Reproduced from Figure 1 in “An Index of Global Economic Policy Uncertainty” by Steven J. Davis, NBER Working Paper 22740, October 2016.
Steven J. Davis is an applied economist who studies business dynamics, worker mobility, job loss, labor market institutions, economic fluctuations, public policy and other topics. His research appears in the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics and other leading scholarly journals. more
Davis is past editor of the American Economic Journal: Macroeconomics and an elected fellow of the Society of Labor Economists. He is also a research associate of the National Bureau of Economic Research, senior academic fellow with the Asian Bureau of Finance and Economics Research, advisor to the U.S. Congressional Budget Office, and visiting scholar and consultant, respectively, with the Federal Reserve Banks of Atlanta and Chicago. Previously, he held positions at the National University of Singapore, Massachusetts Institute of Technology and the Hoover Institution at Stanford University. During a leave of absence, he was vice president in the Competition Practice at CRA International, an economics consulting firm.
Davis is known for his influential work using longitudinal data on firms and establishments to explore job creation and destruction dynamics and their relationship to economic performance. He is also a co-creator of the Economic Policy Uncertainty Indices and the DHI Hiring Indicators, and he co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Davis has received research grants from the Alfred P. Sloan Foundation, Ewing Marion Kauffmann Foundation, John D. and Catherine T. MacArthur Foundation, and other organizations, including several grants from the U.S. National Science Foundation. In 2013, he received the Addington Prize in Measurement, awarded by the Fraser Institute for Public Policy, for his research on "Measuring Economic Policy Uncertainty."
His teaching experience includes Ph.D. courses in macroeconomics and labor economics at the University of Chicago, the Massachusetts Institute of Technology, and the University of Maryland; MBA courses in macroeconomics, money and banking, business strategy, and financial institutions for Chicago Booth; and executive MBA courses in macroeconomics for Chicago Booth in Barcelona, London, and Singapore. Davis has also taught undergraduate courses in microeconomics, econometrics, and money and banking at Brown University and the Massachusetts Institute of Technology.
As a young man interested in economic, political, and social issues, Davis concluded that economics offered a powerful set of tools for understanding economic and social behavior. He pursued graduate studies in economics with the intention of "learning how to think." Davis earned a bachelor's degree in economics from Portland State University in Oregon in 1980, and a master's degree in 1981 and a PhD in 1986, both in economics from Brown University. He joined the Chicago Booth faculty in 1985.
Third Asian Monetary Policy Forum, 27 May 2016, Shangri-La Hotel Singapore. Speakers include Deputy Prime Minister of Singapore Tharman Shanmugaratnam, Professor Professor Ken Rogoff, Dr. Zhu Min, and Professor Olivier Blanchard. Link to program and additional information.
Comments on "State Taxation and the Reallocation of Business Activity" by Xavier Giroud and Joshua Rauh. 03 January 2016. Slides
"Regulatory Complexity and Policy Uncertainty: Headwinds of Our Own Making," Hoover Institution Working Paper 15118, December 2015.
"Can Innovation save the U.S. Economy?" Capital Ideas, 27 January 2015.
"Political gridlock, the economy, and your portfolio: Analyzing the damaging effects of government-related uncertainty,". Capital Ideas, 18 September 2014.
"Millions of job openings, so why aren’t companies hiring?" Yahoo Finance, 04 September 2014.
"Global financial shocks: What can emerging economies do?" Capital Ideas, 02 September 2014.
"The price of policy uncertainty," by Robin Mordfin Capital Ideas, 02 September 2014.
"Recruitment and Vacancy Durations in Germany" . with Christof Röttger, Anja Warning (née Kettner) and Enzo Weber, Regensburger Diskussionsbeiträge zur Wirtschaftswissenschaft 481. June 2014.
"Why Has US Policy Uncertainty Risen Since 1960?" with Scott R. Baker, Nicholas Bloom, Brandice Canes-Wrone, and Jonathan Rodden. NBER Working Paper #19826. American Economic Review Papers and Proceedings, May 2014.
"The Economics of Climate Change: Cocktails and Conversation with William Nordhaus". University Club, Chicago, 16 April 2014.
"Private Equity, Jobs, and Productivity," with John Haltiwanger, Ron Jarmin, Josh Lerner and Javier Miranda. NBER Working paper No. 19458, Forthcoming, American Economic Review, December 2014. Slides. Data and Program Files.
Improving Productivity: Private, Social and Public Sector Perspectives, Delhi, India March 2014.Slides.
"Policy Uncertainty Matters," Capital Ideas Magazine, 1 December 2013.
"Electricity Unit Value Prices and Purchase Quantities: U.S. Manufacturing Plants, 1963-2000". with Cheryl Grim, John Haltiwanger and Mary Streitwieser. Review of Economics and Statistics, 01 October 2013. Supplementary Appendix.
"Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice". with Paul Willen. Quarterly Journal of Finance, September 2013.NBER Working Paper version available here.
Comments on "Gross Worker Flows Over the Business Cycle" with Krusell, Mukoyama, Rogerson and Sahin. 13 September 2013.Slides.
"Straw Man Bites the Dust: A Response to Paul Krugman on Policy Uncertainty." Capital Ideas Blog, 12 August 2013.
DHI Hiring Indicators (Website)
Professional positions and affiliations