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Meet the Economists

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Bernd Schlusche

Principal Economist Money Market Analysis Section Monetary Affairs
202-452-2591
[email protected]

Education

  • Ph.D., Economics, University of Bonn
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2015 - present
  • Economist

    Board of Governors of the Federal Reserve System

    2010 - 2015
  • Visiting Scholar

    University of California, Berkeley, Haas School of Business

    2008 - 2010
  • Visiting Scholar

    University of Pennsylvania, Department of Economics

    2007 - 2008
  • Balance Sheet Policies in an Evolving Economy: Some Modelling Advances and Illustrative Simulations
    Hess Chung, Etienne Gagnon, James Hebden, Kyungmin Kim, Bernd Schlusche, Eric Till, James Trevino, and Diego Vilán
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3246
  • An Analysis of the Interest Rate Risk of the Federal Reserve’s Balance Sheet, Part 2: Projections under Alternative Interest Rate Paths
    Alyssa Anderson, Philippa Marks, Dave Na, Bernd Schlusche, and Zeynep Senyuz
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3174
  • An Analysis of the Interest Rate Risk of the Federal Reserve’s Balance Sheet, Part 1: Background and Historical Perspective
    Alyssa Anderson, Dave Na, Bernd Schlusche, and Zeynep Senyuz
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3173
  • Quantitative Easing and Bank Risk Taking: Evidence from Lending
    John Kandrac and Bernd Schlusche
    Journal of Money, Credit and Banking (2021)
    https://doi.org/10.1111/jmcb.12781
    See also » FRB Working Paper (2017)
  • The Effect of Bank Supervision and Examination on Risk Taking: Evidence from a Natural Experiment
    John Kandrac and Bernd Schlusche
    Review of Financial Studies (2021)
    https://doi.org/10.1093/rfs/hhaa090
  • Arbitrage Capital of Global Banks
    Alyssa G. Anderson, Wenxin Du, and Bernd Schlusche
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.032
  • Issues in the Use of the Balance Sheet Tool
    Mark Carlson, Stefania D'Amico, Cristina Fuentes-Albero, Bernd Schlusche, and Paul Wood
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.071
  • Follow the Leader: Using the Stock Market to Uncover Information Flows Between Firms
    Anna Scherbina and Bernd Schlusche
    Review of Finance (2020)
    https://doi.org/10.1093/rof/rfy038
  • Monetary Policy Options at the Effective Lower Bound: Assessing the Federal Reserve's Current Policy Toolkit
    Hess Chung, Etienne Gagnon, Taisuke Nakata, Matthias Paustian, Bernd Schlusche, James Trevino, Diego Vilán, and Wei Zheng
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.003
  • Simulating the Macroeconomic Effects of Unconventional Monetary Policies
    Hess Chung, Cynthia Doniger, Cristina Fuentes-Albero, Bernd Schlusche, and Wei Zheng
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2225
  • Confidence Interval Projections of the Federal Reserve Balance Sheet and Income
    Erin E. Syron Ferris, Soo Jeong Kim, and Bernd Schlusche
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.1875
  • An Agency Problem in the MBS Market and the Solicited Refinancing Channel of Large-scale Asset Purchases
    John Kandrac and Bernd Schlusche
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.027
  • Measuring Stress in Money Markets: A Dynamic Factor Approach
    Seth Carpenter, Selva Demiralp, Bernd Schlusche, and Zeynep Senyuz
    Economics Letters (2014)
    https://doi.org/10.1016/j.econlet.2014.08.017
  • Demand for M2 at the Zero Lower Bound: The Recent U.S. Experience
    Ruth A. Judson, Bernd Schlusche, and Vivian Wong
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.22
  • Asset Price Bubbles: A Survey
    Anna Scherbina and Bernd Schlusche
    Quantitative Finance (2014)
    https://doi.org/10.1080/14697688.2012.755266
  • Flow Effects of Large-Scale Asset Purchases
    John Kandrac and Bernd Schlusche
    Economics Letters (2013)
    https://doi.org/10.1016/j.econlet.2013.09.003
  • Market Reaction to Corporate Press Releases
    Andreas Neuhierl, Anna Scherbina, and Bernd Schlusche
    Journal of Financial and Quantitative Analysis (2013)
    https://doi.org/10.1017/S002210901300046X
  • The Federal Reserve's balance sheet and overnight interest rates: Empirical modeling of exit strategies
    Jaime Marquez, Ari Morse, and Bernd Schlusche
    Journal of Banking & Finance (2013)
    https://doi.org/10.1016/j.jbankfin.2013.01.015
  • The Federal Reserve's Balance Sheet and Overnight Interest Rates
    Jaime R. Marquez, Ari Morse, and Bernd Schlusche
    Finance and Economics Discussion Series (2012)
    https://doi.org/10.17016/FEDS.2012.66
  • Asset Bubbles: an Application to Residential Real Estate
    Anna Scherbina and Bernd Schlusche
    European Financial Management (2012)
    https://doi.org/10.1111/j.1468-036X.2012.00647.x
  • Data Snooping and Market-Timing Rule Performance
    Andreas Neuhierl and Bernd Schlusche
    Journal of Financial Econometrics (2011)
    https://doi.org/10.1093/jjfinec/nbq032
  • Price Formation in Spot and Futures Markets: Exchange Traded Funds vs. Index Futures
    Bernd Schlusche
    Journal of Derivatives (2009)
    https://doi.org/10.3905/JOD.2009.17.2.026
Awards
  • 2010

    Institute for Quantitative Investment Research

    Inquire UK Research Grant

Conference Organization

  • November 12-13, 2015 | Washington, D.C.

    Monetary Policy Implementation and Transmission in the Post-Crisis Period

    Organizer and Session Chair

Referee
  • Journal of Finance
  • Review of Financial Studies
  • Journal of Money, Credit and Banking
  • European Economic Review
  • Journal of Applied Econometrics
  • Macroeconomic Dynamics
  • Journal of Futures Markets
  • International Review of Economics and Finance
Professional Affiliation
  • American Finance Association
  • European Finance Association
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Last Update: February 13, 2023