Mendoza Directory

Faculty & Research

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Richard G. Sheehan



Richard Sheehan conducts research on banking and the economics of sports. In recent papers, he has investigated the determinants of bank deposit pricing, the valuation of financial institutions’ core deposits, relationships among deposit rates and between deposit rates, and market rates. He also has examined the relationship between collegiate athletics and academics. Sheehan teaches the undergraduate macroeconomics course and the executive MBA course on the economics of the firm. He earned his undergraduate degree from College of the Holy Cross and his Ph.D. in Economics from Boston College. Before coming to Notre Dame, he was an economist at the Federal Reserve. He also served for eight years on the South Bend school board.




  • Macroeconomics
  • Managerial Economics
  • Economics of the Firm


"Taxes, Default Risk and Risk Premia,"  Journal of Economic Research, 1999.

"Adaptive vs. Rational Expectations and the Fisher Effect,"  Applied Economics, 1996.

"The Response of Spot and Futures Exchange Rates to Weekly Money Announcements," (with Mark Wohar),  Southern Economic Journal, 1995.

"Is the Conventional View of Discount Window Borrowing Consistent with the Behavior of Weekly Reporting Banks?" (with Thomas F. Cosimano),  Review of Economics and Statistics, 1994.

"The Federal Reserve Operating Procedure 1984-1991: An Empirical Analysis," (with Thomas F. Cosimano),  Journal of Macroeconomics, 1994.

"U.S Influences on Foreign Monetary Policy,"  Journal of Money, Credit and Banking, 1992.

"Policy Inference Using VAR Models: The Effect of Alternative Lag Structures," (with R. W. Hafer),  Economic Inquiry , 1991.

"The Response of Interest Rates to Unexpected Weekly Money: Are Policy Changes Important?" (with R. W. Hafer),  Southern Economic Journal, 1990.

"A Comparison of National and International Aggregate Supply and Demand VAR Models: The United States, Japan and the European Economic Community," (with Ehsan Ahmed, J. Barkley Rosser),  Weltwirtschatfliches Archiv, 1989.

"Financial Market Response to Treasury Debt Announcements," (with David Schirm, Michael G. Ferri),  Journal of Money, Credit and Banking, 1989.

"The Sensitivity of VAR Forecasts to Alternative Lag Structures," (with R. W. Hafer),  International Journal of Forecasting, 1989.

"A Global Model of OECD Aggregate Supply and Demand Using Vector Autoregressive Techniques," (with Ehsan Ahmed, J. Barkley Rosser),  European Economic Review, 1988.

"On the Temporal Stability of the Interest Rate-Weekly Money Relationship," (with Michael Belongia, R. W. Hafer),  Review of Economics and Statistics, 1988.

"The Efficient Markets Hypothesis and Weekly Money: An Econometric Critique," (with Michael Belongia),  Journal of Business and Economic Statistics, 1987.

"Money, Anticipated Changes, and Policy Effectiveness,"  American Economic Review , 1985.

"Money-Income Causation: Results for Six Countries,"  Journal of Macroeconomics, 1983.

"Sunspots and Cycles: A Test of Causation,"  Southern Economic Journal, 1982.

"The Variability of the Okun Coefficient,"  Southern Economic Journal, 1980.

"The Interaction Between the Actual and the Potential Rates of Growth: Comment,"  Review of Economics and Statistics, 1976.

Book Articles and Chapters

Athletics, Academics and Finances, W.E. Upjohn (2000).

The Professionalization of College Sports, Greenwood Press (2000).


Keeping Score: The Economics of Big-Time Sports, Diamond Communications (1996).


"Do Sports Owners Maximize Profits?"