Eric T. Swanson

University of California, Irvine - Department of Economics

Professor

University of California, Irvine

3151 Social Science Plaza

Irvine, CA 92697-5100

United States

http://www.ericswanson.org

  • University of California, Irvine - Department of Economics

    • Email
    • Tel: (949) 824-8305
SCHOLARLY PAPERS

33

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SSRN CITATIONS
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1,646

CROSSREF CITATIONS

662

Scholarly Papers (33)

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1.

Do Actions Speak Louder than Words? The Response of Asset Prices to Monetary Policy Actions and Statements

Number of pages: 43 Posted: 19 Dec 2004
Refet S. Gürkaynak, Brian P. Sack and Eric T. Swanson
Bilkent University - Department of Economics, Board of Governors of the Federal Reserve - Monetary and Financial Market Analysis Section and University of California, Irvine - Department of Economics
Downloads 2,484 (9,973)
Citation 382

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Measuring monetary policy surprises, FOMC statement, factor models, assest prices

2.

Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the U.S., U.K. And Sweden

Downloads 638 (72,813)
Citation 66

Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the U.S., U.K. And Sweden

Federal Reserve Bank of San Francisco Working Paper No. 2006-09
Number of pages: 51 Posted: 22 Jul 2007
Refet S. Gürkaynak, Andrew T. Levin and Eric T. Swanson
Bilkent University - Department of Economics, affiliation not provided to SSRN and University of California, Irvine - Department of Economics
Downloads 593 (78,679)
Citation 37

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inflation targeting, inflation compensation, excess sensitivity, forward rates, high-frequency data

Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the U.S., U.K. And Sweden

CEPR Discussion Paper No. 5808
Number of pages: 53 Posted: 12 Oct 2006
Refet S. Gürkaynak, Andrew T. Levin and Eric T. Swanson
Bilkent University - Department of Economics, affiliation not provided to SSRN and University of California, Irvine - Department of Economics
Downloads 45 (705,093)
Citation 25
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Inflation targeting

3.

Macroeconomic Implications of Changes in the Term Premium

FRB of San Francisco Working Paper No. 2006-46
Number of pages: 48 Posted: 17 Aug 2007
Glenn D. Rudebusch, Brian P. Sack and Eric T. Swanson
Federal Reserve Bank of San Francisco, Board of Governors of the Federal Reserve - Monetary and Financial Market Analysis Section and University of California, Irvine - Department of Economics
Downloads 486 (101,935)
Citation 12

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Interest rates, Economic forecasting

4.

The Bond Yield 'Conundrum' from a Macro-Finance Perspective

FRB of San Francisco Working Paper No. 2006-16
Number of pages: 42 Posted: 26 Jul 2007
Glenn D. Rudebusch, Eric T. Swanson, Tao Wu and Tao Wu
Federal Reserve Bank of San Francisco, University of California, Irvine - Department of Economics and Federal Reserve Bank of San FranciscoFederal Reserve Bank of Dallas
Downloads 416 (122,419)
Citation 36

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Treasury bonds, Federal funds rate

5.

The Excess Sensitivity of Long-Term Interest Rates: Evidence and Implications for Macroeconomic Models

Number of pages: 44 Posted: 09 Mar 2004
Refet S. Gürkaynak, Brian P. Sack and Eric T. Swanson
Bilkent University - Department of Economics, Board of Governors of the Federal Reserve - Monetary and Financial Market Analysis Section and University of California, Irvine - Department of Economics
Downloads 369 (140,201)
Citation 257

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Long-term interest rates, excess volatility, inflation expectations

6.

Market-Based Measures of Monetary Policy Expectations

Federal Reserve Bank of San Francisco Working Paper No. 2006-04, FEDS Working paper 2002-40
Number of pages: 36 Posted: 25 Nov 2002
Refet S. Gürkaynak, Brian P. Sack and Eric T. Swanson
Bilkent University - Department of Economics, Board of Governors of the Federal Reserve - Monetary and Financial Market Analysis Section and University of California, Irvine - Department of Economics
Downloads 366 (141,440)
Citation 87

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monetary policy, federal funds rate, financial markets

7.

Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High Frequency Data

Downloads 325 (160,868)
Citation 44

Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High Frequency Data

Number of pages: 47 Posted: 17 Dec 2002
Jon Faust, John H. Rogers, Eric T. Swanson and Jonathan H. Wright
Board of Governors of the Federal Reserve System, Fudan University - Fanhai International School of Finance (FISF), University of California, Irvine - Department of Economics and Johns Hopkins University - Department of Economics
Downloads 263 (199,255)

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High frequency data, identification, vector autoregression, exchange rates, monetary policy

Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High Frequency Data

NBER Working Paper No. w9660
Number of pages: 47 Posted: 27 Apr 2003 Last Revised: 29 Nov 2022
Jon Faust, John H. Rogers, Eric T. Swanson and Jonathan H. Wright
Board of Governors of the Federal Reserve System, Fudan University - Fanhai International School of Finance (FISF), University of California, Irvine - Department of Economics and Johns Hopkins University - Department of Economics
Downloads 62 (605,758)
Citation 14

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8.

Futures Prices as Risk-Adjusted Forecasts of Monetary Policy

Downloads 289 (181,989)
Citation 100

Futures Prices as Risk-Adjusted Forecasts of Monetary Policy

Federal Reserve Bank of San Francisco Working Paper No. 2006-23
Number of pages: 40 Posted: 28 Jul 2007
Monika Piazzesi and Eric T. Swanson
Stanford University and University of California, Irvine - Department of Economics
Downloads 182 (282,461)
Citation 20

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monetary policy

Futures Prices as Risk-Adjusted Forecasts of Monetary Policy

NBER Working Paper No. w10547
Number of pages: 32 Posted: 18 Jun 2004 Last Revised: 29 Oct 2022
Monika Piazzesi and Eric T. Swanson
Stanford University and University of California, Irvine - Department of Economics
Downloads 107 (432,815)
Citation 50

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9.

Federal Reserve Transparency and Financial Market Forecasts of Short-Term Interest Rates

Finance and Economics Discussion Series No. 2004-6
Number of pages: 37 Posted: 10 Mar 2004
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 252 (208,853)
Citation 18

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Transparency, monetary policy, forecasts

10.

The Bond Premium in a DSGE Model with Long-Run Real and Nominal Risks

Downloads 231 (227,403)
Citation 156

The Bond Premium in a DSGE Model with Long-Run Real and Nominal Risks

Number of pages: 45 Posted: 22 Mar 2009
Glenn D. Rudebusch and Eric T. Swanson
Federal Reserve Bank of San Francisco and University of California, Irvine - Department of Economics
Downloads 170 (299,964)
Citation 11

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yield curve, term premium, bond pricing, long-run risk

The Bond Premium in a DSGE Model with Long-Run Real and Nominal Risks

National Bank of Belgium Working Paper No. 143
Number of pages: 50 Posted: 02 Oct 2010
Glenn D. Rudebusch and Eric T. Swanson
Federal Reserve Bank of San Francisco and University of California, Irvine - Department of Economics
Downloads 61 (610,908)
Citation 151

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11.

Real Wage Cyclicality in the PSID

FRB of San Francisco Working Paper No. 2007-15
Number of pages: 41 Posted: 02 Nov 2007
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 195 (265,902)
Citation 4

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wages, labor market

12.

Convergence and Anchoring of Yield Curves in the Euro Area

Downloads 190 (272,242)
Citation 63

Convergence and Anchoring of Yield Curves in the Euro Area

ECB Working Paper No. 817
Number of pages: 52 Posted: 19 Oct 2007
Michael Ehrmann, Marcel Fratzscher, Refet S. Gürkaynak and Eric T. Swanson
European Central Bank (ECB), DIW Berlin, Bilkent University - Department of Economics and University of California, Irvine - Department of Economics
Downloads 114 (415,791)
Citation 11

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bond markets, euro area, EMU, convergence, anchoring, credibility, monetary policy

Convergence and Anchoring of Yield Curves in the Euro Area

FRB of San Francisco Working Paper No. 2007-24
Number of pages: 46 Posted: 02 Nov 2007
Michael Ehrmann, Marcel Fratzscher, Refet S. Gürkaynak and Eric T. Swanson
European Central Bank (ECB), DIW Berlin, Bilkent University - Department of Economics and University of California, Irvine - Department of Economics
Downloads 70 (571,928)
Citation 26

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bond markets, euro area, EMU; convergence, anchoring, credibility

Convergence and Anchoring of Yield Curves in the Euro Area

CEPR Discussion Paper No. DP6456
Number of pages: 48 Posted: 30 May 2008
Michael Ehrmann, Marcel Fratzscher, Refet S. Gürkaynak and Eric T. Swanson
European Central Bank (ECB), DIW Berlin, Bilkent University - Department of Economics and University of California, Irvine - Department of Economics
Downloads 6 (1,053,586)
Citation 6
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anchoring, bond markets, convergence, credibility, EMU, euro area, monetary policy

13.

Models of Sectoral Reallocation

Number of pages: 42 Posted: 05 Jul 1999
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 184 (279,966)

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14.

The Fed's Response to Economic News Explains the 'Fed Information Effect'

Downloads 166 (306,126)
Citation 37

The Fed's Response to Economic News Explains the 'Fed Information Effect'

CESifo Working Paper No. 8151
Number of pages: 63 Posted: 11 Mar 2020
Michael Bauer and Eric T. Swanson
Federal Reserve Bank of San Francisco and University of California, Irvine - Department of Economics
Downloads 88 (494,366)
Citation 16

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Federal Reserve, forecasts, survey, Blue Chip, Delphic forward guidance

An Alternative Explanation for the “Fed Information Effect”

NBER Working Paper No. w27013
Number of pages: 49 Posted: 20 Apr 2020 Last Revised: 10 Jul 2023
Michael Bauer and Eric T. Swanson
Federal Reserve Bank of San Francisco and University of California, Irvine - Department of Economics
Downloads 78 (532,865)
Citation 3

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15.

An Alternative Explanation for the ‘Fed Information Effect’

Number of pages: 48 Posted: 03 Apr 2020 Last Revised: 04 Jan 2022
Michael Bauer and Eric T. Swanson
Federal Reserve Bank of San Francisco and University of California, Irvine - Department of Economics
Downloads 165 (310,916)
Citation 1

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Federal Reserve, forecasts, survey, Blue Chip, Delphic forward guidance

16.

Identifying Vars Based on High Frequency Futures Data

Number of pages: 44 Posted: 27 Apr 2002
Jon Faust, Eric T. Swanson and Jonathan H. Wright
Board of Governors of the Federal Reserve System, University of California, Irvine - Department of Economics and Johns Hopkins University - Department of Economics
Downloads 165 (307,708)
Citation 67

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partial identification, monetary policy, vector autoregressions

17.

Higher-Order Perturbation Solutions to Dynamic, Discrete-Time Rational Expectations Models

Federal Reserve Bank of San Francisco Working Paper Series 2006-01
Number of pages: 31 Posted: 24 Jul 2007
Eric T. Swanson, Gary Anderson and Andrew T. Levin
University of California, Irvine - Department of Economics, Board of Governors of the Federal Reserve System and affiliation not provided to SSRN
Downloads 155 (324,443)
Citation 15

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Business cycles, Macroeconomics, Monetary policy, Econometric models

18.

NAIRU Uncertainty and Nonlinear Policy Rules

Number of pages: 15 Posted: 17 Jan 2001
Laurence H. Meyer, Eric T. Swanson and Volker Wieland
Government of the United States of America - Division of Research and Statistics, University of California, Irvine - Department of Economics and University of Frankfurt
Downloads 143 (346,402)
Citation 5

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Simple nonlinear policy rule, signal extraction with non-normal prior, nonlinear updating

19.

Measuring the Cyclicality of Real Wages: How Important is Aggregation Across Industries?

Number of pages: 32 Posted: 01 Mar 2000
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 120 (395,953)

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20.

On Signal Extraction and Non-Certainty-Equivalence in Optimal Monetary Policy Rules

Number of pages: 31 Posted: 06 Nov 2000
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 96 (463,638)
Citation 9

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signal extraction, certainty equivalence, monetary policy rules, Taylor rule

21.

Measuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets

NBER Working Paper No. w23311
Number of pages: 44 Posted: 10 Apr 2017 Last Revised: 13 Mar 2022
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 61 (600,834)
Citation 40

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22.

The Relative Price and Relative Productivity Channels for Aggregate Fluctuations

FRB of San Francisco Working Paper No. 2006-20
Number of pages: 40 Posted: 26 Jul 2007
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 46 (682,849)
Citation 2

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23.

Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates

NBER Working Paper No. w20486
Number of pages: 40 Posted: 15 Sep 2014 Last Revised: 24 Jun 2023
Eric T. Swanson and John C. Williams
University of California, Irvine - Department of Economics and Federal Reserve Bank of New York
Downloads 44 (695,399)
Citation 131

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24.

Optimal Nonlinear Policy: Signal Extraction With a Non-Normal Prior

Federal Reserve Bank of San Francisco Working Paper Series 2005-24
Number of pages: 24 Posted: 24 Jul 2007
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 40 (721,828)
Citation 1

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Monetary policy, Econometric models

25.

Measuring the Effects of Unconventional Monetary Policy on Asset Prices

NBER Working Paper No. w21816
Number of pages: 25 Posted: 21 Dec 2015 Last Revised: 10 Feb 2023
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 39 (728,625)
Citation 5

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26.

A Reassessment of Monetary Policy Surprises and High-Frequency Identification

CESifo Working Paper No. 9642
Number of pages: 68 Posted: 07 Apr 2022
Michael D. Bauer and Eric T. Swanson
University of Hamburg and University of California, Irvine - Department of Economics
Downloads 36 (749,899)
Citation 11

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FOMC, policy rule, monetary transmission, SVAR, external instruments

27.

Monetary Policy Effectiveness in China: Evidence from a FAVAR Model

NBER Working Paper No. w20518
Number of pages: 43 Posted: 30 Sep 2014 Last Revised: 26 Jul 2023
John G. Fernald, Mark M. Spiegel and Eric T. Swanson
Federal Reserve Bank of San Francisco, Federal Reserve Bank of San Francisco - Economic Research Department and University of California, Irvine - Department of Economics
Downloads 34 (764,563)
Citation 13

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28.

The Federal Reserve is Not Very Constrained by the Lower Bound on Nominal Interest Rates

NBER Working Paper No. w25123
Number of pages: 17 Posted: 08 Oct 2018 Last Revised: 23 Feb 2023
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 21 (873,351)
Citation 11

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29.

Implications of Labor Market Frictions for Risk Aversion and Risk Premia

NBER Working Paper No. w25764
Number of pages: 51 Posted: 22 Apr 2019 Last Revised: 26 May 2023
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 9 (989,226)
Citation 2

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30.

A Reassessment of Monetary Policy Surprises and High-Frequency Identification

Downloads 8 (997,869)
Citation 12

A Reassessment of Monetary Policy Surprises and High-Frequency Identification

NBER Working Paper No. w29939
Number of pages: 67 Posted: 18 Apr 2022 Last Revised: 22 Apr 2023
Michael Bauer and Eric T. Swanson
Federal Reserve Bank of San Francisco and University of California, Irvine - Department of Economics
Downloads 8 (1,035,543)
Citation 6

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A Reassessment of Monetary Policy Surprises and High-Frequency Identification

CEPR Discussion Paper No. DP17116
Number of pages: 69 Posted: 29 Mar 2022
Michael Bauer and Eric T. Swanson
Federal Reserve Bank of San Francisco and University of California, Irvine - Department of Economics
Downloads 0
Citation 4
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External Instruments, FOMC, Monetary Transmission, Policy rule, SVAR

31.

The Federal Funds Market, Pre- and Post-2008

NBER Working Paper No. w29762
Number of pages: 22 Posted: 21 Feb 2022 Last Revised: 28 Apr 2023
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 8 (997,869)
Citation 1

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32.

The Macroeconomic Effects of the Federal Reserve's Conventional and Unconventional Monetary Policies

NBER Working Paper No. w31603
Number of pages: 37 Posted: 30 Aug 2023
Eric T. Swanson
University of California, Irvine - Department of Economics
Downloads 6 (1,014,295)
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33.

The Labor Demand and Labor Supply Channels of Monetary Policy

NBER Working Paper No. w31770
Number of pages: 51 Posted: 09 Oct 2023
Sebastian Graves, Christopher Huckfeldt and Eric T. Swanson
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and University of California, Irvine - Department of Economics
Downloads 3 (1,035,134)
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