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Photo of Eric C. Engstrom

Eric C. Engstrom

Associate Director Program Direction Section Monetary Affairs
202-452-3044
[email protected]

Education

  • Ph.D., Financial Economics, Columbia University, 2005
  • M.Phil., Financial Economic, Columbia University, 2003
  • B.A., Physics and Economics, Swarthmore College, 1996
Current Research Topics
  • Stock-Bond Comovement
  • Corporate Profits and Entrepreneurship
  • Economist

    Board of Governors of the Federal Reserve System

    2005 - present
  • Visiting Assistant Professor

    University of Michigan Ross School of Business

    2003 - 2004
  • Research Assistant

    Board of Governors of the Federal Reserve System

    1996 - 1997
  • (Don't Fear) The Yield Curve, Reprise
    Eric C. Engstrom and Steven A. Sharpe
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3099
  • Macro Risks and the Term Structure of Interest Rates
    Geert Bekaert, Eric Engstrom, and Andrey Ermolov
    Journal of Financial Economics (2021)
    https://doi.org/10.1016/j.jfineco.2021.03.011
    See also » FRB Working Paper (2017)
  • Aggregate Demand and Aggregate Supply Effects of COVID-19: A Real-time Analysis
    Geert Bekaert, Eric Engstrom, and Andrey Ermolov
    Covid Economics (2020)
    See also » FRB Working Paper (2020)
  • The Variance Risk Premium in Equilibrium Models
    Geert Bekaert, Eric Engstrom, and Andrey Ermolov
    NBER Working Paper Series (2020)
    https://doi.org/10.3386/w27108
  • The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror
    Eric C. Engstrom and Steven A. Sharpe
    Financial Analysts Journal (2019)
    https://doi.org/10.1080/0015198X.2019.1625617
    See also » FRB Working Paper (2019)
  • The Time Variation in Risk Appetite and Uncertainty
    Geert Bekaert, Eric C. Engstrom, and Nancy R. Xu
    NBER Working Paper Series (2019)
    https://doi.org/10.3386/w25673
  • (Don't Fear) The Yield Curve
    Eric Engstrom and Steve Sharpe
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2212
  • Asset Return Dynamics under Habits and Bad Environment–Good Environment Fundamentals
    Geert Bekaert and Eric Engstrom
    Journal of Political Economy (2017)
    https://doi.org/10.1086/691450
    See also » FRB Working Paper (2015)
  • Macro Risks and the Term Structure of Interest Rates
    Geert Bekaert, Eric Engstrom, and Andrey Ermolov
    NBER Working Paper Series (2016)
    https://doi.org/10.3386/w22839
    See also » FRB Working Paper (2017)
  • Has the Inflation Risk Premium Fallen? Is it Now Negative?
    Andrew Y. Chen, Eric C. Engstrom, and Olesya V. Grishchenko
    FEDS Notes (2016)
    https://doi.org/10.17016/2380-7172.1720
  • Bad Environments, Good Environments: A Non-Gaussian Asymmetric Volatility Model
    Geert Bekaert, Eric Engstrom, and Andrey Ermolov
    Journal of Econometrics (2015)
    https://doi.org/10.1016/j.jeconom.2014.06.021
  • Forecasting Stock Market Crashes is Hard--Especially Future Ones: Can Option Prices Help?
    Eric Engstrom
    FEDS Notes (2014)
    https://doi.org/10.17016/2380-7172.0017
  • Stock and Bond Returns with Moody Investors
    Geert Bekaert, Eric Engstrom, and Steven R. Grenadier
    Journal of Empirical Finance (2010)
    https://doi.org/10.1016/j.jempfin.2010.08.004
  • Stock and Bond Pricing with Moody Investors
    G. Bekaert, Steve Grenadier, and Eric Engstrom
    Journal of Empirical Finance (2010)
    https://doi.org/10.1016/j.jempfin.2010.08.004
  • Inflation and the Stock Market: Understanding the 'Fed Model'
    G. Bekaert and Eric Engstrom
    Journal of Monetary Economics (2010)
    https://doi.org/10.1016/j.jmoneco.2010.02.004
  • Risk, Uncertainty, and Asset Prices
    Geert Bekaert, Eric Engstrom, and Yuhang Xing
    Journal of Financial Economics (2009)
    https://doi.org/10.1016/j.jfineco.2008.01.005
    See also » FRB Working Paper (2008)
  • Asset Return Dynamics under Bad Environment Good Environment Fundamentals
    Geert Bekaert and Eric Engstrom
    NBER Working Paper Series (2009)
    https://doi.org/10.3386/w15222
    See also » FRB Working Paper (2015)
  • Stock and Bond Returns with Moody Investors
    Geert Bekaert, Eric Engstrom, and Steven R. Grenadier
    NBER Working Paper Series (2006)
    https://doi.org/10.3386/w12247
  • Stock and Bond Returns with Moody Investors
    Geert Bekaert, Eric Engstrom, and Steve Grenadier
    CEPR Discussion Paper Series (2004)
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Last Update: August 2, 2024