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Photo of Martin Bodenstein

Martin Bodenstein

Adviser Program Direction Section International Finance
202-452-3796
[email protected]

Education

  • Ph.D., Economics, Northwestern University, 2005
  • Diplom, Economics, Universitaet Konstanz (Germany), 1999
Current Research Topics
  • Monetary Policy, Policy Strategies, Dynamic Games
  • Adviser

    Board of Governors of the Federal Reserve System, Division of International Finance

    2022 - present
  • Chief

    Board of Governors of the Federal Reserve System, Global Modeling Studies

    2019 - 2022
  • Principal Economist

    Board of Governors of the Federal Reserve System, Monetary Studies

    2016 - 2019
  • Associate Professor

    National University of Singapore, Singapore

    2013 - 2016
  • Economist

    Asian Development Bank, Manila, Philippines

    2011 - 2012
  • Economist

    Board of Governors of the Federal Reserve System, Trade and Financial Studies

    2005 - 2011
  • Forecasting During the COVID-19 Pandemic: A Structural Analysis of Downside Risk
    Martin Bodenstein, Pablo Cuba-Borda, Jay Faris, and Nils Goernemann
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2806
  • Alternative Strategies: How Do They Work? How Might They Help?
    Jonas Arias, Martin Bodenstein, Hess Chung, Thorsten Drautzburg, and Andrea Raffo
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.068
  • Employment, Wages and Optimal Monetary Policy
    Martin Bodenstein and Junzhu Zhao
    Journal of Monetary Economics (2020)
    https://doi.org/10.1016/j.jmoneco.2019.01.019
    See also » FRB Working Paper (2017)
  • Social Distancing and Supply Disruptions in a Pandemic
    Martin Bodenstein, Giancarlo Corsetti, and Luca Guerrieri
    Covid Economics (2020)
    See also » FRB Working Paper (2020)
  • The Elusive Gains from Nationally-Oriented Monetary Policy
    Martin Bodenstein, Giancarlo Corsetti, and Luca Guerrieri
    International Finance Discussion Papers (2020)
    https://doi.org/10.17016/IFDP.2020.1271
  • Learning and Misperception: Implications for Price-Level Targeting
    Martin Bodenstein, James Hebden, and Fabian Winkler
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.078
  • On Targeting Frameworks and Optimal Monetary Policy
    Martin Bodenstein and Junzhu Zhao
    Journal of Money, Credit and Banking (2019)
    https://doi.org/10.1111/jmcb.12633
    See also » FRB Working Paper (2017)
  • Macroeconomic Policy Games
    Martin Bodenstein, Luca Guerrieri, and Joe LaBriola
    Journal of Monetary Economics (2019)
    https://doi.org/10.1016/j.jmoneco.2018.07.015
    See also » FRB Working Paper (2014)
  • Commodity Prices and Labour Market Dynamics in Small Open Economies
    Martin Bodenstein, Güneş Kamber, and Christoph Thoenissen
    Journal of International Economics (2018)
    https://doi.org/10.1016/j.jinteco.2018.09.009
    See also » FRB Working Paper (2017)
  • The Effects of Foreign Shocks When Interest Rates are at Zero
    Martin Bodenstein, Christopher J. Erceg, and Luca Guerrieri
    Canadian Journal of Economics (2017)
    https://doi.org/10.1111/caje.12274
    See also » FRB Working Paper (2016)
  • Equilibrium Stability in Open Economy Models
    Martin Bodenstein
    Journal of Macroeconomics (2013)
    https://doi.org/10.1016/j.jmacro.2012.09.002
  • Oil Shocks and the Zero Bound on Nominal Interest Rates
    Martin Bodenstein, Luca Guerrieri, and Christopher J. Gust
    Journal of International Money and Finance (2013)
    https://doi.org/10.1016/j.jimonfin.2012.08.002
  • Monetary Policy Responses to Oil Price Fluctuations
    Martin Bodenstein, Luca Guerrieri, and Lutz Kilian
    IMF Economic Review (2012)
    https://doi.org/10.1057/imfer.2012.19
  • Imperfect Credibility and the Zero Lower Bound
    Martin Bodenstein, James Hebden, and Ricardo Nunes
    Journal of Monetary Economics (2012)
    https://doi.org/10.1016/j.jmoneco.2012.01.002
  • Closing Large Open Economy Models
    Martin Bodenstein
    Journal of International Economics (2011)
    https://doi.org/10.1016/j.jinteco.2011.03.010
    See also » FRB Working Paper (2011)
  • Oil Shocks and External Adjustment
    Martin Bodenstein, Christopher J. Erceg, and Luca Guerrieri
    Journal of International Economics (2011)
    https://doi.org/10.1016/j.jinteco.2010.10.006
  • Trade Elasticity of Substitution and Equilibrium Dynamics
    Martin Bodenstein
    Journal of Economic Theory (2010)
    https://doi.org/10.1016/j.jet.2010.01.008
  • Of Nutters and Doves
    Martin R. Bodenstein and Roc Armenter
    B.E. Journal of Macroeconomics (2009)
    https://doi.org/10.2202/1935-1690.1947
  • Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap?
    Roc Armenter and Martin Bodenstein
    Macroeconomic Dynamics (2008)
    https://doi.org/10.1017/S1365100508070387
  • Optimal Monetary Policy with Distinct Core and Headline Inflation Rates
    Martin Bodenstein, Christopher J. Erceg, and Luca Guerrieri
    Journal of Monetary Economics (2008)
    https://doi.org/10.1016/j.jmoneco.2008.07.010
  • International Asset Markets and Real Exchange Rate Volatility
    Martin Bodenstein
    Review of Economic Dynamics (2008)
    https://doi.org/10.1016/j.red.2007.12.003
  • Political Yardstick Competition, Economic Integration, and Constitutional Choice in a Federation: A Numerical Analysis of a Contest Success Function Model
    Martin Bodenstein and Heinrich W. Ursprung
    Public Choice (2005)
    https://doi.org/10.1007/s11127-005-2051-5
  • Does the Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think?
    Roc Armenter and Martin Bodenstein
    Staff reports (Federal Reserve Bank of New York) (2005)
Last update: October 3, 2022