Details about David Wheelock
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
- Theodore Roosevelt, the Election of 1912, and the Founding of the Federal Reserve
Working Papers, Federal Reserve Bank of St. Louis 
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2024)
2023
- 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)
- Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907
NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
Also in Working Papers, Federal Reserve Bank of St. Louis (2023) 
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
- 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)
- How Does the Pandemic Recession Stack Up against the Great Depression?
On the Economy, Federal Reserve Bank of St. Louis
- 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)
- New Estimates of the Lerner Index of Market Power for U.S. Banks
Working Papers, Federal Reserve Bank of St. Louis View citations (2)
- 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
- Interbank Connections, Contagion and Bank Distress in the Great Depression
NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
Also in Working Papers, Federal Reserve Bank of St. Louis (2019) View citations (7)
- 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
- 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 (8) (2020)
2016
- 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)
- 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)
- Near-Money Premiums, Monetary Policy, and the Integration of Money Markets: Lessons from Deregulation
Working Papers, Federal Reserve Bank of St. Louis View citations (1)
Also in BIS Working Papers, Bank for International Settlements (2016) View citations (1) Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (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
- 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)
- 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)
- 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
- 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
- Federal Reserve lending to troubled banks during the financial crisis, 2007-10
Working Papers, Federal Reserve Bank of St. Louis View citations (4)
- 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
- 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 Working Papers, Federal Reserve Bank of St. Louis (2011) View citations (14) NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (20)
- 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)
- 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
- 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
- Are U.S. banks too large?
Working Papers, Federal Reserve Bank of St. Louis View citations (6)
- 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)
- 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
- 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)
- Government response to home mortgage distress: lessons from the Great Depression
Working Papers, Federal Reserve Bank of St. Louis View citations (9)
- Inflation, Monetary Policy and Stock Market Conditions
NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)
2007
- 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)
- Monetary policy and stock market booms and busts in the 20th century
Working Papers, Federal Reserve Bank of St. Louis View citations (22)
- 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)
- 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
- 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)
- 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
- 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)
- Regional disparities in the spatial correlation of state income growth
Working Papers, Federal Reserve Bank of St. Louis View citations (1)
2004
- 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 (47)
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 (35) (2004)
- 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
- 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, Elsevier (2004) View citations (32) (2004)
- 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
- 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)
- 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
- 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)
- 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
- 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)
- 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)
- 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
- 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 (140) (1999)
1995
- 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
- 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 (344) (2000)
1993
- 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 (159) (1995)
1992
- Government policy and banking instability: \"overbanking\" in the 1920s
Working Papers, Federal Reserve Bank of St. Louis
- 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)
- 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
- 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
- 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
- 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, NBER Working Papers (2023) View citations (1) (2023)
2023
- 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)
- The COVID-19 Pandemic and Inflation: Lessons from Major US Wars
Review, 2023, 105, (4), 234-260
2022
- Interbank connections, contagion and bank distress in the Great Depression✰
Journal of Financial Intermediation, 2022, 51, (C) View citations (2)
2021
- A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-54
Review, 2021, 103, (1), 45-70
- 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
- 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 (8)
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)
- Comparing the COVID-19 Recession with the Great Depression
Economic Synopses, 2020, (39) View citations (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
- 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)
- 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
- 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
- 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
- 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)
- Furnishing an “Elastic Currency”: The Founding of the Fed and the Liquidity of the U.S. Banking System
Review, 2018, 100, (1), 17-44
- 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, Working Papers (2016) View citations (1) (2016)
- 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
- 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
- Economics and Politics in Selecting Federal Reserve Cities: Why Missouri Has Two Reserve Banks
Review, 2015, 97, (4), 269-88 View citations (2)
2014
- Making sense of dissents: a history of FOMC dissents
Review, 2014, 96, (3), 213-227 View citations (14)
2013
- A Foregone Conclusion: how and why St. Louis was chosen for a Federal Reserve Bank
Annual Report, 2013, 53-82
- Big banks in small places: are community banks being driven out of rural markets?
Review, 2013, 95, (May), 199-218 View citations (5)
- 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)
- 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)
- Lessons from a Maverick: how the St. Louis Fed helped shape the nation's monetary policy
Annual Report, 2013, 27-52
- Reaching Our Constituents: to better serve the eighth district, the St. Louis Fed established three branches
Annual Report, 2013, 83-96
- The Fed is Born
Annual Report, 2013, 17-25
- The Fed's First (and Lasting) Job: Lender of Last Resorts
Forefront, 2013, (Spring), 5-8
- The evolution of cost-productivity and efficiency among US credit unions
Journal of Banking & Finance, 2013, 37, (1), 75-88 View citations (16)
2012
- 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 (181)
Also in Journal of Money, Credit and Banking, 2012, 44, (1), 171-199 (2012) View citations (46)
- Federal Reserve lending to troubled banks during the financial crisis, 2007-2010
Review, 2012, 94, (May), 221-242 View citations (3)
- How well do initial claims forecast employment growth over the business cycle and over time?
Economic Synopses, 2012 View citations (2)
- Too big to fail: the pros and cons of breaking up big banks
The Regional Economist, 2012, (Oct), 10-11 View citations (6)
2011
- 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)
- Banking industry consolidation and market structure: impact of the financial crisis and recession
Review, 2011, 93, (Nov), 419-438 View citations (7)
- Have acquisitions of failed banks increased the concentration of U.S. banking markets?
Review, 2011, 93, (May), 155-168 View citations (1)
2010
- 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)
- 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)
- The monetary base and bank lending: you can lead a horse to water
Economic Synopses, 2010 View citations (1)
- When will business lending pick up?
Economic Synopses, 2010
2009
- Can the term spread predict output growth and recessions? a survey of the literature
Review, 2009, 91, (Sep), 419-440 View citations (70)
- How not to reduce excess reserves
Economic Synopses, 2009
- 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)
- Systemic risk and the financial crisis: a primer
Review, 2009, 91, (Sep), 403-418 View citations (20)
- The global recession
Economic Synopses, 2009
2008
- Another window: the term auction facility
Monetary Trends, 2008, (Mar)
- Changing the rules: state mortgage foreclosure moratoria during the Great Depression
Review, 2008, 90, (Nov), 569-584 View citations (5)
- How much have U.S. house prices fallen?
National Economic Trends, 2008, (Aug) View citations (1)
- 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)
- 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)
- The federal response to home mortgage distress: lessons from the Great Depression
Review, 2008, 90, (May), 133-148 View citations (18)
2007
- Can Social Security survive the baby boomers?
National Economic Trends, 2007, (Sep)
- Expected inflation near and far
Monetary Trends, 2007, (Feb)
- Housing slump could lean heavily on economy
The Regional Economist, 2007, (Apr), 4-9
- 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)
- 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)
- Stock market booms and monetary policy in the twentieth century
Review, 2007, 89, (Mar), 91-122 View citations (22)
2006
- Are banks vulnerable to a housing bust?
Monetary Trends, 2006, (Feb)
- 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)
- 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
- 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)
- Has the bond market forgotten oil?
Monetary Trends, 2005, (May) View citations (1)
- 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
- 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)
- The real population problem: too few working, too many retired
The Regional Economist, 2005, (Apr), 4-9 View citations (2)
2004
- Consolidation in US banking: Which banks engage in mergers?
Review of Financial Economics, 2004, 13, (1-2), 7-39 View citations (32)
Also in Review of Financial Economics, 2004, 13, (1-2), 7-39 (2004) View citations (3)
See also Working Paper Consolidation in US banking: which banks engage in mergers?, Working Papers (2002) (2002)
- Monetary policy and asset prices: a look back at past U.S. stock market booms
Review, 2004, 86, (Nov), 19-44 View citations (35)
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 (47) (2004)
- 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)
- Trends in the efficiency of Federal Reserve check processing operations
Review, 2004, 86, (Sep), 7-20 View citations (6)
- Why no business loan growth?
Monetary Trends, 2004, (May)
2003
- 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)
- Commentary on The real effects of U.S. banking deregulation
Review, 2003, 85, (Jul), 129-134 View citations (2)
- Replacement windows: new credit programs at the discount window
Monetary Trends, 2003, (May)
2002
- 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)
- Conducting monetary policy without government debt: the Fed's early years
Review, 2002, 84, (May), 1-14
- Deposit insurance reform
The Regional Economist, 2002, (Oct.), 4-9
- The balance of risks
Monetary Trends, 2002, (May)
2001
- Heavyweight of productivity: does the microchip match up?
The Regional Economist, 2001, (Jul), 4-9
- Interest rate targets abandoned
Monetary Trends, 2001, (Jun)
- 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)
- 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
- 30-year bond faces uncertain future
Monetary Trends, 2000, (Apr)
- 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
- A history of the asymmetric policy directive
Review, 2000, 82, (Sep), 1-16 View citations (22)
- Are the Fed and financial markets in sync?
Monetary Trends, 2000, (Oct) View citations (1)
- 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
- 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 (344)
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
- 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)
- 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 (140)
See also Working Paper Technical progress, inefficiency and productivity change in U.S. banking, 1984-1993, Working Papers (1996) View citations (5) (1996)
- The FOMC in 1998: can it get any better than this?
Review, 1999, 81, (Jul), 11-22 View citations (3)
- The markets view of FOMC announcements
Monetary Trends, 1999, (Dec)
1998
- 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
- Lessons from financial history. Proceedings of the twenty-second annual Economic Policy Conference of the Federal Reserve Bank of St Louis
Review, 1998, (May)
- Price stability and financial stability: the historical record
Review, 1998, (Sep), 41-62 View citations (43)
1997
- 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
- 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
- Why does bank performance vary across states?
Review, 1997, (Mar), 27-40 View citations (67)
1996
- 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
- Channels of monetary policy. Proceedings of the Nineteenth Annual Economic Policy Conference held October 20-21, 1994
Review, 1995, (May)
Also in Proceedings, 1995, (May) (1995) View citations (1)
- Channels of monetary policy: conference introduction
Proceedings, 1995, (May), vii - xii 
Also in Review, 1995, (May), vii - xii (1995)
- Evaluating the efficiency of commercial banks: does our view of what banks do matter?
Review, 1995, (Jul), 39-52 View citations (38)
- Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency
The Review of Economics and Statistics, 1995, 77, (4), 689-700 View citations (159)
See also Working Paper Explaining bank failures: deposit insurance, regulation, and efficiency, Working Papers (1993) View citations (14) (1993)
- 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
- Regulation, market structure and the bank failures of the Great Depression
Review, 1995, (Mar), 27-38 View citations (9)
- 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
- Can deposit insurance increase the risk of bank failure? Some historical evidence
Review, 1994, (May), 57-71 View citations (9)
- 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)
- Why Do Banks Fail? Evidence from the 1920s
Explorations in Economic History, 1994, 31, (4), 409-431 View citations (64)
1993
- Government Policy and Banking Market Structure in the 1920s
The Journal of Economic History, 1993, 53, (4), 857-879 View citations (9)
- Is the banking industry in decline? Recent trends and future prospects from a historical perspective
Review, 1993, (Sep), 3-22 View citations (11)
1992
- Deposit Insurance and Bank Failures: New Evidence from the 1920s
Economic Inquiry, 1992, 30, (3), 530-43 View citations (32)
- Monetary policy in the Great Depression: what the Fed did and why
Review, 1992, (Mar), 3-28 View citations (11)
- 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)
- 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)
- 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
- 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
- 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
- The Strategy and Consistency of Federal Reserve Monetary Policy, 1919–1933
The Journal of Economic History, 1989, 49, (2), 459-461 View citations (5)
- 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
- 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
- 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
- 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
- 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)
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