Review Articles

"The COVID-19 Pandemic and Inflation: Lessons from Major US Wars"
with Kevin L. Kliesen
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2023
https://doi.org/10.20955/r.105.234-60

"A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-54"
with  Sriya Anbil,  Mark A. Carlson, and  Christopher Hanes
Federal Reserve Bank of St. Louis Review, First Quarter 2021
https://doi.org/10.20955/r.103.45-70

"Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation"
with Kevin L. Kliesen
Federal Reserve Bank of St. Louis Review, First Quarter 2021
https://doi.org/10.20955/r.103.71-97

"Furnishing an “Elastic Currency”: The Founding of the Fed and the Liquidity of the U.S. Banking System"
with  Mark A. Carlson
Federal Reserve Bank of St. Louis Review, First Quarter 2018
https://doi.org/10.20955/r.2018.17-44

"Economics and Politics in Selecting Federal Reserve Cities: Why Missouri Has Two Reserve Banks"
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2015
https://doi.org/10.20955/r.2015.269-88

"Making Sense of Dissents: A History of FOMC Dissents"
with Daniel L. Thornton
Federal Reserve Bank of St. Louis Review, Third Quarter 2014
https://doi.org/10.20955/r.96.213-227

"Darryl Francis and the Making of Monetary Policy, 1966-1975"
with  R. W. Hafer
Federal Reserve Bank of St. Louis Review, November/December 2013
https://doi.org/10.20955/r.95.469-486

"Big Banks in Small Places: Are Community Banks Being Driven Out of Rural Markets?"
with R. Alton Gilbert
Federal Reserve Bank of St. Louis Review, May/June 2013
https://doi.org/10.20955/r.95.199-218

"Federal Reserve Lending to Troubled Banks During the Financial Crisis, 2007-2010"
with R. Alton Gilbert, Kevin L. Kliesen, and  Andrew P. Meyer
Federal Reserve Bank of St. Louis Review, May/June 2012
https://doi.org/10.20955/r.94.221-242

"Banking Industry Consolidation and Market Structure: Impact of the Financial Crisis and Recession"
Federal Reserve Bank of St. Louis Review, November/December 2011
https://doi.org/10.20955/r.93.419-438

"Have Acquisitions of Failed Banks Increased the Concentration of U.S. Banking Markets?"
Federal Reserve Bank of St. Louis Review, May/June 2011
https://doi.org/10.20955/r.93.155-168

"The Geographic Distribution and Characteristics of U.S. Bank Failures, 2007-2010: Do Bank Failures Still Reflect Local Economic Conditions?"
with  Craig P. Aubuchon
Federal Reserve Bank of St. Louis Review, September/October 2010
https://doi.org/10.20955/r.92.395-415

"Lessons Learned? Comparing the Federal Reserve’s Responses to the Crises of 1929-1933 and 2007-2009"
Federal Reserve Bank of St. Louis Review, March/April 2010
https://doi.org/10.20955/r.92.89-108

"Can the Term Spread Predict Output Growth and Recessions? A Survey of the Literature"
with  Mark E. Wohar
Federal Reserve Bank of St. Louis Review, September/October 2009, Part 1
https://doi.org/10.20955/r.91.419-440

"Systemic Risk and the Financial Crisis: A Primer"
with James Bullard and Christopher J. Neely
Federal Reserve Bank of St. Louis Review, September/October 2009, Part 1
https://doi.org/10.20955/r.91.403-418

"Changing the Rules: State Mortgage Foreclosure Moratoria During the Great Depression"
Federal Reserve Bank of St. Louis Review, November/December 2008
https://doi.org/10.20955/r.90.569-584

"The Federal Response to Home Mortgage Distress: Lessons from the Great Depression"
Federal Reserve Bank of St. Louis Review, May/June 2008, Part 1
https://doi.org/10.20955/r.90.133-148

"Measuring Commercial Bank Profitability: Proceed with Caution"
with R. Alton Gilbert
Federal Reserve Bank of St. Louis Review, November/December 2007
https://doi.org/10.20955/r.89.515-532

"Stock Market Booms and Monetary Policy in the Twentieth Century"
with  Michael D. Bordo
Federal Reserve Bank of St. Louis Review, March/April 2007
https://doi.org/10.20955/r.89.91-122

"What Happens to Banks When House Prices Fall? U.S. Regional Housing Busts of the 1980s and 1990s"
Federal Reserve Bank of St. Louis Review, September/October 2006
https://doi.org/10.20955/r.88.413-430

"Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms"
with  Michael D. Bordo
Federal Reserve Bank of St. Louis Review, November/December 2004
https://doi.org/10.20955/r.86.19-44

"Trends in the Efficiency of Federal Reserve Check Processing Operations"
with  Paul Wilson
Federal Reserve Bank of St. Louis Review, September/October 2004
https://doi.org/10.20955/r.86.7-20

"Commentary on "The Real Effects of U.S. Banking Deregulation""
Federal Reserve Bank of St. Louis Review, July/August 2003
https://doi.org/10.20955/r.85.129-134

"Darryl Francis and the Making of Monetary Policy, 1966-1975"
with  R. W. Hafer
Federal Reserve Bank of St. Louis Review, March/April 2003
https://doi.org/10.20955/r.85.1-12

"Conducting Monetary Policy Without Government Debt: The Fed's Early Years"
Federal Reserve Bank of St. Louis Review, May/June 2002
https://doi.org/10.20955/r.84.1-14

"The Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986"
with  R. W. Hafer
Federal Reserve Bank of St. Louis Review, January/February 2001
https://doi.org/10.20955/r.83.1-24

"A History of the Asymmetric Policy Directive"
with Daniel L. Thornton
Federal Reserve Bank of St. Louis Review, September/October 2000
https://doi.org/10.20955/r.82.1-16

"The FOMC in 1998: Can It Get any Better Than This"
Federal Reserve Bank of St. Louis Review, July/August 1999
https://doi.org/10.20955/r.81.11-22

"Price Stability and Financial Stability: The Historical Record"
with  Michael D. Bordo
Federal Reserve Bank of St. Louis Review, September/October 1998
https://doi.org/10.20955/r.80.41-62

"Why Does Bank Performance Vary Across States?"
with  Michelle Clark Neely
Federal Reserve Bank of St. Louis Review, March/April 1997
https://doi.org/10.20955/r.79.27-40

"Monetary Policy and Financial Market Expectations: What Did They Know and When Did They Know It?"
with  Michael R. Pakko
Federal Reserve Bank of St. Louis Review, July/August 1996
https://doi.org/10.20955/r.78.19-32

"Evaluating the Efficiency of Commercial Banks: Does Our View of What Banks Do Matter?"
with  Paul Wilson
Federal Reserve Bank of St. Louis Review, July/August 1995
https://doi.org/10.20955/r.77.39-52

"Editor's Introduction: Channels of Policy Proceedings of the Nineteenth Annual Economic Policy Conference"
with Daniel L. Thornton
Federal Reserve Bank of St. Louis Review, May/June 1995
https://doi.org/10.20955/r.77.vii-xii

"Regulation, Market Structure and the Bank Failures of the Great Depression"
Federal Reserve Bank of St. Louis Review, March/April 1995
https://doi.org/10.20955/r.77.27-38

"Can Deposit Insurance Increase the Risk of Bank Failure? Some Historical Evidence"
with  Paul Wilson
Federal Reserve Bank of St. Louis Review, May/June 1994
https://doi.org/10.20955/r.76.57-71

"Is the Banking Industry in Decline? Recent Trends and Future Prospects from a Historical Perspective"
Federal Reserve Bank of St. Louis Review, September/October 1993
https://doi.org/10.20955/r.75.3-22

"What Have We Learned about Deposit Insurance from the Historical Record?"
Federal Reserve Bank of St. Louis Review, January/February 1993
https://doi.org/10.20955/r.75.10-14

"Seasonal Accommodation and the Financial Crises of the Great Depression: Did the Fed "Furnish an Elastic Currency?""
Federal Reserve Bank of St. Louis Review, November/December 1992
https://doi.org/10.20955/r.74.3-18

"Monetary Policy in the Great Depression: What the Fed Did, and Why"
Federal Reserve Bank of St. Louis Review, March/April 1992
https://doi.org/10.20955/r.74.3-28

Economic Synopses Articles

"Comparing the COVID-19 Recession with the Great Depression"
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 39
https://doi.org/10.20955/es.2020.39

"What Can We Learn from the Spanish Flu Pandemic of 1918-19 for COVID-19?"
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 30
https://doi.org/10.20955/es.2020.30

"How Well Do Initial Claims Forecast Employment Growth Over the Business Cycle and Over Time?"
with Kevin L. Kliesen
Federal Reserve Bank of St. Louis Economic Synopses, 2012, No. 7
https://doi.org/10.20955/es.2012.7

"The Monetary Base and Bank Lending: You Can Lead a Horse to Water…"
Federal Reserve Bank of St. Louis Economic Synopses, 2010, No. 24
https://doi.org/10.20955/es.2010.24

"When Will Business Lending Pick Up?"
Federal Reserve Bank of St. Louis Economic Synopses, 2010, No. 8
https://doi.org/10.20955/es.2010.8

"How Not to Reduce Excess Reserves"
Federal Reserve Bank of St. Louis Economic Synopses, 2009, No. 38
https://doi.org/10.20955/es.2009.38

"The Global Recession"
with  Craig P. Aubuchon
Federal Reserve Bank of St. Louis Economic Synopses, 2009, No. 22
https://doi.org/10.20955/es.2009.22

"How Much Have U.S. House Prices Fallen?"
with  Craig P. Aubuchon
Federal Reserve Bank of St. Louis Economic Synopses, 2008, No. 20
https://doi.org/10.20955/es.2008.20

"Another Window: The Term Auction Facility"
Federal Reserve Bank of St. Louis Economic Synopses, 2008, No. 6
https://doi.org/10.20955/es.2008.6

"Can Social Security Survive the Baby Boomers?"
with  Craig P. Aubuchon
Federal Reserve Bank of St. Louis Economic Synopses, 2007, No. 22
https://doi.org/10.20955/es.2007.22

"Expected Inflation Near and Far"
Federal Reserve Bank of St. Louis Economic Synopses, 2007, No. 3
https://doi.org/10.20955/es.2007.3

"Are Banks Vulnerable to a Housing Bust?"
Federal Reserve Bank of St. Louis Economic Synopses, 2006, No. 3
https://doi.org/10.20955/es.2006.3

"Has the Bond Market Forgotten Oil?"
Federal Reserve Bank of St. Louis Economic Synopses, 2005, No. 10
https://doi.org/10.20955/es.2005.10

"Why No Business Loan Growth?"
Federal Reserve Bank of St. Louis Economic Synopses, 2004, No. 10
https://doi.org/10.20955/es.2004.10

"Replacement Windows: New Credit Programs at the Discount Window"
Federal Reserve Bank of St. Louis Economic Synopses, 2003, No. 10
https://doi.org/10.20955/es.2003.10

"The Balance of Risks"
Federal Reserve Bank of St. Louis Economic Synopses, 2002, No. 10
https://doi.org/10.20955/es.2002.10