Stephen D. Williamson 
 

Robert S. Brookings Distinguished Professor in Arts and Sciences  
Department of Economics  
250 McMillan, Campus Box 1208  
Washington University in St. Louis  
St. Louis, MO 63130  
swilliam@artsci.wustl.edu 
Curriculum Vitae 

Education 
 

PhD, Economics, University of Wisconsin-Madison, 1984  
MA, Economics, Queen's University, 1979  
B.Sc.(Honours,Mathematics), Queen's University, 1977  

Positions Held 
 

Robert S. Brookings Distinguished Professor in Arts and Sciences, Washington University in St. Louis, 2006-  
Research Fellow, Federal Reserve Bank of St. Louis, 2006-  
Chester A. Phillips Professor of Financial Economics, University of Iowa, 1999-2006  
Visiting Scholar, Federal Reserve Bank of Richmond, 1998-  
Professor, University of Iowa, 1992-2006  
Associate Professor, University of Western Ontario, 1989-1992  
Economist, Federal Reserve Bank of Minneapolis, 1987-1989  
Visiting Assistant Professor, University of Western Ontario, 1985-1987  
Assistant Professor, Queen's University, 1984-1987  
Economist, Bank of Canada, 1979-1980  

Blog 
 

Blog posts on macroeconomics, monetary economics, and policy at New Monetarist Economics.


Research 
 

Monetary Economics  
Macroeconomics  
Financial Intermediation  

Teaching 
 

Undergraduate Intermediate Macroeconomics  
Graduate Core Macro Theory  
Graduate Monetary Economics  

These are some notes I have used in a second-semester core PhD macro course, covering labor search and monetary search. Notes on Search

I have an intermediate macro text for undergraduates, Macroeconomics, published by Pearson (Addison-Wesley), in U.S. and Canadian editions. Please look under "Books" below for web links.

These are some slides for lectures at Queen's University, Kingston Ontario. Queen's slides.


Published Articles 
 

"Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," American Economic Review 102, 2570-2605, 2012.  
"New Monetarist Economics: Understanding Unconventional Monetary Policy," Economic Record 88, 10-21, 2012.  
" A Defense of Contemporary Economics: Zombie Econmics in Review," Agenda: A Journal of Policy Analysis and Reform 18, 55-86, 2011.  
"New Monetarist Economics: Methods," with Randy Wright, Federal Reserve Bank of St. Louis Review 92, 265-302, July/August 2010.  
"New Monetarist Economics: Models," with Randy Wright, Handbook of Monetary Economics, vol 3A B. Friedman and M. Woodford, eds., Elsevier, 2011.  
"Money and Credit with Limited Commitment and Theft," with Daniel Sanches, Journal of Economic Theory 145, 1525-1549, 2010.  
"Adverse Selection, Segmented Markets, and the Role of Monetary Policy," with Daniel Sanches, Macroeconomic Dynamics 15, 269-292, 2011.  
"Transactions, Credit, and Central Banking in a Model of Segmented Markets," Review of Economic Dynamics, 12, 2009, 344-362.  
"Liquidity Constraints," in New Palgrave Dictionary of Economics, Second Edition, Blume, L., and Durlauf, S., eds., 2008.  
"New Keynesian Economics: A Monetary Perspective," Federal Reserve Bank of Richmond Economic Quarterly 94, 197-218, Summer 2008.  
"Monetary Policy and Distribution," Journal of Monetary Economics 55, 1038-1053, 2008.  
"Search, Limited Participation, and Monetary Policy," International Economic Review 47, 107-28, 2006.  
"Limited Participation and the Neutrality of Money," Federal Reserve Bank of Richmond Economic Quarterly 91, 1-20, 2005.  
"Limited Participation, Private Money, and Credit in a Spatial Model of Money," Economic Theory 24, 857-876, 2004.  
"Payments Systems and Monetary Policy," Journal of Monetary Economics 50, 475-495, 2003.  
"Moral Hazard, Optimal Unemployment Insurance, and Experience Rating," with Cheng Wang, Journal of Monetary Economics 49, 1337-1372, 2002.  
"Private Money and Counterfeiting,", Federal Reserve Bank of Richmond Economic Quarterly 88, 37-57, 2002.  
"Private Money, Settlement, and Discounts ," with Ted Temzelides, Carnegie-Rochester Conference Series on Public Policy 54, 85-108, 2001. 
"Payments Systems Design in Deterministic and Private Information Environments ," with Ted Temzelides, Journal of Economic Theory 99, 297-326, 2001.  
"Money and Dynamic Credit Arrangements with Private Information," with S. Rao Aiyagari, Journal of Economic Theory 91, 248-279, 2000.  
"Private Money," Journal of Money, Credit, and Banking 31, 469-491, 1999. 
"Credit in a Random Matching Model with Private Information," with S. Rao Aiyagari, Review of Economic Dynamics 2, 36-64, 1999.  
"Debt Contracts and Financial Intermediation with Costly Screening," with Cheng Wang, Canadian Journal of Economics 31, 573-595, 1998.  
"Payments Systems with Random Matching and Private Information,"Journal of Money, Credit, and Banking 30, 551-569, 1998.  
"Discount Window Lending and Deposit Insurance,"Review of Economic Dynamics 1, 246-275, 1998.  
"Unemployment Insurance with Moral Hazard in a Dynamic Economy," with Cheng Wang, Carnegie-Rochester Conference Series on Public Policy 44, 1-41, 1996.  
"Sequential Markets and the Suboptimality of the Friedman Rule," Journal of Monetary Economics 37, 549-572, 1996.  
"Currency Elasticity and Banking Panics: Theory and Evidence," with Bruce Champ and Bruce Smith, Canadian Journal of Economics 29, 828-864, 1996. 
"Do Informational Frictions Justify Federal Federal Credit Programs?" Journal of Money, Credit, and Banking 26, 523-544, August 1994.  
"Barter and Monetary Exchange Under Private Information," with Randy Wright, American Economic Review 84, 104-123, 1994.  
"Liquidity and Market Participation," Journal of Economic Dynamics and Control 18, 629-670, 1994.  
"Laissez-Faire Banking and Circulating Media of Exchange," Journal of Financial Intermediation 2, 134-167, 1992.  
"Sectoral Shifts, Labor Market Sorting, and Aggregate Fluctuations," International Economic Review, 31, 935-952, November 1990.  
"Restrictions on Financial Intermediaries and Implications for Aggregate Fluctuations: Canada and the United States, 1870-1913," in NBER Macroeconomics Annual 1989, O.Blanchard and S. Fischer, eds. [an adapted version is published as "Bank Failures, Financial Restrictions, and Aggregate Fluctuations: Canada and the United States, 1870-1913," in the Federal Reserve Bank of Minneapolis Quarterly Review, Summer 1989, 20-40].  
"International Financial Intermediation and Aggregate Fluctuations Under Alternative Exchange Rate Regimes," with Jeremy Greenwood, Journal of Monetary Economics 23, 401-431, May 1989. 
"Liquidity, Banking, and Bank Failures," International Economic Review 29, 25-43, February 1988. 
"Financial Intermediation, Business Failures, and Real Business Cycles," Journal of Political Economy 95, 1196-1216, December 1987. 
"Recent Developments in Modeling Financial Intermediation," The Federal Reserve Bank of Minneapolis Quarterly Review, 19-29, Fall 1987. 
"Transactions Costs, Inflation, and the Variety of Intermediation Services," Journal of Money, Credit, and Banking 19, 484-498, November 1987. 
"Costly Monitoring, Loan Contracts and Equilibrium Credit Rationing," Quarterly Journal of Economics, 102, 135-146, February 1987. 
"Increasing Returns to Scale in Financial Intermediation and the Nonneutrality of Government Policy," Review of Economic Studies LIII, 863-875, October 1986). 
"Costly Monitoring, Financial Intermediation and Equilibrium Credit Rationing," Journal of Monetary Economics 18, 159-179, September 1986. 

Books 
 

Macroeconomics, first edition, Pearson (Addison-Wesley), 2002.  
Macroeconomics, first Canadian edition, Pearson Education Canada, 2004.  
Macroeconomics, second edition, Pearson (Addison-Wesley), 2005.  
Macroeconomics, second Canadian edition, Pearson Education Canada, 2007.  
Macroeconomics, third edition, Pearson (Addison-Wesley), 2008.  
Macroeconomics, third Canadian edition, Pearson Education Canada, 2010.  
Macroeconomics, fourth edition, Pearson (Prentice-Hall), 2011.  
Macroeconomics, fourth Canadian edition, Pearson Education Canada, 2013.  
Macroeconomics, fifth edition, Pearson (Prentice-Hall), 2014.  

Comments, Reviews, etc. 
 

Review of Handbook of Monetary Economics, Journal of Economic Literature XXX, 199-201, March 1992.  
"Bank Failure" in The New Palgrave Money and Finance, P. Newman, M. Milgate, and JEatwell, eds., Macmillan Press, London, 1993.  
Comment on "Financial Intermediation and Monetary Policy in a General Equilibrium Model,", Journal of Money, Credit, and Banking 27, 1319-1320, 1995.  
"Financial Intermediation and the Great Depression: A Multiple Equilibrium Interpretation: A Comment," Carnegie-Rochester Conference on Public Policy 43, 325-328, 1995.  
"Real Business Cycle Research Comes of Age: A Review Essay," Journal of Monetary Economics 38, 161-170, 1996.  
"Comment on: Payment Systems Disruptions and the Federal Reserve Following September 11, 2001," Journal of Monetary Economics 51, 967-970, 2004.  
"Comment on "The Distribution of Money Balances and the Non-Neutrality of Money," by Berentsen, Camera, and Waller," International Economic Review 46, 489-493, 2005.  
" Review of "Zombie Economics," by John Quiggin,," Journal of Economic Literature 49, 1238-1241, 2011.  

Working Papers 
 

"Credit Markets, Limited Commitment, and Government Debt," with Francesca Carapella. 
"Keynesian Inefficiency and Optimal Policy: A New Monetarist Approach"  
"Scarce Collateral, the Term Premium, and Quantitative Easing"  

Supplementary Appendices for Published Work 
 

"Appendix to Monetary Policy and Distribution"  
"Appendix to 'Liquidity, Monetary Policy, and the Financial Crisis'"