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Working Paper
Monetary policy and stock market booms and busts in the 20th century
Dueker, Michael J.; Bordo, Michael D.; Wheelock, David C. (2007)
This paper examines the association between monetary policy and stock market booms and busts in the United States, United Kingdom, and Germany during the 20th century. Booms tended to arise when output growth was rapid and inflation was low, and end within a few months of an increase in inflation and monetary policy tightening. Latent variable VAR analysis of post-war data finds that inflation has had a particularly strong impact on market conditions, with disinflation shocks moving the market toward a boom and positive inflation shocks moving the market toward a bust. We conclude that ...
Working Papers , Paper 2007-020

Journal Article
Why no business loan growth?
Wheelock, David C. (2004-05)
Monetary Trends , Issue May

Journal Article
Can deposit insurance increase the risk of bank failure? Some historical evidence
Wheelock, David C.; Wilson, Paul W. (1994-05)
Review , Issue May , Pages 57-71

Journal Article
Federal Reserve lending to troubled banks during the financial crisis, 2007-2010
Wheelock, David C.; Kliesen, Kevin L.; Gilbert, R. Alton; Meyer, Andrew P. (2012-05)
Numerous commentaries have questioned both the legality and appropriateness of Federal Reserve lending to banks during the recent financial crisis. This article addresses two questions motivated by such commentary: Did the Federal Reserve violate either the letter or spirit of the law by lending to undercapitalized banks? Did Federal Reserve credit constitute a large fraction of the deposit liabilities of failed banks during their last year before failure? The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) imposed limits on the number of days that the Federal Reserve ...
Review , Volume 94 , Issue May , Pages 221-242

Journal Article
What Can We Learn from the Spanish Flu Pandemic of 1918-19 for COVID-19?
Wheelock, David C. (2020-05-18)
As the Spanish flu became more widespread and its dangers apparent, many cities sought to contain the virus by imposing restrictions on social and economic interactions.
Economic Synopses , Issue 30

Journal Article
Expected inflation near and far
Wheelock, David C. (2007-02)
Monetary Trends , Issue Feb

Are Americans Hoarding Cash, Too?
Wheelock, David C. (2020-04-08)
Depositors have little to fear: Federal deposit insurance created in response to the 1930s banking panics has long protected people's funds.
Open Vault

Journal Article
Lessons from financial history. Proceedings of the twenty-second annual Economic Policy Conference of the Federal Reserve Bank of St Louis
Wheelock, David C. (1998-05)
Review , Issue May

Journal Article
A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-54
Wheelock, David C.; Hanes, Christopher; Anbil, Sriya; Carlson, Mark A. (2021-01-14)
This article describes the origins and development of the federal funds market from its inception in the 1920s to the early 1950s. We present a newly digitized daily data series on the federal funds rate from April 1928 through June 1954. We compare the behavior of the funds rate with other money market interest rates and the Federal Reserve discount rate. Our federal funds rate series will enhance the ability of researchers to study an eventful period in U.S. financial history and better understand how monetary policy was transmitted to banking and financial markets. For the 1920s-30s, our ...
Review , Volume 103 , Issue 1 , Pages 45-70

Journal Article
Price stability and financial stability: the historical record
Bordo, Michael D.; Wheelock, David C. (1998-09)
Although the economic performance of the U.S. economy in 1997 was very good, it was troubling in at least one respect for the Federal Open Market Committee. Traditional signals of inflation - rapid money growth and high levels of economic activity - were not accompanied by higher inflation. Rather, inflation fell steadily throughout the year. The committee put forth several hypotheses for the subdued inflation but found the situation puzzling, nevertheless. Compounding the problem, members did not know how long such dampening factors might last. In the end the FOMC changed the intended ...
Review , Issue Sep , Pages 41-62

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