Research Highlight: David C. Wheelock

Economist and Deputy Director of Research David C. Wheelock's recent paper with Matthew Jaremski, "The Founding of the Federal Reserve, the Great Depression, and the Evolution of the U.S. Interbank Network," has been published in the March 2020 issue of The Journal of Economic History. 

The article examines how the U.S. interbank network evolved over a long and important period that included two key events: the founding of the Federal Reserve and the Great Depression. Banks established connections to correspondents that joined the Federal Reserve in cities with Fed offices, initially reducing overall network concentration. The network became even more focused on Fed cities during the Depression, as survival rates were higher for banks with more existing connections to Fed cities, and as survivors established new connections to those cities over time.

Full text of the article is available from the journal's website for free until April 21, 2020. The 2019 working paper is available on our site here.