NEWS
Stefania D'Amico and I have an updated version of"One Asset Does Not Fit All: Inflation Hedging by Index and Horizon." Comments welcome!
I presented "Monetary-Policy Risk and Equilibrium Asset Prices" at the Western Economic Association International in July. Seung Kwak was the discussant. Slides available here.
Also at the conference, I discussed "Landlords as Lenders of Last Resort" by Nathaniel Pattison (slides here) and "Fed Transparency and Policy Expectation Errors" by Eric Fischer et al. (slides here).
"Securities Financing and Asset Markets: New Evidence" is forthcoming in the Review of Finance.
"Monetary Policy and the Stock Market in the Covid Era" appeared in Economic Perspectives. The paper shows that the Fed's policy actions in 2020 - 21 boosted stock prices significantly by raising expected nominal profits, lowering risk-free rates, and compressing risk premia.
Here is a Chicago FedLetter with Stefania D'Amico on how much of the current round of monetary-policy tightening has already passed through to the macroeconomy. It uses an updated version of our recent paper on anticipated monetary policy to take account of tightening that occurred in advance of actual policy-rate changes through the expectations channel. (Data are as of August 2023.)
The article was mentioned by Bloomberg, among other outlets, and featured in a speech at the Petersen Institute by President Goolsbee.