Details about David Wheelock

E-mail:
Homepage:	http://research.stlouisfed.org/econ/wheelock/
Postal address:	P.O. Box 442 St. Louis, MO 63166-0442
Workplace:	Research Division, Federal Reserve Bank of St. Louis, (more information at EDIRC)

Access statistics for papers by David Wheelock.

Last updated 2025-03-14. Update your information in the RePEc Author Service.

Short-id: pwh4

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Working Papers

2024

1. Theodore Roosevelt, the Election of 1912, and the Founding of the Federal Reserve
   NBER Working Papers, National Bureau of Economic Research, Inc
   Also in Working Papers, Federal Reserve Bank of St. Louis (2024)

2023

2. Did Doubling Reserve Requirements Cause the 1937-38 Recession? New Evidence on the Impact of Reserve Requirements on Bank Reserve Demand and Lending
   Working Papers, Federal Reserve Bank of St. Louis View citations (1)
   See also Journal Article Did doubling reserve requirements cause the 1937–38 recession? New evidence on the impact of reserve requirements on bank reserve demand and lending, Journal of Financial Intermediation, Elsevier (2023) View citations (1) (2023)
3. Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907
   Working Papers, Federal Reserve Bank of St. Louis
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023) View citations (1)
   See also Journal Article Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907, The Journal of Economic History, Cambridge University Press (2025) (2025)

2020

4. A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954
   Working Papers, Federal Reserve Bank of St. Louis View citations (2)
   Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2020) View citations (1)
5. How Does the Pandemic Recession Stack Up against the Great Depression?
   On the Economy, Federal Reserve Bank of St. Louis
6. Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation
   Working Papers, Federal Reserve Bank of St. Louis
   See also Journal Article Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation, Review, Federal Reserve Bank of St. Louis (2021) (2021)
7. New Estimates of the Lerner Index of Market Power for U.S. Banks
   Working Papers, Federal Reserve Bank of St. Louis View citations (2)
8. What Can We Learn from the Spanish Flu Pandemic of 1918-19 for COVID-19?
   On the Economy, Federal Reserve Bank of St. Louis
   See also Journal Article What Can We Learn from the Spanish Flu Pandemic of 1918-19 for COVID-19?, Economic Synopses, Federal Reserve Bank of St. Louis (2020) View citations (1) (2020)

2019

9. Interbank Connections, Contagion and Bank Distress in the Great Depression
   Working Papers, Federal Reserve Bank of St. Louis View citations (7)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (8)
10. The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (3)
    See also Journal Article The Founding of the Federal Reserve, the Great Depression, and the Evolution of the U.S. Interbank Network, The Journal of Economic History, Cambridge University Press (2020) View citations (10) (2020)

2018

11. Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2017)
    See also Journal Article Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock, Journal of Money, Credit and Banking, Blackwell Publishing (2020) View citations (9) (2020)

2016

12. Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Congation Risk?
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)
    Also in BIS Working Papers, Bank for International Settlements (2016) View citations (4)
    See also Journal Article Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Contagion Risk?, Journal of Money, Credit and Banking, Blackwell Publishing (2018) View citations (20) (2018)
13. Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk?
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
14. Near-Money Premiums, Monetary Policy, and the Integration of Money Markets: Lessons from Deregulation
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2016) View citations (1)
    BIS Working Papers, Bank for International Settlements (2016) View citations (1)
    See also Journal Article Near-money premiums, monetary policy, and the integration of money markets: Lessons from deregulation, Journal of Financial Intermediation, Elsevier (2018) View citations (1) (2018)

2015

15. Banker Preferences, Interbank Connections, and the Enduring Structure of the Federal Reserve System
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2015) View citations (7)
16. Interbank Markets and Banking Crises: New Evidence on the Establishment and Impact of the Federal Reserve
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
    See also Journal Article Interbank Markets and Banking Crises: New Evidence on the Establishment and Impact of the Federal Reserve, American Economic Review, American Economic Association (2016) View citations (14) (2016)
17. The Evolution of Scale Economies in U.S. Banking
    Working Papers, Federal Reserve Bank of St. Louis View citations (4)
    See also Journal Article The evolution of scale economies in US banking, Journal of Applied Econometrics, John Wiley & Sons, Ltd. (2018) View citations (22) (2018)

2014

18. Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (6)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2014) View citations (9)
    Globalization Institute Working Papers, Federal Reserve Bank of Dallas (2014) View citations (4)

2012

19. Federal Reserve lending to troubled banks during the financial crisis, 2007-10
    Working Papers, Federal Reserve Bank of St. Louis View citations (4)
20. The lender of last resort: lessons from the Fed’s first 100 years
    Working Papers, Federal Reserve Bank of St. Louis View citations (8)

2011

21. Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach
    Working Papers, University of Pennsylvania, Wharton School, Weiss Center View citations (20)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (20)
    Working Papers, Federal Reserve Bank of St. Louis (2011) View citations (14)
22. The Great Inflation: Did the Shadow Know Better?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2008)
    See also Chapter The Great Inflation: Did The Shadow Know Better?, NBER Chapters, National Bureau of Economic Research, Inc (2013) (2013)
23. The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    Also in Working Paper, Norges Bank (2011) View citations (13)
    Working Papers, Federal Reserve Bank of St. Louis (2010) View citations (2)

2010

24. Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2010) View citations (3)
    See also Journal Article Does the structure of banking markets affect economic growth? Evidence from U.S. state banking markets, Explorations in Economic History, Elsevier (2013) View citations (17) (2013)

2009

25. Are U.S. banks too large?
    Working Papers, Federal Reserve Bank of St. Louis View citations (6)
26. Inflation, monetary policy and stock market conditions: quantitative evidence from a hybrid latent-variable VAR
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
27. Robust, dynamic nonparametric benchmarking: the evolution of cost-productivity and efficiency among U.S. credit unions
    Working Papers, Federal Reserve Bank of St. Louis

2008

28. Are credit unions too small?
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
    See also Journal Article Are Credit Unions Too Small?, The Review of Economics and Statistics, MIT Press (2011) View citations (30) (2011)
29. Government response to home mortgage distress: lessons from the Great Depression
    Working Papers, Federal Reserve Bank of St. Louis View citations (9)
30. Inflation, Monetary Policy and Stock Market Conditions
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)

2007

31. Measuring Commercial Bank Profitability: Proceed With Caution
    NFI Working Papers, Indiana State University, Scott College of Business, Networks Financial Institute View citations (17)
    See also Journal Article Measuring commercial bank profitability: proceed with caution, Review, Federal Reserve Bank of St. Louis (2007) View citations (9) (2007)
32. Monetary policy and stock market booms and busts in the 20th century
    Working Papers, Federal Reserve Bank of St. Louis View citations (22)
33. Non-parametric, unconditional quantile estimation for efficiency analysis with an application to Federal Reserve check processing operations
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Non-parametric, unconditional quantile estimation for efficiency analysis with an application to Federal Reserve check processing operations, Journal of Econometrics, Elsevier (2008) View citations (45) (2008)
34. Robust non-parametric quantile estimation of efficiency and productivity change in U.S. commercial banking, 1985-2004
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)

2006

35. When do stock market booms occur? the macroeconomic and policy environments of 20th century booms
    Working Papers, Federal Reserve Bank of St. Louis View citations (4)
36. Why did income growth vary across states during the Great Depression?
    Working Papers, Federal Reserve Bank of St. Louis View citations (7)
    See also Journal Article Why Did Income Growth Vary Across States During the Great Depression?, The Journal of Economic History, Cambridge University Press (2006) View citations (7) (2006)

2005

37. A spatial analysis of state banking regulation
    Working Papers, Federal Reserve Bank of St. Louis View citations (10)
    See also Journal Article A spatial analysis of state banking regulation*, Papers in Regional Science, Wiley Blackwell (2005) View citations (7) (2005)
38. Regional disparities in the spatial correlation of state income growth
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)

2004

39. Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (48)
    See also Journal Article Monetary policy and asset prices: a look back at past U.S. stock market booms, Review, Federal Reserve Bank of St. Louis (2004) View citations (36) (2004)
40. Robust Nonparametric Estimation of Efficiency and Technical Change in U.S. Commercial Banking
    Econometric Society 2004 North American Summer Meetings, Econometric Society View citations (11)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2003) View citations (16)

2002

41. Consolidation in US banking: which banks engage in mergers?
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Consolidation in US banking: Which banks engage in mergers?, Review of Financial Economics, John Wiley & Sons (2004) View citations (3) (2004)
42. New evidence on the Fed's productivity in providing payments services
    Working Papers, Federal Reserve Bank of St. Louis View citations (3)
    See also Journal Article New evidence on the Fed's productivity in providing payments services, Journal of Banking & Finance, Elsevier (2004) View citations (8) (2004)

2001

43. Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2001) View citations (7)
    See also Journal Article Aggregate price shocks and financial stability: the United Kingdom 1796-1999, Explorations in Economic History, Elsevier (2003) View citations (17) (2003)
44. Aggregate price shocks and financial instability: a historical analysis
    Working Papers, Federal Reserve Bank of St. Louis View citations (16)
    Also in NBER Historical Working Papers, National Bureau of Economic Research, Inc (2000) View citations (48)
    NBER Working Papers, National Bureau of Economic Research, Inc (2000) View citations (54)
    See also Journal Article Aggregate Price Shocks and Financial Instability: A Historical Analysis, Economic Inquiry, Western Economic Association International (2002) View citations (36) (2002)

1999

45. National monetary policy by regional design: the evolving role of the Federal Reserve banks in Federal Reserve System policy
    Working Papers, Federal Reserve Bank of St. Louis View citations (3)
46. The contribution of on-site examination ratings to an emprircal model of bank failures
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
    See also Journal Article The Contribution of On‐Site Examination Ratings to an Empirical Model of Bank Failures, Review of Accounting and Finance, Emerald Group Publishing Limited (2005) (2005)

1997

47. Monetary policy in the Great Depression and beyond: the sources of the Fed's inflation bias
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
48. New evidence on returns to scale and product mix among U.S. commercial banks
    Working Papers, Federal Reserve Bank of St. Louis View citations (9)
    See also Journal Article New evidence on returns to scale and product mix among U.S. commercial banks, Journal of Monetary Economics, Elsevier (2001) View citations (93) (2001)
49. Was the Great Depression a Watershed for American Monetary Policy?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    See also Chapter Was the Great Depression a Watershed for American Monetary Policy?, NBER Chapters, National Bureau of Economic Research, Inc (1998) View citations (39) (1998)

1996

50. Technical progress, inefficiency and productivity change in U.S. banking, 1984-1993
    Working Papers, Federal Reserve Bank of St. Louis View citations (5)
    See also Journal Article Technical Progress, Inefficiency, and Productivity Change in U.S. Banking, 1984-1993, Journal of Money, Credit and Banking, Blackwell Publishing (1999) View citations (141) (1999)

1995

51. Lessons from the United States and European Community for the integration of high and low income economies
    Working Papers, Federal Reserve Bank of St. Louis
52. Why do banks disappear? The determinants of U.S. bank failures and acquisitions
    Working Papers, Federal Reserve Bank of St. Louis View citations (25)
    See also Journal Article Why do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions, The Review of Economics and Statistics, MIT Press (2000) View citations (345) (2000)

1993

53. Explaining bank failures: deposit insurance, regulation, and efficiency
    Working Papers, Federal Reserve Bank of St. Louis View citations (14)
    See also Journal Article Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency, The Review of Economics and Statistics, MIT Press (1995) View citations (160) (1995)

1992

54. Government policy and banking instability: \"overbanking\" in the 1920s
    Working Papers, Federal Reserve Bank of St. Louis
55. The slack banker dances: deposit insurance and risk-taking in the banking collapse of the 1920s
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article The Slack Banker Dances: Deposit Insurance and Risk-Taking in the Banking Collapse of the 1920s, Explorations in Economic History, Elsevier (1994) View citations (9) (1994)
56. Which banks choose deposit insurance? Evidence of adverse and moral hazard in a voluntary insurance system
    Working Papers, Federal Reserve Bank of St. Louis

1991

57. Regulation and bank failures: new evidence from the agricultural collapse of the 1920's
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Regulation and Bank Failures: New Evidence from the Agricultural Collapse of the 1920s, The Journal of Economic History, Cambridge University Press (1992) View citations (18) (1992)

1989

58. The Fed's failure to act as lender of last resort during the Great Depression, 1929-1933
    Proceedings, Federal Reserve Bank of Chicago View citations (1)

Journal Articles

2025

1. Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907
   The Journal of Economic History, 2025, 85, (1), 152-179
   See also Working Paper Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907, Working Papers (2023) (2023)

2023

2. Did doubling reserve requirements cause the 1937–38 recession? New evidence on the impact of reserve requirements on bank reserve demand and lending
   Journal of Financial Intermediation, 2023, 56, (C) View citations (1)
   See also Working Paper Did Doubling Reserve Requirements Cause the 1937-38 Recession? New Evidence on the Impact of Reserve Requirements on Bank Reserve Demand and Lending, Working Papers (2023) View citations (1) (2023)
3. The COVID-19 Pandemic and Inflation: Lessons from Major US Wars
   Review, 2023, 105, (4), 234-260

2022

4. Interbank connections, contagion and bank distress in the Great Depression✰
   Journal of Financial Intermediation, 2022, 51, (C) View citations (2)

2021

5. A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-54
   Review, 2021, 103, (1), 45-70
6. Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation
   Review, 2021, 103, (1), 71-97
   See also Working Paper Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation, Working Papers (2020) (2020)

2020

7. Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock
   Journal of Money, Credit and Banking, 2020, 52, (7), 1719-1754 View citations (9)
   See also Working Paper Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock, NBER Working Papers (2018) View citations (2) (2018)
8. Comparing the COVID-19 Recession with the Great Depression
   Economic Synopses, 2020, (39) View citations (9)
9. Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder 1922–1938. By Thomas M. Humphrey and Richard H. Timberlake. Washington, DC: Cato Institute, 2019. Pp. xix, 201. $21.21, hardcover
   The Journal of Economic History, 2020, 80, (2), 625-626
10. The Founding of the Federal Reserve, the Great Depression, and the Evolution of the U.S. Interbank Network
    The Journal of Economic History, 2020, 80, (1), 69-99 View citations (10)
    See also Working Paper The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network, Working Papers (2019) View citations (2) (2019)
11. What Can We Learn from the Spanish Flu Pandemic of 1918-19 for COVID-19?
    Economic Synopses, 2020, (30) View citations (1)
    See also Working Paper What Can We Learn from the Spanish Flu Pandemic of 1918-19 for COVID-19?, On the Economy (2020) (2020)

2019

12. Review of Fighting Financial Crises: Learning from the Past by Gary B. Gorton and Ellis W. Tallman. Chicago: University of Chicago Press, 2018
    Business Economics, 2019, 54, (4), 260-261

2018

13. Book Review: The myth of independence: How Congress governs the federal reserve by Binder, S., & Spindel, M
    The American Economist, 2018, 63, (2), 270-272
14. Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Contagion Risk?
    Journal of Money, Credit and Banking, 2018, 50, (8), 1711-1750 View citations (20)
    See also Working Paper Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Congation Risk?, Working Papers (2016) View citations (1) (2016)
15. Furnishing an “Elastic Currency”: The Founding of the Fed and the Liquidity of the U.S. Banking System
    Review, 2018, 100, (1), 17-44
16. Near-money premiums, monetary policy, and the integration of money markets: Lessons from deregulation
    Journal of Financial Intermediation, 2018, 33, (C), 16-32 View citations (1)
    See also Working Paper Near-Money Premiums, Monetary Policy, and the Integration of Money Markets: Lessons from Deregulation, Finance and Economics Discussion Series (2016) View citations (1) (2016)
17. The evolution of scale economies in US banking
    Journal of Applied Econometrics, 2018, 33, (1), 16-28 View citations (22)
    See also Working Paper The Evolution of Scale Economies in U.S. Banking, Working Papers (2015) View citations (4) (2015)

2016

18. Interbank Markets and Banking Crises: New Evidence on the Establishment and Impact of the Federal Reserve
    American Economic Review, 2016, 106, (5), 533-37 View citations (14)
    See also Working Paper Interbank Markets and Banking Crises: New Evidence on the Establishment and Impact of the Federal Reserve, Working Papers (2015) View citations (2) (2015)

2015

19. Economics and Politics in Selecting Federal Reserve Cities: Why Missouri Has Two Reserve Banks
    Review, 2015, 97, (4), 269-88 View citations (2)

2014

20. Making sense of dissents: a history of FOMC dissents
    Review, 2014, 96, (3), 213-227 View citations (14)

2013

21. A Foregone Conclusion: how and why St. Louis was chosen for a Federal Reserve Bank
    Annual Report, 2013, 53-82
22. Big banks in small places: are community banks being driven out of rural markets?
    Review, 2013, 95, (May), 199-218 View citations (5)
23. Darryl Francis and the Making of Monetary Policy, 1966-1975
    Review, 2013, (Nov), 469-486
    Also in Review, 2003, 85, (Mar), 1-12 (2003) View citations (4)
24. Does the structure of banking markets affect economic growth? Evidence from U.S. state banking markets
    Explorations in Economic History, 2013, 50, (2), 161-178 View citations (17)
    See also Working Paper Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets, NBER Working Papers (2010) View citations (10) (2010)
25. Lessons from a Maverick: how the St. Louis Fed helped shape the nation's monetary policy
    Annual Report, 2013, 27-52
26. Reaching Our Constituents: to better serve the eighth district, the St. Louis Fed established three branches
    Annual Report, 2013, 83-96
27. The Fed is Born
    Annual Report, 2013, 17-25
28. The Fed's First (and Lasting) Job: Lender of Last Resorts
    Forefront, 2013, (Spring), 5-8
29. The evolution of cost-productivity and efficiency among US credit unions
    Journal of Banking & Finance, 2013, 37, (1), 75-88 View citations (18)

2012

30. Do Large Banks Have Lower Costs? New Estimates of Returns to Scale for U.S. Banks
    Journal of Money, Credit and Banking, 2012, 44, (1), 171-199 View citations (46)
    Also in Journal of Money, Credit and Banking, 2012, 44, (1), 171-199 (2012) View citations (181)
31. Federal Reserve lending to troubled banks during the financial crisis, 2007-2010
    Review, 2012, 94, (May), 221-242 View citations (3)
32. How well do initial claims forecast employment growth over the business cycle and over time?
    Economic Synopses, 2012 View citations (2)
33. Too big to fail: the pros and cons of breaking up big banks
    The Regional Economist, 2012, (Oct), 10-11 View citations (6)

2011

34. Are Credit Unions Too Small?
    The Review of Economics and Statistics, 2011, 93, (4), 1343-1359 View citations (30)
    See also Working Paper Are credit unions too small?, Working Papers (2008) View citations (2) (2008)
35. Banking industry consolidation and market structure: impact of the financial crisis and recession
    Review, 2011, 93, (Nov), 419-438 View citations (7)
36. Have acquisitions of failed banks increased the concentration of U.S. banking markets?
    Review, 2011, 93, (May), 155-168 View citations (1)

2010

37. Lessons learned? comparing the Federal Reserve's responses to the crises of 1929-1933 and 2007-2009
    Review, 2010, 92, (Mar), 89-108 View citations (4)
38. The geographic distribution and characteristics of U.S. bank failures, 2007-2010: do bank failures still reflect local economic conditions?
    Review, 2010, 92, (Sep), 395-415 View citations (49)
39. The monetary base and bank lending: you can lead a horse to water
    Economic Synopses, 2010 View citations (1)
40. When will business lending pick up?
    Economic Synopses, 2010

2009

41. Can the term spread predict output growth and recessions? a survey of the literature
    Review, 2009, 91, (Sep), 419-440 View citations (70)
42. How not to reduce excess reserves
    Economic Synopses, 2009
43. Robust Nonparametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985–2004
    Journal of Business & Economic Statistics, 2009, 27, (3), 354-368 View citations (42)
44. Systemic risk and the financial crisis: a primer
    Review, 2009, 91, (Sep), 403-418 View citations (20)
45. The global recession
    Economic Synopses, 2009

2008

46. Another window: the term auction facility
    Monetary Trends, 2008, (Mar)
47. Changing the rules: state mortgage foreclosure moratoria during the Great Depression
    Review, 2008, 90, (Nov), 569-584 View citations (5)
48. How much have U.S. house prices fallen?
    National Economic Trends, 2008, (Aug) View citations (1)
49. Non-parametric, unconditional quantile estimation for efficiency analysis with an application to Federal Reserve check processing operations
    Journal of Econometrics, 2008, 145, (1-2), 209-225 View citations (45)
    See also Working Paper Non-parametric, unconditional quantile estimation for efficiency analysis with an application to Federal Reserve check processing operations, Working Papers (2007) (2007)
50. Stable prices, stable economy: keeping inflation in check must be No. 1 goal of monetary policymakers
    The Regional Economist, 2008, (Jan), 4-9 View citations (3)
51. The federal response to home mortgage distress: lessons from the Great Depression
    Review, 2008, 90, (May), 133-148 View citations (18)

2007

52. Can Social Security survive the baby boomers?
    National Economic Trends, 2007, (Sep)
53. Expected inflation near and far
    Monetary Trends, 2007, (Feb)
54. Housing slump could lean heavily on economy
    The Regional Economist, 2007, (Apr), 4-9
55. Measuring commercial bank profitability: proceed with caution
    Review, 2007, 89, (Nov), 515-532 View citations (9)
    See also Working Paper Measuring Commercial Bank Profitability: Proceed With Caution, NFI Working Papers (2007) View citations (17) (2007)
56. Regional disparities in the spatial correlation of state income growth, 1977–2002
    The Annals of Regional Science, 2007, 41, (3), 601-618 View citations (41)
57. Stock market booms and monetary policy in the twentieth century
    Review, 2007, 89, (Mar), 91-122 View citations (22)

2006

58. Are banks vulnerable to a housing bust?
    Monetary Trends, 2006, (Feb)
59. What happens to banks when house prices fall? U.S. regional housing busts of the 1980s and 1990s
    Review, 2006, 88, (Sep), 413-430 View citations (7)
60. Why Did Income Growth Vary Across States During the Great Depression?
    The Journal of Economic History, 2006, 66, (2), 456-466 View citations (7)
    See also Working Paper Why did income growth vary across states during the Great Depression?, Working Papers (2006) View citations (7) (2006)

2005

61. A spatial analysis of state banking regulation*
    Papers in Regional Science, 2005, 84, (4), 575-595 View citations (7)
    See also Working Paper A spatial analysis of state banking regulation, Working Papers (2005) View citations (10) (2005)
62. Has the bond market forgotten oil?
    Monetary Trends, 2005, (May) View citations (1)
63. Política monetaria y precios de activos: una mirada retrospectiva a los momentos de auge en los mercados de valores de Estados Unidos en el pasado
    Boletín, 2005, LI, (1), 12-34
64. The Contribution of On‐Site Examination Ratings to an Empirical Model of Bank Failures
    Review of Accounting and Finance, 2005, 4, (4), 110-133
    See also Working Paper The contribution of on-site examination ratings to an emprircal model of bank failures, Working Papers (1999) View citations (2) (1999)
65. The real population problem: too few working, too many retired
    The Regional Economist, 2005, (Apr), 4-9 View citations (2)

2004

66. Consolidation in US banking: Which banks engage in mergers?
    Review of Financial Economics, 2004, 13, (1-2), 7-39 View citations (3)
    Also in Review of Financial Economics, 2004, 13, (1-2), 7-39 (2004) View citations (32)
    See also Working Paper Consolidation in US banking: which banks engage in mergers?, Working Papers (2002) (2002)
67. Monetary policy and asset prices: a look back at past U.S. stock market booms
    Review, 2004, 86, (Nov), 19-44 View citations (36)
    See also Working Paper Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms, NBER Working Papers (2004) View citations (48) (2004)
68. New evidence on the Fed's productivity in providing payments services
    Journal of Banking & Finance, 2004, 28, (9), 2175-2190 View citations (8)
    See also Working Paper New evidence on the Fed's productivity in providing payments services, Working Papers (2002) View citations (3) (2002)
69. Trends in the efficiency of Federal Reserve check processing operations
    Review, 2004, 86, (Sep), 7-20 View citations (6)
70. Why no business loan growth?
    Monetary Trends, 2004, (May)

2003

71. Aggregate price shocks and financial stability: the United Kingdom 1796-1999
    Explorations in Economic History, 2003, 40, (2), 143-169 View citations (17)
    See also Working Paper Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999, NBER Working Papers (2001) View citations (8) (2001)
72. Commentary on The real effects of U.S. banking deregulation
    Review, 2003, 85, (Jul), 129-134 View citations (2)
73. Replacement windows: new credit programs at the discount window
    Monetary Trends, 2003, (May)

2002

74. Aggregate Price Shocks and Financial Instability: A Historical Analysis
    Economic Inquiry, 2002, 40, (4), 521-538 View citations (36)
    See also Working Paper Aggregate price shocks and financial instability: a historical analysis, Working Papers (2001) View citations (16) (2001)
75. Conducting monetary policy without government debt: the Fed's early years
    Review, 2002, 84, (May), 1-14
76. Deposit insurance reform
    The Regional Economist, 2002, (Oct.), 4-9
77. The balance of risks
    Monetary Trends, 2002, (May)

2001

78. Heavyweight of productivity: does the microchip match up?
    The Regional Economist, 2001, (Jul), 4-9
79. Interest rate targets abandoned
    Monetary Trends, 2001, (Jun)
80. New evidence on returns to scale and product mix among U.S. commercial banks
    Journal of Monetary Economics, 2001, 47, (3), 653-674 View citations (93)
    See also Working Paper New evidence on returns to scale and product mix among U.S. commercial banks, Working Papers (1997) View citations (9) (1997)
81. The rise and fall of a policy rule: monetarism at the St. Louis Fed, 1968-1986
    Review, 2001, 83, (Jan), 1-24 View citations (10)

2000

82. 30-year bond faces uncertain future
    Monetary Trends, 2000, (Apr)
83. A History of Banking in Antebellum America: Financial Markets and Economic Development in an Era of Nation-Building. By Howard Bodenhorn. New York: Cambridge University Press, 2000. Pp. xxi, 260. $59.95, cloth; $22.95, paper
    The Journal of Economic History, 2000, 60, (3), 910-912
84. A history of the asymmetric policy directive
    Review, 2000, 82, (Sep), 1-16 View citations (22)
85. Are the Fed and financial markets in sync?
    Monetary Trends, 2000, (Oct) View citations (1)
86. The Bank of the United States and the American Economy. By Edward S. Kaplan Westport, CT: Greenwood Press, 1999. Pp. x, 172. $57.95
    The Journal of Economic History, 2000, 60, (2), 574-575
87. Why do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions
    The Review of Economics and Statistics, 2000, 82, (1), 127-138 View citations (345)
    See also Working Paper Why do banks disappear? The determinants of U.S. bank failures and acquisitions, Working Papers (1995) View citations (25) (1995)

1999

88. Monetary Policy and the Great Inflation in the United States: The Federal Reserve and the Failure of Macroeconomic Policy, 1965–79. By Thomas Mayer. Cheltenham, U.K. and Borthamption, MA: Edward Elgar, 1999. Pp. ix, 151. $70.00
    The Journal of Economic History, 1999, 59, (4), 1130-1131 View citations (1)
89. Technical Progress, Inefficiency, and Productivity Change in U.S. Banking, 1984-1993
    Journal of Money, Credit and Banking, 1999, 31, (2), 212-34 View citations (141)
    See also Working Paper Technical progress, inefficiency and productivity change in U.S. banking, 1984-1993, Working Papers (1996) View citations (5) (1996)
90. The FOMC in 1998: can it get any better than this?
    Review, 1999, 81, (Jul), 11-22 View citations (3)
91. The markets view of FOMC announcements
    Monetary Trends, 1999, (Dec)

1998

92. Competition and Monopoly in the Federal Reserve System, 1914–1951: A Microeconomics Approach to Monetary History. By Mark Toma. Cambridge: Cambridge University Press, 1997. Pp. xiv, 132. $49.95
    The Journal of Economic History, 1998, 58, (4), 1168-1170
93. Lessons from financial history. Proceedings of the twenty-second annual Economic Policy Conference of the Federal Reserve Bank of St Louis
    Review, 1998, (May)
94. Price stability and financial stability: the historical record
    Review, 1998, (Sep), 41-62 View citations (43)

1997

95. Dollars Through The Doors: A Pre-1930 History of Bank Marketing in America. By Richard N. Germain. Westport, CT: Greenwood Press, 1996. Pp. x, 224. $59.95
    The Journal of Economic History, 1997, 57, (2), 573-574
96. The Banking Panics of the Great Depression. By Elmus Wicker. New York: Cambridge University Press, 1996. Pp. xviii, 174. $39.95
    The Journal of Economic History, 1997, 57, (4), 977-978
97. Why does bank performance vary across states?
    Review, 1997, (Mar), 27-40 View citations (67)

1996

98. Monetary policy and financial market expectations: what did they know and when did they know it?
    Review, 1996, 78, (Jul), 19-32 View citations (6)

1995

99. Channels of monetary policy. Proceedings of the Nineteenth Annual Economic Policy Conference held October 20-21, 1994
    Proceedings, 1995, (May) View citations (1)
    Also in Review, 1995, (May) (1995)
100. Channels of monetary policy: conference introduction
     Proceedings, 1995, (May), vii - xii
     Also in Review, 1995, (May), vii - xii (1995)
101. Evaluating the efficiency of commercial banks: does our view of what banks do matter?
     Review, 1995, (Jul), 39-52 View citations (38)
102. Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency
     The Review of Economics and Statistics, 1995, 77, (4), 689-700 View citations (160)
     See also Working Paper Explaining bank failures: deposit insurance, regulation, and efficiency, Working Papers (1993) View citations (14) (1993)
103. Panic in Paradise: Florida’s Banking Crash of 1926. By Raymond B. Vickers. Tuscaloosa: The University of Alabama Press, 1994. Pp. xvi, 312. $34.95
     The Journal of Economic History, 1995, 55, (2), 444-445
104. Regulation, market structure and the bank failures of the Great Depression
     Review, 1995, (Mar), 27-38 View citations (9)
105. Which Banks Choose Deposit Insurance? Evidence of Adverse Selection and Moral Hazard in a Voluntary Insurance System
     Journal of Money, Credit and Banking, 1995, 27, (1), 186-201 View citations (29)

1994

106. Can deposit insurance increase the risk of bank failure? Some historical evidence
     Review, 1994, (May), 57-71 View citations (9)
107. The Slack Banker Dances: Deposit Insurance and Risk-Taking in the Banking Collapse of the 1920s
     Explorations in Economic History, 1994, 31, (3), 357-375 View citations (9)
     See also Working Paper The slack banker dances: deposit insurance and risk-taking in the banking collapse of the 1920s, Working Papers (1992) (1992)
108. Why Do Banks Fail? Evidence from the 1920s
     Explorations in Economic History, 1994, 31, (4), 409-431 View citations (64)

1993

109. Government Policy and Banking Market Structure in the 1920s
     The Journal of Economic History, 1993, 53, (4), 857-879 View citations (9)
110. Is the banking industry in decline? Recent trends and future prospects from a historical perspective
     Review, 1993, (Sep), 3-22 View citations (11)

1992

111. Deposit Insurance and Bank Failures: New Evidence from the 1920s
     Economic Inquiry, 1992, 30, (3), 530-43 View citations (33)
112. Monetary policy in the Great Depression: what the Fed did and why
     Review, 1992, (Mar), 3-28 View citations (11)
113. Regulation and Bank Failures: New Evidence from the Agricultural Collapse of the 1920s
     The Journal of Economic History, 1992, 52, (4), 806-825 View citations (18)
     See also Working Paper Regulation and bank failures: new evidence from the agricultural collapse of the 1920's, Working Papers (1991) (1991)
114. Seasonal accommodation and the financial crises of the Great Depression: did the Fed \\"furnish an elastic currency?\\"
     Review, 1992, (Nov), 3-18 View citations (6)
115. The Federal Reserve System: A History of the First 75 Years. By Carl H. Moore. Jefferson, NC: McFarland and Co. Inc., 1990. Pp. xiv, 266. $25.95
     The Journal of Economic History, 1992, 52, (1), 255-256

1991

116. United States and Canada - The Separation of Commercial and Investment Banking: The Glass-Steagall Act Revisited and Reconsidered. By George J. Benston, New York: Oxford University Press, 1990. Pp. x, 263. $29.95
     The Journal of Economic History, 1991, 51, (3), 734-735

1990

117. Member Bank Borrowing and the Fed's Contractionary Monetary Policy during the Great Depression
     Journal of Money, Credit and Banking, 1990, 22, (4), 409-26 View citations (22)

1989

118. The Strategy and Consistency of Federal Reserve Monetary Policy, 1919–1933
     The Journal of Economic History, 1989, 49, (2), 459-461 View citations (5)
119. The strategy, effectiveness, and consistency of Federal Reserve monetary policy 1924-1933
     Explorations in Economic History, 1989, 26, (4), 453-476 View citations (5)

1988

120. The American Monetary System: A Concise Survey of its Evolution since 1896. By Robert A. Degen. Lexington: Lexington Books, 1987. Pp. x, 242. $30.00
     The Journal of Economic History, 1988, 48, (3), 790-791

Books

2004

1. The Strategy and Consistency of Federal Reserve Monetary Policy, 1924–1933
   Cambridge Books, Cambridge University Press View citations (1)
   Also in Cambridge Books, Cambridge University Press (1991) View citations (29)

Chapters

2013

1. The Great Inflation: Did The Shadow Know Better?
   A chapter in The Great Inflation: The Rebirth of Modern Central Banking, 2013, pp 61-107
   See also Working Paper The Great Inflation: Did the Shadow Know Better?, National Bureau of Economic Research, Inc (2011) View citations (3) (2011)

1998

2. Was the Great Depression a Watershed for American Monetary Policy?
   A chapter in The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, 1998, pp 23-65 View citations (39)
   See also Working Paper Was the Great Depression a Watershed for American Monetary Policy?, National Bureau of Economic Research, Inc (1997) View citations (7) (1997)