Policy Work
Policy Work
Economic Policy Review
The Equity Risk Premium: A Review of Models (with Fernando Duarte), Economic Policy Review, 21 (2), 39-57, 2015.
The Financial Market Effect of FOMC Minutes, Economic Policy Review, 19 (2), 67-81, 2013.
Liberty Street Blog
Is There a Bitcoin–Macro Disconnect? (with Gianluca Benigno), Liberty Street Blog, February 8, 2023.
Fiscal Implications of the Federal Reserve’s Balance Sheet Normalization (with Michele Cavallo, Marco Del Negro, Scott Frame, Jamie Grasing and Benjamin Malin), Liberty Street Blog, January 9, 2018.
Survey Measures of Expectations for the Policy Rate (with Richard Crump, Emanuel Moench, William O'Boyle, Matthew Raskin and Lisa Stowe), Liberty Street Blog, December 5, 2014.
Interest Rate Derivatives and Monetary Policy Expectations (with Richard Crump, Emanuel Moench, William O'Boyle, Matthew Raskin, Carlo Rosa, and Lisa Stowe), Liberty Street Blog, December 5, 2014.
What Can We Learn from Prior Periods of Low Volatility? (with Fernando Duarte and Juan Navarro-Staicos), Liberty Street Blog, October 6, 2014.
How Unconventional Are Large-Scale Asset Purchases? (with Andrea Tambalotti), Liberty Street Blog, March 3, 2014.
A Way With Words: The Economics of the Fed’s Press Conference (with Fernando Duarte), Liberty Street Blog, November 25, 2013.
Are Stocks Cheap? A Review of the Evidence (with Fernando Duarte), Liberty Street Blog, May 8, 2013.
Citations by Policymakers
Schnabel, Isabel, 2023. Back to Normal? Balance Sheet Size and Interest Rate Control. Speech at an event organised by Columbia University and SGH Macro Advisors, March 27, 2023.
Schnabel, Isabel, 2023. Quantitative Tightening: Rationale and Market Impact. Speech at the Money Market Contact Group meeting, March 2, 2023.
Powell, Jerome H., 2013. Thoughts on Unconventional Monetary Policy. Speech At the Bipartisan Policy Center, Washington, D.C., June 27, 2013.
Powell, Jerome H., 2013. Advanced Economy Monetary Policy and Emerging Market Economies. Speech At the Federal Reserve Bank of San Francisco 2013 Asia Economic Policy Conference, San Francisco, California, 4 November, 2013.
Bernanke, Ben S., 2013. Long-Term Interest Rates. Speech At the Annual Monetary/Macroeconomics Conference: The Past and Future of Monetary Policy, sponsored by Federal Reserve Bank of San Francisco, San Francisco, California. March 1, 2013.
Policy Memos
Recent Declines in Long-Term Interest Rates: Causes and Potential Implications. March 10, 2015, released on January 8, 2021.
Balance Sheet Considerations for the Federal Reserve’s Long-Run Framework. October 14, 2016, released on January 14, 2022.
FOMC Minutes
Minutes of the Federal Open Market Committee. July 28-29, 2015.