Senior Vice President and Special Policy Advisor
Ph.D. Economics
University of Illinois
1987
M.S. Economics
University of Illinois
1984
B.S. Economics
Iowa State University
1982
For media inquiries, contact:
Shera Dalin
mediainquiries@stls.frb.org
Phone: (314) 444-3911
Senior Vice President and Special Policy Advisor
"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
"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