Contact Information
202-452-2659
david.h.small@frb.gov

Fields of Interest
Monetary Policy
Monetary Economics
Financial Markets

Education
Ph.D., Economics, Northwestern University, 1978
B.A., Political Science, Washington University (St. Louis), 1974

Professional Experience
Board of Governors of the Federal Reserve System, 1983-present
Assistant Professor, Univeristy of Wisconsin-Madison, 1978-1983

Selected Publications

• ''A Comment on Robert Barro's 'Unanticipated Money Growth and Unemployment in the United States,'' American Economic Review, vol. 69 (December 1979), pp. 996-1003.
• ''Why Interest Rates Rise When an Unexpectedly Large Money Stock is Announced'' (with Donald Nichols and Charles Webster), American Economic Review, vol. 73 (June 1983), pp. 383-88.
• ''Investment Demand and Financial Futures Markets,'' in Myron Kwast, ed., Financial Futures and Options in the U.S. Economy. Washington, D.C.: Board of Governors of the Federal Reserve System, 1986.
• ''Modeling the Dissagregated Demands for M2 and M1: The U.S. Experience in the 1980s'' (with George Moore and Richard Porter), in Peter Hooper, K. Johnson, D. Kohn, D. Lindsey, R.Porter, R. Tryon, eds., Financial Sectors in Open Economies: Empirical Analysis and Policy Issues. Washington, D.C.: Board of Governors of the Federal Reserve System, 1990.
• ''The Empirical Properties of a Monetary Aggregate that Adds Bond and Stock Funds to M2'' (with Brian Reid and Athanasios Orphanides), in Proceedings: A Symposium on Mutual Funds and the Monetary Aggregates . St. Louis, Mo.: Federal Reserve Bank of St. Louis, 1994.
• ''Is the Price Level Tied to the M2 Monetary Aggregate in the Long Run?'' (with Jeffrey Hallman and Richard Porter), American Economic Review, vol. 81 (September 1991), pp. 841-57.
• ''Nominal Income Targeting with the Monetary Base as Instrument: An Evaluation of McCallum's Rule'' (with Gregory Hess and Flynt Brayton), in Marvin Goodfriend and David Small, eds., Operating Procedures and the Conduct of Monetary Policy: Conference Proceedings. Washington, D.C.: Board of Governors of the Fedeal Reserve System, 1993.
• Monetary Policy and Price Stability (with Karen Johnson and Ralph Tryon), International Finance Discussion Papers 641. Washington: Board of Governors of the Federal Reserve System, 1999.
• ''The Limits the Federal Reserve Act Places on the Monetary Policy Actions of the Federal Reserve'' (with James Clouse), Annual Review of Banking Law, vol. 19 (2000), pp. 553-79.
• Monetary Policy When the Nominal Short-Term Interest Rate Is Zero (with James Clouse, Dale Hendeson, Athanasios Orphanides, and others), Finance and Economics Discussion Series 2000-51. Washington: Board of Governors of the Federal Reserve System, 2000.