William Testa

William Testa

Vice President and Director of Regional Research

Testa's Blog

(312) 322-5791

Bill Testa is a vice president and director of regional research in the economic research department at the Federal Reserve Bank of Chicago. Testa has written widely in the areas of economic growth and development, the Midwest economy and state–local public finance. He directed a comprehensive long-term study and forecast of the Midwest economy, Assessing the Midwest Economy: Looking Back for the Future, and has fashioned a series of conferences on school reform.

Testa currently serves as economics editor of the Chicago Fed Letter and on the editorial board of Economic Development Quarterly. His “Midwest Economy” web column, which can be found on the Federal Reserve Bank’s web site, has become a widely read and nationally quoted feature.

Testa also serves in an advisory or director’s capacity to a variety of professional journals, nonprofit organizations, advisory boards and economic development initiatives in the Midwest. He chairs the Board of Trustees of the Illinois Council on Economic Education and serves on the boards of the Global Chicago Center of the Chicago Council on Global Affairs and the Economic Development Council of Chicago.

Prior to joining the Chicago Fed in 1982, Testa was a visiting faculty member in the economics department at Tulane University in New Orleans and a graduate research fellow at the Academy for Contemporary Problems in Columbus, Ohio. He currently lectures at DePaul University’s College of Commerce. A native of Cleveland, Ohio, Testa received his undergraduate degree from Northwestern University in 1975 and a Ph.D. in economics from the Ohio State University in 1981.

Chicago Fed Letter

Economic Perspectives

Working Papers

Journal Articles and Book Chapters

With William Sander, 2014, "Parents' Education, School-Age Children and Household Location in American Cities," Papers in Regional Science, forthcoming.


With William Sander, 2012, "Education and the Location of Work: A Continued Role for Central Cities?," Annals of Regional Science, Vol. 50, No. 2, pp. 577-590.


With William Sander, 2009, "Education and Household Location in Chicago," Growth and Change, Vol. 40, No. 1, pp. 116-139.


With Richard H. Mattoon, 2007, “The Gross Receipts Tax: A New Approach to Business Taxation," National Tax Journal, Vol. 60, No. 4, pp. 79–89.


2006, "Headquarters Research and Implications for Local Development," Economic Development Quarterly, Vol. 20, No. 2, pp. 111-116.


With William H. Oakland, 2000, “The Benefit Principle as a Preferred Approach to Taxing Business in the Midwest,” Economic Development Quarterly, Vol. 14, No. 2, pp. 154-164.


With William H. Oakland, 1998, "Fiscal Impacts of Business Development in Chicago Suburbs," in Local Government and Land Use Policies in the United States, Wallace E. Oates (ed.), Northhampton: Edward Elgar, pp. 201-117.

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