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Photo of Steven A. Sharpe

Steven A. Sharpe

Senior Adviser Program Direction Section Research and Statistics
[email protected]

Education

  • Ph.D., Economics, Stanford University, 1986
  • B.A., Economics, Mathematics, University of Illinois, 1981
  • Economist

    Board of Governors of the Federal Reserve System

    1986 - present
  • Senior Advisor

    Office of Economic Policy, Treasury Department

    2008 - 2009
  • The Swaps Strike Back: Evaluating Expectations of One-Year Inflation
    Anthony M. Diercks, Colin Campbell, Steve Sharpe, and Daniel Soques
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2023.061
  • The power of narrative sentiment in economic forecasts
    Steven A. Sharpe, Nitish R. Sinha, and Christopher A. Hollrah
    International Journal of Forecasting (2023)
    https://doi.org/10.1016/j.ijforecast.2022.04.008
  • (Don't Fear) The Yield Curve, Reprise
    Eric C. Engstrom and Steven A. Sharpe
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3099
  • Why Isn’t Business Investment More Sensitive to Interest Rates? Evidence from Surveys
    Steven A. Sharpe and Gustavo A. Suarez
    Management Science (2021)
    https://doi.org/10.1287/mnsc.2019.3473
  • The Power of Narratives in Economic Forecasts
    Steven A. Sharpe, Nitish R. Sinha, and Christopher A. Hollrah
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.001r1
  • Macroeconomic News and Stock Prices Over the FOMC Cycle
    Jack McCoy, Michele Modugno, Dino Palazzo, and Steve Sharpe
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2745
  • The Corporate Bond Market Crises and the Government Response
    Steven A. Sharpe and Alex X. Zhou
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2769
  • The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror
    Eric C. Engstrom and Steven A. Sharpe
    Financial Analysts Journal (2019)
    https://doi.org/10.1080/0015198X.2019.1625617
    See also » FRB Working Paper (2018)
  • The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror
    Eric Engstrom and Steven A. Sharpe
    Finance and Economics Discussion Series (2018)
    https://doi.org/10.17016/FEDS.2018.055
  • What's the Story? A New Perspective on the Value of Economic Forecasts
    Steven A. Sharpe, Nitish R. Sinha, and Christopher A. Hollrah
    Finance and Economics Discussion Series (2018)
    https://doi.org/10.17016/FEDS.2017.107r1
  • (Don't Fear) The Yield Curve
    Eric Engstrom and Steve Sharpe
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2212
  • Crowding Out Effects of Refinancing on New Purchase Mortgages
    Steven A. Sharpe and Shane M. Sherlund
    Review of Industrial Organization (2016)
    https://doi.org/10.1007/s11151-016-9500-9
    See also » FRB Working Paper (2015)
  • Crowding Out Effects of Refinancing on New Purchase Mortgages
    Steve A. Sharpe and Shane M. Sherlund
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.017
  • From the Horse's Mouth: Economic Conditions and Investor Expectations of Risk and Return
    Gene Amromin and Steven A. Sharpe
    Management Science (2014)
    https://doi.org/10.1287/mnsc.2013.1806
  • Anchoring Bias in Consensus Forecasts and Its Effect on Market Prices
    Sean D. Campbell and Steven A. Sharpe
    Journal of Financial and Quantitative Analysis (2009)
    https://doi.org/10.1017/S0022109009090127
    See also » FRB Working Paper (2007)
  • How Did the 2003 Dividend Tax Cut Affect Stock Prices?
    Gene Amromin, Paul Harrison, and Steven Sharpe
    Financial Management (2008)
    https://doi.org/10.1111/j.1755-053X.2008.00028.x
    See also » FRB Working Paper (2008)
  • Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values
    Julia Coronado, Olivia S. Mitchell, Steven A. Sharpe, and S. Blake Nesbitt
    Journal of Pension Economics & Finance (2008)
    https://doi.org/10.1017/S147474720800379X
    See also » FRB Working Paper (2008)
  • Do Nonfinancial Firms Use Interest Rate Derivatives to Hedge?
    Daniel Covitz and Steven A. Sharpe
    Finance and Economics Discussion Series (2005)
    https://doi.org/10.17016/FEDS.2005.39
  • How does the Market Interpret Analysts' Long-Term Growth Forecasts?
    Steve A. Sharpe
    Journal of Accounting, Auditing & Finance (2005)
    https://doi.org/10.1177/0148558X0502000203
    See also » FRB Working Paper (2004)
  • Getting Bad News Out Early: Does it Really Help Stock Prices?
    Chris Downing and Steve Sharpe
    Finance and Economics Discussion Series (2003)
    https://doi.org/10.17016/FEDS.2003.58
  • Did Pension Plan Accounting Contribute to a Stock Market Bubble?
    Julia Lynn Coronado and Steven A. Sharpe
    Brookings Papers on Economic Activity (2003)
    See also » FRB Working Paper (2003)
  • Reexamining Stock Valuation and Inflation: The Implications of Analysts' Earnings Forecasts
    Steven A. Sharpe
    Review of Economics and Statistics (2002)
    https://doi.org/10.1162/003465302760556468
    See also » FRB Working Paper (1999)
  • Capital Market Imperfections and the Incentive to Lease
    Steven A. Sharpe and Hien H. Nguyen
    Empirical Corporate Finance (2001)
  • Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting
    Mark Carey, Mitch Post, and Steven A. Sharpe
    Empirical Corporate Finance (2001)
    See also » FRB Working Paper (1997)
  • Review of: Dodging bullets: Changing U.S. corporate capital structure in the 1980s and 1990s
    Steven A. Sharpe
    Journal of Economic Literature (2001)
    https://doi.org/10.1257/jel.39.3.902
  • Share Repurchases and Employee Stock Options and their Implications for S&P 500 Share Retirements and Expected Returns
    J. Nellie Liang and Steven A. Sharpe
    Finance and Economics Discussion Series (1999)
    https://doi.org/10.17016/FEDS.1999.59
  • Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting
    Mark Carey, Mitch Post, and Steven A. Sharpe
    Journal of Finance (1998)
    https://doi.org/10.1111/0022-1082.00037
    See also » FRB Working Paper (1997)
  • Debt Maturity and the Use of Interest Rate Derivatives by Nonfinancial Firms
    George W. Fenn, Mitch Post, and Steven A. Sharpe
    Finance and Economics Discussion Series (1997)
    https://doi.org/10.17016/FEDS.1996.36
  • Leverage as a State Variable for Employment, Inventory Accumulation and Fixed Investment
    Charles W. Calomiris, Athanasios Orphanides, and Steven A. Sharpe
    Studies in Banking and International Finance (1997)
    https://doi.org/10.1007/978-1-349-25409-5
  • The Effect of Consumer Switching Costs on Prices: A Theory and Its Application to the Bank Deposit Market
    Steven A. Sharpe
    Review of Industrial Organization (1997)
    https://doi.org/10.1023/A:1007748623012
  • Rents and Quasi Rents in the Wage Structure: Evidence from Hostile Takeovers
    David Neumark and Steven A. Sharpe
    Industrial Relations (1996)
    https://doi.org/10.1111/j.1468-232X.1996.tb00400.x
  • Bank Capitalization, Regulation, and the Credit Crunch: A Critical Review of the Research Findings
    Steven A. Sharpe
    Finance and Economics Discussion Series (1995)
  • Capital Market Imperfections and the Incentive to Lease
    Steven A. Sharpe and Hien H. Nguyen
    Journal of Financial Economics (1995)
    https://doi.org/10.1016/0304-405X(95)00830-8
  • Rents and Quasi-Rents in the Wage Structure: Evidence from Hostile Takeovers
    David Neumark and Steven A. Sharpe
    Finance and Economics Discussion Series (1994)
  • Leverage as a State Variable for Employment, Inventory Accumulation, and Fixed Investment
    Charles W. Calomiris, Athanasios Orphanides, and Steven A. Sharpe
    NBER Working Paper Series (1994)
    https://doi.org/10.3386/w4800
  • Optimal Bank Portfolios and the Credit Crunch
    Wayne Passmore and Steven A. Sharpe
    Finance and Economics Discussion Series (1994)
  • Capital Market Imperfections and the Incentive to Lease
    Steven A. Sharpe and Hien H. Nguyen
    Finance and Economics Discussion Series (1994)
  • Financial Market Imperfections, Firm Leverage, and the Cyclicality of Employment
    Steven A. Sharpe
    American Economic Review (1994)
  • Financial Market Imperfections, Firm Leverage and the Cyclicality of Employment
    Steven A. Sharpe
    Finance and Economics Discussion Series (1993)
  • Hostile Takeovers and Expropriation of Extramarginal Wages: A Test
    David Neumark and Steven A. Sharpe
    NBER Working Paper Series (1992)
    https://doi.org/10.3386/w4101
  • Hostile Takeovers and Expropriation of Extramarginal Wages: A Test
    David Neumark and Steven A. Sharpe
    Finance and Economics Discussion Series (1992)
  • Consumer Switching Costs, Market Structure and Prices: The Theory and its Application in the Bank Deposit Market
    Steven A. Sharpe
    Finance and Economics Discussion Series (1992)
  • Market Structure and the Nature of Price Rigidity: Evidence from the Market for Consumer Deposits
    David Neumark and Steven A. Sharpe
    Quarterly Journal of Economics (1992)
    https://doi.org/10.2307/2118485
  • Debt Maturity and the Back-to-the-Wall Theory of Corporate Finance
    George Fenn and Steven A. Sharpe
    Finance and Economics Discussion Series (1991)
  • Debt and Employment Volatility Over the Business Cycle
    Steven A. Sharpe
    Finance and Economics Discussion Series (1991)
  • Animal Spirits, Margin Requirements, and Stock Price Volatility
    Paul H. Kupiec and Steven A. Sharpe
    Journal of Finance (1991)
    https://doi.org/10.1111/j.1540-6261.1991.tb02682.x
  • Credit Rationing, Concessionary Lending, and Debt Maturity
    Steven A. Sharpe
    Journal of Banking & Finance (1991)
    https://doi.org/10.1016/0378-4266(91)90087-3
  • Switching Costs, Market Concentration, and Prices: The Theory and Its Empirical Implications in the Bank Deposit Market
    Steven A. Sharpe
    Finance and Economics Discussion Series (1990)
  • Animal spirits, margin requirements, and stock price volatility
    Paul Kupiec and Steven Sharpe
    Finance and Economics Discussion Series (1990)
  • Post-deregulation Bank-Deposit-Rate Pricing: The Multivariate Dynamics
    Francis X. Diebold and Steven A. Sharpe
    Journal of Business & Economic Statistics (1990)
    https://doi.org/10.1080/07350015.1990.10509799
  • Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships
    Steven A. Sharpe
    Journal of Finance (1990)
    https://doi.org/10.1111/j.1540-6261.1990.tb02427.x
  • Market Structure and the Nature of Price Rigidity: Evidence from the Market for Consumer Deposits
    David Neumark and Steven A. Sharpe
    Finance and Economics Discussion Series (1989)
  • Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships
    Steven A. Sharpe
    Finance and Economics Discussion Series (1989)
  • Animal Spirits, Margin Requirements, and Stock Price Volatility
    Paul Kupiec and Steve Sharpe
    Finance and Economics Discussion Series (1989)
  • A Theory of Credit Rationing and the Maturity Structure of Debt
    Steven A. Sharpe
    Finance and Economics Discussion Series (1989)
  • Post-Deregulation Deposit Rate Pricing: The Multivariate Dynamics
    Francis X. Diebold and Steven A. Sharpe
    Finance and Economics Discussion Series (1988)
  • A Theory of Credit Rationing and the Maturity Structure of Debt
    Steven A. Sharpe
    Finance and Economics Discussion Series (1988)
  • Price Rigidity in Imperfectly Competitive Markets: A Survey of Theoretical Approaches
    Steven A. Sharpe
    Special studies paper (1987)
  • Experience Goods, Customer Loyalty, and Sticky Prices in a Dynamic Market
    Steven A. Sharpe
    Special studies paper (1986)
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Last Update: August 2, 2024