David C Wheelock
Biographic Data
| ID | 2047606 |
|---|---|
| NAME | David C Wheelock |
| GIVEN NAMES | David C |
| FAMILY NAME | Wheelock |
| SIGNATURE | WHEELOCK D C |
| AFFILIATIONS | Federal Reserve Bank of St. Louis |
| ORCID | 0000-0002-2702-8164 |
| VERIFIED | Yes |
| TOTAL WORKS | 19 |
| TOTAL CITATIONS | 33 |
| AUTHOR COUNT | 19 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1989 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 4 |
Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907
This paper provides quantitative evidence on interbank transmission of financial distress in the Panic of 1907 and ensuing recession. Originating in New York City, the panic led to payment suspensions and emergency currency issuance in many cities. Data on the universe of interbank connections show that (1) suspension was more likely in cities whose banks had closer ties to banks at the center of the panic, (2) banks with such links were more lik…
The Founding of the Federal Reserve, the Great Depression, and the Evolution of the U.S. Interbank Network
Financial network structure is an important determinant of systemic risk. This article examines how the U.S. interbank network evolved over a long and important period that included two key events: the founding of the Federal Reserve and the Great Depression. Banks established connections to correspondents that joined the Federal Reserve in cities with Fed offices, initially reducing overall network concentration. The network became even more foc…
Banker preferences, interbank connections, and the enduring structure of the Federal Reserve System
Does the structure of banking markets affect economic growth? Evidence from U.S. state banking markets
Are Credit Unions Too Small
U.S. credit unions serve 93 million members, hold 10% of U.S. savings deposits, and make 13.2% of all nonrevolving consumer loans. Since 1985, the share of U.S. depository institution assets held by credit unions has nearly doubled, and the average (inflation-adjusted) size of credit unions has increased over 600%. We use a local-linear estimator, dimesion-reduction techniques, and bootstrap methods to estimate and make inference about ray scale …
Robust Nonparametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985–2004
This article uses a new nonparametric, unconditional, hyperbolic order-αquantile estimator to construct a hyperbolic version of the Malmquist index. Unlike traditional nonparametric efficiency estimators, the new estimator is both robust to data outliers and has a root-n convergence rate. We use this estimator to examine changes in the efficiency and productivity of U.S. banks between 1985 and 2004. We find that larger banks experienced larger ef…
Why Did Income Growth Vary Across States During the Great Depression
This note investigates the sources of variation in the growth of per capita personal incomes across U.S. states during the Great Depression. States entering the economic contraction with relatively low per capita incomes tended to suffer larger percentage declines in per capita income than did high income states. By contrast, low-income states tended to experience larger percentage gains during the recovery. Hence, state per capita incomes diverg…
A spatial analysis of state banking regulation
Creating Colonial Williamsburg Anders Greenspan
Aggregate price shocks and financial stability: The United Kingdom 1796–1999
Why do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions
This paper seeks to identify the characteristics that make individual U.S. banks more likely to fail or be acquired. We use bank-specific information to estimate competing-risks hazard models with time-varying covariates. We use alternative measures of productive efficiency to proxy management quality, and find that inefficiency increases the risk of failure while reducing the probability of a bank's being acquired. Finally, we show that the clos…
Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency
This paper uses micro-level historical data to examine the causes of bank failure.For statecharactered Kansas banks during 19 10-28, time-to-failure is explicitly modeled using a proportional hazards framework.In addition to standard financial ratios, this study includes membership in the voluntary state deposit insurance system and measures of technical efficiency to explain bank failure.The results indicate that deposit insurance system members…
Why Do Banks Fail? Evidence from the 1920s
The Slack Banker Dances: Deposit Insurance and Risk-Taking in the Banking Collapse of the 1920s
The Strategy and Consistency of Federal Reserve Monetary Policy, 1924-1933
Journal Article The Strategy and Consistency of Federal Reserve Monetary Policy, 1924–1933. By David C. Wheclock. (New York: Cambridge University Press, 1991. xiv + 126 pp. $39-95, ISBN 0-521-39155-5.) Get access Helen M. Burns Helen M. Burns Baltimore, Maryland Search for other works by this author on: Oxford Academic Google Scholar Journal of American History, Volume 80, Issue 2, September 1993, Pages 727–728, https://doi.org/10.2307/2079990 Pu…
Government Policy and Banking Market Structure in the 1920s
This article investigates interstate differences in banking market structure during the 1920s. It finds that the number of banks per capita and the ratio of state-chartered to federally chartered banks were highest in states with deposit insurance systems, low minimum capital requirements, and branching restrictions. In the 1920s banking consolidation was greatest where falling incomes caused high failure rates, in states with deposit insurance, …
Regulation and Bank Failures: New Evidence from the Agricultural Collapse of the 1920s
This article examines the contribution of government policies to the high number of bank failures in the United States during the 1920s. In the state of Kansas, which had a system of voluntary deposit insurance and where branch banking was strictly prohibited, bank failure rates were highest in counties suffering the greatest agricultural distress and where deposit insurance system membership was highest. The evidence for Kansas illustrates how p…
The Strategy and Consistency of Federal Reserve Monetary Policy, 1919–1933
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
The strategy, effectiveness, and consistency of Federal Reserve monetary policy 1924–1933
Why Do Banks Fail? Evidence from the 1920s
The Slack Banker Dances: Deposit Insurance and Risk-Taking in the Banking Collapse of the 1920s
Regulation and Bank Failures: New Evidence from the Agricultural Collapse of the 1920s
This article examines the contribution of government policies to the high number of bank failures in the United States during the 1920s. In the state of Kansas, which had a system of voluntary deposit insurance and where branch banking was strictly prohibited, bank failure rates were highest in counties suffering the greatest agricultural distress and where deposit insurance system membership was highest. The evidence for Kansas illustrates how p…
Banker preferences, interbank connections, and the enduring structure of the Federal Reserve System
A spatial analysis of state banking regulation
Government Policy and Banking Market Structure in the 1920s
This article investigates interstate differences in banking market structure during the 1920s. It finds that the number of banks per capita and the ratio of state-chartered to federally chartered banks were highest in states with deposit insurance systems, low minimum capital requirements, and branching restrictions. In the 1920s banking consolidation was greatest where falling incomes caused high failure rates, in states with deposit insurance, …
Why Did Income Growth Vary Across States During the Great Depression
This note investigates the sources of variation in the growth of per capita personal incomes across U.S. states during the Great Depression. States entering the economic contraction with relatively low per capita incomes tended to suffer larger percentage declines in per capita income than did high income states. By contrast, low-income states tended to experience larger percentage gains during the recovery. Hence, state per capita incomes diverg…
Aggregate price shocks and financial stability: The United Kingdom 1796–1999
The strategy, effectiveness, and consistency of Federal Reserve monetary policy 1924–1933
The Strategy and Consistency of Federal Reserve Monetary Policy, 1919–1933
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
The strategy, effectiveness, and consistency of Federal Reserve monetary policy 1924–1933
Regulation and Bank Failures: New Evidence from the Agricultural Collapse of the 1920s
This article examines the contribution of government policies to the high number of bank failures in the United States during the 1920s. In the state of Kansas, which had a system of voluntary deposit insurance and where branch banking was strictly prohibited, bank failure rates were highest in counties suffering the greatest agricultural distress and where deposit insurance system membership was highest. The evidence for Kansas illustrates how p…
The Strategy and Consistency of Federal Reserve Monetary Policy, 1924-1933
Journal Article The Strategy and Consistency of Federal Reserve Monetary Policy, 1924–1933. By David C. Wheclock. (New York: Cambridge University Press, 1991. xiv + 126 pp. $39-95, ISBN 0-521-39155-5.) Get access Helen M. Burns Helen M. Burns Baltimore, Maryland Search for other works by this author on: Oxford Academic Google Scholar Journal of American History, Volume 80, Issue 2, September 1993, Pages 727–728, https://doi.org/10.2307/2079990 Pu…
Government Policy and Banking Market Structure in the 1920s
This article investigates interstate differences in banking market structure during the 1920s. It finds that the number of banks per capita and the ratio of state-chartered to federally chartered banks were highest in states with deposit insurance systems, low minimum capital requirements, and branching restrictions. In the 1920s banking consolidation was greatest where falling incomes caused high failure rates, in states with deposit insurance, …
Why Do Banks Fail? Evidence from the 1920s
The Slack Banker Dances: Deposit Insurance and Risk-Taking in the Banking Collapse of the 1920s
Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency
This paper uses micro-level historical data to examine the causes of bank failure.For statecharactered Kansas banks during 19 10-28, time-to-failure is explicitly modeled using a proportional hazards framework.In addition to standard financial ratios, this study includes membership in the voluntary state deposit insurance system and measures of technical efficiency to explain bank failure.The results indicate that deposit insurance system members…
Why do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions
This paper seeks to identify the characteristics that make individual U.S. banks more likely to fail or be acquired. We use bank-specific information to estimate competing-risks hazard models with time-varying covariates. We use alternative measures of productive efficiency to proxy management quality, and find that inefficiency increases the risk of failure while reducing the probability of a bank's being acquired. Finally, we show that the clos…
Creating Colonial Williamsburg Anders Greenspan
Aggregate price shocks and financial stability: The United Kingdom 1796–1999
A spatial analysis of state banking regulation
Why Did Income Growth Vary Across States During the Great Depression
This note investigates the sources of variation in the growth of per capita personal incomes across U.S. states during the Great Depression. States entering the economic contraction with relatively low per capita incomes tended to suffer larger percentage declines in per capita income than did high income states. By contrast, low-income states tended to experience larger percentage gains during the recovery. Hence, state per capita incomes diverg…
Robust Nonparametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985–2004
This article uses a new nonparametric, unconditional, hyperbolic order-αquantile estimator to construct a hyperbolic version of the Malmquist index. Unlike traditional nonparametric efficiency estimators, the new estimator is both robust to data outliers and has a root-n convergence rate. We use this estimator to examine changes in the efficiency and productivity of U.S. banks between 1985 and 2004. We find that larger banks experienced larger ef…
Are Credit Unions Too Small
U.S. credit unions serve 93 million members, hold 10% of U.S. savings deposits, and make 13.2% of all nonrevolving consumer loans. Since 1985, the share of U.S. depository institution assets held by credit unions has nearly doubled, and the average (inflation-adjusted) size of credit unions has increased over 600%. We use a local-linear estimator, dimesion-reduction techniques, and bootstrap methods to estimate and make inference about ray scale …
Does the structure of banking markets affect economic growth? Evidence from U.S. state banking markets
Banker preferences, interbank connections, and the enduring structure of the Federal Reserve System
The Founding of the Federal Reserve, the Great Depression, and the Evolution of the U.S. Interbank Network
Financial network structure is an important determinant of systemic risk. This article examines how the U.S. interbank network evolved over a long and important period that included two key events: the founding of the Federal Reserve and the Great Depression. Banks established connections to correspondents that joined the Federal Reserve in cities with Fed offices, initially reducing overall network concentration. The network became even more foc…
Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907
This paper provides quantitative evidence on interbank transmission of financial distress in the Panic of 1907 and ensuing recession. Originating in New York City, the panic led to payment suspensions and emergency currency issuance in many cities. Data on the universe of interbank connections show that (1) suspension was more likely in cities whose banks had closer ties to banks at the center of the panic, (2) banks with such links were more lik…
Economics (18 works) · Banking stability, regulation, efficiency (12 works) · Financial system (11 works) · Business (10 works) · Finance (9 works) · Finance (9 works) · Monetary economics (9 works) · Global Financial Crisis and Policies (7 works) · Housing Market and Economics (6 works) · Computer Science (5 works)