#2008-038A "Government Response to Home Mortgage Distress: Lessons from the Great Depression"
by David C. Wheelock
October 2008

The Great Depression was the worst macroeconomic collapse in U.S. history. Sharp declines in household income and real estate values resulted in soaring mortgage delinquency rates. More...

#2008-033A "Are Credit Unions Too Small?"
by David C. Wheelock, and Paul Wilson
September 2008

Since 1985, the share of U.S. depository institution assets held by credit unions has nearly doubled, and the average (inflation-adjusted) size of credit unions has increased over 600 percent. We use a non-parametric local-linear estimator to estimate a cost relationship for credit unions and derive estimates of ray-scale and expansion-path scale economies. More...

#2008-032A "The Great Inflation: Did The Shadow Know Better?"
by William Poole, Robert H. Rasche, and David C. Wheelock
September 2008

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. More...

#2008-012A "Inflation, Monetary Policy and Stock Market Conditions"
by Michael D. Bordo, Michael J. Dueker, and David C. Wheelock
May 2008

This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the second half of the 20th century. More...

#2007-020A "Monetary Policy and Stock Market Booms and Busts in the 20th Century"
by Michael D. Bordo, Michael J. Dueker, and David C. Wheelock
May 2007

This paper examines the association between monetary policy and stock market booms and busts in the United States, United Kingdom, and Germany during the 20th century. More...

#2006-051A "When Do Stock Market Booms Occur? The Macroeconomic and Policy Environments of 20th Century Booms"
by Michael D. Bordo, and David C. Wheelock
September 2006

This paper studies the macroeconomic conditions and policy environments under which stock market booms occurred among ten developed countries during the 20th Century. More...

FORTHCOMING: in Jeremy Atack, ed., The Origins and Development of Financial Markets and Institutions, Cambridge University Press

#2006-041B "Robust Non-parametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985–2004"
by David C. Wheelock, and Paul Wilson
June 2006
Revised April 2007

This paper describes a non-parametric, unconditional, hyperbolic quantile estimator that unlike traditional non-parametric frontier estimators is both robust to data outliers and has a root-n convergence rate. More...

FORTHCOMING: Journal of Business and Economic Statistics

#2005-061B "Regional Disparities in the Spatial Correlation of State Income Growth"
by Thomas A. Garrett, Gary A. Wagner, and David C. Wheelock
August 2005
Revised December 2005

This paper presents new evidence of spatial correlation in U.S. state income growth. We extend the basic spatial econometric model used in the growth literature by allowing spatial correlation in state income growth to vary across geographic regions. We find positive spatial correlation in income growth rates across neighboring states, but that the strength of this spatial correlation varies considerably by region. More...

PUBLISHED: Annals of Regional Science, September 2007, 41(3), pp. 601-18

#2005-027B "Non-parametric, Unconditional Quantile Estimation for Efficiency Analysis with an Application to Federal Reserve Check Processing Operations"
by David C. Wheelock, and Paul Wilson
April 2005
Revised February 2007

This paper examines the technical efficiency of U.S. Federal Reserve check processing offices over 1980–2003. More...

PUBLISHED: Journal of Econometrics, July 2008, 145(1-2), pp. 209-25

#2005-013B "Why Did Income Growth Vary Across States During the Great Depression?"
by Thomas A. Garrett, and David C. Wheelock
January 2005
Revised March 2006

State per capita incomes became more disperse during the contraction phase of the Great Depression, and less disperse during the recovery phase. We investigate the effects of spatial dependence, industrial composition, bank failures and fiscal policies on state income growth during each phase. More...

PUBLISHED: Journal of Economic History, June 2006, 66(2), pp. 456-66