Steven Fazzari

Steven Fazzari

Bert A. and Jeanette L. Lynch Distinguished Professor of Economics
PhD, Stanford University
research interests:
  • Macroeconomics
  • Keynesian Economics
  • Investment and Finance
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    • Mon and Wed 3:00-4:00
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    • Washington University
      MSC 1027-228-170
      One Brookings Drive
      St. Louis, MO 63130-4899
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    Fazzari’s research explores two main areas: the financial determinants of investment and R&D spending by U.S. firms and the foundations of Keynesian macroeconomics. His research and commentary on public policy issues has been highlighted in the national media.

    Steven Fazzari's research explores two main areas:  the financial determinants of investment and R&D spending by U.S. firms and the foundations of Keynesian macroeconomics.  A recent search found more than 1,100 citations to Fazzari's publications in the Research Papers in Economics database (over 5,000 in Google Scholar).  In addition, his research and commentary on public policy issues has been highlighted in the national media.  Among other current research projects, Fazzari is now co-editing a book that investigates the sources and responses to the U.S. “Great Recession” that began in late 2007.

    Fazzari teaches macroeconomics, from introductory freshman courses to advanced seminars for Ph.D. students.  He has won a variety of teaching awards and is especially honored to have received the 2002 Missouri Governor’s award for excellence in university teaching, the 2007 Emerson Award for teaching excellence, and Washington University's distinguished faculty award, also in 2007.  He has served on many university committees and task forces.  Fazzari served six years as chair of the Department of Economics, five years as a member of the Arts & Sciences Academic Planning Committee, and is now a member of the Advisory Committee on Tenure and Promotion.  In 2008, Fazzari began a new leadership role as Associate Director the Weidenbaum Center, an independent unit of Arts and Sciences that supports social science research and organizes public outreach programs.

    Selected Publications

    "That Elusive Elasticity:  A Long-Panel Approach to Estimating the Price Sensitivity of Business Capital," forthcoming, Journal of Business and Economic Statistics (with Robert Chirinko and Andrew Meyer).

    "Investment and the Taylor Rule in a Dynamic Keynesian Model," Journal of Economic Dynamics and Control, volume 34, 2010-2022, 2010 (with Piero Ferri and Edward Greenberg).

    "Keynesian Macroeconomics as the Rejection of Classical Axioms," Journal of Post Keynesian Economics, volume 32, 3-18, 2009.

    "Household Debt in the Consumer Age—Source of Growth and Risk of Collapse," Capitalism and Society (BE Press), volume 3, 1-30, 2008 (with Barry Cynamon, reprinted in Chinese, Comparative Economic and Social Systems, 2009, 49-55).

    "Financing Innovation and Growth:  Cash Flow, External Equity, and the 1990s R&D Boom," Journal of Finance, volume 64, 2009, 151-185 (with James Brown and Bruce Petersen).

    "Cash Flow, Investment, and Keynes-Minsky Cycles," Journal of Economic Behavior and Organization, volume 65, 2008, 555-572 (with Piero Ferri and Edward Greenberg).


    Emerson Excellence in Teaching Award, 2007

    Distinguished Faculty Award, Washington University, 2007

    Special Recognition for excellence in mentoring of graduate students, Washington University, 2000, 2001, 2006.

    Missouri Governor’s Award for Teaching Excellence, 2002

    Inter-Fraternity Council Award for Excellence in Teaching, Washington University, 1988 and 1998.

    Arts and Sciences Council, Washington University, Outstanding Teaching Award, 1993 (additional nomination, 2006).

    Washington University Teacher of the Month Award, 1990.

    Distinguished Teaching Fellow, Stanford Department of Economics, 1981.

    Phi Beta Kappa, 1978, Stanford University.