Steven J. Davis

Senior Fellow

Steven Davis is a senior fellow at the Hoover Institution and William H. Abbott Distinguished Service Professor of International Business and Economics at the University of Chicago Booth School of Business.  

He is a research associate of the National Bureau of Economic Research, an economic adviser to the U.S. Congressional Budget Office, visiting scholar at the Federal Reserve Bank of Atlanta, elected fellow of the Society of Labor Economics, member of the CNE Growth Commission for Puerto Rico, senior adviser to the Brookings Papers on Economic Activity, and senior academic fellow of the Asian Bureau of Finance and Economic Research (ABFER). He also serves on the ABFER executive committee.

Past positions include Deputy Dean of the Faculty at Chicago Booth from 2012 to 2015, member of the governing committee of the Becker Friedman Institute at the University of Chicago from 2012 to 2015, and editor and founding co-editor of the American Economic Journal: Macroeconomics from 2006 to 2011.

Davis studies business dynamics, labor markets, economic fluctuations and public policy.

He is known for his influential work using longitudinal data on firms and establishments to explore job creation and destruction dynamics and their relationship to economic performance. He is a creator of the Economic Policy Uncertainty Indices and the DHI Hiring Indicators. He co-organizes the Asian Monetary Policy Forum, held annually in Singapore. In 2013, he received the Addington Prize in Measurement for his research on “Measuring Economic Policy Uncertainty.” 

In addition to his scholarly work, Davis has written for the Atlantic, Bloomberg View, Chicago Tribune, Financial Times, Forbes, Los Angeles Times, and the Wall Street Journal and appeared on Bloomberg TV, Channel News Asia, CNBC, CNN, Fox News, NBC Network News and the U.S. Public Broadcasting System.

Davis was a national fellow at the Hoover Institution in 1988-89 and has held visiting faculty appointments at the Massachusetts Institute of Technology, the University of Maryland at College Park and the National University of Singapore. He received his undergraduate degree in economics from Portland State University and his masters and PhD degrees in economics from Brown University.


Awards and Honors:

Addington Prize in Measurement (2013)
Society of Labor Economics, Elected Fellow (2015)

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Recent Commentary

Business-Level Expectations and Uncertainty

by Nicholas Bloom, Steven J. Davis, Lucia Foster, Brian Lucking, Scott Ohlmacher, Itay Saporta-Ekstenvia Economics Working Papers
Wednesday, December 16, 2020

Economics Working Paper 20125

Analysis and Commentary

Why Working From Home Will Stick

by Jose Maria Barrero, Nicholas Bloom, Steven J. Davisvia Becker Friedman Institute for Economics at the University of Chicago
Monday, December 7, 2020

Nearly one-quarter (22%) of full workdays will be supplied from home in the United States after the pandemic, compared with just 5% before, and productivity will improve.


Steven Davis: The Rebirth Of Hong Kong's Rule Of Law

interview with Steven J. Davisvia Stigler Center
Friday, December 4, 2020

Hoover Institution fellow Steven Davis discusses Hong Kong, democracy, and the rule of law.


Steven Davis: Session 1: Financial Markets And Cross-Border Flows After Covid-19

interview with Steven J. Davisvia IMF
Thursday, November 5, 2020

Hoover Institution fellow Steven Davis discusses life and investing after COVID-19.

Analysis and CommentaryBlank Section (Placeholder)

Stock Prices, Lockdowns, And Economic Activity In The Time Of Coronavirus

by Steven J. Davis, Dingqian Liu, Xuguang Simon Shengvia Jacques Polak Annual Research Conference
Tuesday, November 3, 2020

Stock prices and workplace mobility trace out striking clockwise paths in daily data from mid- February to late May 2020. Global stock prices fell 30 percent from 17 February to 12 March, before mobility declined.

In the News

Deeply Divided Elections Cloud Economic Policy

featuring Steven J. Davisvia Chicago Booth Review
Monday, November 2, 2020

As political polarization has grown in recent years, the path of US economic policy increasingly depends on which party holds office, write Northwestern’s Scott R. Baker, Stanford PhD candidate Aniket Baksy, Stanford’s Nicholas Bloom and Jonathan A. Rodden, and Chicago Booth’s Steven J. Davis.

In the News

Elections, Political Polarization, And Economic Uncertainty

featuring Steven J. Davisvia Becker Friedman Institute
Monday, November 2, 2020

Uncertainty is the bane of economic decision-making. Whether to invest, start a new business, change jobs, or a myriad of other questions are difficult choices even in relatively stable times (however one chooses to define “stable”). However, such events as hotly contested national elections turn up the dials of uncertainty and complicate decision-making beyond normal bounds of ambiguity. 

In the News

With No Commute, Americans Simply Worked More During Coronavirus

featuring Steven J. Davisvia The Wall Street Journal
Friday, October 30, 2020

What would you do with an extra hour each day? For many people, the answer is…work more.

Analysis and Commentary

Firm-Level Stock Price Reactions To Pandemic News

by Steven J. Davis, Stephen Hansen, Cristhian Seminario-Amezvia Vox EU
Tuesday, October 27, 2020

COVID-19 will likely restructure economic activity in a variety of ways, and lead to the growth of some firms and the decline of others. This column uses stock markets to examine these effects as share prices are tied to expectations about future earnings growth. On days with large pandemic-related market moves, there is enormous dispersion in firm-level returns. 


Hong Kong: A Conversation With Jimmy Lai | Lai & Davis

interview with Steven J. Davisvia Stigler Center
Friday, October 23, 2020

Hoover Institution fellow Steven Davis interviews Jimmy Lai concerning the struggle for political freedoms in Hong Kong, why the Chinese Communist Party and the PRC are hostile to those freedoms, the inherent conflict between the CCP system and Western values, and what that conflict means for China and the rest of the world.