Brent Bundick

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Research

Thanks for your interest in my work!  Currently, my KC Fed webpage is the best place to find my current research.  The remainder of this page contains work that does not appear on that page.  









Working Papers

Real Fluctuations at the Zero Lower Bound

Aggregate demand becomes upward sloping when the economy is stuck at the zero lower bound.  Thus, the economy may respond very differently to real shocks.  A positive technology shock which shifts aggregate supply downward can cause a large contraction in output.  However, these differential responses to shocks emerge when the central bank follows a standard Taylor rule (TR) subject to the zero lower bound.  This rule implies that the central bank stops responding to the state of the economy at the zero lower bound.  This assumption is inconsistent with the recent behavior by monetary policymakers.  The responses to shocks may not be so different if the central bank follows a history-dependent (HD) rule, which continues to respond the economy using expectations about future policy. 


Discussions


Discussion of Monetary Policy Slope & the Stock Market


By Andreas Neuhierl and Michael Weber

Midwest Finance Association Annual Meeting, March 2018


Discussion of Learning in the Oil Futures Market: Evidence & Macroeconomic Implications

By Sylvain Leduc, Kevin Moran, and Robert Vigfusson

Federal Reserve System Energy Conference, September 2017


Discussion of Oil Volatility Risk


By Lin Gao, Steffen Hitzemann, Ivan Shaliastovich, & Lai Xu

American Finance Association Meeting, January 2017


Discussion of Global Dynamics at the Zero Lower Bound


By William T. Gavin, Benjamin D. Keen, Alexander Richter, & Nathaniel Throckmorton

Federal Reserve System Macroeconomics Meeting, April 2014