Meet the Researchers
Martin Bodenstein
Assistant Director
Program Direction Section
International Finance
202-452-3796
martin.r.bodenstein@frb.gov
martin.r.bodenstein@frb.gov
Education
- Ph.D., Economics, Northwestern University, 2005
- Diplom, Economics, Universitaet Konstanz (Germany), 1999
Current Research Topics
- Exchange Rate Dynamics, Transmission of Shocks
Assistant Director
Board of Governors of the Federal Reserve System, Division of International Finance
2024 - presentAdviser
Board of Governors of the Federal Reserve System, Division of International Finance
2022 - 2024Chief
Board of Governors of the Federal Reserve System, Global Modeling Studies
2019 - 2022Principal Economist
Board of Governors of the Federal Reserve System, Monetary Studies
2016 - 2019Associate Professor
National University of Singapore, Singapore
2013 - 2016Economist
Asian Development Bank, Manila, Philippines
2011 - 2012Economist
Board of Governors of the Federal Reserve System, Trade and Financial Studies
2005 - 2011
- Exchange Rate Disconnect and the Trade Balance
Martin Bodenstein, Pablo Cuba-Borda, Nils Goernemann, and Ignacio Presno
International Finance Discussion Papers (2024)
https://doi.org/10.17016/IFDP.2024.1391 - On the GDP Effects of Severe Physical Hazards
Martin Bodenstein and Mikaël Scaramucci
International Finance Discussion Papers (2024)
https://doi.org/10.17016/IFDP.2024.1386 - Global Flight to Safety, Business Cycles, and the Dollar
Martin Bodenstein, Pablo Cuba Borda, Nils Gornemann, Ignacio Presno, Andrea Prestipino, Albert Queralto, and Andrea Raffo
International Finance Discussion Papers (2023)
https://doi.org/10.17016/IFDP.2023.1381 - The Transmission of Global Risk
Martin Bodenstein, Pablo Cuba-Borda, and Albert Queralto
FEDS Notes (2023)
https://doi.org/10.17016/2380-7172.3327 - Learning and misperception of makeup strategies
Martin Bodenstein, James Hebden, and Fabian Winkler
Journal of Economic Dynamics & Control (2022)
https://doi.org/10.1016/j.jedc.2022.104417 - Social Distancing And Supply Disruptions In A Pandemic
Martin Bodenstein, Giancarlo Corsetti, and Luca Guerrieri
Quantitative Economics (2022)
https://doi.org/10.3982/QE1618
See also » FRB Working Paper (2020) - Economic and epidemiological effects of mandated and spontaneous social distancing
Martin Bodenstein, Giancarlo Corsetti, and Luca Guerrieri
Covid Economics (2021) - Forecasting During the COVID-19 Pandemic: A Structural Analysis of Downside Risk
Martin Bodenstein, Pablo Cuba-Borda, Jay Faris, and Nils Goernemann
FEDS Notes (2021)
https://doi.org/10.17016/2380-7172.2806 - Alternative Strategies: How Do They Work? How Might They Help?
Jonas Arias, Martin Bodenstein, Hess Chung, Thorsten Drautzburg, and Andrea Raffo
Finance and Economics Discussion Series (2020)
https://doi.org/10.17016/FEDS.2020.068 - Employment, Wages and Optimal Monetary Policy
Martin Bodenstein and Junzhu Zhao
Journal of Monetary Economics (2020)
https://doi.org/10.1016/j.jmoneco.2019.01.019
See also » FRB Working Paper (2017) - Social Distancing and Supply Disruptions in a Pandemic
Martin Bodenstein, Giancarlo Corsetti, and Luca Guerrieri
Covid Economics (2020)
See also » FRB Working Paper (2020) - The Elusive Gains from Nationally-Oriented Monetary Policy
Martin Bodenstein, Giancarlo Corsetti, and Luca Guerrieri
International Finance Discussion Papers (2020)
https://doi.org/10.17016/IFDP.2020.1271 - Learning and Misperception: Implications for Price-Level Targeting
Martin Bodenstein, James Hebden, and Fabian Winkler
Finance and Economics Discussion Series (2019)
https://doi.org/10.17016/FEDS.2019.078 - On Targeting Frameworks and Optimal Monetary Policy
Martin Bodenstein and Junzhu Zhao
Journal of Money, Credit and Banking (2019)
https://doi.org/10.1111/jmcb.12633
See also » FRB Working Paper (2017) - Macroeconomic Policy Games
Martin Bodenstein, Luca Guerrieri, and Joe LaBriola
Journal of Monetary Economics (2019)
https://doi.org/10.1016/j.jmoneco.2018.07.015
See also » FRB Working Paper (2014) - Commodity Prices and Labour Market Dynamics in Small Open Economies
Martin Bodenstein, Güneş Kamber, and Christoph Thoenissen
Journal of International Economics (2018)
https://doi.org/10.1016/j.jinteco.2018.09.009
See also » FRB Working Paper (2017) - The Effects of Foreign Shocks When Interest Rates are at Zero
Martin Bodenstein, Christopher J. Erceg, and Luca Guerrieri
Canadian Journal of Economics (2017)
https://doi.org/10.1111/caje.12274
See also » FRB Working Paper (2009) - Equilibrium Stability in Open Economy Models
Martin Bodenstein
Journal of Macroeconomics (2013)
https://doi.org/10.1016/j.jmacro.2012.09.002 - Oil Shocks and the Zero Bound on Nominal Interest Rates
Martin Bodenstein, Luca Guerrieri, and Christopher J. Gust
Journal of International Money and Finance (2013)
https://doi.org/10.1016/j.jimonfin.2012.08.002
See also » FRB Working Paper (2010) - Monetary Policy Responses to Oil Price Fluctuations
Martin Bodenstein, Luca Guerrieri, and Lutz Kilian
IMF Economic Review (2012)
https://doi.org/10.1057/imfer.2012.19 - Imperfect Credibility and the Zero Lower Bound
Martin Bodenstein, James Hebden, and Ricardo Nunes
Journal of Monetary Economics (2012)
https://doi.org/10.1016/j.jmoneco.2012.01.002
See also » FRB Working Paper (2010) - Closing Large Open Economy Models
Martin Bodenstein
Journal of International Economics (2011)
https://doi.org/10.1016/j.jinteco.2011.03.010
See also » FRB Working Paper (2006) - Oil Shocks and External Adjustment
Martin Bodenstein, Christopher J. Erceg, and Luca Guerrieri
Journal of International Economics (2011)
https://doi.org/10.1016/j.jinteco.2010.10.006
See also » FRB Working Paper (2007) - Trade Elasticity of Substitution and Equilibrium Dynamics
Martin Bodenstein
Journal of Economic Theory (2010)
https://doi.org/10.1016/j.jet.2010.01.008
See also » FRB Working Paper (2008) - The Effects of Foreign Shocks When Interest Rates are at Zero
Martin Bodenstein, Christopher Erceg, and Luca Guerrieri
International Finance Discussion Papers (2009)
https://doi.org/10.17016/IFDP.2009.983 - Of Nutters and Doves
Martin R. Bodenstein and Roc Armenter
B.E. Journal of Macroeconomics (2009)
https://doi.org/10.2202/1935-1690.1947
See also » FRB Working Paper (2006) - Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap?
Roc Armenter and Martin Bodenstein
Macroeconomic Dynamics (2008)
https://doi.org/10.1017/S1365100508070387
See also » FRB Working Paper (2006) - Optimal Monetary Policy with Distinct Core and Headline Inflation Rates
Martin Bodenstein, Christopher J. Erceg, and Luca Guerrieri
Journal of Monetary Economics (2008)
https://doi.org/10.1016/j.jmoneco.2008.07.010
See also » FRB Working Paper (2008) - International Asset Markets and Real Exchange Rate Volatility
Martin Bodenstein
Review of Economic Dynamics (2008)
https://doi.org/10.1016/j.red.2007.12.003
See also » FRB Working Paper (2006) - International Asset Markets and Real Exchange Rate Volatility
Martin Bodenstein
International Finance Discussion Papers (2006)
https://doi.org/10.17016/IFDP.2006.884 - Closing Open Economy Models
Martin Bodenstein
International Finance Discussion Papers (2006)
https://doi.org/10.17016/IFDP.2006.867 - Political Yardstick Competition, Economic Integration, and Constitutional Choice in a Federation: A Numerical Analysis of a Contest Success Function Model
Martin Bodenstein and Heinrich W. Ursprung
Public Choice (2005)
https://doi.org/10.1007/s11127-005-2051-5 - Does the Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think?
Roc Armenter and Martin Bodenstein
Staff reports (Federal Reserve Bank of New York) (2005)
https://doi.org/10.2139/ssrn.854244
See also » FRB Working Paper (2006)
Last Update:
February 10, 2025