What a nice surprise - I received the AEJ-Macro Best Paper Award for my paper “Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations”

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 😊

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:

𝐓𝐡𝐞 𝐌𝐚𝐜𝐫𝐨𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐄𝐟𝐟𝐞𝐜𝐭𝐬 𝐨𝐟 𝐁𝐚𝐧𝐤 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧: 𝐍𝐞𝐰 𝐄𝐯𝐢𝐝𝐞𝐧𝐜𝐞 𝐟𝐫𝐨𝐦 𝐚 𝐇𝐢𝐠𝐡-𝐅𝐫𝐞𝐪𝐮𝐞𝐧𝐜𝐲 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡

Joint with Ko Miura

econweb.umd.edu/~drechsel/pa...

Happening today!

Our paper “Identifying Monetary Policy Shocks: A Natural Language Approach”

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:

“I'll demand that interest rates drop immediately— and likewise, they should be dropping all over the world”

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. Let’s connect! 🙂