Photo of Edward P. Herbst

Edward P. Herbst

Education

  • Ph.D., Economics, University of Pennsylvania, 2011
  • B.A., Mathematics & Economics, Rutgers University, 2006
Current Research Topics
  • Estimation of Dynamic Models
  • Density Forecast Evaluation
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2016 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2015 - 2016
  • Economist

    Board of Governors of the Federal Reserve System

    2011 - 2015
  • The Factor Structure of Disagreement
    Edward Herbst and Fabian Winkler
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.046
  • Bias in Local Projections
    Edward P. Herbst and Benjamin K. Johannsen
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2020.010r1
  • Online Estimation of DSGE Models
    Michael Cai, Marco Del Negro, Edward Herbst, Ethan Matlin, Reca Sarfati, and Frank Schorfheide
    Econometrics Journal (2021)
    https://doi.org/10.1093/ectj/utaa029
    See also » FRB Working Paper (2020)
  • How Robust Are Makeup Strategies to Key Alternative Assumptions?
    James Hebden, Edward P. Herbst, Jenny Tang, Giorgio Topa, and Fabian Winkler
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.069
  • Short-term Planning, Monetary Policy, and Macroeconomic Persistence
    Christopher Gust, Edward Herbst, and David López-Salido
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.003
  • Monetary Policy, Real Activity, and Credit Spreads: Evidence from Bayesian Proxy SVARs
    Dario Caldara and Edward Herbst
    American Economic Journal: Macroeconomics (2019)
    https://doi.org/10.1257/mac.20170294
    See also » FRB Working Paper (2016)
  • Tempered Particle Filtering
    Edward Herbst and Frank Schorfheide
    Journal of Econometrics (2019)
    https://doi.org/10.1016/j.jeconom.2018.11.003
    See also » FRB Working Paper (2016)
  • Forward Guidance with Bayesian Learning and Estimation
    Christopher Gust, Edward Herbst, and David López-Salido
    Finance and Economics Discussion Series (2018)
    https://doi.org/10.17016/FEDS.2018.072
  • A Sequential Monte Carlo Approach to Inference in Multiple-Equation Markov-Switching Models
    Mark Bognanni and Edward Herbst
    Journal of Applied Econometrics (2018)
    https://doi.org/10.1002/jae.2582
  • The Empirical Implications of the Interest-Rate Lower Bound
    Christopher Gust, Edward Herbst, David López-Salido, and Matthew E. Smith
    American Economic Review (2017)
    https://doi.org/10.1257/aer.20121437
    See also » FRB Working Paper (2017)
  • Tempered Particle Filtering
    Edward Herbst and Frank Schorfheide
    NBER Working Paper Series (2017)
    https://doi.org/10.3386/w23448
    See also » FRB Working Paper (2016)
  • Bayesian Estimation of DSGE Models
    Edward P. Herbst and Frank Schorfheide
    Princeton University Press (2016)
  • Effective Monetary Policy Strategies in New Keynesian Models: A Reexamination
    Hess Chung, Edward Herbst, and Michael T. Kiley
    NBER Macroeconomics Annual Book Series (2015)
    https://doi.org/10.1086/680629
  • Using the 'Chandrasekhar Recursions' for Likelihood Evaluation of DSGE Models
    Edward Herbst
    Computational Economics (2015)
    https://doi.org/10.1007/s10614-014-9430-2
    See also » FRB Working Paper (2012)
  • Sequential Monte Carlo Sampling for DSGE Models
    Edward Herbst and Frank Schorfheide
    Journal of Applied Econometrics (2014)
    https://doi.org/10.1002/jae.2397
    See also » FRB Working Paper (2013)
  • Estimating (Markov-Switching) VAR Models without Gibbs Sampling: A Sequential Monte Carlo Approach
    Mark Bognanni and Edward Herbst
    Working Paper (Federal Reserve Bank of Cleveland) (2014)
    See also » FRB Working Paper (2015)
  • Evaluating DSGE Model Forecasts of Comovements
    Edward Herbst and Frank Schorfheide
    Journal of Econometrics (2012)
    https://doi.org/10.1016/j.jeconom.2012.06.008
    See also » FRB Working Paper (2012)
  • Sequential Monte Carlo sampling for DSGE models
    Edward Herbst and Frank Schorfheide
    Working paper (Federal Reserve Bank of Philadelphia) (2012)
    See also » FRB Working Paper (2013)
  • Essays on Bayesian Macroeconometrics
    Edward P. Herbst
    University of Pennsylvania (2011)
  • Evaluating DSGE model forecasts of comovements
    Edward Herbst and Frank Schorfheide
    Working paper (Federal Reserve Bank of Philadelphia) (2011)
    See also » FRB Working Paper (2012)
  • discussion

    October 2011

    NBER/Federal Reserve Bank of Philadelphia Workshop on DSGE Models

    Discussion of Smith: Estimating Nonlinear Economic Models Using Surrogate Transitions

  • conference

    June 2011

    Canadian Economic Association Annual Meeting

    Evaluating Predictions of Comovements

  • conference

    April 2011

    Society for Bayesian Inference in Econometrics and Statistics 2011 Meeting

    Gradient and Hessian-based MCMC for Macro Models

  • seminar

    January 2011

    Board of Governors of the Federal Reserve System

    Gradient and Hessian-based MCMC for Macro Models

Referee
  • International Economic Review
  • International Journal of Forecasting
  • Journal of Money, Credit, and Banking
  • Review of Economics and Statistics
Professional Affiliation
  • American Economic Association
  • International Society for Bayesian Analysis
Last update: May 16, 2022