The mission of the Dykhouse scholar Program (hereafter, the Program) is to inform the design of monetary policy and banking regulation in order to foster robust and sustainable economic growth and development throughout the region and beyond it. Consistent with this mission, over the next three academic years, the program would advance the understand of how, specifically, financial policy, supervision, and regulation shape the function and performance of banks and other financial intermediaries. By doing so, the Program would inform the design of sensible, cost-effective banking regulation that substantially reduces systemic risk and ensures robust and sustainable economic growth and development.
The Program achieves four specific aims:
1. Collaborate with and educate graduate and undergraduate students.
The Program awards graduate assistantships to eligible and interested students enrolled in the M.S. program in the Department of Economics. These graduate students collaborate with the Program's director to perform research that both fulfills the Program's mission and, crucially, informs the graduate students' theses. The Program also hires, as necessary and on an hourly basis, research aides; these undergraduate students perform research-related tasks, such as gathering library resources, photocopying, and assisting with the Program's speaker series and workshops (please see specific aim #4 below).
2. Professionally develop the program director.
The Program director collaborates on research with scholars and practitioners at universities and government agencies, including the Federal Reserve Bank of Minneapolis (where the current Program director was a visiting scholar in summers 2015 and 2017), and by enrolling in continuing-education opportunities sponsored, for example, by the America Economic Association and the various reserve banks of the Federal Reserve System.
3. Share research outcomes with peers, practitioner, students, and other university stakeholders.
The Program disseminates its research outcomes in departmental working papers, peer-reviewed publications, at campus-outreach venues (For example, SDSU Extension Agricultural Lenders, SDBA, and SD Banking Commission conferences and seminars), and at academic conferences where the Program director, other Department of tEconomics faculty, and graduate students present outcomes associated with their Program-related research.
4. Build human capital in the Department of Economics and the SDSU campus community more generally.
The Program hosts research seminars in which leading scholars of financial regulation share their research with faculty in the Department of Economics and the broader university community. Additionally, the Program presents its highly visible and productive Dykhouse Speakers Series, in which the Program director hosts (on campus) renowned financial scholars and practitioners who share their understanding of how financial policy, supervision, and regulation interact with and, thus, shape private outcomes, including financial innovations. Finally, the Program sponsors continuing-education workshops in money, banking, and financial regulation.
Visiting scholar position
Visiting Scholar, Federal Reserve Bank of Minneapolis, Summer 2017
Visiting Scholar, Federal Reserve Bank of Minneapolis, Summer 2015
Visiting Scholar, Federal Reserve Bank of Chicago, IL, Summer 2013
Recent teaching outcomes
On February 21, 2017, the university honored Program Director, Joseph M. Santos at its annual Celebration of Faculty Excellence with the Edward Patrick Hogan Award for Teaching Excellence. David L. Chicoine, an emeritus faculty member in the Department of Economics and a former preside of SDSU, nominated Professor Santos. In his nomination letter, Professor Chicoine wrote, in part, "Professor Joe Santos' dedication and enthusiasm for student learning cultivates the intellectual and professional ambitions of students. He provides student with a robust theoretical and rigorous analytical framework that enables them to succeed. Because of his commitment to their success, students really do understand and, thus, are able to contribute to, if not lead, the creation of a better tomorrow throughout the region and beyond."
Recent Dykhouse Fellow Graduate Theses
Hoanh Le, "The Financial Burden of the Dodd-Frank Act on Community Banks" (thesis committee chair; July 20, 2017)
Christian Tchamda, "Fiscal Theory of the Price Level in Central African Economies" (thesis committee chair; November 22, 2016)
Kylie A. Walterman, "Gender Matters: Perceptions of Corporate Leadership" (thesis committee chair; October 27, 2017)
Junmei Xu, "Inflation Targeting and Credibility: The Canadian Experience" (thesis committee chair; December 19, 2016)
Santos, J. M. 2017. "Monetarism." In The American Middle Class: An Economic Encyclopedia of Progress and Poverty. Robert S. Tycroft, ed., Santa Barbara, CA: ABC-CLIO
Santos, Joseph M. 2015. Review of Little Business on the Prairie: Entrepreneurship, Prosperity, and Challenge in South Dakota (Sioux Falls, SD: The Center for Western Studies, 2015), by Robert E. Wright, Eh.Net
Santos, Joseph M. 2014. "Back to the Futures: The Winnipeg Grain Exchange and the creation of the Canadian Wheat Board." Canadian Journal of Economics, forthcoming.
Santos, Joseph M. 2013. "Trading grain now and then: The relative performance of early grain-futures markets"Applied Economics 45:287--298.
Santos, Joseph M. 2012. "What's so special about inflation targeting? A comparative analysis of Canadian and US monetary policies'' American Review of Canadian Studies 42:257-275.
"The Regulatory Burden of Dodd-Frank," Southern Economics Association Conference, 11/17-11/19/2017, Tampa, FL (with Hoanh Le)
“The Value of Government-Sponsored Enterprise Status: The Case of Farmer Mac” Western Economic Association International Conference, 6/29-7/03/2016, Portland, OR.
“Valuing Government Sponsorship of Agricultural Lending” 2016 Farm Credit System and Agricultural Finance Workshop, Federal Reserve Bank of Kansas City, 4/12-4/13/2016, Kansas City, MO.
“Central Bank Credibility and the Persistence of Supply Shocks” 49th Annual Conference of the Canadian Economics Association, 5/28-5/31/2015, Toronto, Ontario, Canada.
“The Origins of Contemporary Canadian Monetary Policy” 48th Annual Conference of the Canadian Economics Association, 05/29-6/1/2014, Vancouver, British Columbia, Canada.
“Harvesting Expectations: What Commodity Prices Reveal about the Credibility of Monetary Policy” Western Economic Association International Conference, 06/27-07/01/2014, Denver, CO.
“Did IT work? Measuring the performance of Canadian monetary policy” 47th Annual Conference of the Canadian Economics Association, 5/30-6/02/2013, HEC Montréal, Québec, Canada.
“Life after the Canadian Wheat Board: A historical perspective” 9th International Conference on Developments in Economic Theory and Policy, 6/28 and 6/29/2012, Bilbao, Spain.
“Origins of Canadian monetary policy” 46th Annual Conference of the Canadian Economics Association, 6/7-6/10/2012, Calgary, Alberta, Canada.
“Back to the futures: Financial innovation in an age of deregulation” Keynote Luncheon Address, and “Roundtable on the State of the Economy” (w/ Richard Anderson, Vice President and Economist, Federal Reserve Bank of St. Louis and George A. Kahn, Vice President and Economist, Federal Reserve Bank of Kansas City) Missouri Valley Economic Association Annual Meetings, 10/20-10/22/2011, Kansas City, MO.
“A comparative analysis of Canadian and US monetary policies” 21st Biennial Conference of the Association for Canadian Studies in the United States, 11/16-11/20/2011, Ottawa, Ontario, Canada.
Third Annual Community Bank Research and Policy Conference, Federal Reserve Bank of St. Louis, 9/30-10/01/2015, St. Louis, MO.
Second Annual Community Bank Research and Policy Conference, Federal Reserve Bank of St. Louis, 9/23-9/24/2014, St. Louis, MO.
Symposium on Swaps, Clearing and Too Big to Fail, Illini Center, 9/12/2014, Chicago, IL.
Over-the-Counter Derivatives Symposium, Federal Reserve Bank of Chicago, 4/11/2014, Chicago, IL.
Summer Workshop on Money, Banking, Payments and Finance, Federal Reserve Bank of Chicago, IL, 8/7—8/14/2013, Chicago, IL.
Recent Seminars (hosted by the Federal Reserve Bank of Minneapolis)
"The Fragility of Market Risk Insurance," Motohiro Yogo, Princeton University, June 29, 2017
"Political Distribution Risk and Aggregate Fluctuations," Jesus Fernandez-Villaverde, University of Pennsylvania, June 7, 2017
"A Macroeconomic Model with Financial Panics," Mark Gertler, New York University, June 6, 2017
"Optimal Fiscal Policy with Recursive Preferences," Anastasios Karantounias, Federal Reserve Bank of Atlanta, May 31, 2017
"Optimal Monetary Policy and Portfolio Choice," Sebastian Fanelli, Massachusetts Institute of Technology, May 30, 2017
"The Expansionary Lower Bound: A Theory of Contractionary Monetary Easing," Paolo Cavallino, International Monetary Fund, May 24, 2017