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Photo of Charles P. Thomas

Charles P. Thomas

Associate Director

Program Direction Section

International Finance

202-452-3698
charles.thomas@frb.gov
Education
  • Ph.D., Economics, Columbia University, 1986
  • M.Phil., Economics, Columbia University, 1983
  • B.A., Economics, University of Pennsylvania, 1978
  • Current Research Topics

  • Cross Border Flows and U.S. Interest Rates
  • The Coherence of U.S. International Statistics
    • Economist

      Board of Governors of the Federal Reserve System

    • 1986 - present
    • Consultant

      International Monetary Fund

    • 1997
    • Consultant

      Chase Manhattan Bank

    • 1985
    • Consultant

      Interactive Data Corp.

    • 1982
    • Consultant

      Merrill Lynch Pierce Fenner & Smith

    • 1981
    • Teaching Assistant

      Columbia University

    • 1981 - 1983
    • Research Assistant

      Chase Econometrics

    • 1978 - 1980
  • Curcuru, Stephanie E., Charles P. Thomas, Francis E. Warnock, and Jon Wongswan (2014). "Uncovered Equity Parity and Rebalancing in International Portfolios," Journal of International Money and Finance, vol. 47, pp. 86-99.
  • Curcuru, Stephanie E., Charles P. Thomas, and Francis E. Warnock (2013). "On Returns Differentials," Journal of International Money and Finance, vol. 36, pp. 1-25.
  • Beltran, Daniel O., Lawrence R. Cordell, and Charles P. Thomas (2013). "Asymmetric Information and the Death of ABS CDOs," International Finance Discussion Papers 1075. Board of Governors of the Federal Reserve System (U.S.).
  • Beltran, Daniel O., Maxwell Kretchmer, Jaime Marquez, and Charles P. Thomas (2013). "Foreign Holdings of U.S. Treasuries and U.S. Treasury Yields," Journal of International Money and Finance, vol. 32, no. 1, pp. 1120-1143.
  • Curcuru, Stephanie E., and Charles P. Thomas (2012). "The Return on U.S. Direct Investment at Home and Abroad," International Finance Discussion Papers 1057. Board of Governors of the Federal Reserve System (U.S.).
  • Marquez, Jaime R., Charles P. Thomas, and Corinne Land (2012). "International Relative Price Levels: A Look Under the Hood," International Finance Discussion Papers 1055. Board of Governors of the Federal Reserve System (U.S.).
  • Curcuru, Stephanie E., Charles P. Thomas, Francis E. Warnock, and Jon Wongswan (2011). "US International Equity Investment and Past and Prospective Returns," American Economic Review, vol. 101, no. 7, pp. 3440-3455.
  • Bertaut, Carol C., Steven B. Kamin, and Charles P. Thomas (2009). "How Long can the Unsustainable U.S. Current Account Deficit be Sustained?" IMF Staff Papers, vol. 56, no. 3, pp. 596-632.
  • Curcuru, Stephanie E., Charles P. Thomas, and Francis E. Warnock (2009). "Current Account Sustainability and Relative Reliability," in Frankel, Jeffrey, Christopher Pissarides eds., NBER International Seminar on Macroeconomics 2008. Chicago: University of Chicago Press, pp. 67-109.
  • Thomas, Charles P., and Jaime Marquez (2009). "Measurement Matters for Modelling US Import Prices," International Journal of Finance and Economics, vol. 14, no. 2, pp. 120-138.
  • Thomas, Charles P., Jaime Marquez, and Sean Fahle (2009). "Measuring China’s International Relative Prices," ICP Bulletin, vol. 6, no. 1, pp. 24-28.
  • Thomas, Charles P., Jaime Marquez, and Sean Fahle (2009). "The Symposium on 'China's Impact on the Global Economy': Measures of International Relative Prices for China and the USA," Pacific Economic Review, vol. 14, no. 3, pp. 376-397.
  • Beltran, Daniel O., Laurie Pounder, and Charles Thomas (2008). "Foreign Exposure to Asset-Backed Securities of U.S. Origin," International Finance Discussion Papers 939. Board of Governors of the Federal Reserve System (U.S.).
  • Melick, William R., and Charles P. Thomas (1999). "Confidence Intervals and Constant-Maturity Series for Probability Measures Extracted from Options Prices," In Information in Financial Asset Prices:Proceedings of a Conference Held by the Bank of Canada. Ottawa, Canada: Bank of Canada, pp. 293-320.
  • Melick, William R., and Charles P. Thomas (1997). "Recovering an Asset's Implied PDF from Option Prices: An Application to Crude Oil during the Gulf Crisis," Journal of Financial and Quantitative Analysis, vol. 32, no. 1, pp. 91-115.
  • Leahy, Michael P., and Charles P. Thomas (1996). "The Sovereignty Option: The Quebec Referendum and Market Views on the Canadian Dollar," International Finance Discussion Papers 555. Board of Governors of the Federal Reserve System (U.S.).
  • Thomas, Charles P. (1995). "The Role of Fiscal Policy in an Incomplete Markets Framework," Review of Economic Studies, vol. 62, no. 3, pp. 449-468.
  • Meade, Ellen E., and Charles P. Thomas (1993). "Using External Sustainability to Forecast the Dollar," in Bryant, Ralph,C., Peter Hooper and Catherine Mann L. eds., Evaluating Policy Regimes: New Research in Empirical Macroeconomics. Washington: Brookings Institution, pp. 769-790.
  • Thomas, Charles P., Jaime Marquez, and Sean Fahle (2008). "Measuring U.S. International Relative Prices: A WARP View of the World," International Finance Discussion Papers 917. Board of Governors of the Federal Reserve System (U.S.).
  • Thomas, Charles P., Francis E. Warnock, and Jon Wongswan (2006). "The Performance of International Equity Portfolios," NBER Working Papers 12346. National Bureau of Economic Research, Inc.
  • Melick, William R., and Charles P. Thomas (1996). "Using Options Prices to Infer PDF'S for Asset Prices: An Application to Oil Prices during the Gulf Crisis," International Finance Discussion Papers 541. Board of Governors of the Federal Reserve System (U.S.).
  • Melick, William R., and Charles P. Thomas (1992). "War and Peace: Recovering the Market's Probability Distribution of Crude Oil Futures Prices during the Gulf Crisis," International Finance Discussion Papers 437. Board of Governors of the Federal Reserve System (U.S.).
  • Thomas, Charles P. (1986). "Asset Structure and Underemployment," Ph.D dissertation, Columbia University.
  • conference

    August 2012

    Sixth IFC Conference on "Statistical Issues and Activities in a Changing Environment," Basel, Switzerland

    Weighted Average Relative Price (WARP): A Supplement to Standard Real Effective Exchange Rates (REERs)

  • conference

    August 2011

    International Statistical Institute's 58th Congress, Dublin, Ireland

    The U.S. Net Income Puzzle

  • conference

    August 2011

    International Statistical Institute's 58th Congress, Dublin, Ireland

    International Relative Price Levels: An Empirical Analysis

  • discussion

    May 2009

    Bureau of Economic Analysis Advisory Committee Meeting

    Comments on Measuring the Rapidly Changing U.S. Economy

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Last update: October 27, 2014