Michael D. Bauer

Research Advisor, Economic Research Department, Federal Reserve Bank of San Francisco

Michael Bauer is a Research Advisor in the Economic Research Department of the Federal Reserve Bank of San Francisco.

Michael's research interests are in financial economics, macroeconomics, and asset pricing. His work primarily aims at understanding the interactions of interest rates with the macroeconomy and monetary policy. This includes understanding the financial market effects of monetary policy, inference of expectations about future monetary policy and economic developments from asset prices, and development of new statistical methods to model and understand the evolution of interest rates and risk premia in bond markets. A focus of Michael's work has been to study the unconventional policies that central bank implemented during the global financial crisis of 2007 to 2009, including balance sheet policies (asset purchases) and forward guidance about the future path of the policy rate, and the constraints and effects of the zero lower bound on interest rates.

Michael has published in leading economics journals including the American Economic Review, the Review of Financial Studies, and the Journal of Business and Economic Statistics. Michael obtained his Ph.D. in Economics at the University of California, San Diego, with James Hamilton as his doctoral adviser, and his B.A. in Economics and M.A. in Quantitative Economics and Finance from the University of St. Gallen, Switzerland.

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