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financial and monetary history, banking, monetary policySelected 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
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“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
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“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
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“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
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“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
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“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
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“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
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“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
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“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
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“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)
“The COVID-19 Pandemic and Inflation: Lessons from Major U.S. Wars”
with Kevin L. Kliesen
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2023
“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
“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
“Comparing the COVID-19 Recession with the Great Depression”
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 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
“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
“Economics and Politics in Selecting Federal Reserve Cities: Why Missouri Has Two Reserve Banks”
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2015
“Making Sense of Dissents: A History of FOMC Dissents”
with Daniel L. Thornton
Federal Reserve Bank of St. Louis Review, Third Quarter 2014
“Darryl Francis and the Making of Monetary Policy, 1966-1975”
with R. W. Hafer
Federal Reserve Bank of St. Louis Review, November/December 2013
“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
“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
“Banking Industry Consolidation and Market Structure: Impact of the Financial Crisis and Recession”
Federal Reserve Bank of St. Louis Review, November/December 2011
“Theodore Roosevelt, the Election of 1912, and the Founding of the Federal Reserve” (PDF)
with Matthew Jaremski
Federal Reserve Bank of St. Louis Working Paper 2023-008B, March 2024
“Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation” (PDF)
with Kevin L. Kliesen
Federal Reserve Bank of St. Louis Working Paper 2020-022B, July 2020
“A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954” (PDF)
with Sriya Anbil, Mark A. Carlson, and Christopher Hanes
Federal Reserve Bank of St. Louis Working Paper 2020-016B, July 2020
“New Estimates of the Lerner Index of Market Power for U.S. Banks” (PDF)
with Paul W. Wilson
Federal Reserve Bank of St. Louis Working Paper 2019-012D, February 2020
“Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach” (PDF)
with Charles W. Calomiris and Joseph R. Mason
Federal Reserve Bank of St. Louis Working Paper 2011-002A, January 2011
David C. Wheelock is a senior vice president and special policy advisor to the Bank president at the Federal Reserve Bank of St. Louis, which he joined in March 1993. He has written numerous articles on banking and monetary policy topics for professional journals and Federal Reserve publications and is an authority on the history of the Federal Reserve and the Great Depression. He received his M.S. and Ph.D. degrees in economics from the University of Illinois at Urbana-Champaign in 1984 and 1987, respectively.
Wheelock previously served as a deputy director of research at the St. Louis Fed. Before joining the Bank, he was a faculty member in the department of economics at the University of Texas at Austin and a visiting scholar at the St. Louis Fed. He is the author of The Strategy and Consistency of Federal Reserve Monetary Policy, 1924-1933, published by Cambridge University Press in 1991.
