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
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.
"A Spatial Analysis of State Banking Regulation"
with Thomas A. Garrett and Gary A. Wagner
Papers In Regional Science, November 2005, 84(4), pp. 575-95.
"The Contribution of On-site Examination Ratings to an Empirical Model of Bank Failures"
with Paul W. Wilson
Review of Accounting and Finance, November 2005, 4(4), pp. 110-34.
"New Evidence on the Fed's Productivity in Providing Payments Services"
with R. Alton Gilbert and Paul W. Wilson
Journal of Banking and Finance, September 2004, 28(9), pp. 2175-90.
"Consolidation in US Banking: Which Banks Engage in Mergers?"
with Paul W. Wilson
Review of Financial Economics, January 2004, 13(1-2), pp. 7-39.
"Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999"
with Michael D. Bordo and Michael J. Dueker
Explorations in Economic History, April 2003, 40(2), pp.143-69.
"Aggregate Price Shocks and Financial Instability: A Historical Analysis"
with Michael D. Bordo and Michael J. Dueker
Economic Inquiry, October 2002, 40(4), pp. 521-38.
"New Evidence on Returns to Scale and Product Mix Among U.S. Commercial Banks"
with Paul W. Wilson
Journal of Monetary Economics, June 2001, 47(3), pp. 653-74.
"National Monetary Policy by Regional Design: The Evolving Role of the Federal Reserve Banks in Federal Reserve System Policy"
in J. von Hagen and C.Waller, eds. Regional Aspects of Monetary Policy in Europe. Boston: Kluwer Academic Publishers, 2000, pp. 241-74.
"Why Do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions"
with Paul W. Wilson
Review of Economics and Statistics, February 2000, 82(1), pp. 127-38.
"Technical Progress, Inefficiency, and Productivity Change in U.S. Banking, 1984-1993"
with Paul W. Wilson
Journal of Money, Credit and Banking, May 1999, 31(2), pp. 212-34.
"Monetary Policy in the Great Depression and Beyond: The Origins of the Fed's Inflation Bias"
Mark Wheeler, ed. The Economics of the Great Depression. Kalamazoo: The Upjohn Institute, 1998, pp. 127-67.
"Was the Great Depression a Watershed for American Monetary Policy?"
with Charles W. Calomiris
Michael Bordo, Claudia Goldin and Eugene N. White, eds. The Defining Moment: The Great Depression and the American Economy in the Twentieth Century. Chicago: University of Chicago Press for the NBER, 1998, pp. 23-65.
Also printed as NBER working paper no. 5963, March 1997.
"Federal Reserve System, 1914-1941"
David Glasner, ed. Business Cycles and Depressions: An Encyclopedia. New York: Garland Publishing, 1997, pp. 219-21.
"Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency"
with Paul Wilson
The Review of Economics and Statistics, November 1995, 77(4), pp. 689-700.
"Which Banks Choose Deposit Insurance? Evidence of Adverse Selection and Moral Hazard in a Voluntary Insurance System"
with Subal C. Kumbhakar
The Journal of Money, Credit, and Banking, February 1995, 27(1), pp. 186-201.
"Why Do Banks Fail? Evidence from the 1920s"
with Lee J. Alston and Wayne A. Grove
Explorations in Economic History, October 1994, 31(4), pp. 409-31.
"Nationwide Branching: The Implications"
Bank Management, Bank Administration Institute, September/October 1994, pp. 54-58.
"'The Slack Banker Dances:' Deposit Insurance and Risk-Taking in the Banking Collapse of the 1920s"
with Subal C. Kumbhakar
Explorations in Economic History, July 1994, 31(4), pp. 357-75.
"Government Policy and Banking Market Structure in the 1920s"
The Journal of Economic History, December 1993, 53(4), pp. 857-79.
"Regulation and Bank Failures: New Evidence from the Agricultural Collapse of the 1920s"
The Journal of Economic History, December 1992, 52(4), pp. 806-25.
"Deposit Insurance and Bank Failures: New Evidence from the 1920s"
Economic Inquiry, July 1992, 30, pp. 530-43.
"Banking Act of 1935"
P. Newman, et. al., eds., The New Palgrave Dictionary of Money and Finance, 1992, 1, p. 135.
"Glass-Steagall Act"
P. Newman, et. al., eds., The New Palgrave Dictionary of Money and Finance, 1992, 2, pp. 243-44.
"Regulation Q"
P. Newman, et. al., eds., The New Palgrave Dictionary of Money and Finance, 1992, 3, pp. 326-27.
"Member Bank Borrowing and the Fed's Contractionary Monetary Policy During the Great Depression"
Journal of Money, Credit, and Banking, November 1990, 22(4), pp. 409-26.
"The Strategy, Effectiveness, and Consistency of Federal Reserve Monetary Policy, 1924-1933"
Explorations in Economic History, October 1989, 26, pp. 453-76.
"The Strategy and Consistency of Federal Reserve Monetary Policy, 1919-1933"
The Journal of Economic History, June 1989, 49(2), pp. 459-61 (dissertation summary).
"The Fed's Failure to Act as Lender of Last Resort During the Great Depression 1929-1933"
Federal Reserve Bank of Chicago, Bank Structure and Competition, 1989, pp. 154-76.