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Photo of Steven A. Sharpe

Steven A. Sharpe

Deputy Associate Director Program Direction Section Research and Statistics
steve.a.sharpe@frb.gov

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
  • Sharpe, Steven A., and Gustavo A. Suarez (forthcoming). "Why Isn't Business Investment More Sensitive to Interest Rates? Evidence from Surveys," Management Science.
  • Sharpe, Steven A., Nitish R. Sinha, and Christopher A. Hollrah (2020). "The Power of Narratives in Economic Forecasts," Finance and Economics Discussion Series 2020-001r1. Board of Governors of the Federal Reserve System (U.S.).
  • McCoy, Jack, Michele Modugno, Dino Palazzo, and Steve Sharpe (2020). "Macroeconomic News and Stock Prices Over the FOMC Cycle," FEDS Notes 2020-10-14. Board of Governors of the Federal Reserve System (U.S.).
  • Sharpe, Steven A., and Alex X. Zhou (2020). "The Corporate Bond Market Crises and the Government Response," FEDS Notes 2020-10-07. Board of Governors of the Federal Reserve System (U.S.).
  • Engstrom, Eric C., and Steven A. Sharpe (2019). "The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror," Financial Analysts Journal, vol. 75, no. 4, pp. 37-49.
  • Engstrom, Eric, and Steven A. Sharpe (2018). "The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror," Finance and Economics Discussion Series 2018-055. Board of Governors of the Federal Reserve System (U.S.).
  • Sharpe, Steven A., Nitish R. Sinha, and Christopher A. Hollrah (2017). "What's the Story? A New Perspective on the Value of Economic Forecasts," Finance and Economics Discussion Series 2017-107. Board of Governors of the Federal Reserve System (U.S.).
  • Engstrom, Eric, and Steve Sharpe (2018). "(Don't Fear) The Yield Curve," FEDS Notes 2018-06-28. Board of Governors of the Federal Reserve System (U.S.).
  • Sharpe, Steven A., and Shane M. Sherlund (2016). "Crowding Out Effects of Refinancing on New Purchase Mortgages," Review of Industrial Organization, vol. 48, no. 2, pp. 209-239.
  • Sharpe, Steven A., and Gustavo A. Suarez (2014). "Why isn't Investment More Sensitive to Interest Rates: Evidence from Surveys," Finance and Economics Discussion Series 2014-02r. Board of Governors of the Federal Reserve System (U.S.).
  • Sharpe, Steven A., and Gustavo A. Suárez (2013). "Do CFOs Think Investment is Sensitive to Interest Rules?" FEDS Notes 2013-09-26. Board of Governors of the Federal Reserve System (U.S.).
  • Amromin, Gene, and Steven A. Sharpe (2014). "From the Horse's Mouth: Economic Conditions and Investor Expectations of Risk and Return," Management Science, vol. 60, no. 4, pp. 845-866.
  • Campbell, Sean D., and Steven A. Sharpe (2009). "Anchoring Bias in Consensus Forecasts and its Effect on Market Prices," Journal of Financial and Quantitative Analysis, vol. 44, no. 2, pp. 369-390.
  • Amromin, Gene, Paul Harrison, and Steven Sharpe (2008). "How Did the 2003 Dividend Tax Cut Affect Stock Prices?" Financial Management, vol. 37, no. 4, pp. 625-646.
  • Coronado, Julia, Olivia S. Mitchell, Steven A. Sharpe, and S. Blake Nesbitt (2008). "Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values," Journal of Pension Economics and Finance, vol. 7, no. 3, pp. 257-276.
  • Covitz, Daniel, and Steven A. Sharpe (2005). "Do Nonfinancial Firms use Interest Rate Derivatives to Hedge?" Finance and Economics Discussion Series 2005-39. Board of Governors of the Federal Reserve System (U.S.).
  • Sharpe, Steve A. (2005). "How does the Market Interpret Analysts' Long-Term Growth Forecasts?" Journal of Accounting, Auditing, and Finance, vol. 20, no. 2, pp. 147-166.
  • Coronado, Julia Lynn, and Steven A. Sharpe (2003). "Did Pension Plan Accounting Contribute to a Stock Market Bubble?" Brookings Papers on Economic Activity, no. 1, pp. 323-359.
  • Downing, Chris, and Steve Sharpe (2003). "Getting Bad News Out Early: Does it really Help Stock Prices?" Finance and Economics Discussion Series 2003-58. Board of Governors of the Federal Reserve System (U.S.).
  • Sharpe, Steven A. (2002). "Reexamining Stock Valuation and Inflation: The Implications of Analysts' Earnings Forecasts," The Review of Economics and Statistics, vol. 84, no. 4, pp. 632-648.
  • Sharpe, Steven A. (2001). "Review of: Dodging Bullets: Changing U.S. Corporate Capital Structure in the 1980s and 1990s," Journal of Economic Literature, vol. 39, no. 3, pp. 918-920.
  • Sharpe, Steven A., and Hien H. Nguyen (2001). "Capital Market Imperfections and the Incentive to Lease," in Brennan, Michael,J. ed., Empirical Corporate Finance, Vol. 3. Williston, Vt.: Elgar; distributed by American International Distribution Corporation, pp. 613-636.
  • Liang, J. Nellie, and Steven A. Sharpe (1999). "Share Repurchases and Employee Stock Options and their Implications for S&P 500 Share Retirements and Expected Returns," Finance and Economics Discussion Series 1999-59. Board of Governors of the Federal Reserve System (U.S.).
  • Carey, Mark, Mitch Post, and Steven A. Sharpe (1998). "Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting," Journal of Finance, vol. 53, no. 3, pp. 845-878.
  • Calomiris, Charles W., Athanasios Orphanides, and Steven A. Sharpe (1997). "Leverage as a State Variable for Employment, Inventory Accumulation and Fixed Investment," in Capie, Forrest, and Geoffrey E. Wood eds., Asset Prices and the Real Economy. London: Macmillan Press, pp. 169-193.
  • Sharpe, Steven A. (1997). "The Effect of Consumer Switching Costs on Prices: A Theory and its Application to the Bank Deposit Market," Review of Industrial Organization, vol. 12, no. 1, pp. 79-94.
  • Fenn, George W., Mitch Post, and Steven A. Sharpe (1996). "Debt Maturity and the use of Interest Rate Derivatives by Non-Financial Firms," Finance and Economics Discussion Series 96-36. Board of Governors of the Federal Reserve System (U.S.).
  • Neumark, David, and Steven A. Sharpe (1996). "Rents and Quasi Rents in the Wage Structure: Evidence from Hostile Takeovers," Industrial Relations, vol. 35, no. 2, pp. 145-179.
  • Sharpe, Steven A. (1995). "Bank Capitalization, Regulation, and the Credit Crunch: A Critical Review of the Research Findings," Finance and Economics Discussion Series 95-20. Board of Governors of the Federal Reserve System (U.S.).
  • Sharpe, Steven A., and Hien H. Nguyen (1995). "Capital Market Imperfections and the Incentive to Lease," Journal of Financial Economics, vol. 39, no. 2-3, pp. 271-294.
  • Calomiris, Charles W., Athanasios Orphanides, and Steven A. Sharpe (1994). "Leverage as a State Variable for Employment, Inventory Accumulation, and Fixed Investment," NBER Working Paper 4800. National Bureau of Economic Research.
  • Neumark, David, and Steven A. Sharpe (1994). "Rents and Quasi-Rents in the Wage Structure: Evidence from Hostile Takeovers," Finance and Economics Discussion Series 94-6. Board of Governors of the Federal Reserve System (U.S.).
  • Passmore, Wayne, and Steven A. Sharpe (1994). "Optimal Bank Portfolios and the Credit Crunch," Finance and Economics Discussion Series 94-19. Board of Governors of the Federal Reserve System (U.S.).
  • Sharpe, Steven A. (1994). "Financial Market Imperfections, Firm Leverage, and the Cyclicality of Employment," American Economic Review, vol. 84, no. 4, pp. 1060-1074.
  • Sharpe, Steven A., and Hien H. Nguyen (1994). "Capital Market Imperfections and the Incentive to Lease," Finance and Economics Discussion Series 94-5. Board of Governors of the Federal Reserve System (U.S.).
  • Neumark, David, and Steven A. Sharpe (1992). "Market Structure and the Nature of Price Rigidity: Evidence from the Market for Consumer Deposits," Quarterly Journal of Economics, vol. 107, no. 2, pp. 657-680.
  • Kupiec, Paul H., and Steven A. Sharpe (1991). "Animal Spirits, Margin Requirements, and Stock Price Volatility," Journal of Finance, vol. 46, no. 2, pp. 717-731.
  • Sharpe, Steven A. (1991). "Credit Rationing, Concessionary Lending, and Debt Maturity," Journal of Banking and Finance, vol. 15, no. 3, pp. 581-604.
  • Diebold, Francis X., and Steven A. Sharpe (1990). "Post-Deregulation Bank-Deposit-Rate Pricing: The Multivariate Dynamics," Journal of Business and Economic Statistics, vol. 8, no. 3, pp. 281-291.
  • Sharpe, Steven A. (1990). "Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships," Journal of Finance, vol. 45, no. 4, pp. 1069-1087.
  • Sharpe, Steven A. (1987). "Price Rigidity in Imperfectly Competitive Markets: A Survey of Theoretical Approaches," Special Studies Papers 203. Board of Governors of the Federal Reserve System (U.S.).
  • Sharpe, Steven A. (1986). "Experience Goods, Customer Loyalty, and Sticky Prices in a Dynamic Market," Special Studies Papers 202. Board of Governors of the Federal Reserve System (U.S.).
Last update: December 7, 2020