Daniel Thornton is vice president and economic advisor at the Federal Reserve Bank of St. Louis. 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 economic from the University of Missouri—Columbia and an M.S. in economics from Arizona State University. He is an Associate Editor of the Journal of Banking and Finance, the Journal of International Financial Markets Institutions and Money, 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.