Our Team
Thomas A. Lubik
Thomas Lubik is a senior advisor in the Research Department. Lubik provides counsel to senior management and directors on topics such as monetary policy, bank and financial regulation, and the domestic and international economy.
Lubik has published his work in numerous academic journals, including the American Economic Review and the Journal of Monetary Economics. He was president of the Society for Computational Economics and currently serves as editor in chief of the Journal of Economic Dynamics and Control. He is also a visiting professor of economics at the University of Adelaide.
Before joining the Federal Reserve Bank of Richmond in 2006, Lubik served as an assistant professor of international macroeconomics at Johns Hopkins University. He earned his doctorate from Yale University in 2000.
Lubik's research interests include monetary policy, indeterminacy, search and matching in labor markets, open economy macroeconomics, and Bayesian estimation.
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Academic Publications
Journal of Monetary Economics, forthcomingPrevious Version: Working Paper, February 2023, No. 23-04What Drives Inventory Accumulation? News on Rates of Return and Marginal CostsJournal of Money, Credit and Banking, forthcomingPrevious Version: Working Paper, October 2019, No. 19-18Review of Economic Dynamics, Vol. 49, July 2023: 37-57Previous Version: Working Paper, September 2019, No. 19-17Journal of Econometrics, Vol. 232, January 2023: 70-86Previous Version: Working Paper, August 2020, No. 20-10Journal of Monetary Economics, Vol. 126, March 2022: 87-104Previous Version: Working Paper, May 2020, No. 20-03New Zealand Economic Papers, Vol. 56, 2022: 9-16Economic Theory, Vol. 68, September 2019: 461-497Previous Version: Working Paper, October 2017, No. 17-12Pacific Economic Review, Vol. 23, December 2018: 685-704Previous Version: Working Paper, May 2017, No. 17-08Journal of Monetary Economics, Vol. 82, September 2016: 85-106Previous Version: Working Paper, February 2014, No. 14-02Journal of Monetary Economics, Vol. 76, November 2015: 264-283Previous Version: Working Paper, March 2014, No. 14-06RJournal of Applied Econometrics, Vol. 29, November/December 2014: 1210-1222Previous Version: Working Paper, April 2012, No. 12-02Journal of Money, Credit and Banking, Vol. 46, February 2014: 79–114Previous Version: Working Paper, November 2011, No. 11-08Advances in Non-Linear Economic Modeling: Theory and Applications, Vol. 17, 2014: 167-204Previous Version: Working Paper, August 2013, No. 13-12Pacific Economic Review, Vol. 17, May 2012: 257-279Previous Version: Working Paper, May 2011, No. 11-02Pacific Economic Review, Vol. 17, May 2012: 204-207European Economic Review, Vol. 56, April 2012: 327-346Previous Version: Working Paper, February 2010, No. 10-01Journal of Applied Econometrics, Vol. 25, January/February 2010: 177-194Previous Version: Working Paper, May 2006, No. 06-5European Economic Review, Vol. 52, November 2008: 1464-1479Journal of Monetary Economics, Vol. 55, July 2008: 892-916Previous Version: Working Paper, March 2008, No. 08-1Journal of Monetary Economics, Vol. 54, May 2007: 1069-1087Journal of Monetary Economics, Vol. 54, April 2007: 706-727American Economic Review, Vol. 97, March 2007: 530-533International Review of Economics and Finance, Vol. 16, 2007: 15-36New Zealand Economic Papers, Vol. 40, December 2006: 91-126Labour Economics, Vol. 13, August 2006: 459-477NBER Macroeconomics Annual, 2006: 313-366American Economic Review, Vol. 94, March 2004: 190-217Journal of Economic Dynamics and Control, Vol. 28, November 2003: 273-285
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Bank Publications
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Working Papers
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Regional Matters
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Blog Posts
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Work in Progress
"Aggregate Hours Adjustment in Frictional Labor Markets" (with Michael Krause).
"Indeterminacy and Imperfect Information" (with Christian Matthes and Elmar Mertens).
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Other Work
"Fiscal Policy Perceptions in a Behavioral New Keynesian Model" (with Massimiliano Marzo), Annals of Economics and Finance, November 2021, vol. 22, no.2, pp. 255-287.
"Staatsverschuldung und Geldpolitik: Wege aus der Krise [Government Debt and Monetary Policy: Escaping the Crisis]" (with Michael U. Krause), Journal for Economic Policy, April 2021, vol. 70, issue 1, pp. 69-80.
"Staatsverschuldung und Geldpolitik in der Krise: Bedarf es einer 'modernen Geldtheorie'? - Kritische Anmerkungen zur sogenannten Modern Monetary Theory [Government Indebtedness and Monetary Policy in the Crisis: Is There a Need for a 'Modern Monetary Theory'? Critical Comments on the So-called MMT]" (with Michael U. Krause). Policy Brief 1/2021, Institute for Economic Policy at the University of Cologne, January 2021.
"The Risk of Government Indebtedness After Covid-19" (with Michael U. Krause). Policy Brief 5/2020, Institute for Economic Policy at the University of Cologne, September 2020.
"Monetary Policy Tradeoffs and the Federal Reserve's Dual Mandate" (with Andrea Ajello, Isabel Cairó, Vasco Cúrdia and Albert Queralto). Finance and Economics Discussion Series 2020-066, August 2020.
"Target2-Salden im Euro System: Viel Rauch um Nichts? [Target 2 Imbalances in the Euro System: Much Ado about Nothing?]" (with Michael U. Krause). Policy Brief 3/2019, Institute for Economic Policy at the University of Cologne, May 2019.
"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.