Biography:
Dr. Christoph Boehm is a macroeconomist and associate professor at the University of Texas, Austin. He also serves as a Research Associate at the National Bureau of Economic Research (NBER) in the field of monetary economics. Dr. Boehm's primary research centers on topics in closed and open economy macroeconomics, with particular interest in business cycles, monetary policy, fiscal policy, and the cross-country transmission of shocks. His work has been published in the American Economic Review, Journal of International Economics, European Economic Review, and other leading journals.
Dr. Boehm earned his PhD. in Economics from the University of Michigan, was a Post-Doc at Princeton University and was a Fulbright Scholar at Tufts University, where he earned an MA in Economics. He also holds a Diploma in Business Management and Engineering from Dresden University of Technology.
Student Lecture: 6 February 2025
Tariffs and Gains from Trade
This lecture provides an overview on the costs and benefits of international trade with a particular focus on the role of tariffs both as a source of revenue as well as their effects on trade flows.
Faculty Lecture: 7 February 2025
Monetary Policy without Moving Interest Rates: The Fed Non-Yield Stock
Existing high-frequency monetary policy shocks explain surprisingly little variation in stock prices and exchange rates around FOMC announcements. Further, both of these asset classes display heightened volatility relative to nonannouncement times. We use a heteroskedasticity-based procedure to estimate a “Fed non-yield shock”, which is orthogonal to yield changes and is identified from excess volatility in the S&P 500 and various dollar exchange rates. A positive non-yield shock raises stock prices in the U.S. and around the globe, and depreciates the dollar against all major currencies. The non-yield shock is essentially uncorrelated with previous monetary policy shocks and its effects are large in comparison. Its strong effects on the VIX and other risk-related measures point towards a dominant risk premium channel. We show that the non-yield shock can be related to Fed communications and that its existence has implications for the identification of structural monetary policy shocks.