Fazzari’s research explores two main areas: the financial determinants of investment and R&D spending by U.S. firms and the foundations of Keynesian macroeconomics. His research and commentary on public policy issues has been highlighted in the national media.
Steve Fazzari is an economist and has been a faculty member at Washington University for over 30 years. He is thrilled to serve as chair of the Department of Sociology in its early years as the Department recruits its founding members.
Fazzari’s research explores two main areas: the link between macroeconomic activity and finance, particularly the financial determinants of investment spending, and the foundations of Keynesian macroeconomics. His perspectives on the causes and consequences of the Great Recession, financial instability, deficit reduction, and capital gains taxation have been highlighted in the international press. The 2013 book After the Great Recession: the Struggle for Economic Recovery and Growth, analyzes the dramatic macroeconomics events of recent years in the U.S. economy. Fazzari's current research studies the effect of rising income inequality on the explosion of household debt that triggered the Great Recession as well as on the painfully slow recovery. This work has been the basis of media stories around the world, including in the New York Times and the Washington Post.
The website "Muddy Water Macro," developed by Fazzari and a team of his advanced undergraduate students explains macroeconomic ideas to a general audience (link here).
Teaching macroeconomics to Washington University students for decades, Fazzari is honored to have received a number of teaching awards including those from the Council of Students of Arts and Sciences, the Washington University Alumni Class of 1989, the Graduate School of Arts and Sciences (for Ph.D. student mentorship), and the 2003 Missouri Governor's Award for excellence in teaching. In 2007, Washington University recognized him with its Distinguished Faculty Award and he was installed as the Bert A. and Jeanette L. Lynch Distinguished Professor of Economics on April 21, 2014.
Fazzari has served in many administrative roles from the beginning of his career. These include chair of the Department of Economics (1999-2005), the Academic Planning Committee of Arts and Sciences (2006-2010; 2013-present) and the Arts and Sciences Personnel Advisory Committee (2010-2013). These activities give Fazzari many deep connections across the campus and administrative experience that will be particularly valuable in getting the new department off to a strong start. He is excited to welcome his new colleagues and students to the Department of Sociology in the next few years.