St. Louis Fed Economic Research Fellows
Research fellows strengthen the connection between Federal Reserve Bank of St. Louis staff economists and research at academic institutions—helping our Research division continue to expand the frontier of economic knowledge.
For media inquiries, contact MediaInquiries@stls.frb.org.
Ana Babus
Associate Professor of Economics,
Washington University in St. Louis
Joined the St. Louis Fed in January 2023
Research interests: microeconomic theory, finance, trade in over-the-counter markets, financial intermediation
anababus@wustl.edu
Babus's personal website
Babus: IDEAS
Aleksander Berentsen
Professor of Economics, Faculty of Business and Economics,
University of Basel
Joined the St. Louis Fed in February 2008
Research interests: distributed ledger technology, blockchain, cryptoassets, nonconventional monetary policy instruments including negative interest rates and balance sheet extensions
aleksander.berentsen@unibas.ch
Berentsen’s personal website
Berentsen: IDEAS
Federal Reserve Bank of St. Louis Publications
- “An Introduction to Zero-Knowledge Proofs in Blockchains and Economics”
with Jeremias Lenzi and Remo Nyffenegger
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2023
doi.org/10.20955/r.105.280-94 - “The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies”
with Fabian Schär
Federal Reserve Bank of St. Louis Review, Second Quarter 2018
doi.org/10.20955/r.2018.97-106 - “A Short Introduction to the World of Cryptocurrencies”
with Fabian Schär
Federal Reserve Bank of St. Louis Review, First Quarter 2018
doi.org/10.20955/r.2018.1-16 - “Price-Level Targeting and Stabilization Policy”
with Christopher J. Waller
Federal Reserve Bank of St. Louis Review, March/April 2013
doi.org/10.20955/r.95.145-163
Francisco J. Buera
Sam B. Cook Professor of Economics,
Washington University in St. Louis
Joined the St. Louis Fed in January 2023
Research interests: macroeconomics, macroeconomic development, finance, economic growth
fjbuera@wustl.edu
Buera’s personal website
Buera: IDEAS
Federal Reserve Bank of St. Louis Publications
- “Taking Stock of the Evidence on Microfinancial Interventions”
with Joseph P. Kaboski and Yongseok Shin
Federal Reserve Bank of St. Louis Review, Second Quarter 2020
doi.org/10.20955/r.102.173-202 - “The Rule of Law, Firm Size, and Family Firms”
with Siddhartha Sanghi and Yongseok Shin
Federal Reserve Bank of St. Louis Economic Synopses, 2022, No. 19
doi.org/10.20955/es.2022.19
Harris Dellas
Professor of Economics,
University of Bern
Joined the St. Louis Fed in September 2022
Research interests: international money and finance, monetary economics, macroeconomics
harris.dellas@vwi.unibe.ch
Dellas’s personal website
Dellas: IDEAS
George-Levi Gayle
John H. Biggs Distinguished Professor of Economics,
Washington University in St. Louis
Joined the St. Louis Fed in May 2015
Research interests: labor economics, including family and gender, information friction effects on earnings and compensation, estimation of semi-parametric models
ggayle@wustl.edu
Gayle’s personal website
Gayle: IDEAS
Federal Reserve Bank of St. Louis Publications
- “The Unequal Responses to Pandemic-Induced Schooling Shocks”
with Andrea Flores
Federal Reserve Bank of St. Louis Review, First Quarter 2023
doi.org/10.20955/r.105.51-65 - “Disparities in COVID-19’s Impact on Employment and Household Consumption”
with Andrea Flores
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2022
doi.org/10.20955/r.104.224-65 - “Work, Leisure, and Family: From the Silent Generation to Millennials”
with Mariana Odio-Zuniga and Prasanthi Ramakrishnan
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2021
doi.org/10.20955/r.103.385-424 - “How Well Does Agency Theory Explain Executive Compensation?”
with Chen Li and Robert A. Miller
Federal Reserve Bank of St. Louis Review, Third Quarter 2018
doi.org/10.20955/r.100.201-36 - “Intergenerational Mobility and the Effects of Parental Education, Time Investment, and Income on Children’s Educational Attainment”
with Limor Golan and Mehmet A. Soytas
Federal Reserve Bank of St. Louis Review, Third Quarter 2018
doi.org/10.20955/r.100.281-95
Limor Golan
Laurence H. Meyer Professor of Economics,
Washington University in St. Louis
Joined the St. Louis Fed in June 2015
Research interests: labor economics, applied microeconomics, applied econometrics
lgolan@wustl.edu
Golan’s personal website
Golan: IDEAS
Federal Reserve Bank of St. Louis Publications
- “The Impact of Juvenile Conviction on Human Capital and Labor Market Outcomes”
with Rong Hai and Hayley Wabiszewski
Federal Reserve Bank of St. Louis Review, First Quarter 2022
doi.org/10.20955/r.104.41-69 - “Understanding the Gender Earnings Gap: Hours Worked, Occupational Sorting, and Labor Market Experience”
with Maria E. Canon and Cody A. Smith
Federal Reserve Bank of St. Louis Review, Second Quarter 2021
doi.org/10.20955/r.103.175-205 - “Racial Gaps, Occupational Matching, and Skill Uncertainty”
with Carl Sanders
Federal Reserve Bank of St. Louis Review, Second Quarter 2019
doi.org/10.20955/r.101.135-53 - “Intergenerational Mobility and the Effects of Parental Education, Time Investment, and Income on Children’s Educational Attainment”
with George-Levi Gayle and Mehmet A. Soytas
Federal Reserve Bank of St. Louis Review, Third Quarter 2018
doi.org/10.20955/r.100.281-95
Aaron Hedlund
Associate Professor of Real Estate and Economics,
Purdue University
Joined the St. Louis Fed in January 2021
Research interests: real estate, household finance, macroeconomics
hedlunda@purdue.edu
Hedlund’s personal website
Hedlund: IDEAS
Federal Reserve Bank of St. Louis Publications
- “The Geography of Housing Market Liquidity During the Great Recession”
with Matthew Famiglietti and Carlos Garriga
Federal Reserve Bank of St. Louis Review, First Quarter 2020
doi.org/10.20955/r.102.51-77 - “Pork-Barrel Politics and Polarization”
Federal Reserve Bank of St. Louis Review, First Quarter 2019
doi.org/10.20955/r.101.57-68 - “Construction Permits and Future Housing Supply: Implications for 2020”
with Matthew Famiglietti and Carlos Garriga
Federal Reserve Bank of St. Louis Economic Synopses, 2019, No. 27
doi.org/10.20955/es.2019.27 - “Are U.S. Housing Markets Hot, Hot, Hot?”
with Matthew Famiglietti and Carlos Garriga
Federal Reserve Bank of St. Louis Economic Synopses, 2019, No. 21
doi.org/10.20955/es.2019.21
Charles Kahn
Professor Emeritus, Department of Finance and Department of Economics, University of Illinois
Joined the St. Louis Fed in January 2017
Research interests: economics of information and uncertainty, applications of the theory of contracts and incentives to banking and financial intermediation
c-kahn@illinois.edu
Kahn’s personal website
Kahn: IDEAS
Federal Reserve Bank of St. Louis Publications
- “Payment Systems and Privacy”
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2018
doi.org/10.20955/r.100.337-44
David K. Levine
Leverhulme International Professor of Economics,
Royal Holloway, University of London
Joined the St. Louis Fed in January 2012
Research interests: theories of dynamic games and learning in games, social mechanisms and applications
david@dklevine.com
Levine’s personal website
Levine: IDEAS
Federal Reserve Bank of St. Louis Publications
- “Failing to Provide Public Goods: Why the Afghan Army Did Not Fight”
with Rohan Dutta and Salvatore Modica
Federal Reserve Bank of St. Louis Review, Second Quarter 2022
doi.org/10.20955/r.104.110-19
Rodolfo E. Manuelli
James S. McDonnell Distinguished University Professor,
Washington University in St. Louis
Joined the St. Louis Fed in January 2010
Research interests: macroeconomics, monetary economics, natural disasters, development economics, growth, endogenous debt maturity, Argentine monetary policy
manuelli@wustl.edu
Manuelli’s personal website
Manuelli: IDEAS
Federal Reserve Bank of St. Louis Publications
- “Policy Instability and the Risk-Return Trade-Off”
with Jose Martinez-Gutierrez
Federal Reserve Bank of St. Louis Review, Second Quarter 2024
doi.org/10.20955/r.106.106-28 - “What Determines Debt Maturity?”
Federal Reserve Bank of St. Louis Review, Third Quarter 2019
doi.org/10.20955/r.101.155-76 - “Monetary Policy with Declining Deficits: Theory and an Application to Recent Argentine Monetary Policy”
with Juan I. Vizcaino
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2017
doi.org/10.20955/r.2017.351-375 - “Human Capital and Development"
Federal Reserve Bank of St. Louis Review, Third Quarter 2015
doi.org/10.20955/r.97.197-216 - “Frictions in Financial and Labor Markets: A Summary of the 35th Annual Economic Policy Conference”
with Adrian Peralta-Alva
Federal Reserve Bank of St. Louis Review, July/August 2011
doi.org/10.20955/r.93.273-292 - “Commentary on What Do We Know (And Not Know) About Potential Output?”
Federal Reserve Bank of St. Louis Review, July/August 2009 - “Inflation, Growth, and Financial Intermediation”
with V.V. Chari and Larry E. Jones
Federal Reserve Bank of St. Louis Review, May/June 1996
doi.org/10.20955/r.78.41-58
Yongseok Shin
Douglass C. North Distinguished Professor in Economics,
Washington University in St. Louis
Joined the St. Louis Fed in December 2012
Research interests: macroeconomics, micro-level data, effects of individual and firm decisionmaking on the aggregate economy
yshin@wustl.edu
Shin’s personal website
Shin: IDEAS
Federal Reserve Bank of St. Louis Publications
- “Where Are the Workers? From Great Resignation to Quiet Quitting”
with Dain Lee and Jinhyeok Park
Federal Reserve Bank of St. Louis Review, First Quarter 2024
doi.org/10.20955/r.106.59-71 - “Who Should Work from Home During a Pandemic? The Wage-Infection Trade-off”
with Sangmin Aum and Sang Yoon Lee
Federal Reserve Bank of St. Louis Review, Second Quarter 2022
doi.org/10.20955/r.104.92-109 - “The Rule of Law, Firm Size, and Family Firms”
with Francisco J. Buera and Siddhartha Sanghi
Federal Reserve Bank of St. Louis Economic Synopses, 2022, No. 19
doi.org/10.20955/es.2022.19 - “Hit Harder, Recover Slower? Unequal Employment Effects of the COVID-19 Shock”
with Sang Yoon Lee and Minsung Park
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2021
doi.org/10.20955/r.103.367-83 - “Why Is the Labor Share Declining?”
with Sangmin Aum
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2020
doi.org/10.20955/r.102.413-28 - “Taking Stock of the Evidence on Microfinancial Interventions”
with Francisco J. Buera and Joseph P. Kaboski
Federal Reserve Bank of St. Louis Review, Second Quarter 2020
doi.org/10.20955/r.102.173-202 - “Occupational Mobility and Lifetime Earnings”
with C.Y. Kelvin Yuen
Federal Reserve Bank of St. Louis Review, Third Quarter 2019
doi.org/10.20955/r.101.231-44 - “Industrial and Occupational Employment Changes During the Great Recession”
with Sangmin Aum and Sang Yoon Lee
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2017
doi.org/10.20955/r.2017.307-317 - “Misallocation and Manufacturing TFP in Korea, 1982-2007”
with Minho Kim and Jiyoon Oh
Federal Reserve Bank of St. Louis Review, Second Quarter 2017
doi.org/10.20955/r.2017.233-244
Ping Wang
Seigle Family Distinguished Professor in Arts and Sciences,
Washington University in St. Louis
Joined the St. Louis Fed in January 2012
Research interests: growth and development, money and macroeconomics, economic theory, spatial/health economics
pingwang@wustl.edu
Wang’s personal website
Wang: IDEAS
Federal Reserve Bank of St. Louis Publications
- “Sectoral Impacts of Trade Wars”
with Wan-Jung Cheng
Federal Reserve Bank of St. Louis Review, First Quarter 2022
doi.org/10.20955/r.104.17-40 - “Fertility and Internal Migration”
with Pei-Ju Liao, Yin-Chi Wang, and Chong K. Yip
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2020
doi.org/10.20955/r.102.429-45 - “Health and Economic Development from Cross-Country Perspectives”
with Yin-Chi Wang
Federal Reserve Bank of St. Louis Review, First Quarter 2020
doi.org/10.20955/r.102.79-98 - “Institutional Barriers and World Income Disparities”
with Tsz-Nga Wong and Chong K. Yip
Federal Reserve Bank of St. Louis Review, Third Quarter 2018
doi.org/10.20955/r.100.259-79
