Research Staff and Resources

Contact Information
202-452-2258
eric.t.swanson@frb.gov

Fields of Interest
Macroeconomics
Monetary Economics
Econometrics and Statistics

Education
Ph.D., Economics, Stanford University, 1998
M.S., Mathematics, Stanford University, 1994
B.A., Mathematics, Williams College, 1992

Professional Experience
Board of Governors of the Federal Reserve System, 1998-present
Visiting Assistant Professor, University of Michigan, Sept.-Dec. 2002
Lecturer, University of Virginia, Sept.-Dec. 2001

Selected Publications

• ''The Excess Sensitivity of Long-Term Interest Rates: Evidence and Implications for Macroeconomic Models'' (with Refet Gurkaynak and Brian Sack), American Economic Review (forthcoming).
• ''Have Increases in Federal Reserve Transparency Improved Private Sector Forecasts of Short-Term Interest Rates?'' Journal of Money, Credit, and Banking (forthcoming).
• ''Optimal Nonlinear Policy: Signal Extraction with a Non-Normal Prior,'' Journal of Economic Dynamics and Control (forthcoming).
• ''Futures Prices as Risk-Adjusted Forecasts of Monetary Policy'' (with Monika Piazzesi), NBER Working Paper 10547 (2004), pp. 1-31.
• Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements (with Refet Gurkaynak and Brian Sack), Finance and Economics Discussion Series 2004-66. Washington: Board of Governors of the Federal Reserve System, 2004.
• ''Do Federal Reserve Policy Surprises Reveal Superior Information About the Economy?'' (with Jon Faust and Jonathan Wright), Contributions to Macroeconomics, vol. 4 (2004), pp. 1-29 (article 10).
• ''Identifying VARs Based on High-Frequency Futures Data'' (with Jon Faust and Jonathan Wright), Journal of Monetary Economics, vol. 51 (September 2004), pp. 1107-31.
• ''Measuring the Cyclicality of Real Wages: How Important is the Firm's Point of View?'' Review of Economics and Statistics, vol. 86 (February 2004), pp. 362-77.
• ''Signal Extraction and Non-Certainty-Equivalence in Optimal Monetary Policy Rules,'' Macroeconomic Dynamics, vol. 8 (January 2004), pp. 27-50.
• ''Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High-Frequency Data'' (with Jon Faust, John Rogers, and Jonathan Wright), Journal of the European Economic Association, vol. 1 (September 2003), pp. 1031-57.
• Market-Based Measures of Monetary Policy Expectations (with Refet Gurkaynak and Brian Sack), Finance and Economics Discussion Series 2002-40. Washington: Board of Governors of the Federal Reserve System, 2002.
• ''NAIRU Uncertainty and Nonlinear Policy Rules'' (with Laurence Meyer and Volker Wieland), American Economic Review, vol. 91 (May 2001), pp. 226-31.
• Models of Sectoral Reallocation, Finance and Economics Discussion Series 1999-3. Washington: Board of Governors of the Federal Reserve System, 1999.