Macroeconomist. Associate Research Professor @ Johns Hopkins University. PhD from London School of Economics. https://thomas-drechsel.comhttps://bsky.app/profile/tdecon.bsky.socialhttps://bsky.app/profile/tdecon.bsky.social/post/3lni6iw5r2c23What a nice surprise - I received the AEJ-Macro Best Paper Award for my paper “Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations” The full paper can be found here: https://www.aeaweb.org/articles?id=10.1257/mac.20210099 Thank you to everyone who helped me write it back in the day 😊 [contains quote post or other embedded content]23 Apr 2025 12:19 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lni6iw5r2c23https://bsky.app/profile/tdecon.bsky.social/post/3lmwltnoy622cCome and see Amy Handlan present her research on 'text shocks and monetary surprises' this Friday I am looking forward to moderating the event [contains quote post or other embedded content]16 Apr 2025 12:30 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lmwltnoy622chttps://bsky.app/profile/tdecon.bsky.social/post/3lloi3mla6k26We just completed a first, preliminary draft of a new paper: 𝐓𝐡𝐞 𝐌𝐚𝐜𝐫𝐨𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐄𝐟𝐟𝐞𝐜𝐭𝐬 𝐨𝐟 𝐁𝐚𝐧𝐤 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧: 𝐍𝐞𝐰 𝐄𝐯𝐢𝐝𝐞𝐧𝐜𝐞 𝐟𝐫𝐨𝐦 𝐚 𝐇𝐢𝐠𝐡-𝐅𝐫𝐞𝐪𝐮𝐞𝐧𝐜𝐲 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡 Joint with Ko Miura https://econweb.umd.edu/~drechsel/papers/bank_regulation_shocks.pdf31 Mar 2025 13:36 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lloi3mla6k26https://bsky.app/profile/tdecon.bsky.social/post/3lj3ivqapbk2cHappening today! [contains quote post or other embedded content]26 Feb 2025 13:40 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lj3ivqapbk2chttps://bsky.app/profile/tdecon.bsky.social/post/3liwijredwc2wOur paper “Identifying Monetary Policy Shocks: A Natural Language Approach” with Boragan Aruoba was just conditionally accepted at AEJ:Macro! Latest version: http://econweb.umd.edu/~drechsel/papers/Aruoba_Drechsel.pdf Our estimated shocks, Fed sentiments & more are available here: http://econweb.umd.edu/~drechsel/files/Aruoba_Drechsel_Data.xlsx24 Feb 2025 13:50 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3liwijredwc2whttps://bsky.app/profile/tdecon.bsky.social/post/3limgcgj2yc2fLooking forward to this online seminar! I will present my research on the economic consequences of political pressure on the Federal Reserve: http://econweb.umd.edu/~drechsel/papers/drechsel_political_pressure_shocks.pdf [contains quote post or other embedded content]20 Feb 2025 13:43 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3limgcgj2yc2fhttps://bsky.app/profile/tdecon.bsky.social/post/3lgghh6iwi22iDonald Trump during Davos speech: “I'll demand that interest rates drop immediately— and likewise, they should be dropping all over the world” t.co/TqxNo1lUjZ https://t.co/TqxNo1lUjZ23 Jan 2025 17:58 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lgghh6iwi22ihttps://bsky.app/profile/tdecon.bsky.social/post/3lewpei25gs2yKey figure from my #ASSA2025 talk below How often did US Presidents meet with Federal Reserve officials? Figure shows large variation, e.g. Clinton: 6x Nixon: 160x In the paper, I combine this new data with a narrative approach to gauge the economic effects of political pressure on the Fed [contains quote post or other embedded content]04 Jan 2025 18:12 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lewpei25gs2yhttps://bsky.app/profile/tdecon.bsky.social/post/3lerd3axh5s2gAt the AEA meetings in San Francisco? Check out this nice session on Friday morning: "Identifying Monetary Policy" With presentations by Amy Handlan @michaeldbauer.bsky.social @kronerniklas.bsky.social myself and Philippe Andrade Thank you Philippe for organizing! #ASSA202502 Jan 2025 14:48 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lerd3axh5s2ghttps://bsky.app/profile/tdecon.bsky.social/post/3lbuab3rris24We recently posted a new version of our paper "Identifying Monetary Policy Shocks: A Natural Language Approach" - with Boragan Aruoba We use natural language processing techniques to identify monetary policy shocks! Paper available here: http://econweb.umd.edu/~drechsel/papers/Aruoba_Drechsel.pdf26 Nov 2024 14:20 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lbuab3rris24https://bsky.app/profile/tdecon.bsky.social/post/3lbf3jtm3ac2tIf you are hiring on the econ job market this year, please take a close look at the excellent candidates from the University of Maryland! https://www.econ.umd.edu/graduate/job-market-candidates-2024-202520 Nov 2024 13:46 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lbf3jtm3ac2thttps://bsky.app/profile/tdecon.bsky.social/post/3lbcmcphzrc2vHappy to see my work mentioned in the Financial Times In the paper, I estimate the effects of political pressure on the Fed through time, using new data Link to the full paper here: http://econweb.umd.edu/~drechsel/papers/drechsel_political_pressure_shocks.pdf [contains quote post or other embedded content]19 Nov 2024 14:08 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lbcmcphzrc2vhttps://bsky.app/profile/tdecon.bsky.social/post/3lb7wyzie4k2yNew NBER working paper, joint with Sebastian Doerr and Donggyu Lee We show that higher income inequality tightens financing conditions for bank-dependent firms compared to those accessing stock/bond markets The reason is that high income households tend to save in stocks/bonds instead of deposits [contains quote post or other embedded content]18 Nov 2024 12:41 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lb7wyzie4k2yhttps://bsky.app/profile/tdecon.bsky.social/post/3lavzhso2dc2uHi everyone, I just recently signed up to Bluesky. I am mostly interested in macroeconomics and monetary economics, but also politics and history. Let’s connect! 🙂14 Nov 2024 13:59 +0000at://did:plc:e3ijfghuckl4wjfdob5ethcz/app.bsky.feed.post/3lavzhso2dc2u