David C. Wheelock

David C. Wheelock

Senior Vice President and Special Policy Advisor


Research Interests

financial and monetary history, banking, monetary policy

Selected Work

“Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907”
with Matthew Jaremski
Forthcoming in Journal of Economic History
Related working paper (PDF)

“Did Doubling Reserve Requirements Cause the 1937-38 Recession? New Evidence on the Impact of Reserve Requirements on Bank Reserve Demand and Lending”
with Charles W. Calomiris and Joseph R. Mason
Journal of Financial Intermediation, October 2023, Vol. 56, 101056, pp. n/a
Related working paper (PDF)

“Interbank Connections, Contagion and Bank Distress in the Great Depression”
with Charles W. Calomiris and Matthew Jaremski
Journal of Financial Intermediation, July 2022, Vol. 51, 100899, pp. 1-13
Related working paper (PDF)

“Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock”
with Matthew Jaremski
Journal of Money, Credit, and Banking, October 2020, Vol. 52, No. 7, pp. 1719-1754
Related working paper (PDF)

“The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network”
with Matthew Jaremski
Journal of Economic History, March 1, 2020, Vol. 80, No. 1, pp. 69-99
Related working paper (PDF)

“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
Related working paper (PDF)

“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
Related working paper (PDF)

“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
Related working paper (PDF)

“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
Related working paper (PDF)

“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
Related working paper (PDF)

“The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933”
with Michael D. Bordo
in Michael D. Bordo and William Roberds, ed., The Origins, History, and Future of the Federal Reserve: A Return to Jekyll Island, Cambridge University Press, 2013, Chapter 2, pp. 59-98

“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
Related working paper (PDF)

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