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Photo of Benjamin K. Johannsen

Benjamin K. Johannsen

Assistant Director Program Direction Section Monetary Affairs
[email protected]

Education

  • Ph.D., Economics, Northwestern University, 2013
  • M.A., Economics, Northwestern University, 2009
  • B.A., Philosophy and Economics, Grinnell College, 2006
Current Research Topics
  • Macroeconomics
  • Time Series Analysis
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2023 - present
  • Chief

    Board of Governors of the Federal Reserve System

    2020 - 2023
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2018 - 2020
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2016 - 2018
  • Economist

    Board of Governors of the Federal Reserve System

    2013 - 2016
  • Substitution Bias and Fixed-Weight Price Indices in Time-Dependent Pricing Models
    Martin Eichenbaum Lawrence J. Christiano and Benjamin K. Johannsen
    Finance and Economics Discussion Series (2025)
    https://doi.org/10.17016/FEDS.2024.095r1
  • Measured Inflation and the New-Keynesian Model
    Lawrence J. Christiano, Martin Eichenbaum, and Benjamin K. Johannsen
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.095
  • Bias in local projections
    Edward P. Herbst and Benjamin K. Johannsen
    Journal of Econometrics (2024)
    https://doi.org/10.1016/j.jeconom.2024.105655
    See also » FRB Working Paper (2021)
  • Supply-side Effects of Pandemic Mortality: Insights from an Overlapping-generations Model
    Etienne Gagnon, Benjamin K. Johannsen, and David López-Salido
    B.E. Journal of Macroeconomics (2022)
    https://doi.org/10.1515/bejm-2020-0196
    See also » FRB Working Paper (2020)
  • Macroeconomic Implications of Inequality and Income Risk
    Aditya Aladangady, Etienne Gagnon, Benjamin K. Johannsen, and William B. Peterman
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.073
  • A Time-Series Model of Interest Rates With the Effective Lower Bound
    Benjamin K. Johannsen and Elmar Mertens
    Journal of Money, Credit and Banking (2021)
    https://doi.org/10.1111/jmcb.12771
    See also » FRB Working Paper (2016)
  • Understanding the New Normal: The Role of Demographics
    Etienne Gagnon, Benjamin K. Johannsen, and David Lopez-Salido
    IMF Economic Review (2021)
    https://doi.org/10.1057/s41308-021-00138-4
    See also » FRB Working Paper (2016)
  • Oil, Equities, and a "Nonbinding" Zero Lower Bound: The Monetary Policy Response to COVID-19
    Deepa D. Datta, Benjamin K. Johannsen, and Robert J. Vigfusson
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2786
  • Oil, Equities, and the Zero Lower Bound
    Deepa D. Datta, Benjamin K. Johannsen, Hannah Kwon, and Robert J. Vigfusson
    American Economic Journal: Macroeconomics (2021)
    https://doi.org/10.1257/mac.20180488
    See also » FRB Working Paper (2018)
  • Monetary Policy and the Predictability of Nominal Exchange Rates
    M. S. Eichenbaum, B. K. Johannsen, and S. T. Rebelo
    Review of Economic Studies (2021)
    https://doi.org/10.1093/restud/rdaa024
    See also » FRB Working Paper (2017)
  • Strengthening the FOMC's Framework in View of the Effective Lower Bound and Some Considerations Related to Time-Inconsistent Strategies
    Fernando Duarte, Benjamin K. Johannsen, Leonardo Melosi, and Taisuke Nakata
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.067
  • Does the New Keynesian Model Have a Uniqueness Problem?
    Lawrence Christiano, Martin S. Eichenbaum, and Benjamin K. Johannsen
    NBER Working Paper Series (2018)
    https://doi.org/10.3386/w24612
  • Comment on the Demographic Deficit
    Etienne Gagnon, Benjamin K. Johannsen, and David López-Salido
    Journal of Monetary Economics (2018)
    https://doi.org/10.1016/j.jmoneco.2017.11.006
  • Understanding the Volatility of the Canadian Exchange Rate
    Martin Eichenbaum, Benjamin K. Johannsen, and Sergio Rebelo
    C.D. Howe Institute (2018)
  • Monetary Policy, Incomplete Information, and the Zero Lower Bound
    Christopher Gust, Benjamin K. Johannsen, and J. David Lopez-Salido
    IMF Economic Review (2017)
    https://doi.org/10.1057/s41308-016-0023-z
    See also » FRB Working Paper (2015)
  • The Neutral Rate and the Summary of Economic Projections
    Michelle Bongard and Benjamin K. Johannsen
    FEDS Notes (2016)
    https://doi.org/10.17016/2380-7172.1890
  • The Expected Real Interest Rate in the Long Run: Time Series Evidence with the Effective Lower Bound
    Benjamin K. Johannsen and Elmar Mertens
    FEDS Notes (2016)
    https://doi.org/10.17016/2380-7172.1703
  • Inflation Experience and Inflation Expectations: Dispersion and Disagreement Within Demographic Groups
    Benjamin K. Johannsen
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.089
  • When are the Effects of Fiscal Policy Uncertainty Large?
    Benjamin K. Johannsen
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.40
  • Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area than in the United States?
    Meredith J. Beechey, Benjamin K. Johannsen, and Andrew T. Levin
    American Economic Journal: Macroeconomics (2011)
    https://doi.org/10.1257/mac.3.2.104
    See also » FRB Working Paper (2008)
Professional Affiliation
  • American Economic Association
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Last Update: July 1, 2025