Stephen  Cole
Stephen ColeMarquette University

Straz Hall, 412

MilwaukeeWI53201United States of America
(414) 288-3367Personal Website
Curriculum Vitae

Associate Professor of Economics

Dr. Cole joined Marquette University in 2015. He earned his Ph.D. and MA in economics from the University of California, Irvine. He received his BA in economics and business from Westmont College.

Dr. Cole’s research interests include monetary economics, macroeconomics, time series econometrics, and econometrics. His work has examined the effect of unconventional monetary policies, the impact that deviations from the rational expectations hypothesis have on macroeconomic fluctuations, and financial frictions in the economy. His current research studies the role that assumptions about the formation of expectations have on the efficacy of central bank forward guidance.


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

Professional Interests

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


  • 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 Macroeconomics65, 103213.
  • Cole, S. J., & Milani, F. (2019). The misspecification of expectations in new Keynesian models: a DSGE-VAR approach. Macroeconomic Dynamics23(3), 974-1007.
  • Cole, S. J. (2018). The effectiveness of central bank forward guidance under inflation and price-level targeting. Journal of Macroeconomics55, 146-161.