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Photo of Martin Bodenstein

Martin Bodenstein

Adviser Program Direction Section International Finance
202-452-3796
[email protected]

Education

  • Ph.D., Economics, Northwestern University, 2005
  • Diplom, Economics, Universitaet Konstanz (Germany), 1999
Current Research Topics
  • Exchange Rate Dynamics, Economic Implications of Climate Change
  • Adviser

    Board of Governors of the Federal Reserve System, Division of International Finance

    2022 - present
  • Chief

    Board of Governors of the Federal Reserve System, Global Modeling Studies

    2019 - 2022
  • Principal Economist

    Board of Governors of the Federal Reserve System, Monetary Studies

    2016 - 2019
  • Associate Professor

    National University of Singapore, Singapore

    2013 - 2016
  • Economist

    Asian Development Bank, Manila, Philippines

    2011 - 2012
  • Economist

    Board of Governors of the Federal Reserve System, Trade and Financial Studies

    2005 - 2011
  • 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 (2016)
  • 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
  • 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
  • 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 (2011)
  • 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
  • Trade Elasticity of Substitution and Equilibrium Dynamics
    Martin Bodenstein
    Journal of Economic Theory (2010)
    https://doi.org/10.1016/j.jet.2010.01.008
  • 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
  • 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
  • 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 (2008)
  • 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)
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Last Update: August 2, 2024