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Center for Monetary Research | Publications

Research and Publications

Selected SF Fed research on monetary economics and macro-finance topics, organized by three content categories: (1) Working Papers; (2) FRBSF Economic Letters; and (3) articles published in external academic journals.

Working Papers >

Academic research by SF Fed economists and affiliates intended for publication in scholarly journals. This section contains selected working papers on monetary economics and macro-finance topics that have been authored or co-authored by SF Fed economists.

  • Green Stocks and Monetary Policy Shocks: Evidence from Europe

    Green Stocks and Monetary Policy Shocks: Evidence from Europe

    Michael Bauer, Eric Offner, Glenn D. Rudebusch

    Policymakers and researchers worry that the low-carbon transition may be inadvertently delayed by higher global interest rates. To examine whether green investment is especially sensitive to interest rate increases, we consider the effect of unanticipated monetary policy changes on the equity prices of green and brown European firms. We find that brown firms, measured in terms of carbon emission levels or intensities, are more negatively affected than green firms by tighter monetary policy. This heterogeneity is robust to different monetary policy surprises, emission measures, econometric methods, and sample periods, and it is not explained by other firm characteristics. This evidence suggests that higher interest rates may not skew investment away from a sustainable transition.

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View all Center for Monetary Research Working Papers

FRBSF Economic Letter >

Brief summaries of SF Fed economic research that explain in reader-friendly terms what our work means for the people we serve. This section contains selected Economic Letters on monetary economics and macro-finance topics.

  • Ben Bernanke: Solving a Crisis, Changing the Fed

    Ben Bernanke: Solving a Crisis, Changing the Fed

    Mary C. Daly

    Ben Bernanke’s contributions to economic thinking have been vast, from his extensive study of the Great Depression to groundbreaking research on the interplay of finance and the macroeconomy and the usefulness of unconventional monetary policy tools. His research helped guide his tenure as Federal Reserve Chair and his role in putting the U.S. economy on a path to the longest expansion in its history. Through that role, he also built a better and more transparent Fed for the future. The following remarks are adapted from a presentation by the Federal Reserve Bank of San Francisco president, who joined Christina Romer (University of California-Berkeley), Mark Gertler (New York University), Emi Nakamura (University of California-Berkeley), and Peter Rousseau (Vanderbilt University) to discuss Bernanke’s legacy at the American Economic Association Annual Meeting in San Francisco on January 5.

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View all Center for Monetary Research Economic Letters

Recent Journal Articles >

This section contains selected journal articles on monetary economics and macro-finance topics that have been authored or co-authored by SF Fed economists.

Phillips Meets Beveridge
Journal of Monetary Economics 148 (Supplement), November 2024 | Regis Barnichon and Adam Hale Shapiro

Replicating Business Cycles and Asset Returns with Sentiment and Low Risk Aversion
Journal of Economic Dynamics and Control 167, October 2024 | Kevin Lansing

The Long-Run Effects of Monetary Policy
The Review of Economics and Statistics, October 2024 | Oscar Jorda, Sanjay R. Singh, and Alan M. Taylor

Inflation Expectations and Risk Premia in Emerging Bond Markets: Evidence from Mexico
Journal of International Economics 151, September 2024 | Remy Beauregard, Jens H.E. Christensen, Eric Fischer, and Simon Zhu

Monetary Policy, Markup Dispersion, and Aggregate TFP
The Review of Economics and Statistics 106(4), July 2024 | Matthias Meier and Timo Reinelt

Understanding Persistent ZLB: Theory and Assessment
American Economic Journal: Macroeconomics 16(3), July 2024 | Pablo Cuba-Borda and Sanjay R. Singh

Perceptions About Monetary Policy
Quarterly Journal of Economics, June 2024 | Michael D. Bauer, Carolin E. Pflueger, and Adi Sunderam

Evergreening
Journal of Financial Economics 153(103778), March 2024 | Miguel Faria-e-Castro, Pascal Paul, and Juan M. Sanchez

Supply or Demand? Policymakers’ Confusion in the Presence of Hysteresis
European Economic Review 161, January 2024 | Antonio Fatas and Sanjay R. Singh

Risk Appetite and the Risk-Taking Channel of Monetary Policy
Journal of Economic Perspectives 37(1), Winter 2023 | Michael D. Bauer, Ben S. Bernanke, and Eric Milstein

A Sufficient Statistics Approach for Macro Policy Evaluation
American Economic Review 113(11), November 2023, 2,809-2,845 | Regis Barnichon and Geert Mesters

Bond Premium Cyclicality and Liquidity Traps
Review of Economic Studies 90(6), November 2023, 2,822-2,879 | Nicolas Caramp and Sanjay R. Singh

Exchange Rate Misalignment and External Imbalances: What Is the Optimal Monetary Policy Response?
Journal of International Economics 144(103771), September 2023 | Giancarlo Corsetti, Luca Dedola, and Sylvain Leduc

A Reassessment of Monetary Policy Surprises and High-Frequency Identification
NBER Macroeconomics Annual 37, 2023 | Michael D. Bauer and Eric T. Swanson

An Alternative Explanation for the “Fed Information Effect”
American Economic Review 113(3), March 2023 | Michael D. Bauer and Eric T. Swanson

Communicating Monetary Policy Rules
European Economic Review 151, January 2023, 104290 | Troy Davig and Andrew Foerster

Banks, Maturity Transformation, and Monetary Policy
Journal of Financial Intermediation 53, January 2023 | Pascal Paul