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Stephen Williamson

Contact Info

Fax: (314) 444-8731

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



Journal Publications

"Current Federal Reserve Policy Under the Lens of Economic History: A Review Essay"
Journal of Economic Literature, September, 2016, Vol. 54, no. 3, pp. 922-934
Working Paper

"Scarce Collateral, the Term Premium, and Quantitative Easing"
Journal of Economic Theory, July, Vol. 164, pp. 136-165
Working Paper

"Scarcity of Safe Assets, Inflation, and the Policy Trap"
with David Andolfatto
Journal of Monetary Economics, July 2015, Vol. 73, pp. 70-92
Working Paper
https://doi.org/10.1016/j.jmoneco.2015.03.008

"Credit Markets, Limited Commitment, and Government Debt"
with Francesca Carapella
Review of Economic Studies, Vol. 82, No. 3, pp. 963-990
Working Paper

"Keynesian Inefficiency and Optimal Policy: A New Monetarist Approach"
Journal of Money, Credit, and Banking, Vol. 47, No. 2, pp. 197-222
Working Paper

"The Balance Sheet and the Future of Fed Policy"
Open Economies Review, Vol. 25, pp. 163-170

"Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Ap"
American Economic Review, Vol. 102, No. 6, pp. 2570-2605

"New Monetarist Economics: Understanding Unconventional Monetary Policy"
Economic Record, Vol. 88, pp. 10-21

"Adverse Selection, Segmented Markets, and the Role of Monetary Policy"
with Daniel Sanches
Macroeconomic Dynamics, Vol. 15, pp. 269-292

"A Defense of Contemporary Economics: Zombie Economics in Review"
Agenda: A Journal of Policy Analysis and Reform, Vol. 18, No. 3, pp. 55-86

"Money and Credit with Limited Commitment and Theft"
with Daniel Sanches
Journal of Economic Theory, Vol. 145, No. 4, pp. 1525-1549

"Transactions, Credit, and Central Banking in a Model of Segmented Markets"
Review of Economic Dynamics, Vol. 12, No. 2, pp. 344-362

"New Keynesian Economics: A Monetary Perspective"
Federal Reserve Bank of Richmond Economic Quarterly, Vol. 94, No. 3, pp. 197-218

"Monetary Policy and Distribution"
Journal of Monetary Economics, Vol. 55, No. 6, pp. 1038-1053

"Search, Limited Participation, and Monetary Policy"
International Economic Review, Vol. 47, No. 1, pp. 107-128

"Limited Participation and the Neutrality of Money"
Federal Reserve Bank of Richmond Economic Quarterly, Vol. 91, pp. 1-20

"Limited Participation, Private Money, and Credit in a Spatial Model of Money"
Economic Theory, Vol. 24, No. 4, pp. 857-875

"Comment on 'Payment System Disruptions and the Federal Reserve Following September 11, 2001'"
Journal of Monetary Economics, Vol. 51, pp. 967-70

"Payments Systems and Monetary Policy"
Journal of Monetary Economics, Vol. 50, No. 2, pp. 475-495

"Moral Hazard, Unemployment Insurance, and Experience Rating"
with Cheng Wang
Journal of Monetary Economics, Vol. 49, No. 7, pp. 1337-1372

"Private Money and Counterfeiting"
Federal Reserve Bank of Richmond Economic Quarterly, Vol. 88, No. 3, pp. 37-57

"Payments Systems Design in Deterministic and Private Information Environments"
with Ted Temzelides
Journal of Economic Theory, Vol. 99, No. 1-2, pp. 297-326

"Private Money, Settlement, and Discounts"
with Ted Temzelides
Carnegie-Rochester Conference Series on Public Policy, Vol. 54, pp. 85-108

"Money and Dynamic Credit Arrangements with Private Information"
with S. Rao Aiyagari
Journal of Economic Theory, Vol. 91, No. 2, pp. 248-79

"Private Money"
Journal of Money, Credit, and Banking, Vol. 31, No. 3, pp. 469-91

"Credit in a Random Matching Model with Private Information"
with S. Rao Aiyagari
Review of Economic Dynamics, Vol. 2, No. 1, pp. 36-64

"Payments Systems with Random Matching and Private Information"
Journal of Money, Credit, and Banking, Vol. 30, No. 3, pp. 551-569

"Discount Window Lending and Deposit Insurance"
Review of Economic Dynamics, Vol. 1, No. 1, pp. 246-275

"Debt Contracts and Financial Intermediation with Costly Screening"
with Cheng Wang
Canadian Journal of Economics-Revue Canadienne d'Economique, Vol. 31, No. 3, pp. 573-595

"Currency Elasticity and Banking Panics"
with Bruce Champ and Bruce D. Smith
Canadian Journal of Economics-Revue Canadienne d'Economique, Vol. 29, No. 4, pp. 828-864

"Real business cycle research comes of age: A review essay "
Journal of Monetary Economics, Vol. 38, No. 1, pp. 161–170

"Sequential Markets and the Suboptimality of the Friedman Rule"
Journal of Monetary Economics, Vol. 37, No. 3, pp. 549-572

"Unemployment Insurance with Moral Hazard in a Dynamic Economy"
with Cheng Wang
Carnegie-Rochester Conference Series on Public Policy, Vol. 44, pp. 1-41

"Do Informational Frictions Justify Federal Credit Programs?"
Journal of Money, Credit, and Banking, Vol. 26, No. 3, pp. 523-544

"Liquidity and Market Participation"
Journal of Economic Dynamics & Control, Vol. 18, No. 3-4, pp. 629-670

"Barter and Monetary Exchange Under Private Information"
with Randall Wright
American Economic Review, Vol. 84, pp. 104-123

"Laissez-Faire Banking and Circulating Media of Exchange"
Journal of Financial Intermediation, Vol. 2, No. 2, pp. 134-167

"Sectoral Shifts, Labor Market Sorting, and Aggregate Fluctuations"
International Economic Review, Vol. 31, No. 4, pp. 935-952

"International Financial Intermediation and Aggregate Fluctuations Under Alternative Exchange Regimes"
with Jeremy Greenwood
Journal of Monetary Economics, Vol. 23, No. 3, pp. 401-431

"Liquidity, Banking, and Bank Failures"
International Economic Review, Vol. 29, No. 1, pp. 25-43

"Financial Intermediation, Business Failures, and Real Business Cycles"
Journal of Political Economy, Vol. 95, No. 6, pp. 1196-1216

"Transactions Costs, Inflation, and the Variety of Intermediation Services"
Journal of Money, Credit, and Banking, Vol. 19, No. 4, pp. 484-498

"Costly Monitoring, Loan Contracts and Equilibrium Credit Rationing"
Quarterly Journal of Economics, Vol. 102, No. 1, pp. 135-146

"Increasing Returns to Scale in Financial Intermediation and the Nonneutrality of Government Policy"
Annual Review of Economics, Vol. 53, No. 5, pp. 863-875

"Costly Monitoring, Financial Intermediation and Equilibrium Credit Rationing"
Journal of Monetary Economics, Vol. 18, No. 2, pp. 159-179