What a nice surprise - I received the AEJ-Macro Best Paper Award for my paper โEarnings-Based Borrowing Constraints and Macroeconomic Fluctuationsโ
The full paper can be found here: www.aeaweb.org/articles?id=...
Thank you to everyone who helped me write it back in the day ๐
Come and see Amy Handlan present her research on 'text shocks and monetary surprises' this Friday
I am looking forward to moderating the event
We just completed a first, preliminary draft of a new paper:
๐๐ก๐ ๐๐๐๐ซ๐จ๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐๐๐๐๐ญ๐ฌ ๐จ๐ ๐๐๐ง๐ค ๐๐๐ ๐ฎ๐ฅ๐๐ญ๐ข๐จ๐ง: ๐๐๐ฐ ๐๐ฏ๐ข๐๐๐ง๐๐ ๐๐ซ๐จ๐ฆ ๐ ๐๐ข๐ ๐ก-๐
๐ซ๐๐ช๐ฎ๐๐ง๐๐ฒ ๐๐ฉ๐ฉ๐ซ๐จ๐๐๐ก
Joint with Ko Miura
econweb.umd.edu/~drechsel/pa...
Happening today!
Our paper โIdentifying Monetary Policy Shocks: A Natural Language Approachโ
with Boragan Aruoba
was just conditionally accepted at AEJ:Macro!
Latest version:
econweb.umd.edu/~drechsel/pa...
Our estimated shocks, Fed sentiments & more are available here:
econweb.umd.edu/~drechsel/fi...
Looking forward to this online seminar!
I will present my research on the economic consequences of political pressure on the Federal Reserve: econweb.umd.edu/~drechsel/pa...
Donald Trump during Davos speech:
โI'll demand that interest rates drop immediatelyโ and likewise, they should be dropping all over the worldโ
t.co/TqxNo1lUjZ
Link to full paper:
econweb.umd.edu/~drechsel/pa...
Key figure from my #ASSA2025 talk below
How often did US Presidents meet with Federal Reserve officials?
Figure shows large variation, e.g.
Clinton: 6x
Nixon: 160x
In the paper, I combine this new data with a narrative approach to gauge the economic effects of political pressure on the Fed
At the AEA meetings in San Francisco?
Check out this nice session on Friday morning: "Identifying Monetary Policy"
With presentations by Amy Handlan @michaeldbauer.bsky.social @kronerniklas.bsky.social myself and Philippe Andrade
Thank you Philippe for organizing! #ASSA2025
From the academic consequences of remote learning, to pricing carbon, to the cost of species extinction: here are the 10 most-read Featured Charts of 2024. #econsky www.aeaweb.org/research/cha...
We recently posted a new version of our paper
"Identifying Monetary Policy Shocks: A Natural
Language Approach" - with Boragan Aruoba
We use natural language processing techniques to identify monetary policy shocks!
Paper available here: econweb.umd.edu/~drechsel/pa...
If you are hiring on the econ job market this year, please take a close look at the excellent candidates from the University of Maryland!
www.econ.umd.edu/graduate/job...
Happy to see my work mentioned in the Financial Times
In the paper, I estimate the effects of political pressure on the Fed through time, using new data
Link to the full paper here:
econweb.umd.edu/~drechsel/pa...
New NBER working paper, joint with Sebastian Doerr and Donggyu Lee
We show that higher income inequality tightens financing conditions for bank-dependent firms compared to those accessing stock/bond markets
The reason is that high income households tend to save in stocks/bonds instead of deposits
Hi everyone, I just recently signed up to Bluesky. I am mostly interested in macroeconomics and monetary economics, but also politics and history. Letโs connect! ๐