael D. Bauer, Glenn D. Rudebusch, Jing Cynthia Wu (2012). Correcting Estimation Bias in Dynamic Term Structure Models. Journal of Business and Economic Statistics.

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