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September 3, 2014

Just Released: N.Y. Fed’s Emanuel Moench to Become Head of Research at the Deutsche Bundesbank

No one can accuse the Federal Reserve Bank of New York of not being a big supporter of central bank cooperation. Furthering that theme, I’m pleased to report that Emanuel Moench will join the staff of the Bundesbank after having launched his career here at the New York Fed. In February 2015, Emanuel will take on a new role as Head of Research at the Deutsche Bundesbank.

Emanuel, currently a Research Officer in the Research and Statistics Group of the Federal Reserve Bank of New York, joined the bank in August 2007 after graduating with a Ph.D. in economics from Humboldt University, Berlin. His research covers the intersection of macroeconomics, financial economics, and econometrics, with a focus on analyzing risk premia in bond and equity markets.

Emanuel has been an active researcher and contributor to the Liberty Street Economics blog. In his post “The Puzzling Pre-FOMC Announcement ‘Drift’” with David Lucca, he showed that since 1994 more than 80 percent of realized excess returns on U.S. stocks have been earned over the twenty-four hours preceding scheduled Federal Open Market Committee announcements. More recently, along with Tobias Adrian and Richard Crump, he authored a post on Treasury term premia that analyzes the decomposition of government bond yields in the United States since the 1960s and provides a link to a website offering updates of the estimated term premia for download.

In his new position, Emanuel will lead the Bundesbank’s efforts in conducting research on general economic topics as well as issues in banking supervision, financial stability, and risk modeling—all areas he has explored while here at the Federal Reserve Bank of New York.

Emanuel tells me that “while I’ll miss being part of the NY Fed family, I look forward to working with the excellent staff at the Bundesbank to further the role of research in monetary policymaking, especially during such important times for the euro area.”

I wish Emanuel the best as he continues his career as a researcher and fellow central banker.


The views expressed in this post are those of the author and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author.


Jamie McAndrews is an executive vice president and director of research at the Federal Reserve Bank of New York.

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