Stephen Cole

Associate Professor of Economics

I earned my Ph.D. in Economics from the University of California, Irvine in 2015. Since then, I have been at Marquette University, where I currently serve as a tenured Associate Professor of Economics (promoted in 2022). My research is driven by a deep interest in understanding how monetary policy influences the broader economy. In the classroom, my teaching philosophy centers on building meaningful connections—through three key pillars: (1) linking course material to real-world applications, (2) fostering active engagement with economic concepts, and (3) connecting with students on a personal level.

Education

• Ph.D. – Economics, University of California, Irvine 2015
• MA – Economics, University of California, Irvine 2012
• BA – Economics and Business, Westmont College 2009

Courses Taught

Econ 1104 Principles of Macroeconomics (FA 2025, SP 2026); Econ 4060 Introduction to Econometrics (FA 2025); Econ 6504 Macroeconomic Theory (SP 2026)

Research Interests

My research interests include central bank forward guidance, unconventional monetary policies, adaptive learning, and expectations formation. I am also skilled in both Classical and Bayesian econometrics.

Professional Affiliations

American Economic Association; Southern Economic Association

Professional Interests

• Monetary Economics
• Macroeconomics
• Time Series Econometrics
• Econometrics
• Expectation Formation

Specialization

Monetary Economics, Macroeconomics, Econometrics

Publications

• Cole, S.J. and Martínez-García, E. (2021). “The Effect of Central Bank Credibility on Forward Guidance in an Estimated New Keynesian Model.” Forthcoming at Macroeconomic Dynamics.
• Cole, S.J. and Milani, F. (2021). Heterogeneity in Individual Expectations, Optimism/Pessimism, and Constant-Gain Learning. Journal of Economic Behavior & Organization, 188, 627-650.
• Cole, S. J. (2021). Learning and the effectiveness of central bank forward guidance. Journal of Money, Credit and Banking, 53(1), 157-200.
• Cole, S. J. (2020). The limits of central bank forward guidance under learning. International Journal of Central Banking. 16(4), 199-250.
• Cole, S. J. (2020). The influence of learning and price-level targeting on central bank forward guidance. Journal of Macroeconomics, 65, 103213.
• Cole, S. J., & Milani, F. (2019). The misspecification of expectations in new Keynesian models: a DSGE-VAR approach. Macroeconomic Dynamics, 23(3), 974-1007.
• Cole, S. J. (2018). The effectiveness of central bank forward guidance under inflation and price-level targeting. Journal of Macroeconomics, 55, 146-161.