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Robert H. Rasche

Executive Vice President and Senior Policy Adviser


Ph.D. Economics
University of Michigan

A.M. Economics
University of Michigan

B.A. Economics and Mathematics
Yale University

Contact Info

Fax: (314) 444-8731

Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442

For media inquiries, contact:
Laura Girresch
Phone: (314) 444-6166

Forthcoming Publications

"Inflation: Do Expectations Trump the Gap?"
with Jeremy M. Piger
International Journal of Central Banking

Journal Publications

"A Vector Error-Correction Forecasting Model of the U.S. Economy."
with Richard G. Anderson and Dennis Hoffman
Journal of Macroeconomics, December 2002, Vol. 24(4), pp. 569-598
Working Paper

"Perfecting the Market's Knowledge of Monetary Policy"
with William Poole
Journal of Financial Services Research, December, Vol. 18(2-3), pp. 255-98
Working Paper

"Results of a Study of the Stability of Cointegrating Relations Comprised of Broad Monetary Aggregates"
with John B. Carlson and Benjamin D. Keen
Journal of Monetary Economics, October, Vol. 46(2), pp. 345-83

"Identification, Long-Run Relations and Fundamental Innovations in a Simple Cointegrated System"
with W.J. Crowder and Dennis Hoffman
Review of Economics and Statistics, February, Vol. 81(1), pp. 109-21

"Stochastic Trends and Economic Fluctuations in a Large Open Economy"
with S.B. Deloach
Journal of International Money and Finance, Vol. 17(4), pp. 565-96

"Assessing Forecast Performance in a Cointegrated System"
with Dennis Hoffman
Journal of Applied Econometrics, September/October, Vol. 11(5), pp. 495-517

"Pitfalls in Counterfactual Analysis of Policy Rules"
Open Economies Review, Vol. 6(3), pp. 199-202

"The Stability Long-Run Money Demand in Five Industrial Countries"
with Dennis Hoffman and M. Tieslau
Journal of Monetary Economics, April, Vol. 35(2), pp. 317-39

"Sufficient Conditions for Expected Utility to Imply Mean-Standard Deviation Rankings: Empirical Evidence Concerning the Location and Scale Condition"
with Jack Meyer
Economic Journal, January, Vol. 102(410), pp. 91-106

"Long-Run Income and Interest Elasticities of Money Demand in the United States"
with Dennis Hoffman
Review of Economics and Statistics, November, Vol. 73(4), pp. 665-74

"P* type Models: Evaluation and Forecasts"
with Rowena A. Pecchenino
International Journal of Forecasting, October, Vol. 6(3), pp. 421-40

"The M2 Demand in Japan: Shifted and Unstable?"
with Tomoo Yoshida
Monetary and Economic Studies, Vol. 8(2), pp. 9-30

"Equilibrium Income and Interest Elasticities of the Demand for M1 in Japan"
Monetary and Economic Studies, Vol. 8(2), pp. 31-58

"Monetary Policy and Financial Deregulation in the United States"
Kredit und Kapital, Vol. 21(3)

"An Examination of the Commerce Department Leading-Indicator Approach"
with Paul D. Koch
Journal of Business & Economic Statistics, April, Vol. 6(2), pp. 167-87

"Velocity and the Choice of Policy Regimes"
The Cato Journal, Fall, Vol. 6(2)

"Predicting the Money Stock: A Comparison of Alternative Approaches"
with Brian Motley
Federal Reserve Bank of San Francisco Economic Review, No. 2, pp. 38-54

"Estimating Regional Cost Differences: Theory and Evidence"
with J. Johannes and Paul D. Koch
Managerial and Decision Economics, June, Vol. 6(2)

"Views on deficits and interest rates "
Federal Reserve Bank of San Francisco Weekly Economic Letter

"Interest Rate Volatility and Alternative Monetary Control Procedures"
Federal Reserve Bank of San Francisco Economic Review, Vol. Summer, No. 3, pp. 46-63

"The Incidence and Incentive Effects of Property Tax Credits: Evidence from Michigan"
with R.C. Fisher
Public Finance Quarterly, July, Vol. 12(3), pp. 291-319

"Fair Value Versus Original Cost Rate Base Valuation During Inflation"
with Edward L. Bubnys and Walter J. Primeaux Jr.
Energy Journal, April, Vol. 5(2)

"A New Look at the Relationship Between Time-Series and Structural Econometric Models"
with Richard G. Anderson and J. Johannes
Journal of Econometrics, October 1983, Vol. 23, No. 2, pp. 234-251

"What Do Money Market Models Tell Us About How to Implement Monetary Policy?"
with Richard G. Anderson
Journal of Money, Credit, and Banking, November 1982, Vol. 14, No. 4, pp. 796-828

"Is the Federal Reserve's Monetary Control Policy Misdirected?"
with Allan H. Meltzer and P. D. Sternlight
Journal of Money, Credit, and Banking, February, Vol. 14(1), pp. 119-47

"Identification of the Lorenz Curve by Lorenz Coefficient"
with Ronald C. Fisher and N. Quan
Weltwirtschaftliches Archiv, Vol. 117(1)

"Can the Reserves Approach to Monetary Control Really Work?"
with J. Johannes
Journal of Money, Credit, and Banking, August, Vol. 13(3), pp. 298-313

"Four Reviews of Kenneth E. Boulding and Thomas Frederick Wilson: Redistribution Through the Financial System: The Grants Economics of Money and Credit"
Journal of Economic Issues, Vol. 15(1), pp. 163-165

"Additional Information on Significance Values for Durbin's c+ and c Statistics"
with J. Johannes
Biometrika, Vol. 2

"Financing the Government Deficit"
Policy Studies Journal, September

"Federal Reserve Bank Membership: Effects on Bank Profits"
with R. Alton Gilbert
Journal of Money, Credit, and Banking, August 1980, Vol. 12, No. 3, pp. 448-61

"Analysis of the Impact of Capital Specific Policies or Legislation: Comment"
Journal of Money, Credit, and Banking, May, Vol. 12(2)

"Functional Forms for the Lorenz Curve"
with Ronald C. Fisher, J. Gaffney, and N. Obst
Econometrica, May, Vol. 48(4), pp. 1061-62

"Optimal Control and Short-Term Policy Decisions on Interest Rates and Monetary Aggregates"
Kredit und Kapital, Vol. 5

"Predicting the Money Multiplier"
with J. Johannes
Journal of Monetary Economics, July, Vol. 5(3), pp. 301-25

"Costs of Reserves and the Relative Size of Member and Nonmember Bank Demand Deposits"
with C. Gambs
Journal of Money, Credit, and Banking, November, Vol. 4(4)

"Estimation of Cost Functions"
with G. L. Musgrave
Engineering Economist, Spring, Vol. 22(3)

"Price Expectations and Interest Rates: Some Clarifying Comments"
with N. Obst
Journal of Money, Credit, and Banking, February

"An Analysis of Private and Commercial Demand for Gasoline"
with B. T. Allen and J. Ramsey
Review of Economics and Statistics, November, Vol. 57(4), pp. 502-

"On the Role of Expectations of Prices and Technological Change in an Investment Function"
with Albert Ando, F. Modigliani, and S. Turnovsky
International Economic Review, June

"Alternative Stabilization Policies for 1966-1970"
Journal of Money, Credit, and Banking, February

"Impact of the Stock Market on Private Demand"
American Economic Review, May, Vol. 62(2)

"Eyeball: A Computer Program for Description of Style"
with D. Ross
Computers and the Humanities, March

"Subsidies, Economic Lives and Complete Resource Misallocation"
with P. Taubman
American Economic Review, December, Vol. 61(5)

"Central Bank Policy, Interest Rates and the Money Supply"
with J. Phillip Cooper and F. Modigliani
Journal of Money, Credit, and Banking, May, Vol. 2(2), pp. 166-218

"Economic and Tax Depreciation of Office Buildings"
with P. Taubman
National Tax Journal, September, Vol. 22(3), pp. 334-46

"The FRB-MIT Econometric Model: Its Special Features"
with H. T. Shapiro
American Economic Review, May

"Analysis of a New Nonnutritive Positive Reinforcer Based on Thirst"
with D.B. Hendry
Journal of Comparative and Physiological Psychology