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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




Journal Publications

"Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Contagion Risk?"
with Mark A. Carlson
Journal of Money, Credit, and Banking, December 2018, Vol. 50, No. 8, pp. 1711-1750
Working Paper

"The Evolution of Scale Economies in U.S. Banking"
with Paul W. Wilson
Journal of Applied Econometrics, January/February 2018, Vol. 33, pp. 16-28
Working Paper

"Near-Money Premiums, Monetary Policy, and the Integration of Money Markets: Lessons from Deregulation"
with Mark A. Carlson
Journal of Financial Intermediation, January 2018, Vol. 33, pp. 16-32
Working Paper

"Banker Preferences, Interbank Connections, and the Enduring Structure of the Federal Reserve System"
with Matthew Jaremski
Explorations in Economic History, October 2017, Vol. 65, pp. 21-43
Working Paper

"Interbank Markets and Banking Crises: New Evidence on the Establishment and Impact of the Federal Reserve"
with Mark A. Carlson
American Economic Review: Papers and Proceedings, May 2016, Vol. 106, No. 5, pp. 533-537
Working Paper

"Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets"
with Kris James Mitchener
Explorations in Economic History, April 2013, Vol. 50, No. 2, pp. 161-78
Working Paper

"The Evolution of Cost-Productivity and Efficiency Among U.S. Credit Unions"
with Paul W. Wilson
Journal of Banking & Finance, January 2013, Vol. 37, No. 1, pp. 75-88
Working Paper

"Do Large Banks Have Lower Costs? New Estimates of Returns to Scale for U.S. Banks"
with Paul W. Wilson
Journal of Money, Credit, and Banking, February 2012, Vol. 44, No. 1, pp. 171-99
Working Paper

"Are Credit Unions Too Small?"
with Paul W. Wilson
Review of Economics and Statistics, November 2011, Vol. 93, No. 4, pp. 1343-1359
Working Paper

"Robust Non-parametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985-2004"
with Paul W. Wilson
Journal of Business & Economic Statistics, July 2009, Vol. 27, No. 3, pp. 354-68
Working Paper

"Non-parametric, Unconditional Quantile Estimation for Efficiency Analysis with An Application to Federal Reserve Check Processing Operations"
with Paul W. Wilson
Journal of Econometrics, July 2008, Vol. 145, No. 1-2, pp. 209-225
Working Paper

"Regional Disparities in the Spatial Correlation of State Income Growth, 1977-2002"
with Thomas A. Garrett and Gary A. Wagner
Annals of Regional Science, September 2007, Vol. 41, No. 3, pp. 601-618
Working Paper

"Why Did Income Growth Vary Across States During the Great Depression?"
with Thomas A. Garrett
Journal of Economic History, June 2006, Vol. 66, No. 2, pp. 456-66
Working Paper

"A Spatial Analysis of State Banking Regulation"
with Thomas A. Garrett and Gary A. Wagner
Papers in Regional Science, November 2005, Vol. 84, No. 4, pp. 575-95
Working Paper

"The Contribution of On-Site Examination Ratings to an Empirical Model of Bank Failures"
with Paul W. Wilson
Review of Accounting and Finance, November 2005, Vol. 4, No. 4, pp. 110-34
Working Paper

"New Evidence on the Fed's Productivity in Providing Payments Services"
with R. Alton Gilbert and Paul W. Wilson
Journal of Banking & Finance, September 2004, Vol. 28, No. 9, pp. 2175-90
Working Paper

"Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms"
with Michael D. Bordo
NBER Working Paper Series, August 2004, Vol. 10704

"Consolidation in US Banking: Which Banks Engage in Mergers?"
with Paul W. Wilson
Review of Financial Economics, January 2004, Vol. 13, No. 1-2, pp. 7-39
Working Paper

"Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999"
with Michael D. Bordo and Michael J. Dueker
Explorations in Economic History, April 2003, Vol. 40, No. 2, pp. 143-69
Working Paper

"Aggregate Price Shocks and Financial Instability: A Historical Analysis"
with Michael D. Bordo and Michael J. Dueker
Economic Inquiry, October 2002, Vol. 40, No. 4, pp. 521-38
Working Paper

"New Evidence on Returns to Scale and Product Mix Among U.S. Commercial Banks"
with Paul W. Wilson
Journal of Monetary Economics, June 2001, Vol. 47, No. 3, pp. 653-74
Working Paper

"Why Do Banks Disappear: The Determinants of U.S. Bank Failures and Acquisitions"
with Paul W. Wilson
Review of Economics and Statistics, February 2000, Vol. 82, No. 1, pp. 127-38
Working Paper

"Technical Progress, Inefficiency and Productivity Change in U.S. Banking, 1984-1993"
with Paul W. Wilson
Journal of Money, Credit, and Banking, May 1999, Vol. 31, No. 2, pp. 212-34
Working Paper

"Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency"
with Paul W. Wilson
Review of Economics and Statistics, November 1995, Vol. 77, No. 4, pp. 689-700
Working Paper

"Which Banks Choose Deposit Insurance? Evidence of Adverse Selection and Moral Hazard in a Voluntary Insurance System"
with Subal C. Kumbhaker
Journal of Money, Credit, and Banking, February 1995, Vol. 27, No. 1, pp. 186-201
Working Paper

"Why Do Banks Fail? Evidence from the 1920s"
with Lee J. Alston and Wayne A. Grove
Explorations in Economic History, October 1994, Vol. 31, No. 4, pp. 409-31

"'The Slack Banker Dances': Deposit Insurance and Risk-Taking in the Banking Collapse of the 1920s"
with Subal C. Kumbhaker
Explorations in Economic History, July 1994, Vol. 31, No. 3, pp. 357-75
Working Paper

"Government Policy and Banking Market Structure in the 1920s"
Journal of Economic History, December 1993, Vol. 53, No. 4, pp. 857-79
Working Paper

"Regulation and Bank Failures: New Evidence from the Agricultural Collapse of the 1920s"
Journal of Economic History, December 1992, Vol. 52, No. 4, pp. 806-25
Working Paper

"Deposit Insurance and Bank Failures: New Evidence from the 1920s"
Economic Inquiry, July 1992, Vol. 30, No. 3, pp. 530-43

"Member Bank Borrowing and the Fed's Contractionary Monetary Policy During the Great Depression"
Journal of Money, Credit, and Banking, November 1990, Vol. 22, No. 4, pp. 409-26

"The Strategy, Effectiveness, and Consistency of Federal Reserve Monetary Policy, 1924-1933"
Explorations in Economic History, October 1989, Vol. 26, No. 4, pp. 453-76

"The Strategy and Consistency of Federal Reserve Monetary Policy, 1919-1933"
Journal of Economic History, June 1989, Vol. 49, No. 2, pp. 459-61


 




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