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Meet the Economists

Photo of John C. Driscoll

John C. Driscoll

Principal Economist Consumer Finance Section Research and Statistics
john.c.driscoll@frb.gov

Education

  • Ph.D., Economics, Harvard University, 1995
  • M.A., Economics, Harvard University, 1992
  • S.B., Physics and Economics, Massachusetts Institute of Technology, 1990
Current Research Topics
  • Banking
  • Household Finance
  • Economist

    Board of Governors of the Federal Reserve System

    2002 - present
  • Assistant Professor of Economics

    Brown University

    1995 - 2002
  • Faculty Research Fellow

    National Bureau of Economic Research

    1999 - 2002
  • Adjunct Professor

    The Johns Hopkins University

    2004 - present
  • Senior Economist

    Council of Economic Advisers

    2004 - 2005
  • Policy Advisor

    U.S. Department of the Treasury, Financial Stability Oversight Council

    2017
  • Adams, Robert M., Kenneth P. Brevoort, and John C. Driscoll (2021). "Is Lending Distance Really Changing? Distance Dynamics and Loan Composition in Small Business Lending," Finance and Economics Discussion Series 2021-011. Board of Governors of theFederal Reserve System (U.S.).
  • Vojtech, Cindy M., Benjamin S. Kay, and John C. Driscoll (2020). "The Real Consequences of Bank Mortgage Lending Standards," Journal of Financial Intermediation, vol. 44 (October).
  • Guerrieri, Luca, Matteo Iacoviello, Francisco Covas, John C. Driscoll, Mohammad Jahan-Parvar, Michael Kiley, Albert Queralto, and Jae Sim (2019). "Macroeconomic Effects of Banking Sector Losses across Structural Models," International Journal of Central Banking, vol. 15, no. 3, pp. 137-204.
  • Adams, Robert, and John Driscoll (2018). "How the Largest Bank Holding Companies Grew: Organic Growth or Acquisitions?" FEDS Notes 2018-12-21. Board of Governors of the Federal Reserve System (U.S.).
  • Guerrieri, Luca, Matteo Iacoviello, Francisco Covas, John C. Driscoll, Mohammad Jahan-Parvar, Michael Kiley, Albert Queralto, and Jae Sim (2015). "Macroeconomic Effects of Banking Sector Losses across Structural Models," BIS Working Paper, no. 507. Bank for International Settlements.
  • Guerrieri, Luca, Matteo Iacoviello, Francisco Covas, John C. Driscoll, Michael T. Kiley, Mohammad R. Jahan-Parvar, Albert Queraltó, and Jae W. Sim (2015). "Macroeconomic Effects of Banking Sector Losses across Structural Models," Finance and Economics Discussion Series 2015-044. Board of Governors of the Federal Reserve System (U.S.).
  • Covas, Francisco, and John C. Driscoll (2014). "Bank Liquidity and Capital Regulation in General Equilibrium," Finance and Economics Discussion Series 2014-85. Board of Governors of the Federal Reserve System (U.S.).
  • Driscoll, John C., and Steinar Holden (2014). "Behavioral Economics and Macroeconomic Models," Journal of Macroeconomics, vol. 41, pp. 133-147.
  • Bassett, William F., Mary Beth Chosak, John C. Driscoll, and Egon Zakrajšek (2014). "Changes in Bank Lending Standards and the Macroeconomy," Journal of Monetary Economics, vol. 62, pp. 23-40.
  • Agarwal, Sumit, John C. Driscoll, and David I. Laibson (2013). "Optimal Mortgage Refinancing: A Closed-Form Solution," Journal of Money, Credit, and Banking, vol. 45, no. 4, pp. 591-622.
  • Driscoll, John C., and Ruth A. Judson (2013). "Sticky Deposit Rates," Finance and Economics Discussion Series 2013-80. Board of Governors of the Federal Reserve System (U.S.).
  • Driscoll, John C., and Steinar Holden (2012). "Fairness and Inflation Persistence," in McDonald, Ian M. ed., Behavioural Macroeconomics. Elgar Reference Collection. International Library of Critical Writings in Economics, Series no. 265. Cheltenham, U.K. and Northampton, Mass.: Elgar, pp. 259-270.
  • Agarwal, Sumit, Souphala Chomsisengphet, and John C. Driscoll (2011). "How do Private Firms use Credit Lines?" Economic Perspectives, vol. 35, no. 2, pp. 71-79.
  • Buch, Claudia M., John C. Driscoll, and Charlotte Ostergaard (2010). "Cross-Border Diversification in Bank Asset Portfolios," International Finance, vol. 13, no. 1, pp. 79-108.
  • Agarwal, Sumit, John C. Driscoll, Xavier Gabaix, and David Laibson (2009). "The Age of Reason: Financial Decisions Over the Life-Cycle with Implications for Regulation," Brookings Papers on Economic Activity, no. 2, pp. 51-117.
  • Agarwal, Sumit, John C. Driscoll, Xavier Gabaix, and David Laibson (2008). "Learning in the Credit Card Market," NBER Working Papers 13822. National Bureau of Economic Research.
  • Driscoll, John C. (2004). "Does Bank Lending Affect Output? Evidence from the U.S. States," Journal of Monetary Economics, vol. 51, no. 3, pp. 451-471.
  • Driscoll, John C., and Steinar Holden (2004). "Fairness and Inflation Persistence," Journal of the European Economic Association, vol. 2, no. 2-3, pp. 240-251.
  • Driscoll, John C., and Harumi Ito (2003). "Sticky Prices, Coordination and Enforcement," Topics in Macroeconomics, Vol. 3, no. 1.
  • Driscoll, John C., and Steinar Holden (2003). "Coordination, Fair Treatment and Inflation Persistence," Finance and Economics Discussion Series 2003-34. Board of Governors of the Federal Reserve System (U.S.).
  • Holden, Steinar, and John C. Driscoll (2003). "Inflation Persistence and Relative Contracting," American Economic Review, vol. 93, no. 4, pp. 1369-1372.
  • Driscoll, John C. (2002). "Credit Effects in the Monetary Mechanism: Commentary," Federal Reserve Bank of New York Economic Policy Review, vol. 8, no. 1, pp. 237-241.
  • Driscoll, John C., and Aart C. Kraay (1998). "Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data," The Review of Economics and Statistics, vol. 80, no. 4, pp. 549-560.
  • Driscoll, John Christopher (1995). "Essays on Money," Ph.D. dissertation, Harvard University.
  • Rotemberg, Julio J., John C. Driscoll, and James M. Poterba (1995). "Money, Output, and Prices: Evidence from a New Monetary Aggregate," Journal of Business and Economic Statistics, vol. 13, no. 1, pp. 67-83.

  • conference

    July 2016

    NBER ME Summer Institute

    The Real Consequences of Bank Mortgage Lending Standards

  • seminar

    August 2015

    Bundesbank

    The Real Consequences of Bank Mortgage Lending Standards

  • conference

    May 2015

    NUS Conference on Real Estate

    The Real Consequences of Bank Mortgage Lending Standards

  • seminar

    May 2014

    FRB-New York

    Stick Deposit Rates

  • conference

    September 2013

    FRS System Committee Meeting on Financial Regulation

    Bank Capital and Liquidity Regulation

  • conference

    September 2012

    FRB-Philadelphia Payments Center Conference

    Panel Discussion on Learning in Consumer Credit

  • discussion

    January 2012

    ASSA Meetings

    Discussion of Stango and ZInman, "Borrowing High vs. Borrowing Higher"

  • seminar

    November 2011

    Federal Trade Commission

    Learning in the Credit Card Market

  • conference

    November 2011

    Federal Reserve Conference on Liquidity Regulation

    The Macroeconomic Impact of Adding Liquidity Regulations to Bank Capital Regulations

  • discussion

    March 2011

    B.E. Journal/FRB-SF Conference on Geography and Macroeconomics

    Discussion of "Banking Conditions and the Effects of Monetary Policy"

  • conference

    January 2011

    Econometric Society Meetings

    Identifying the Macroeconomic Effects of Bank Lending Supply Shocks

  • conference

    January 2011

    Federal Reserve Day-Ahead Conference

    Identifying the Macroeconomic Effects of Bank Lending Supply Shocks

  • conference

    September 2010

    Bundesbank/FRB-Cleveland Conference on Household Finance

    Learning in the Credit Card Market

  • seminar

    February 2010

    American University

    Learning in the Credit Card Market

  • conference

    November 2009

    NBER Monetary Economics Conference

    Sticky Deposit Rates

  • conference

    May 2016

    UPenn/World Economic Forum Conference

    Panel Discussion on Aging and Cognition

Awards
  • 2010

    TIAA-CREF

    Paul Samuelson Award Certificate of Excellence

  • 2013

    The Johns Hopkins University

    Excellence in Teaching

Conference Organization

  • June 2019 | San Francisco

    IBEFA Summer Meetings

    Program Committee Chair

  • January 2021 | Online

    IBEFA ASSA Sessions

    Program Committee Chair

Editor
  • Associate Editor, Financial Planning Review, 2018-2019
Referee
  • The American Economic Review
  • The Quarterly Journal of Economics
  • Journal of Political Economy
  • Journal of Finance
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • Review of Economics and Statistics
  • Journal of Banking and Finance
Professional Affiliation
  • American Economic Association
  • Econometric Society
  • International Banking, Economics, and Finance Association (IBEFA): President, past Program Chair and Vice President
Last update: February 22, 2021