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.
Before he joined the Bank in 2010, Dr. Braun was a professor and associate professor at the University of Tokyo from 2001 to 2010 and an associate professor at the International University of Japan in Niigata, Japan, from 1998 to 2000. He was a senior economist at the Federal Reserve Bank of Minneapolis from 1992 to 1997; an assistant professor at the University of Virginia, in Charlottesville, from 1989 to 1994; and a research assistant at Carnegie-Mellon University in Pittsburg, Penn., from 1985 to 1988. Dr. Braun served as a visiting scholar at Universitat Pompeu Fabra, CREA, in Barcelona, Spain, from 2008 to 2009, and at both Banco España CEMFI 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 Monetary Economics, the Japanese Economic Review, and the Journal of Money, Credit and Banking. He is also co-author of The Macroeconomics of War and Peace with Ellen McGrattan.
He is an associate editor for the Journal of Money, Credit and Banking and a referee for a number of other journals, including the American Economic Review, the Journal of Business & Economic Statistics, the European Economic Review, and the National Science Foundation. He has been honored with the Ministry of Health, Welfare, Education and Sports Grant (2003–10), the Kikawade Foundation Grant (2006–08), and the Foundation for International Education Grant (1999–2000).
Dr. Braun received a bachelor of science in economics from Indiana University. He earned his master's and doctoral degrees in economics from Carnegie-Mellon University, in Pittsburg, Penn.
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
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.
R. Anton Braun
