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Economists


Photo of R. Anton BraunR. Anton Braun
Research Economist and Senior Policy Adviser

Research Department
Federal Reserve Bank of Atlanta
1000 Peachtree Street N.E.
Atlanta, Georgia 30309-4470
404-498-8708
r.anton.braun@atl.frb.org

To interview economists, press should contact Public Affairs at 404-498-8748.




  • Biography
  • Research
  • Curriculum Vitae

Biography

R. Anton Braun is a research economist and senior policy adviser in the research department at the Federal Reserve Bank of Atlanta. His major fields of study are macroeconomic risks and the effects of monetary policy.

Prior to joining the Bank in 2010, Dr. Braun was a full professor at the University of Tokyo, where he worked from 2001 to 2010. His other previous appointments include associate professor at the International University of Japan in Niigata, Japan, from 1998 to 2000; senior economist at the Federal Reserve Bank of Minneapolis from 1992 to 1997; assistant professor at the University of Virginia in Charlottesville from 1989 to 1994; and research assistant at Carnegie-Mellon University in Pittsburgh, Pennsylvania, from 1985 to 1988. Dr. Braun served as a visiting scholar at CREI Universitat Pompeu Fabra, in Barcelona, Spain, from 2008 to 2009, and at both the Centro de Estudios Monetarios y Financieros and Universidad Carlos III, in Madrid, Spain, from 1996 to 1997.

Dr. Braun has published research in a variety of peer-reviewed journals, including the Journal of Political Economy, Journal of Monetary Economics, the Japanese Economic Review. He is a director of the Atlanta Census Research Data Center and a referee for a number of journals, including the American Economic Review, the Journal of Political Economy, and the European Economic Review, and for the National Science Foundation. He has been honored with a Ministry of Health, Welfare, Education and Sports grant (2003–10), Kikawada Foundation grant (2006–08), and Foundation for International Education grant (1999–2000).

Dr. Braun received a bachelor of science degree in economics from Indiana University at South Bend. He earned his master's degree and doctorate in economics from Carnegie-Mellon University.

Research

Professional Publications

Journal Articles

"Uninsured Countercyclical Risk: An Aggregation Result and Application to Optimal Monetary Policy," with Tomoyuki Nakajima, Forthcoming. Journal of the European Economic Association.

"The Saving Rate in Japan: Why It Has Fallen and Why It Will Remain Low," with Douglas H. Joines and Daisuke Ikeda. International Economic Review 50(1) February 2009.

"Investment Specific Technological Changes in Japan," with Etsuro Shioji. Seoul Journal of Economics 20(1) Spring 2007.

"A Comparison of the Japanese and U.S. Business Cycles," with Julen Esteban-Pretel, Toshihiro Okada, and Nao Sudou. Japan and the World Economy 18(4) December 2006.

"Monetary Policy During Japan's Lost Decade," with Yuichiro Waki. Japanese Economic Review 57(2), June 2006.

"Monetary Policy and Economic Activity in Japan, Korea and the United States," Seoul Journal of Economics 19(1) Spring 2006.

"Monetary Policy and the Term Structure of Interest Rates in Japan," with Etsuro Shioji Journal of Money, Credit and Banking 38(1) February 2006.

"Technology Shocks and Aggregate Hours in Japan—An Analysis using a New Structural VAR Approach," with Etsuro Shioji Economics Research 55(4) 2004.

"A General Equilibrium Interpretation of Damage-Contingent Securities," with Richard Todd and Neil Wallace, Journal of Risk and Insurance December (66) 1999.

"Transaction Services, Inflation, and Welfare," with Rao Aiyagari and Zvi Eckstein, Journal of Political Economy (106)6 December 1998.

"Seasonal Solow Residuals and Christmas: A Case for Labor Hoarding and Increasing Returns," with Charles L. Evans, Journal of Money, Credit, and Banking 30(3) Part 1, August 1998.

"Some Models to Guide Monetary Policy Makers," with S. Rao Aiyagari, Carnegie-Rochester Conference Series, 48(0) June 1998.

"Delayed Financial Disclosure: Mexico's Recent Experience," with Arijit Mukherji and David E. Runkle, Federal Reserve Bank of Minneapolis Quarterly Review Fall 1996.

"Seasonality and Equilibrium Business Cycle Theories," with Charles Evans, Journal of Economic Dynamics and Control 19(3) April 1995.

"Another Attempt to Quantify the Benefits of Reducing Inflation," Federal Reserve Bank of Minneapolis Quarterly Review Fall 1994.

"How Large Is the Optimal Inflation Tax?" Journal of Monetary Economics 34(2) October 1994.

"Tax Disturbances and Real Economic Activity in the Postwar United States," Journal of Monetary Economics 33(3) July 1994.

Other Publications

Book review of The Economics of Seasonal Cycles by Jeffrey Miron, Zeitschrift für Nationalökonomie, Vienna, 1998.

"The Macroeconomics of War and Peace," with Ellen McGrattan, NBER Macroeconomics Annual 1993.

Comment on "Optimal Fiscal and Monetary Policy Some Recent Results," Journal of Money, Credit, and Banking 23(3), Part 2, August 1991.

Atlanta Fed Working Papers

2013-13
"Small and Orthodox Fiscal Multipliers at the Zero Lower Bound"
R. Anton Braun, Lena Mareen Körber, and Yuichiro Waki
December 2013
Abstract || Full text in PDF (703 KB)

2013-2
"Old, Sick, Alone, and Poor: A Welfare Analysis of Old-Age Social Insurance Programs"
R. Anton Braun, Karen A. Kopecky, and Tatyana Koreshkova
July 2013
Abstract || Full text in PDF (491 KB)

2012-5a
"Some Unpleasant Properties of Log-Linearized Solutions When the Nominal Rate Is Zero"
R. Anton Braun, Lena Mareen Körber, and Yuichiro Waki
Revised September 2012
Abstract || Full text in PDF (336 KB)

2012-1
"Making the Case for a Low Intertemporal Elasticity of Substitution"
R. Anton Braun and Tomoyuki Nakajima
January 2012
Abstract || Full text in PDF (604 KB)

2011-13
"Why Prices Don't Respond Sooner to a Prospective Sovereign Debt Crisis"
R. Anton Braun and Tomoyuki Nakajima
November 2011
Abstract || Full text in PDF (887 KB)

2011-4
"Uninsured Countercyclical Risk: An Aggregation Result and Application to Optimal Monetary Policy"
R. Anton Braun and Tomoyuki Nakajima
March 2011
Abstract || Full text in PDF (421 KB)

Unpublished Research Papers

"New Keynesian Dynamics in a Low Interest Rate Environment," with Lena Koerber, March 2010.

"On the Size of the Fiscal Multiplier When the Nominal Interest Rate is Zero," with Yuichiro Waki, March 2010.

"A Conditional Monte Carlo Estimator for Computing Densities," with Huiyu Li and John Stachurski, November 2009.

"Spain, Japan and the Dangers of Early Fiscal Tightening," with Javier Diaz-Gimenez, October 2009.

"Optimal Monetary Policy When Asset Markets are Incomplete," with Tomoyuki Nakajima, September 2009.

"Real Balance Effects in a Zero Interest Rate Environment: Results from Japan," with Takemasa Oda, July 2009.

"How Large is the Intertemporal Elasticity of Substitution," with Tomoyuki Nakajima, June 2009.

"Pareto Optimal Pro-cyclical Research and Development," with Tomoyuki Nakajima, March 2008.

"U.S. R&D and Japanese Medium Term Cycles," with Toshiro Okada and Nao Sudou, January 2009.

"The Welfare Enhancing Effects of a Selfish Government in the Presence of Uninsurable Idioysyncratic Risk," with Harald Uhlig, 2006.

"How are Macroeconomic Risks Priced in Japanese Asset Markets?" with Etsuro Shioji, December 2001.

"The Effect of Government Capital on Average Labor Productivity in Japanâ??s Prefectures.â?? With Keiichi Kubota, September 2000.

Curriculum Vitae

Education

1989   Carnegie Mellon University, Graduate School of Industrial Administration, PhD, Economics
1987   Carnegie Mellon University, Graduate School of Industrial Administration, MS, Economics
1983   Indiana University at South Bend, BS, Economics

Experience

2010–Present   Policy Advisor and Research Economist, Federal Reserve Bank of Atlanta, Atlanta, Ga.
2006–10   Professor, The University of Tokyo, Tokyo Japan
2008–9   Visiting Professor, CREA Universitat Pompeu Fabra, Barcelona, Spain
2001–6   Associate Professor, The University of Tokyo, Tokyo, Japan
1998–2000   Associate Professor, International University of Japan, Niigata, Japan
1996–7   Visiting Professor, Universidad Carlos III, Madrid, Spain
1996–7   Visiting Professor, Banco España, CEMFI, Madrid, Spain
1992–7   Senior Economist, Federal Reserve Bank of Minneapolis, Minneapolis, Minn.
1989–94   Assistant Professor, University of Virginia, Charlottesville, Va.
1985–8   Research Assistant, Carnegie Mellon University, Pittsburgh, Penn.

Honors & Awards

2003–Present   Associate Editor, Journal of Money, Credit and Banking
2003–10   Ministry of Health, Welfare, Education and Sports Grant
2006–8   The Kikawada Foundation Grant
1999–2000   Foundation for International Education Grant
1991–2   Bankard Fund for Political Economy Grant
1985–7   William Larimar Mellon Doctoral Fellowship (academic years)

Consulting Activities

2006–8   Bank of Japan, Institute for Money and Economic Studies
2002   Asian Development Bank
2000–1   Industrial Bank of Japan-Daiichi Life Financial Technology
2001   Asian Development Bank
1999–2000   Fiscal Policy Office, Ministry of Finance of Thailand
1999   Industrial Bank of Japan-Daiichi Life Financial Technology

Professional Affiliations

Associate Editor: Journal of Money Credit and Banking

Referee, American Economic Review; B.E. Journals in Macroeconomics; Economic Journal; Japan and the World Economy; Journal of Business & Economic Statistics; European Economic Review; Journal of International Economics; Journal of International Money and Finance; Journal of Monetary Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; and National Science Foundation.