Bank Leadership

Sam Schulhofer-Wohl

Senior Vice President and Senior Advisor to the President
Federal Reserve Bank of Dallas

As senior vice president and senior advisor to the president, Sam Schulhofer-Wohl leads a team that advises Dallas Fed President Lorie Logan on her policy agenda, with a focus on integrating perspectives across the Bank’s responsibilities and business lines.

Schulhofer-Wohl’s expertise includes monetary policy, macroeconomics and financial markets. He has led Federal Reserve System and interagency work on issues ranging from the Fed’s monetary policy implementation framework to Treasury market reform and derivatives markets. Before joining the Dallas Fed, Schulhofer-Wohl served as a senior vice president of the Chicago Fed, where he led research and public engagement on policies supporting financial stability and community economic development and oversaw the Public Affairs department.

He has also served as a visiting officer at the Federal Reserve Board and as head of the research department at the Minneapolis Fed. He taught economics at Macalester College, Princeton University and the University of Minnesota. He has authored widely cited research on labor markets, inflation, econometrics, securities regulation and migration.

Schulhofer-Wohl earned a doctorate in economics from the University of Chicago and a bachelor’s degree in physics from Swarthmore College. Before training as an economist, Schulhofer-Wohl worked as a journalist at daily newspapers in Illinois, Alabama and Wisconsin.

Publications

“The customer settlement risk externality at US securities central counterparties,” Journal of Financial Market Infrastructures, vol. 10, no. 1, pp. 57–74, May 27, 2022.
“Changing Patterns of Geographic Mobility and the Labor Market for Young Adults,” with Janna E. Johnson, Journal of Labor Economics 37(S1), S199–S241, January 2019.
“The Age-Time-Cohort Identification Problem and the Identification of Structural Parameters in Life-Cycle Models,” Quantitative Economics 9(2), 643–658, July 2018.
“The Changing (Dis-)Utility of Work,” with Greg Kaplan, Journal of Economic Perspectives 32(3), 239–258, Summer 2018.
“Measuring Job-Finding Rates and Matching Efficiency with Heterogeneous Jobseekers,” with Robert E. Hall, American Economic Journal: Macroeconomics 10(1), 1–32, January 2018.
“Inflation at the Household Level,” with Greg Kaplan, Journal of Monetary Economics 91, 19– 38, November 2017.
“Worker Betas: Five Facts About Systematic Earnings Risk,” with Fatih Guvenen, Jae Song, and Motohiro Yogo, American Economic Review: Papers & Proceedings, 107(5), 398–403, May 2017.
“Understanding the Long-Run Decline in Interstate Migration,” with Greg Kaplan, International Economic Review 58(1), 57–94, February 2017.
“Financial Expectations of First-Year Veterinary Students,” with Christine C. Lim, Margaret V. Root Kustritz, Laura K. Molgaard, and David Lee, Journal of the American Veterinary Medical Association 247(2), 196–203, July 15, 2015.
“Migration, Congestion Externalities, and the Evaluation of Spatial Investments,” with Taryn Dinkelman, Journal of Development Economics 114, 189–202, May 2015.
“Heterogeneity and Risk Sharing in Village Economies,” with Pierre-André Chiappori, Krislert Samphantharak, and Robert M. Townsend, Quantitative Economics 5(1), 1–27, March 2014.
“Do Newspapers Matter? Short-Run and Long-Run Evidence from the Closure of The Cincinnati Post,” with Miguel Garrido, Journal of Media Economics 26(2), 60–81, June 2013.
“Interstate Migration Has Fallen Less Than You Think: Consequences of Hot Deck Imputation in the Current Population Survey,” with Greg Kaplan, Demography 49(3), 1061–1074, August 2012.
“Heterogeneity and Tests of Risk Sharing,” Journal of Political Economy 119(5), 925–58, October 2011.
“Heterogeneous Risk Preferences and the Welfare Cost of Business Cycles,” Review of Economic Dynamics 11(4), 761–80, October 2008.
“The Intrinsic Estimator for Age-Period-Cohort Analysis: What It Is and How to Use It,” with Yang Yang, Wenjiang J. Fu, and Kenneth C. Land, American Journal of Sociology 113(6), 1697–1736, May 2008.
“Negative Assortative Matching of Risk-Averse Agents with Transferable Expected Utility,” Economics Letters 92(3), 383–88, September 2006.
“Blue Light Second Harmonic Generation in the Organic Crystal Ortho-Dicyanovinyl-Anisole,” with Carl H. Grossman and Erik R. Thoen, Applied Physics Letters 70(3), 283–85, 1997.
More than 250 bylined articles in the Milwaukee Journal Sentinel, 2000–02.

Large-scale collaboration

“Global, regional, and national age-sex specific mortality for 264 causes of death, 1980–2016: a systematic analysis for the Global Burden of Disease Study 2016,” GBD 2016 Causes of Death Collaborators [600 authors, including S. Schulhofer-Wohl], The Lancet 390(10100), 1151–1210, September 16, 2017 .

Book chapters

“Modeling the Evolution of Age and Cohort Effects,” with Y. Claire Yang. In Dynamic Demographic Analysis: Key Contemporary Issues in Measuring and Modeling, ed. R. Schoen. The Netherlands: Springer, February 2016.
“Wealth and Entrepreneurship: What Can the Data Tell Us?” in Financial Services and Poverty Reduction in Latin America and the Caribbean, ed. Luis Tejerina, César Bouillon, and Edgardo Demaestri, Inter-American Development Bank, December 2006

Working papers

“Externalities in Securities Clearing and Settlement: Should Securities CCPs Clear Trades for Everyone?” Federal Reserve Bank of Chicago Policy Discussion Paper 2021-02, March 2021.
“The Changing (Dis-)Utility of Work,” with Greg Kaplan, Becker Friedman Institute, working paper, No. 2018-43, June.
“A Sequential Bargaining Model of the Fed Funds Market with Excess Reserves,” with James Clouse, Federal Reserve Bank of Chicago Working Paper 2018-08, revised July 2018.
“The Pervasive Importance of Tightness in Labor-Market Volatility,” with Robert E. Hall, April 2017.
“Market-Based Probabilities: A Tool for Policymakers,” with Ron Feldman, Ken Heinecke, Narayana Kocherlakota, and Tom Tallarini, Federal Reserve Bank of Minneapolis, March 2016.
“Portfolio Choices and Risk Preferences in Village Economies,” with Pierre-André Chiappori, Krislert Samphantharak, and Robert M. Townsend, Federal Reserve Bank of Minneapolis Working Paper 706, May 20

Fed publications

“Anticipatory discount window stigma,” Dallas Fed Economics, Sept. 6, 2024
“New office buildings rise on Texas skyline despite difficult market,” with Laila Assanie, Amy Chapel, Lorenzo Garza, Emily Greenwald; Dallas Fed Economics, Sept. 5, 2023
“Expanded central clearing would increase Treasury market resilience," with Matthew McCormick, Dallas Fed Economics, December 23, 2022
“Bank Exposure to Commercial Real Estate and the Covid-19 Pandemic,” with Kyle Binder, Alejandro H. Drexler, and Emily Greenwald, Chicago Fed Letter No. 463, 2021.
“Is a Treasury Clearing Mandate the Path to Increased Central Clearing?”, with Marta Chaffee, Chicago Fed Insights, June 23, 2021.
“The Influence and Limits of Central Bank Backstops,” Chicago Fed Insights, August 17, 2020.
“Understanding Recent Fluctuations in Short-Term Interest Rates,” Chicago Fed Letter No. 423, 2019.
“How do the Fed’s MBS Holdings Affect the Economy?”, with Antoine Martin, Liberty Street Economics, August 8, 2018.
“How do the Fed’s MBS Purchases Affect Credit Allocation?”, with Antoine Martin, Liberty Street Economics, August 6, 2018.
“Understanding the Demand for Currency at Home and Abroad,” with Thomas Haasl and Anna Paulson, Chicago Fed Letter No. 396, 2018.
“The Structure of Federal Reserve Liabilities,” with Thomas Haasl and Anna Paulson, ChicagoFed Letter No. 395, 2018.
“When It Comes to Wage Growth, the Measure Matters,” with Ross Cole and Luojia Hu, Chicago Fed Letter No. 387, 2017.
“The Roadmap and the Destination: Words as a Monetary Policy Tool,” The Region (2014 Annual Report), Federal Reserve Bank of Minneapolis, May 2015.
“Negative Equity Does Not Reduce Homeowners’ Mobility,” Federal Reserve Bank of Minneapolis Quarterly Review 35(1), 2–14, February 2012.
“Why are Americans moving less?”, with Greg Kaplan, The Region, Federal Reserve Bank of Minneapolis, June 2013.
“A Sharp Drop in Interstate Migration? Not Really,” with Greg Kaplan, Federal Reserve Bank of Minneapolis Economic Policy Paper 11-2, April 2011.

Speeches

"Remarks before the Market Risk Advisory Committee of the U.S. Commodity Futures Trading Commission," Dec. 11, 2023.
"Commodity derivatives markets and financial stability," keynote remarks at FIA Forum: Commodities 2023—Commodity Derivatives Markets in the Age of Uncertainty, Sept. 13, 2023.
"Price discovery, risk transfer and energy finance," opening remarks at the“Energy Finance and the Energy Transition,” conference organized by the Federal Reserve Bank of Dallas and University of Houston, May 19, 2023.
“Treasury Market Resilience,” remarks before the Global Markets Advisory Committee of the U.S. Commodity Futures Trading Commission, October 25, 2021.