Warehouse / Authors / Thomas Drechsel

Thomas Drechsel

Papers by Thomas Drechsel tracked in the Macro Paper Warehouse.

4 papers tracked 0 forthcoming 1 classics

Showing 4 papers

Forthcoming American Economic Journal: Macroeconomics

Identifying Monetary Policy Shocks: A Natural Language Approach

To study how monetary policy affects the economy, macroeconomists must isolate "shocks" — changes in interest rates that are not systematic responses to economic conditions. The paper proposes a new …

Monetary Policy Methodology Expectations Macro Dynamics

Online First Review of Economic Studies Online 3 Jun 2026

Income Inequality and Job Creation

Sebastian Doerr · Thomas Drechsel · Donggyu Lee

The paper establishes a causal link from rising top income shares to reduced net job creation at small firms, working through a bank funding channel rooted in non-homothetic household portfolio …

Banking Credit Inequality Small Firms Employment Free Read ↗

Online First Review of Economic Studies Online 20 Apr 2026

Political Pressure on the Fed

Thomas Drechsel

This paper combines a hand-collected archival data set of over 800 personal interactions between U.S. Presidents and Federal Reserve officials from 1933 to 2016 with a narrative structural VAR to …

Central Bank Independence Monetary Policy Asset Prices Structural Var

Published Classic Journal of Monetary Economics Published Nov 2024

The long and variable lags of monetary policy: Evidence from disaggregated price indices

S. Borağan Aruoba · Thomas Drechsel

This 2024 Journal of Monetary Economics paper by S. Borağan Aruoba and Thomas Drechsel asks why the aggregate U.S.

Local Projections Inflation Dynamics