Research Interests

Monetary Economics; Macroeconomics

Selected Publications

• "Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Approach," forthcoming, American Economic Review, 2012.
• "New Monetarist Economics: Models," with Randall Wright, in Handbook of Monetary Economics vol. 3A, B. Friedman and M. Woodford, eds., Elsevier, 2011.
• "New Monetarist Economics: Methods," with Randy Wright, St. Louis Federal Reserve Bank Review 92, 265-302, 2010. 
• "Adverse Selection, Segmented Markets, and Monetary Policy," with Daniel Sanches, Macreconomic Dynamics 15, 269-292, 2011.
• "Money and Credit with Limited Commitment and Theft," with Daniel Sanches, Journal of Economic Theory 145, 1525-1549, 2010.
• "Transactions, Credit, and Central Banking in a Model of Segmented Markets," Review of Economic Dynamics 12, 344-362, 2009.
• "Monetary Policy and Distribution," Journal of Monetary Economics 55, 1038-1053, 2008.
• Macroeconomics, Fourth Edition, Pearson Addison-Wesley, Boston MA, 2011.
• Macroeconomics, Third Canadian Edition, Pearson Canada, Toronto, 2010.

Courses

• Economics 4021: Undergraduate Intermediate Macroeconomics
• Economics 501/502: PhD Macroeconomic Theory
• Economics 586C: PhD Monetary Economics

Biography

Steve received a BSc in mathematics and an MA in economics from Queen’s University in Kingston, Canada, and a PhD in economics from the University of Wisconsin-Madison. He has held full-time positions at the Bank of Canada, Queen’s University, the University of Western Ontario, the Federal Reserve Bank of Minneapolis, and the University of Iowa. Currently, in addition to his faculty position at Washington University in St. Louis, Steve holds visiting positions at the Richmond Federal Reserve Bank and the St. Louis Federal Reserve Bank. His current research in New Monetarist Economics addresses the role of money, credit, and banking in the macroeconomy and the effects of monetary policy. Steve teaches graduate monetary economics, graduate macroeconomics, and undergraduate intermediate macroeconomics. His publications include articles in the Journal of Political Economy, the American Economic Review, the Review of Economic Studies, the Journal of Monetary Economics, the Journal of Economic Theory, and the International Economic Review, among others. As well, he has published an intermediate level undergraduate macroeconomics text book, Macroeconomics, now in its fourth edition in the U.S. and its third edition in Canada. Steve is a senior associate editor of the Journal of Monetary Economics,  and an associate editor of the Review of Economic Dynamics.

Blog

See Steve's blog on economic policy and other issues of the day at http://www.newmonetarism.blogspot.com/