Martin Bodenstein

I work in the Division of Monetary Affairs of the Board of Governors of the Federal Reserve System in Washington DC, USA. Prior to (re-) joining the Federal Reserve in April 2016, I spent five years in Southeast Asia where I worked in the Economic Research and Development Department of the Asian Development Bank in Manila, Philippines (April 2011 to November 2012), and as an Associate Professor in Economics at the National University of Singapore (NUS) from January 2013 to March 2016. My first position out of graduate school was in the International Finance Division of the Board of Governors of the Federal Reserve System in Washington DC, USA (August 2005 to April 2012). Since 2005, I hold a PhD in Economics from Northwestern University in Evanston, USA. I did my undergraduate studies at the University of Konstanz in Germany.

To obtain a copy of my CV click here. You can email me under 

Martin [dot] Bodenstein [at] gmail [dot] com.

In my research I focus on topics in international macroeconomics and monetary policy.


Active Working Papers

  1. On Targeting Frameworks and Optimal Monetary Policy (with Junzhu Zhao). Click here for technical appendix.
  2. Employment, Wages and Optimal Monetary Policy (with Junzhu Zhao). Click here for technical appendix.
  3. Commodity prices and labour market dynamics in small open economies (with Gunes Kamber and Christoph Thoenissen). Click here for technical appendix.
  4. Macroeconomic Policy Games (with Luca Guerrieri and Joe LaBriola). Click here for replication codes and toolbox.
  5. Oil Efficiency, Demand, and Prices: a Tale of Ups and Downs (with Luca Guerrieri). Click here for technical appendix.


Published and Forthcoming Papers

  1. "The Effects of Foreign Shocks when U.S. Interest Rates are Zero,"(with Christopher Erceg and Luca Guerrieri), Canadian Journal of Economics, forthcoming. Click here for working paper.
  2. "Equilibrium Stability in Open Economy Models," Journal of Macroeconomics, vol 35 (2013), pp. 1-13. Click here for working paper.
  3. "Oil Shocks and the Zero Bound on Nominal Interest Rates," (with Luca Guerrieri and Christopher Gust), Journal of International Money and Finance, vol 32 (2013), pp. 941-967. Click here for working paper.
  4. "Monetary Policy Responses to Oil Price Fluctuations," (with Luca Guerrieri and Lutz Kilian), IMF Economic Review, vol 60 (2012), pp. 470-504. Click here for working paper.
  5. "Imperfect Credibility and the Zero Lower Bound (with James Hebden and Ricardo Nunes), Journal of Monetary Economics, vol 59 (2012), pp. 135-149. Click here for technical appendix. Click here for working paper.
  6. "Closing Large Open Economy Models," Journal of International Economics, vol. 84 (2011), pp. 160-177. Click here for working paper and here for technical appendix.
  7. "Oil Shocks and External Adjustment," (with Christopher Erceg and Luca Guerrieri), Journal of International Economics, vol. 83 (2011), pp. 168-184. Click here for working paper.
  8. ''Trade Elasticities of Substitution and Equilibrium Dynamics,'' Journal of Economic Theory, vol. 145 (2010), pp. 1033-1059. Click here for working paper.
  9. "Of Nutters and Doves," (with Roc Armenter), The B.E. Journal of Macroeconomics, vol. 9 (2009), Issue 1 (Contributions), article 35. Click here for working paper. 
  10. "Optimal Monetary Policy in a Model with Distinct Core and Headline Inflation," (with Christopher Erceg and Luca Guerrieri), Journal of Monetary Economics, vol. 55 (2008), pp. S18-S33. Click here for working paper and codes.
  11. "Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap?" (with Roc Armenter), Macroeconomic Dynamics, vol. 12 (2008), pp. 664-693. Click here for working paper.
  12. "International Asset Markets And Real Exchange Rate Volatility," Review of Economic Dynamics, vol. 11 (2008), pp. 688-705. Click here for working paper. 
  13. "Political Yardstick Competition, Economic Integration, and Constitutional Choice in a Federation,'' (with Heinrich Ursprung), Public Choice, vol. 124 (2005), pp. 329-352.


Published Comments

  1. Comments on "A comparison of liquidity management tools in seven Asian economies (by Kenneth Kuttner and James Yetman) at the Bank Indonesia and the Bank for International Settlements (BIS) co-hosted research conference on "Expanding the boundaries of monetary policy in Asia and the Pacific" September 2015.


Older Projects

  1. Does The Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think? (with Roc Armenter).