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Daniel L. Thornton

Vice President and Economic Adviser


Ph.D. Economics
University of Missouri-Columbia

M.S. Economics
Arizona State University

B.A. Economics
Parsons College

Contact Info

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

For media inquiries contact:
Laura Taylor
Phone: (314) 444-8783

Selected Publications

"Monetary Policy: Why Money Matters, and Interest Rates Don’t,"
Journal of Macroeconomics, 40, pp. 202-213, June 2014.
Working Paper

"The Identification of the Response of Interest Rates to Monetary Policy Actions Using Market-Based Measures of Monetary Policy Shocks,"
Oxford Economic Papers, 66(1), pp. 67-87, January 2014.
Working Paper

"Out-of-Sample Predictions of Bond Excess Returns with Forward Rates: An Asset-Allocation Perspective,"
with Giorgio Valente.
Review of Financial Studies, 25 (10), pp. 3141-3168, October 2012.
Published Article
Working Paper

"Tests of the Expectations Hypothesis: Resolving the Campbell-Shiller Paradox,"
Journal of Money, Credit, and Banking, 38(2), pp. 511-42, March 2006.
Working Paper

"Money in a Theory of Exchange,"
Federal Reserve Bank of St. Louis Review, Vol. 82, No.1, pp. 35-62, January/February 2000.


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