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David C. Wheelock

Group Vice President and Deputy Director of Research

Education

Ph.D. Economics
University of Illinois
1987

M.S. Economics
University of Illinois
1984

B.S. Economics
Iowa State University
1982

Contact Info

Phone: (314) 444-8570
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:
Karen Mracek
mediainquiries@stls.frb.org
Phone: (314) 444-3911




Review Articles

"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

"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

"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

"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
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

"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





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