Biography
Daniel H. Cooper is a vice president and economist in the Federal Reserve Bank of Boston Research Department, where he heads the Household Decision-making group. He regularly contributes macroeconomic analysis to aid in the monetary policy deliberations of the Bank’s president. His main research interests involve household behavior, although he also focuses on topics related to monetary policy and the labor market. His recent work has centered on the effect of credit access on consumption, the effect of fluctuations in bank lending on consumption, the effect of monetary policy on house price appreciation, and the effect of minimum wage changes on inflation and consumer spending. He is currently working on projects involving the impact of monetary policy shocks on consumption, how economic conditions impact retirement decisions, and the impact of the pandemic-related stimulus payments on expenditures.
Work Experience
Federal Reserve Bank of Boston
Vice President and Economist, 2022–
Senior Economist and Policy Advisor, 2015–2022
Senior Economist, 2012–2015
Economist, 2009–2012
Federal Reserve Bank of San Francisco
Dissertation Intern, Winter 2008
Board of Governors of the Federal Reserve System
Research Assistant, 2001–2004
Education
PhD, Economics, University of Michigan, 2009
MA, Economics, University of Michigan, 2006
BA, Economics (summa cum laude), Amherst College, 2001
Primary fields of research
Macroeconomics, consumer behavior
Publications
Refereed Journal Articles
“Consumption, Credit, and the Missing Young,” with Olga Gorbachev and María José Luengo-Prado. Forthcoming. Journal of Money, Credit and Banking.
“Monetary Policy and Regional House-Price Appreciation,” with María José Luengo-Prado and Giovanni Olivei. Forthcoming. International Journal of Central Banking.
“The Mitigating Effect of Masks on the Spread of COVID-19,” with Vaishali Garga, María José Luengo-Prado, and Jenny Tang. 2023. Economics & Human Biology Vol. 48, Article No. 101195. https://doi.org/10.1016/j.ehb.2022.101195
“The Effects of Changes in Local Bank Health on Household Consumption,” with Joe Peek. 2021. The Review of Economics and Statistics 103(4): 711–724. https://doi.org/10.1162/rest_a_00914
“The Local Aggregate Effect of Minimum Wage Increases,” with María José Luengo-Prado and Jonathan A. Parker. 2020. Journal of Money, Credit and Banking 52(1): 5–35. https://doi.org/10.1111/jmcb.12684
“Household Formation over Time: Evidence from Two Cohorts of Young Adults,” with María José Luengo-Prado. 2018. Journal of Housing Economics 41(2018): 106–123. https://doi.org/10.1016/j.jhe.2018.06.002
"Wealth Effects and Macroeconomic Dynamics," with Karen Dynan. 2016. Journal of Economic Surveys 30(1): 34–55.
"The Role of Taxes in Mitigating Income Inequality across the U.S. States." 2015. National Tax Journal 68(4): 943–974.
"Household Wealth Effects and the US Macroeconomy," with Karen Dynan. 2015. Emerging Trends in the Social and Behavioral Sciences: An Interdisciplinary, Searchable, and Linkable Resource.
"House Price Growth When Children Are Teenagers: A Path to Higher Earnings?" with Maria José Luengo-Prado. 2015. Journal of Urban Economics 86: 54–72.
"Asymmetric Responses to Income Changes: The Payroll Tax Increase versus Tax Refund in 2013," with Anat Bracha. 2014. Economic Letters 124(3), 534–538.
"House Price Fluctuations: The Role of Housing Wealth as Borrowing Collateral." 2013. Review of Economics and Statistics 95(4): 1183–1197. MIT Press Journals.
"The S&P 500 Effect: Not So Good in the Long Run," with Geoffrey Woglom. 2003. Journal of Investing 12(4): 62–73. Institutional Investor Journals.
Working Papers and Other Unpublished Papers
“How the Student Loan Payment Pause Affected Borrowers’ Credit Access and Credit Use,” with Maddie Haddix. 2025. Federal Reserve Bank of Boston Current Policy Perspectives. 25-1.
“Sustainable Consumption and the Comprehensive Economic Well-Being of American Households,” with Barry Z. Cynamon and Steven M. Fazzari. 2023. Bank of Boston Research Department Working Papers No. 23-5. https://doi.org/10.29412/res.wp.2023.05
“Population Aging and the US Labor Force Participation Rate,” with Christopher L. Foote, María J. Luengo-Prado, and Giovanni P. Olivei. 2021. Federal Reserve Bank of Boston Current Policy Perspectives. December 20, 2021.
“High-Frequency Spending Responses to Government Transfer Payments,” with Giovanni P. Olivei. 2021. Federal Reserve Bank of Boston Research Department Working Papers No. 21-10. https://doi.org/10.29412/res.wp.2021.10
“The Mortgage Cash Flow Channel of Monetary Policy Transmission: A Tale of Two Countries,” with Vaishali Garga and María José Luengo-Prado. 2021. Federal Reserve Bank of Boston Research Department Working Papers No. 21-8. https://doi.org/10.29412/res.wp.2021.08
“The Roles of Mobility and Masks in the Spread of COVID-19,” with Vaishali Garga, María José Luengo-Prado, and Jenny Tang. 2020. Federal Reserve Bank of Boston Current Policy Perspectives. December 18, 2020.
“Predicting Recessions Using the Yield Curve: The Role of the Stance of Monetary Policy,” with Jeffrey C. Fuhrer and Giovanni P. Olivei. 2020. Federal Reserve Bank of Boston Current Policy Perspectives. February 3, 2020.
“Consumption, Credit, and the Missing Young,” with Olga Gorbachev and María José Luengo-Prado. 2019. Federal Reserve Bank of Boston Research Department Working Papers No. 19-10.
“Measuring Household Wealth in the Panel Study of Income Dynamics: The Role of Retirement Assets,” with Karen Dynan and Hannah Rhodenshiser. 2019. Federal Reserve Bank of Boston Research Department Working Papers No. 19-6.
“The Effects of Changes in Local Bank Health on Household Consumption,” with Joe Peek. 2018. Federal Reserve Bank of Boston Research Department Working Papers No. 18-5. Revised in 2019.
"The Local Aggregate Effects of Minimum Wage Increases," with María José Luengo-Prado and Jonathan A. Parker. 2017. Federal Reserve Bank of Boston Research Department Working Papers No. 17-8. Revised in 2019.
"Monetary Policy and Regional House-Price Appreciation," with María José Luengo-Prado and Giovanni P. Olivei. 2016. Federal Reserve Bank of Boston Research Department Working Papers No. 16-18.
"Household Formation over Time: Evidence from Two Cohorts of Young Adults," with Maria José Luengo-Prado. 2016. Federal Reserve Bank of Boston Research Department Working Papers Series No. 16-17.
"Household Formation over Time: Evidence from Two Cohorts of Young Adults," with Maria José Luengo-Prado. 2015. Federal Reserve Bank of Boston Current Policy Perspectives No. 15-4.
"Student Loan Debt and Economic Outcomes," with J. Christina Wang. 2014. Federal Reserve Bank of Boston Current Policy Perspectives No. 14-7.
"Labor Market Exit and Re-Entry: Is the United States Poised for a Rebound in the Labor Force Participation Rate?" with Maria José Luengo-Prado. 2014. Federal Reserve Bank of Boston Current Policy Perspectives No. 14-2.
"The Ins and Arounds in the U.S. Housing Market," with Rudiger Bachmann. 2014. Federal Reserve Bank of Boston Research Department Working Papers No. 14-3.
"Asymmetric Responses to Tax-Induced Changes in Personal Income: The 2013 Payroll Tax Hike versus Anticipated 2012 Tax Refunds," with Anat Bracha. 2013. Federal Reserve Bank of Boston Research Department Public Policy Briefs No. 13-4.
"The Effect of Unemployment Duration on Future Earnings and Other Outcomes." 2013. Federal Reserve Bank of Boston Research Department Working Papers No. 13-8.
"Changes in U.S. Household Balance Sheet Behavior after the Housing Bust and Great Recession: Evidence from Panel Data." 2013. Federal Reserve Bank of Boston Research Department Public Policy Discussion Papers No. 13-6.
"Wealth Shocks and Macroeconomic Dynamics," with Karen Dynan. 2013. Federal Reserve Bank of Boston Research Department Public Policy Discussion Papers No. 13-4.
"Cyclical and Sectoral Transitions in the U.S. Housing Market," with Rudiger Bachmann. 2012. Federal Reserve Bank of Boston Research Department Working Papers No. 12-17.
"U.S. Household Deleveraging: What Do the Aggregate and Household Data Tell Us?" 2012. Federal Reserve Bank of Boston Research Department Public Policy Briefs No. 12-2.
"Quantifying the Role of Federal and State Taxes in Mitigating Income Inequality," with Byron F. Lutz and Michael G. Palumbo. 2011. Federal Reserve Bank of Boston Research Department Public Policy Discussion Papers No. 11-7.
"House Price Growth When Kids Are Teenagers: A Path to Higher Intergenerational Achievement?" with Maria Jose Luengo-Prado. 2011. Federal Reserve Bank of Boston Research Department Working Papers No. 11-6.
"Imputing Household Spending in the Panel Study of Income Dynamics: A Comparison of Approaches." 2010. Federal Reserve Bank of Boston Research Department Working Papers No. 10-12.
"Impending U.S. Spending Bust? The Role of Housing Wealth as Borrowing Collateral." 2009. Federal Reserve Bank of Boston Research Department Public Policy Discussion Papers No. 09-9.
"Did Easy Credit Lead to Overspending? Home Equity Borrowing and Household Behavior in the Early 2000s." 2009. Federal Reserve Bank of Boston Research Department Public Policy Discussion Papers No. 09-7.