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Joseph Santos

Joe Santos


Professor, Graduate Coordinator

Office Building

Harding Hall



Mailing Address

Harding Hall 125
Economics-Box 2220
University Station
Brookings, SD 57007


Joseph (Joe) M. Santos is Professor and Dykhouse Scholar in Money, Banking, and Regulation in the Ness School of Management and Economics at South Dakota State University, where he coordinates the Ness School’s graduate programs. Joe teaches macroeconomics and monetary and financial economics. Areas of Joe’s research include financial regulation, monetary policy, and higher-education finance. Joe earned his M.A. and Ph.D. in Economics from Rutgers University.


B.S. - Economics, The College of New Jersey, Trenton
M.S. - Economics, Rutgers University, New Brunswick
Ph.D. - Economics, Rutgers University -- monetary and financial history, industrial organization, applied econometrics, New Brunswick

Academic Interests/Expertise

Financial-market efficiency, financial institutions, monetary policy

Academic Responsibilities

Econ 302 - Intermediate Macroeconomics
Econ 330 - Money and Banking Econ
Econ 513 - Macroeconomic Policy
Econ 703 - Advanced Macroeconomics

Awards and Honors

NSME Graduate Teacher of the Year (2020)
NSME Undergraduate Teacher of the Year (2020)


Dykhouse Scholar in Money, Banking, and Regulation (2011-2014). Project: To establish and direct a Center for Monetary and Banking Studies in the Department of Economics at South Dakota State University. $240,000.

Canadian Embassy. Faculty Research Grant (2006-08). Project: Examine the origins of the Canadian Wheat Board. $7,500.

Chicoine Family Excellence in Economics Fund (2007). Project: Extend my research on commodity futures-price efficiency on the CBT. $2,970.

South Dakota State University. Research Support Fund (2007). Project: Determine how stock and grain Futures prices respond, over time, to new information. South Dakota State University. $1,570. (w/ D. Du, formerly of South Dakota State University)

State of South Dakota: 2010 Individual Research Seed Grant (2005-08). Project: Examine the evolution, performance and welfare properties of nineteenth century futures markets at the Chicago Board of Trade. $51,629.

State of South Dakota: The Governor Rounds Technology Grant for Course Redesign (2003-05). This grant program is a state-sponsored derivative of the national Pew Grant Program in Course Redesign. Project: Redesign large enrollment principles curricula to improve student learning at South Dakota State University and the University of South Dakota. $57,823. (w/ R. Brown, University of South Dakota)

Faculty/Librarian Instructional Partnership (FLIP) Grant administered by the Minnesota Private College Research Foundation and funded by the Bush Foundation of St. Paul and The Andrew W. Mellon Foundation of NYC (2001). Project: Design and implement an empirical macroeconomics research curriculum for undergraduates. $8,000. (w/ D. Alexander, formerly Reference and Electronic Resource Librarian, South Dakota State University)

State of South Dakota: Governor's Grant for Teaching with Technology (1999-2001). Project: Design and Implement an Internet-based financial system simulation game for undergraduate students. $22,695.

Professional Memberships

American Economic Association
Western Economic Association
Associate Editor, American Economist

Area(s) of Research

Financial Regulation
Monetary Policy
Higher-Education Finance

Applications of Research

Review of The Rise and Fall of United Grain Growers: Cooperatives, Market Regulation, and Free Enterprise. (Winnipeg: University of Manitoba Press, 2019), by Paul D. Earl, forthcoming in Great Plains Research

Holbeck, Michael and Joseph M. Santos, ""Estimating an Equitable Distribution of Instructional Resources with an Institution,"" Journal of Education Finance, 46 (Summer, 2020):100-116.

Santos, Joseph M., ""Trading Places: Futures Markets at the Dawn of US Agricultural Policy,"" Financial History, 132 (Winter, 2020): 24-27.

Review of The Myth of Independence: How Congress Governs the Federal Reserve (Princeton: Princeton University Press, 2017), by Sarah Binder and Mark Spindel, in Eh.Net (March, 2018)

Santos, Joseph M., ""Grain Traitors: A History of the U.S. Futures Contract,"" Financial History, 127 (Fall, 2018): 24-26.

Santos, Joseph M., ""Back to the futures: An assessment of market performance on the early Winnipeg Grain Exchange,"" Canadian Journal of Economics, 47 (November, 2014):1426-1448.