Contact Information
202-452-3134
stephen.d.oliner@frb.gov

Fields of Interest
Corporate Finance
Macroeconomics
Investment

Education
Ph.D., Economics, University of Wisconsin, Madison, 1985
M.S., Economics, University of Wisconsin, Madison, 1982
B.A., Economics, University of Virginia, 1979

Professional Experience
Board of Governors of the Federal Reserve System, 1984-present

Selected Publications

• ''Explaining a Productive Decade'' (with Daniel E. Sichel and Kevin J. Stiroh), Brookings Papers on Economic Activity (Spring 2007).
• ''The Term Structure of Commercial Paper Rates'' (with Chris Downing), Journal of Financial Economics, vol. 83 (January 2007), pp. 59-86.
• ''Investment Behavior, Observable Expectations, and Internal Funds'' (with Jason G. Cummins and Kevin A. Hassett), American Economic Review, vol. 96 (June 2006), pp. 796-810.
• Shifting Trends in Semiconductor Prices and the Pace of Technological Progress (with Ana Aizcorbe and Daniel E. Sichel), Finance and Economics Discussion Series 2006-44. Washington: Board of Governors of the Federal Reserve System, 2006.
• ''How Fast Do Personal Computers Depreciate? Concepts and New Estimates'' (with Mark E. Doms, Wendy E. Dunn, and Daniel E. Sichel), in James M. Poterba, ed., Tax Policy and the Economy, Volume 18. Cambridge, MA: The MIT Press, 2004.
• ''Information Technology and Productivity: Where Are We Now and Where Are We Going?'' (with Daniel E. Sichel), Federal Reserve Bank of Atlanta Economic Review, vol. 87 (Fall 2002), pp. 15-44.
• ''The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?'' (with Daniel E. Sichel), Journal of Economic Perspectives, vol. 14 (Fall 2000), pp. 3-22.
• ''Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Comment'' (with Glenn D. Rudebusch), American Economic Review, vol. 86 (March 1996), pp. 300-09.
• ''New Evidence on the Retirement and Depreciation of Machine Tools,'' Economic Inquiry, vol. 34 (January 1996), pp. 57-77.
• ''The Lucas Critique Revisited: Assessing the Stability of Empirical Euler Equations for Investment'' (with Glenn D. Rudebusch and Daniel E. Sichel), Journal of Econometrics, vol. 70 (January 1996), pp. 291-316.
• ''New and Old Models of Business Investment: A Comparison of Forecasting Performance'' (with Glenn D. Rudebusch and Daniel E. Sichel), Journal of Money, Credit and Banking, vol. 27 (August 1995), pp. 806-26.
• ''Computers and Output Growth Revisited: How Big is the Puzzle?'' (with Daniel E. Sichel), Brookings Papers on Economic Activity (Fall 1994), pp. 273-317.
• ''Reassessing the Social Returns to Equipment Investment'' (with Alan J. Auerbach and Kevin A. Hassett), Quarterly Journal of Economics, vol. 109 (August 1994), pp. 789-802.
• ''Constant-Quality Price Change, Depreciation, and Retirement of Mainframe Computers,'' in Murray F. Foss, Marilyn E. Mansur, and Allan H. Young, eds., Price Measurements and Their Uses. Chicago: University of Chicago Press (for the National Bureau of Economic Research), 1993.
• ''Sources of the Financing Hierarchy for Business Investment'' (with Glenn D. Rudebusch), Review of Economics and Statistics, vol. 74 (November 1992), pp. 643-54.