Staff Economists

Thomas A. Lubik

headshot of Thomas A. Lubik

My research interests include open economy macroeconomics, monetary policy, indeterminacy, search and matching in labor markets, and Bayesian estimation.

Professional Experience

Thomas Lubik is group vice president for microeconomics and research communications in the Research Department. Lubik has published his work in numerous academic journals, including the American Economic Review and the Journal of Monetary Economics.

Lubik serves as editor of the Journal of Economic Dynamics and Control and is associate editor at the Journal of Money, Credit and Banking. He is also a visiting professor of economics at the University of Adelaide and frequently visits central banks abroad, most recently the Deutsche Bundesbank and the Reserve Bank of New Zealand.

Before joining the Richmond Fed in 2006, Lubik served as an assistant professor of international macroeconomics at Johns Hopkins University.

Education

Ph.D., Yale University, 2000
M.Phil., Yale University, 1998
M.A., Yale University, 1996
Diplom, University of Tübingen (Germany), 1994

Curriculum vitae

"Sales, Inventories, and Real Interest Rates: A Century of Stylized Facts" (with Luca Benati). Journal of Applied Econometrics 29, no. 7 (November/December 2014): 1210-1222.

"The Time-Varying Beveridge Curve" (with Luca Benati). Advances in Non-Linear Economic Modeling: Theory and Applications, Springer Series Monograph: Dynamic Modeling and Econometrics in Economics and Finance 17 (2014): 167-204.

"Deep Habits in the New Keynesian Phillips Curve" (with Wing Leong Teo). Journal of Money, Credit and Banking 46, no. 1 (February 2014): 79–114.

"Aggregate Labour Market Dynamics in Hong Kong." Pacific Economic Review 17, no. 2 (May 2012): 257-279.

"Introduction: Dynamic Stochastic General Equilibrium Modelling and the Study of Asia-Pacific Economies" (with Charles Ka Yui Leung). Pacific Economic Review 17, no. 2 (May 2012): 204-207.

"Inventories, Inflation Dynamics and the New Keynesian Phillips Curve" (with Wing Leong Teo). European Economic Review 56, no. 3 (April 2012): 327-346.

"The Lucas Critique and the Stability of Empirical Models" (with Paolo Surico). Journal of Applied Econometrics 25, no. 1 (January/February 2010): 177-194.

"Do Search Frictions Matter for Inflation Dynamics?" (with Michael Krause and David Lopez-Salido). European Economic Review 52, no. 8 (November 2008): 1464-1479.

"Inflation Dynamics with Search Frictions: A Structural Econometric Analysis" (with Michael U. Krause and David Lopez-Salido). Journal of Monetary Economics 55, no. 5 (July 2008): 892-916.

"Do Central Banks Respond to Exchange Rate Movements? A Structural Investigation" (with Frank Schorfheide). Journal of Monetary Economics 54, no. 4 (May 2007): 1069-1087.

"The (Ir)relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions" (with Michael U. Krause). Journal of Monetary Economics 54, no. 3 (April 2007): 706-727.

"Testing for Indeterminacy: An Application to U.S. Monetary Policy: Reply" (with Frank Schorfheide). American Economic Review 97, no. 1 (March 2007): 530-533.

"An Inventory of Simple Monetary Policy Rules in a New Keynesian Macroeconomic Model" (with Massimiliano Marzo). International Review of Economics and Finance 16, no. 1 (2007): 15-36.

"A Simple, Structural, and Empirical Model of the Antipodean Transmission Mechanism." New Zealand Economic Papers 40, no. 2 (December 2006): 91-126.

"The Cyclical Upgrading of Labor and On-the-Job Search" (with Michael U. Krause). Labour Economics 13, no. 4 (August 2006): 459-477.

"A Bayesian Look at New Open Economy Macroeconomics" (with Frank Schorfheide). NBER Macroeconomics Annual (2006): 313-366.

"Testing for Indeterminacy: An Application to U.S. Monetary Policy" (with Frank Schorfheide). American Economic Review 94, no. 1 (March 2004): 190-217.

"Computing Sunspot Equilibria in Linear Rational Expectations Models" (with Frank Schorfheide). Journal of Economic Dynamics and Control 28, no. 2 (November 2003): 273-285.

Third Quarter 2013

Does Intra-Firm Bargaining Matter for Business Cycle Dynamics?

Thomas A. Lubik and Michael U. Krause

First Quarter 2012

Exchange Rate Volatility in a Simple Model of Firm Entry and FDI

Thomas A. Lubik and Katheryn N. Russ

Fourth Quarter 2011

Accounting for the Non-Employment of U.S. Men, 1968-2010

Thomas A. Lubik, Marianna Kudlyak and Jonathan Tompkins

Third Quarter 2010

Instability and Indeterminacy in a Simple Search and Matching Model

Thomas A. Lubik and Michael U. Krause

Fall 2009

Inventories and Optimal Monetary Policy

Thomas A. Lubik and Wing Leong Teo

December 2014, No. 14-19

Modeling Labor Markets in Macroeconomics: Search and Matching

Thomas A. Lubik and Michael U. Krause

August 2013, No. 13-12

The Time-Varying Beveridge Curve

Thomas A. Lubik and Luca Benati

April 2012, No. 12-02

Sales, Inventories, and Real Interest Rates: A Century of Stylized Facts

Thomas A. Lubik and Luca Benati

November 2011, No. 11-08

Deep Habits in the New Keynesian Phillips Curve

Thomas A. Lubik and Wing Leong Teo

May 2011, No. 11-02

Aggregate Labor Market Dynamics in Hong Kong

Thomas A. Lubik

June 2010, No. 10-12

On the Job Search and the Cyclical Dynamics of the Labor Market

Thomas A. Lubik and Michael U. Krause

February 2010, No. 10-01

Inventories, Inflation Dynamics, and the New Keynesian Phillips Curve

Thomas A. Lubik and Wing Leong Teo

March 2008, No. 08-1

Inflation Dynamics with Search Frictions: A Structural Econometric Analysis

Thomas A. Lubik, David Lopez-Salido and Michael U. Krause

May 2006, No. 06-5

The Lucas Critique and the Stability of Empirical Models

Thomas A. Lubik and Paolo Surico

February 2015, No. 15-02

How Should the Fed Interpret Slow Wage Growth?

Thomas A. Lubik, Marianna Kudlyak and Karl Rhodes

September 2014, No. 14-09

Putting the Beveridge Curve Back to Work

Thomas A. Lubik and Karl Rhodes

September 2013, No. 13-09

Is Fiscal Austerity Good for the Economy?

Thomas A. Lubik and Renee Haltom

August 2012, No. 12-08

TARGET2: Symptom, Not Cause, of Eurozone Woes

Thomas A. Lubik and Karl Rhodes

September 2011, No. 11-09

Potential Causes and Implications of the Rise in Long-Term Unemployment

Thomas A. Lubik, Andreas Hornstein and Jessie Romero

July 2011, No. 11-07

Monetary Policy with Unknown Natural Rates

Thomas A. Lubik and Jessie Romero

January 2010, No. 10-01

Is the Output Gap a Faulty Gauge for Monetary Policy?

Thomas A. Lubik and Stephen Slivinski

"Aggregate Hours Adjustment in Frictional Labor Markets" (with Michael Krause).

"Indeterminacy and Learning: An Analysis of Monetary Policy in the Great Inflation" (with Christian Matthes).

“On-The-Job Search and the Cyclical Dynamics of the Labor Market” (with Michael U. Krause). Discussion Paper Series 1: Economic Studies 2007/15, Deutsche Bundesbank Research Centre, 2007.

“Does Intra-Firm Bargaining Matter for Business Cycle Dynamics?” (with Michael U. Krause). Discussion Paper Series 1: Economic Studies 2007/17, Deutsche Bundesbank Research Centre, 2007.

“Do World Shocks Drive Domestic Business Cycles? Some Evidence from Structural Estimation” (with Wing Teo). Working Paper 522, Johns Hopkins University, July 2005.

“A Note on Instability and Indeterminacy in Search and Matching Models” (with Michael U. Krause). Working Paper 518, Johns Hopkins University, November 2004.

“Industrial Structure and Monetary Policy in a Small Open Economy.” Working Paper 493, Johns Hopkins University, January 2003.

“Investment Spending, Equilibrium Indeterminacy and the Interactions of Monetary and Fiscal Policy.” Working Paper 490, Johns Hopkins University, January 2003.

Contact Us

Richmond

Thomas A. Lubik
(804) 697-8246