Contact Information
michael.g.palumbo@frb.gov

Fields of Interest
Financial Markets
Consumption
Macroeconomics

Education
Ph.D., Economics, University of Virginia, 1992
M.A., Economics, University of Virginia, 1988
B.S., Mathematical Economics, Wake Forest University, 1986

Professional Experience
Board of Governors of the Federal Reserve System, 1999-present
Associate Professor, University of Houston, 1999-2000 (on leave)
Assistant Professor, University of Houston, 1991-1999

Selected Publications

• The Price of Residential Land in Large U.S. Cities (with Morris A. Davis), Finance and Economics Discussion Series 2006-25. Washington: Board of Governors of the Federal Reserve System, 2006.
• ''On the Relationships between Real Consumption, Income, and Wealth'' (with Jeremy Rudd and Karl Whelan), Journal of Business and Economic Statistics, vol. 24 (January 2006), pp. 1-11.
• ''Precautionary Saving and Social Learning across Generations: An Experiment'' (with T. Parker Ballinger and Nathaniel T. Wilcox), Economic Journal, vol. 113 (October 2003), pp. 920-47.
• Disentangling the Wealth Effect: A Cohort Analysis of Household Saving in the 1990s (with Dean M. Maki), Finance and Economics Discussion Series 2001-21. Washington: Board of Governors of the Federal Reserve System, 2001.
• A Primer on the Economics and Time Series Econometrics of Wealth Effects (with Morris A. Davis), Finance and Economics Discussion Series 2001-9. Washington: Board of Governors of the Federal Reserve System, 2001.
• ''Uncertain Medical Expenses and Precautionary Saving Near the End of the Life Cycle,'' Review of Economic Studies, vol. 66 (April 1999), pp. 395-421.
• ''Distributive Analysis of Fundamental Tax Reform'' (with Peter Mieszkowski), in George R. Zodrow, Peter Mieszkowski, ed., United States Tax Reform in the 21st Century. Cambridge, U.K.: Cambridge University Press, 2002.
• ''Have American Workers Always Been Low Savers? Patterns of Accumulation among Working Households, 1885-1910'' (with Mark Thomas and John A. James), in Alexander J. Field, ed., Research in Economic History, Volume 23. Boston and London: Elsevier Science, 2005.
• Consumption Smoothing among Working-Class Families before Social Insurance (with John A. James and Mark Thomas), Finance and Economics Discussion Series 1999-24. Washington: Board of Governors of the Federal Reserve System, 1999.
• ''Policy Interaction in the Provision of Unemployment Insurance and Low-Income Assistance by State Governments'' (with Steven G. Craig), Journal of Regional Science, vol. 39 (May 1999), pp. 245-74.