Andrew T. Foerster
Contact Information
Federal Reserve Bank of San Francisco
101 Market St.
San Francisco, CA 94105
E-mail: andrew.foerster@sf.frb.org
Webpage: sites.google.com/site/atfoerster
Webpage: frbsf.org/economic-research/economists/andrew-foerster/
Other Links: Google Scholar, RePEc, SSRN
Social Media: LinkedIn
Working Papers
"Estimating Macroeconomic Models of Financial Crises: An Endogenous Regime-Switching Approach"
with Gianluca Benigno, Chris Otrok, and Alessandro Rebucci
Federal Reserve Bank of San Francisco WP 2020-10, July 2021
Solution Code Package
Publications
"Communicating Monetary Policy Rules"
with Troy Davig
European Economic Review 151, January 2023, 104290
Replication Files“Aggregate Implications of Changing Sectoral Trends”
with Andreas Hornstein, Pierre-Daniel Sarte, and Mark Watson
Journal of Political Economy 130(12), December 2022, 3286–3333
Technical Appendix, Replication Files"Learning about Regime Change"
with Christian Matthes
International Economic Review 63(4), November 2022, 1829-1859
Replication Files"Search with Wage Posting under Sticky Prices"
with José Mustre-del-Río
Journal of Money, Credit and Banking 54(2-3), March-April 2022, 599-626
Technical Appendix, Replication Files"Optimal Monetary Policy Regime Switches"
with Jason Choi
Review of Economic Dynamics 42, October 2021, 333-346
Technical Appendix, Replication Files"Uncertainty and Fiscal Cliffs"
with Troy Davig
Journal of Money, Credit and Banking 51(7), October 2019, 1857-1887
Replication Files"Perturbation Methods for Markov-Switching Dynamic Stochastic General Equilibrium Models"
with Juan Rubio-Ramírez, Dan Waggoner, and Tao Zha
Quantitative Economics 7(2), July 2016, 637-669
Replication Files"Monetary Policy Regime Switches and Macroeconomic Dynamics"
International Economic Review 57(1), February 2016, 211-230
Replication Files"Financial Crises, Unconventional Monetary Policy Exit Strategies, and Agents' Expectations"
Journal of Monetary Economics 76, November 2015, 191–207
Technical Appendix, Replication Files"Bayesian Mixed Frequency VARs"
with Bjorn Eraker, Jeremy Chiu, Tae Bong Kim, and Hernán D. Seoane
Journal of Financial Econometrics 13(3), Summer 2015, 698-721
Replication Files"Sectoral versus Aggregate Shocks: A Structural Factor Analysis of Industrial Production"
with Pierre-Daniel Sarte and Mark Watson
Journal of Political Economy 119(1), February 2011, 1-38
Technical Appendix, Replication Files
Federal Reserve Articles
"Anatomy of the Post-Pandemic Monetary Tightening Cycle"
with Zinnia Martinez
Federal Reserve Bank of San Francisco Economic Letter 2024-16, June 24, 2024
with Zinnia Martinez
Federal Reserve Bank of San Francisco Economic Letter 2023-21, August 21, 2023
with Troy Davig
Federal Reserve Bank of San Francisco Economic Letter 2023-05, February 21, 2023
with Taeyoung Doh
Federal Reserve Bank of Kansas City Economic Bulletin, December 21, 2022
with Jason Choi, Taeyoung Doh, and Zinnia Martinez
Federal Reserve Bank of San Francisco Economic Letter 2022-30, November 7, 2022
"Anatomy of a Pandemic Recovery Across Sectors and Regions"
with Nick Garvey and Pierre-Daniel Sarte
Federal Reserve Bank of Richmond Economic Brief 21-40, December 2021
with Sarah Albert and Pierre-Daniel Sarte
Federal Reserve Bank of San Francisco Economic Letter 2021-32, November 22, 2021
"Permanent and Transitory Effects of the 2008–09 Recession"
with Lily M. Seitelman
Federal Reserve Bank of San Francisco Economic Letter 2020-36, November 30, 2020"Sudden Stops and COVID-19: Lessons from Mexico’s History"
with Gianluca Benigno, Christopher Otrok, and Alessandro Rebucci
Federal Reserve Bank of San Francisco Economic Letter 2020-33, November 9, 2020"The Highs and Lows of Productivity Growth"
with Christian Matthes and Lily M. Seitelman
Federal Reserve Bank of San Francisco Economic Letter 2020-21, August 3, 2020"The Effects of Permanent and Transitory Shocks under Imperfect Information"
with Pierre-Daniel Sarte
Federal Reserve Bank of Richmond Economic Quarterly 106(2), Second Quarter 2020, 41-59"How Have Changing Sectoral Trends Affected GDP Growth?"
with Andreas Hornstein, Pierre-Daniel Sarte, and Mark Watson
Federal Reserve Bank of San Francisco Economic Letter 2019-18, July 8, 2019"Why Is the Fed’s Balance Sheet Still So Big?"
with Sylvain Leduc
Federal Reserve Bank of San Francisco Economic Letter 2019-16, June 3, 2019"Idiosyncratic Sectoral Growth, Balanced Growth, and Sectoral Linkages"
with Eric LaRose and Pierre-Daniel Sarte
Federal Reserve Bank of Richmond Economic Quarterly 104(2), Second Quarter 2018, 79-101"Characterizing the 2014–16 Slowdown in Investment"
Federal Reserve Bank of Kansas City Macro Bulletin, December 20, 2017"The Changing Input-Output Network Structure of the U.S. Economy"
with Jason Choi
Federal Reserve Bank of Kansas City Economic Review 102(2), Second Quarter 2017, 23-49
Appendix"Consumption Growth Regimes and the Post-Financial Crisis Recovery"
with Jason Choi
Federal Reserve Bank of Kansas City Economic Review 101(2), Second Quarter 2016, 25-48"The Asymmetric Effects of Uncertainty on Unemployment"
Federal Reserve Bank of Kansas City Macro Bulletin, September 4, 2014"The Asymmetric Effects of Uncertainty"
Federal Reserve Bank of Kansas City Economic Review 99(3), Third Quarter 2014, 5-26"Expectations of Large-Scale Asset Purchases"
with Guangye Cao
Federal Reserve Bank of Kansas City Economic Review 98(2), Second Quarter 2013, 5-29"Are We Working Too Hard or Should We Be Working Harder? A Simple Model of Career Concerns"
with Leonardo Martinez
Federal Reserve Bank of Richmond Economic Quarterly 92(1), Winter 2006, 79-91
Other Work
"Gauging the Stance of Monetary Policy on a Weekly Basis"
with Sabrina Considine and Zinnia Martinez
SF Fed Blog, July 2, 2024"Finding a Way to Measure How Tight Monetary Policy Is"
with Zinnia Martinez
SF Fed Blog, December 1, 2022"COVID-19: A Double Whammy of Financial and Economic Sudden Stops for Emerging Economies"
with Gianluca Benigno, Christopher Otrok, and Alessandro Rebucci
COVID-19 in Developing Economies, edited by Simeon Djankov and Ugo Panizza, VoxEU, June 2020, 329-341"On the Legacy of Financial Crises: Lessons from Mexico’s Sudden Stop History"
with Gianluca Benigno, Christopher Otrok, and Alessandro Rebucci
VoxEU, April 19, 2020"Session with Economists from the Federal Reserve Bank of San Francisco"
with Sylvain Leduc
Quora Session, October 16, 2019"Why Is the Federal Reserve’s Balance Sheet Still So Big? Our Animated Economic Letter Explains"
with Sylvain Leduc
SF Fed Blog, September 6, 2019