Education
Ph.D. Economics
University of Missouri-Columbia
1976
M.S. Economics
Arizona State University
1969
B.A. Economics
Parsons College
1967
Contact Info
Phone: (314) 444-8582
Fax: (314) 444-8731
Email: thornton@stls.frb.org
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
For media inquiries contact:
Adam Allington
mediainquiries@stls.frb.org
Office: (314) 444-8783
Cell: (314) 313-3783
Daniel L. Thornton
Working Papers
"How Effective Is Central Bank Forward Guidance?"
with Clemens J.M. Kool
Working Paper 2012-063A, posted December 2012.
"Evidence on The Portfolio Balance Channel of Quantitative Easing"
Working Paper 2012-015A, posted June 2012, updated October 2012.
"Monetary Policy: Why Money Matters, and Interest Rates Don’t"
Working Paper 2012-020A, posted October 2012.
"Greenspan’s Conundrum and the Fed’s Ability to Affect Long-Term Yields"
Working Paper 2012-036A, posted September 2012.
"Predictions of Short-Term Rates and the Expectations Hypothesis"
with Massimo Guidolin
Working Paper 2010-013B, posted May 2010, updated January 2011.
"The Effectiveness of Unconventional Monetary Policy: The Term Auction Facility"
Working Paper 2010-044A, posted October 2010.
"The Unusual Behavior of the Federal Funds Rate and Treasury Yields: A Conundrum or an Instance of Goodhart’s Law?"
Working Paper 2007-039C, posted September 2007, updated August 2010.
"Revisiting the Predictability of Bond Risk Premia"
with Giorgio Valente
Working Paper 2009-009A, posted March 2009.
"Resolving the Unbiasedness Puzzle in the Foreign Exchange Market"
Working Paper 2009-002A, posted January 2009.
"Monetary Policy: Why Money Matters and Interest Rates Don’t"
Working Paper 2008-011A, posted May 2008.
"The Daily and Policy-Relevant Liquidity Effects"
Working Paper 2007-001B, posted January 2007, updated November 2007.
"Resolving the Unbiasedness and Forward Premium Puzzles"
Working Paper 2007-014A, posted March 2007.
"The Daily Liquidity Effect"
Working Paper 2006-020A, posted April 2006.
"A New Federal Funds Rate Target Series: September 27, 1982 - December 31, 1993"
Working Paper 2005-032A, posted May 2005.
"Predictions of Short-Term Rates and the Expectations Hypothesis of the Term Structure of Interest Rates"
Working Paper 2004-010A, posted June 2004, updated January 2005.
"A Dynamic Factor Analysis of the Response of U. S. Interest Rates to News"
with Marco Lippi
Working Paper 2004-013A, posted July 2004.
"Do Bank Loan Rates Exhibit a Countercyclical Mark-up?"
with Michael J. Dueker
Working Paper 1997-004A, posted February 1997.
"Discount Rate Policies of Five Federal Reserve Chairmen"
Working Paper 1996-001A, posted February 1996.
"Asymmetry in the Prime Rate and Firms' Preference for Internal Finance"
with Michael J. Dueker
Working Paper 1994-017A, posted 1994.
"Should Consumer Expenditures be the Scale Variable in Empirical Money Demand Equations?"
Working Paper 1988-003A, posted 1988.
"Weighted Monetary Aggregates As Intermediate Targets"
with Dallas S. Batten
Working Paper 1985-010A, posted 1985.
"A Note on the Relative Efficiency of the Cochrane-Orcutt and OLS Estimators when the Autocorrelation Process has a Finite Past"
Working Paper 1984-002A, posted 1984.
"Tests of Price Sluggishness in the U.K."
with K. Alec Chrystal
Working Paper 1984-019A, posted 1984.
"The Appropriate Autocorrelation Transformation when the Autocorrelation Process has a Finite Past"
Working Paper 1982-002B, posted February 1982, updated May 1983.
"The Real-Balance Effect with Resource-Using Money: A Capital-Theoretic Interpretation"
Working Paper 1983-010A, posted 1983.
"Complete Results for Lag Length Selection"
with Dallas S. Batten
Working Paper 1983-009A, posted 1983.
"Lag-Length Selection Criteria: Empirical Results from the St. Louis Equation"
with Dallas S. Batten
Working Paper 1983-008A, posted 1983.
"Endpoint Constraints and the St. Louis Equation: A Clarification"
with Dallas S. Batten
Working Paper 1983-001A, posted 1983.
