Daniel Thornton is president of D.L. Thornton Economics LLC. He was vice president and economic advisor at the Federal Reserve Bank of St. Louis before retiring in August 2014. Prior to joining the Federal Reserve Bank of St. Louis in 1981 Dr. Thornton was an associate professor of economics at Central Michigan University. Thornton received his Ph.D. in economics from the University of Missouri—Columbia and an M.S. in economics from Arizona State University. He has published widely in leading economics and finance journals, such as, the Review of Economics and Statistics, the Journal of Money, Credit, and Banking, the Journal of Financial Economics, and the Review of Financial Studies. He is an Associate Editor of the Applied Economics Letters, and Applied Financial Economics, a Research Fellow at the Centre for Finance and Credit Markets, a member of the Central Bank Communication Network and a member of the advisory board of the International Centre for Banking and Corporate Governance. He is also a member of the Board of the St. Louis Council on Economic Education and a Trustee of the Missouri Council on Economic Education.