Daniel L. Thornton

Standard Vita

Biography

IDEAS

Education

Ph.D. Economics
University of Missouri-Columbia
1976

M.S. Economics
Arizona State University
1969

B.A. Economics
Parsons College
1967

Daniel L. Thornton

Federal Reserve Bank of St. Louis Review Articles

"QE: Is There a Portfolio Balance Effect?"
Federal Reserve Bank of St. Louis Review, First Quarter 2014, 96(1), pp. 55-72.

"The U.S. Deficit/Debt Problem: A Longer-Run Perspective"
Federal Reserve Bank of St. Louis Review, November/December 2012, 94(6), pp. 441-456.

"The Dual Mandate: Has the Fed Changed Its Objective?"
Federal Reserve Bank of St. Louis Review, March/April 2012, 94(2), pp. 117-134.

"How Did We Get to Inflation Targeting and Where Do We Need to Go to Now? A Perspective from the U.S. Experience"
Federal Reserve Bank of St. Louis Review, January/February 2012, 94(1), pp. 65-82.

"How Good Are the Government’s Deficit and Debt Projections and Should We Care?"
with Kevin L. Kliesen
Federal Reserve Bank of St. Louis Review, January/February 2012, 94(1), pp. 21-40.

"The Effectiveness of Unconventional Monetary Policy: The Term Auction Facility"
Federal Reserve Bank of St. Louis Review, November/December 2011, 93(6), pp. 439-454.

"The Relationship Between the Daily and Policy-Relevant Liquidity Effects"
Federal Reserve Bank of St. Louis Review, January/February 2010, 92(1), pp. 73-87.

"The Fed, Liquidity, and Credit Allocation"
Federal Reserve Bank of St. Louis Review, January/February 2009, 91(1), pp. 13-21.

"A Primer on the Mortgage Market and Mortgage Finance"
with Daniel J. McDonald
Federal Reserve Bank of St. Louis Review, January/February 2008, 90(1), pp. 31-45.

"Open Market Operations and the Federal Funds Rate"
Federal Reserve Bank of St. Louis Review, November/December 2007, 89(6), pp. 549-70.
Also printed in D.G. Mayes and J. Toporowski, eds., Open Market Operations and Financial Markets,
Routledge International Studies in Money and Banking, London, 2007, pp. 178-202.

"The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective"
Federal Reserve Bank of St. Louis Review, May/June 2007, 89(3), pp. 183-93.

"Testing the Expectations Hypothesis: Some New Evidence for Japan"
Federal Reserve Bank of St. Louis Review, September/ October 2004, 86(5), pp. 21-39.

"The Efficient Market Hypothesis and Identification in Structural VARs"
with Lucio Sarno
Federal Reserve Bank of St. Louis Review, January/February 2004, 86(1), pp. 47-60.

"The FOMC's Balance of Risks Statement and Market Expectations of Policy Actions"
with Robert H. Rasche
Federal Reserve Bank of St. Louis Review, September/October 2002, 84(5), pp. 37-50.

"Market Anticipations of Monetary Policy Actions"
with William Poole and Robert H. Rasche
Federal Reserve Bank of St. Louis Review, July/August 2002, 84(4), pp. 65-94.

"Identifying the Liquidity Effect at the Daily Frequency"
Federal Reserve Bank of St. Louis Review, July/August 2001, 83(4), pp. 59-82.

"The Expected Federal Budget Surplus: How much Confidence Should the Public and Policy Makers Place in the Projections?"
with K. L. Kliesen
Federal Reserve Bank of St. Louis Review, March/April 2001, 83(2), pp. 11-24.

"A History of the Asymmetric Policy Directive"
with D. C. Wheelock
Federal Reserve Bank of St. Louis Review, September/October 2000, 82(5), pp. 1-16.

"Money in a Theory of Exchange"
Federal Reserve Bank of St. Louis Review, January/February 2000, 82(1), pp. 35-62.

"Tests of the Market's Reaction to Federal Funds Rate Target Changes"
Federal Reserve Bank of St. Louis Review, November/December 1998, 80(6), pp. 25-36.

"Using the Federal Funds Futures Market to Predict Federal Reserve Actions"
with J.C. Robertson
Federal Reserve Bank of St. Louis Review, November/December 1997, 79(6), pp. 45-53.

"Does the Fed's New Policy of Immediate Disclosure Affect the Market?"
Federal Reserve Bank of St. Louis Review, November/December 1996, 78(6), pp. 77-88.

"The Costs and Benefits of Price Stability: An Assessment of Howitt's Rule"
Federal Reserve Bank of St. Louis Review, March/April 1996, 78(2), pp. 23-28.

"Is There a Case for "Moderate" Inflation?"
with A. L. Marty
Federal Reserve Bank of St. Louis Review, July/August 1995, 77(4), pp. 27-37.

"Financial Innovation and Deregulation and the 'Credit View' of Monetary Policy"
Federal Reserve Bank of St. Louis Review, January/February 1994, 76(1), pp. 31-49.

"An Extended Series of Divisia Monetary Aggregates"
with Piyu Yue
Federal Reserve Bank of St. Louis Review, November/December 1992, 74(6), pp. 35-52.

"Targeting M2: The Issue of Monetary Control"
Federal Reserve Bank of St. Louis Review, July/August 1992, 74(4), pp. 23-35.

"Alternative Measures of the Monetary Base: What Are the Differences and Are They Important?"
with Michelle R. Garfinkel
Federal Reserve Bank of St. Louis Review, November/December 1991, 73(6), pp. 19-35.

"The Multiplier Approach to the Money Supply Process: A Precautionary Note"
with Michelle R. Garfinkel
Federal Reserve Bank of St. Louis Review, July/August 1991, 73(4), pp. 47-64.

"A Primer on Cointegration with an Application to Money and Income"
with David A. Dickey and Dennis W. Jansen
Federal Reserve Bank of St. Louis Review, March/April 1991, 73(2), pp. 58-78
Reprinted in B. Bhaskara Rao, ed., Cointegration for the Applied Economist, St. Martin's Press, 1994 and Omar R. Hamouda, ed., Foundations of Probability, Econometrics and Economic Games, Edward Elgar, 1996.

"Do Government Deficits Matter?"
Federal Reserve Bank of St. Louis Review, September/October 1990, 72(5), pp. 25-39.

"The Link Between M1 and the Monetary Base in the 1980s"
with Michelle R. Garfinkel
Federal Reserve Bank of St. Louis Review, September/October 1989, 71(5), pp. 35-52.

"Tests of Covered Interest Rate Parity"
Federal Reserve Bank of St. Louis Review, July/August 1989, 71(4), pp. 55-66.

"The Macroeconomic Effects of Deficit Spending: A Review"
with K. Alec Chrystal
Federal Reserve Bank of St. Louis Review, November/December 1988, 70(6), pp. 48-60.

"The Effect of Monetary Policy on Short-Term Interest Rates"
Federal Reserve Bank of St. Louis Review,May/June 1988, 70(3), pp. 53-72.

"The Borrowed-Reserves Operating Procedure: Theory and Evidence"
Federal Reserve Bank of St. Louis Review, January/February 1988, 70(1), pp. 30-54.

"Solving the 1980's Velocity Puzzle: A Progress Report"
with Courtenay C. Stone
Federal Reserve Bank of St. Louis Review, August/September 1987, 69(7), pp. 5-23.

"The Monetary-Fiscal Policy Debate and the Andersen-Jordan Equation"
with Dallas S. Batten
Federal Reserve Bank of St. Louis Review, October 1986, 68(8), pp. 9-17.

"The Discount Rate and Market Interest Rates: Theory and Evidence"
Federal Reserve Bank of St. Louis Review, August/September 1986, 68(7), pp. 5-21.

"The Cost of Checkable Deposits in the United States"
with Kenneth C. Carraro
Federal Reserve Bank of St. Louis Review, April 1986, 68(4), pp. 19-27.

"Are Weighted Monetary Aggregates Better Than Simple-Sum M1?"
with Dallas S. Batten
Federal Reserve Bank of St. Louis Review, June/July 1985, 67(6), pp. 29-40.

"Money Demand Dynamics: Some New Evidence"
Federal Reserve Bank of St. Louis Review, March 1985, 67(3), pp. 14-23.

"The Discount Rate, Interest Rates and Foreign Exchange Rates: An Analysis with Daily Data"
with Dallas S. Batten
Federal Reserve Bank of St. Louis Review, February 1985, 67(2), pp. 22-30.

"Monetizing the Debt"
Federal Reserve Bank of St. Louis Review, December 1984, 66(10), pp. 30-43.

"An Early Look at the Volatility of Money and Interest Rates Under CRR"
Federal Reserve Bank of St. Louis Review, October 1984, 66(8), pp. 26-32.

"How Robust Are the Policy Conclusions of the St. Louis Equation: Some Further Evidence"
with Dallas S. Batten
Federal Reserve Bank of St. Louis Review, June/July 1984, 66(6), pp. 26-32.

"Why Does Velocity Matter?"
Federal Reserve Bank of St. Louis Review, December 1983, 65(10), pp. 5-13.

"Lagged and Contemporaneous Reserve Accounting: An Alternative View"
Federal Reserve Bank of St. Louis Review, November 1983, 65(9), pp. 26-33.

"M1 or M2: Which is the Better Monetary Target"
with Dallas S. Batten
Federal Reserve Bank of St. Louis Review, June/July 1983, 65(6), pp 36-42.

"The FOMC in 1982: De-emphasizing M1"
Federal Reserve Bank of St. Louis Review, June/July 1983, 65(6), pp. 26-35.

"Polynomial Distributed Lags and the Estimation of the St. Louis Equation"
with Dallas S. Batten
Federal Reserve Bank of St. Louis Review, April 1983, 65(4), pp. 13-25.

"Simple Analytics of the Money Supply Process and Monetary Control"
Federal Reserve Bank of St. Louis Review, October 1982, 64(8), pp. 23-39.

"The Discount Rate and Market Interest Rates: What's the Connection?"
Federal Reserve Bank of St. Louis Review, June/July 1982, 64(6), pp. 3-14.

"The FOMC in 1981: Monetary Control in a Changing Financial Environment"
Federal Reserve Bank of St. Louis Review, April 1982, 64(4), pp. 3-22.


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Journal of Economic Education, Spring 1977, 8(2), pp. 93-9.