Education
Ph.D. Economics
University of Illinois
1987
MS Economics
University of Illinois
1984
BS Economics
Iowa State University
1982
Contact Info
Phone: (314) 444-8570
Fax: (314) 444-8731
Email: david.c.wheelock@stls.frb.org
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
For media inquiries contact:
Ben C. Hardaway
mediainquiries@stls.frb.org
Office: (314) 444-8783
Cell: (314) 341-2714
David C. Wheelock
Vice President and Deputy Director of Research
Working Papers and Other Work in Progress
"Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach"
with Charles W. Calomiris and Joseph R. Mason
Working Paper 2011-002A posted January 2011
"The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933"
with Michael D. Bordo
Working Paper 2010-036B posted October 2010, updated January 2011
"Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets"
with Kris James Mitchener
Working Paper 2010-004D posted January 2010, updated September 2011
Books
The Strategy and Consistency of Federal Reserve Monetary Policy 1924-1933, Cambridge University Press, 1991.
Articles in Academic Journals and Books
"Do Large Banks have Lower Costs? New Estimates of Returns to Scale for U.S. Banks"
with Paul Wilson
FORTHCOMING: Journal of Money, Credit, and Banking
"Are Credit Unions Too Small?"
with Paul W. Wilson
Review of Economics and Statistics, November 2011, 93(4), pp. 1343-59.
"Robust Non-parametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985-2004"
with Paul W. Wilson
Journal of Business and Economic Statistics, July 2009, 27(3), pp. 354-68.
"When Do Stock Market Booms Occur? The Macroeconomic and Policy Environments of 20th Century Booms"
with Michael D. Bordo
Jeremy Atack, ed., The Origins and Development of Financial Markets and Institutions, 2009, pp. 416-49, Cambridge University Press.
"Non-parametric, Unconditional Quantile Estimation for Efficiency Analysis with an Application to Federal Reserve Check Processing Operations"
with Paul W. Wilson
Journal of Econometrics, July 2008, 145(1-2), pp. 209-25.
"Regional Disparities in the Spatial Correlation of State Income Growth"
with Thomas A. Garrett and Gary A. Wagner
Annals of Regional Science, September 2007, 41(3), pp. 601-18.
"Why Did Income Growth Vary Across States During the Great Depression?"
with Thomas A. Garrett
Journal of Economic History, June 2006, 66(2), pp. 456-66.
Abstract | Full Text (PDF)
Federal Reserve Publications
"Banking Industry Consolidation and Market Structure: Impact of the Financial Crisis and Recession"
Federal Reserve Bank of St. Louis Review, November/December 2011, 93(6), pp. 419-438.
"Have Acquisitions of Failed Banks Increased the Concentration of U.S. Banking Markets?"
Federal Reserve Bank of St. Louis Review, May/June 2011, 93(3), pp. 155-168.
"The Geographic Distribution and Characteristics of U.S. Bank Failures, 2007-2010:
Do Bank Failures Still Reflect Local Economic Conditions?"
with Craig P. Aubuchon
Federal Reserve Bank of St. Louis Review, September/October 2010, 92(5), pp. 395-415.
"Lessons Learned? Comparing the Federal Reserve’s Responses to the Crises of 1929-1933 and 2007-2009"
Federal Reserve Bank of St. Louis Review, March/April 2010, 92(2), pp. 89-107.
"Systemic Risk and the Financial Crisis: A Primer"
with James Bullard and Christopher J. Neely
Federal Reserve Bank of St. Louis Review, September/October 2009, 91(5, Part 1), pp. 403-17.
"Can the Term Spread Predict Output Growth and Recessions? A Survey of the Literature"
with Mark E. Wohar
Federal Reserve Bank of St. Louis Review, September/October 2009, 91(5, Part 1), pp. 419-40.
Commentary
"The Monetary Base and Bank Lending: You Can Lead a Horse to Water..."
Federal Reserve Bank of St. Louis Economic Synopses, 2010, No. 24.
"When Will Business Lending Pick Up?"
Federal Reserve Bank of St. Louis Economic Synopses, 2010, No. 8.
"How Not to Reduce Excess Reserves"
Federal Reserve Bank of St. Louis Economic Synopses, 2009, No. 38.
"The Global Recession"
with Craig P. Aubuchon
Federal Reserve Bank of St. Louis International Economic Trends, May 2009.
Book Reviews
"A History of Macroeconomic Policy in the United States"
by John H. Wood
Published electronically on the Economic History Association web site, EH.Net, June 30, 2009.
"The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Years"
by Randall E. Parker
Published electronically on the Economic History Association web site, EH.Net, November 5, 2007.
"A History of the Federal Reserve, Volume 1: 1913-1951"
by Allan H. Meltzer
Economic History Review, August 2005, 58(3), pp. 629-30.