Steven Davis is the Thomas W. and Susan B. Ford Senior Fellow and Director of Research at the Hoover Institution, and Senior Fellow at Stanford Institute for Economic Policy Research (SIEPR).
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Reproduced from Figure B.5 in “Policy News and Stock Market Volatility” by Baker, Bloom, Davis and Kost, October 2024. We construct this series as the product of our overall Newspaper-Based Equity Market Volatility (EMV) tracker and the share of EMV articles that contain one or more terms about Elections and Political Governance
Steven J. Davis is the Thomas W. and Susan B. Ford Senior Fellow and the Director of Research at the Hoover Institution and Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR). He was on the faculty at the University of Chicago Booth School of Business for more than 35 years, including service as deputy dean of the faculty.
Davis is an applied economist who studies working arrangements, business dynamics, economic fluctuations, policy uncertainty, and other topics. His research over the past decade uses text-as-data and innovative surveys of workers and firms to explore these and other topics. Much of his early and recent research uses longitudinal data on firms and establishments to explore business outcomes and their labor market consequences. He is a co-founder of the Economic Policy Uncertainty project, the U.S. Survey of Working Arrangements and Attitudes, the Global Survey of Working Arrangements, the Survey of Business Uncertainty, and the Stock Market Jumps project. He co-organizes the Asian Monetary Policy Forum, held annually in Singapore.
He is also a research associate of the National Bureau of Economic Research, IZA research fellow, senior academic fellow with the Asian Bureau of Finance and Economic Research, former adviser to the U.S. Congressional Budget Office, consultant to the Federal Reserve Bank of Atlanta, senior adviser to the Brookings Papers on Economic Activity, advisor to the Economic Policy Group of the Monetary Authority of Singapore, past editor of the American Economic Journal: Macroeconomics, and an elected fellow of the Society of Labor Economists. More
His research appears in the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, and other leading scholarly journals. He has received research grants from the Alfred P. Sloan Foundation, Ewing Marion Kauffmann Foundation, Templeton Foundation, John D. and Catherine T. MacArthur Foundation, and other organizations, including multiple 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, Hong Kong, 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.
Davis has served as an expert in many litigation matters. In the antitrust area, he has testified and consulted on market definition, dominance, competitive relationships, exclusionary practices, price discrimination, and collusive conduct. In mortgage lending and consumer finance matters, he has testified and consulted on class certification, liability, and damages. He has also offered testimony and analysis of damages in breach of contract and credit market discrimination. Past engagements include matters pertaining to auto loans and leases, containerboard and corrugated products, microprocessors, mortgage loans, pharmaceuticals, software products and markets, specialty grocery products, trade shows, viatical and life settlements, and workers’ compensation insurance. Outside of litigation matters, he has consulted on labor market developments, the macroeconomic outlook, capital planning in a large financial institution, new labor market measures, and the use of text-based methods to quantify tax reform likelihoods.
In addition to his scholarly work, Davis has written for the Atlantic, Financial Times, Forbes, Los Angeles Times, Wall Street Journal and other popular media, and he has appeared on BBC, Bloomberg TV, CGTN, Channel News Asia, CNBC, CNN, Fox News, NBC Network News, Sinclair Broadcast Group, and the U.S. Public Broadcasting System, among others.
Monthly briefing from the Survey of Working Arrangements and Attitudes: December 2024 | November 2024 | Full collection here.
Monthly report from the Survey of Business Uncertainty: November 2024 | October 2024 | Full collection here under “Findings & Results”
“What Triggers Stock Market Jumps?” with Scott Baker, Nick Bloom and Marco Sammon. NBER Working Paper 28687, revised 9 December 2024. Slides | Website | Coding Guide | BFI Economic Finding | VoxEU CEPR Policy Portal
“Financing, Ownership, and Performance: A Novel, Longitudinal Firm-Level Database,” with J. David Brown, Lucia Foster, John Haltiwanger and John Sabelhaus, 5 December 2024.
“Policy News and Stock Market Volatility,” with Scott Baker, Nick Bloom and Kyle Kost. Revised, 19 November 2024. Resubmitted, Journal of Financial Economics. NBER Digest Summary | Data. | Cato Research Briefs in Economic Policy
“Why the Push to Get Bums on Seats in the Office?” This Working Life, ABC Radio News, 1 November 2024.
“Reservation Wages Revisited: Empirics with Canonical Models,” with Pawel Krolikowski, October 2024.
“Taking Stock: As Generations Collide, What Does the Future of Productivity Look Like?” Interview with Amanda Lang on BNN Bloomberg, 15 October 2024.
“Remote Work, Employee Mix, and Performance,” with Aksoy, Bloom, Marino and Ozguzel, 9 October 2024. Slides
“Americans Now Live Farther from Their Employers,” with Akan, Barrero, Bloom, Buckman, Kim and Wilkie, October 2024. Blog Post | NY Times
“Two Beers, a Pandemic, and a Workplace Revolution,” Krysten Crawford, Stanford Report, 2 October 2024. A profile of my research collaboration with Nick Bloom, with a focus on remote work and its implications.
"The (Heterogeneous) Economic Effects of Private Equity Buyouts," with John Haltiwanger, Kyle Handley, Josh Lerner, Ben Lipsius and Javier Miranda. Revised, 21 August 2024. Forthcoming, Management Science. Vox CEPR Policy Portal | NBER Digest
“Sticky Wages on the Layoff Margin,” with Pawel Krolikowski, 23 July 2024. Forthcoming, American Economic Review. Slides | IZA World of Labor | Data and Replication Package
“Using Two Perspectives to Get a Clearer Perspective on Work from Home: Business and Household Surveys,” with Barrero, Bloom, Bonney, Breaux, Buffington, Foster, McKenzie, Savage and Tello-Trillo, 17 July 2024. Slides prepared for an NBER-CRIW Pre-Conference.
“Work from Home, AI, and the Labor Market: What’s Next?” American Worker Project, Economic Innovation Group, 1 July 2024.
“Are Real Wages Catching Up?” with Barrero, Bloom, Foster, Meyer and Mihaylov. Macroblog, 27 June 2024.
“Working at Home Helped Whip Inflation,” Wall Street Journal, 20 June 2024.
“Extraordinary Labor Market Developments and the 2022-23 Disinflation,” prepared for the Hoover Institution Monetary Policy Conference held at Stanford University on 2-3 May 2024. This draft: 10 June 2024.
Written comments on “The Emergence of a Uniform Business Cycle in the United States” by Fieldhouse, Munro, Koch and Howard. 27 May 2024. Forthcoming, Brookings Papers on Economic Activity. Slides for Spring 2024 BPEA Conference.
“How and why work-from-home rates differ across countries and people,” with Aksoy, Barrero, Bloom, Dolls and Zarate, VoxEU, 1 May 2024.
“The Big Shift to Work from Home,” Berkeley Social Science Matrix talk, 26 April 2024. Slides
“Investment and Subjective Uncertainty” with Nick Bloom, Lucia Foster, Scott Ohlmacher and Itay Saporta-Eksten, 19 April 2024. Forthcoming in the International Economic Review. BFI Economic Finding
“Why Does Working from Home Vary Across Countries and People?” with Pablo Zarate, Mathias Dolls, Nicholas Bloom, Jose Maria Barrero and Cevat Giray Aksoy, working paper, 17 April 2024. VoxEU
“The Big Shift in Working Arrangements: Eight Ways Unusual,” Macroeconomic Review, 23, no. 1, April 2024
“Application Flows,” with Brenda Samaniego de la Parra, NBER WP 32320, 2 April 2024. Revision requested, AEJ: Macroeconomics. Database Dictionary | Blog Post, Federal Reserve Bank of St. Louis | Slides for Keynote speech
Dynamism Diminished: The Role of Housing Markets and Credit Conditions,” with John Haltiwanger. American Economic Journal: Macroeconomics, 16, no. 2 (April), 2024. BFI Research Brief | Chicago Booth Review Article | Vox CEPR Policy Portal | Replication Package
“How Much Work from Home Is There in the United States?” with Barrero, Bloom and Buckman. 27 January 2024.
“Remote Work across Jobs, Companies, and Space” with Hansen, Lambert, Bloom, Sadun and Taska, 1 March 2023, NBER WP 31007. Data | BFI Finding | VoxEU
“Why Working from Home Will Stick,” with Jose Maria Barrero and Nicholas Bloom, 28 April 2021. NBER Working Paper 28731. Slides | Data and Code | BFI Economic Finding 1 | BFI Economic Finding 2 | NBER Digest | Chicago Booth Review | World Economic Forum Video Synopsis | Hoover Economic Policy Workshop | WFH_Research Website | Media Coverage | Updated Results
“Firm-Level Risk Exposures and Stock Returns in the Wake of COVID-19,” with Stephen Hansen and Cristhian Seminario-Amez, 3 February 2021, NBER Working Paper 27867. Slides | VoxEU CEPR Policy Portal | Chicago Booth Review
“Elections, Political Polarization, and Economic Uncertainty,” with Scott R. Baker, Aniket Baksy, Nicholas Bloom and Jonathan Rodden, 9 October 2020. Chicago Booth Review | BFI Research Brief | VoxEU CEPR Policy Portal
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