Vitae

Thom B. Thurston

January 2006

Office: Ph.D. Program in Economics, The Graduate School and University Center, 365 5th Avenue, New York, New York 10016

Date of birth: September 11, 1943

Higher Education

Harvard University
 1961-1965
 B.A., magna cum laude
 June 1965
 
University of California at Berkeley
 1965-1970
 Ph.D., Economics
 December 1970
 

Occupational Experience

Professor and Executive Officer

 Jan. 2000 – present
 The Ph.D. Program in Economics, The Graduate School and University Center of the City University of New York

Professor
 Jan. 1989 – present
 Queens College of the City University of New York
 
Visiting Professor
 Oct. 1990 – Aug. 1991
 FacultJ des sciences Jconomiques et de gestion, Tunis, Tunisia
 
Adjunct Professor
 Feb. 1985 – Dec. 1985
 Graduate School of Business, Columbia University
 
Professor
 May 1980 – present
 Ph.D. Program in Economics, Graduate School and University Center, City University of New York
 
Visiting Professor
 Sept. 1982 – Aug. 1983
 Insitute des sciences Jconomiques, Catholic University of Louvain (Louvain-la-Neuve), Belgium
 
Associate Professor
 Jan. 1978 – Dec. 1988
 Queens College of the City University of New York
 
Economist
 Sept. 1976 - Sept. 1978
 Federal Reserve Bank of New York
 
Assistant Professor (tenure Sept. 1976)
 Sept. 1971 – Dec. 1977
 Queens College of the City University of New York
 

Lecturer
 
Sept. 1970 – May 1971
 
University of California, Berkeley
 

Acting Instructor
 
Sept. 1969 – May 1970
 
University of California, Berkeley
 

Teaching Assistant
 
Summer 1968
 
University of California, Berkeley

Publications and Recent Research
“Regional Interaction and the Reserve Adjustment Lag Within the Commercial Banking Sector,” The Journal of Finance, December 1976.

“Monetarism, Overshooting, and the Procyclical Movement of Velocity,” with Matthew Goldberg, Economic Inquiry, January 1977.

“Member Bank Borrowing and the Impact of Discount Policy,” with Richard Sutch, Ouarterlv Review of Economics and Business, Fall 1976.

“The Permanent Income Hypothesis and Monetary Influences on Consumption,” Journal of Money, Credit, and Banking, October 1977.

“Federal Funds and Repurchase Agreements,” with Charles Lucas and Marcos Jones, Federal Reserve Bank of New York, Quarterly Review, Summer 1977.

“Measures of ‘Dynamic’ and ‘Defensive’ Operations and Their Use in Interpreting Monetary Policy,” Research Paper No. 7819, Federal Reserve Bank of New York, November 1978.

“Recent Developments Affecting Developing Countries’ Access to U.S. Capital Markets,” Report to the Group of Twenty-Four, UNCTAD, Geneva, August 1982.

“Price Flexibility and Output ‘Persistence’ in the Postwar U.S.,” Rescherches Economiques de Louvain, December 1983.

“The Changing Institutional Character of International Financial Markets in the 1980’s,” Supplement. World Economic Survey, 1985-86.

“State Taxes and Reserve Requirements as Major Determinants of Yield Spreads Among Money Market Instruments,” (with Frank Fabozzi), in Journal of Quantitative and Financial Analysis, December 1986.

“Do We Need Capital Controls?,” Journal of Development Planning, December, 1987.

“Transnational Banks, World Financial Markets and Developing Countries,” The CTC Reporter, April issue, 1987. (Not attributed to authors - official U.N. document)

Transnational Banks: Operations, Strategies and Their Effects on Developing Countries, Report of the Secretary General ( with Manuel Agosin ), E/C.lO/1987/13, Thirteenth Session, Commission on Transnational Corporations, New York, 7-16 April 1987.

“On Testing the Permanent Income Hypothesis and Rational Expectations,” (with Eric Dor and Daniel Weiserbs), Empirical Economics, 1988.

“Cash—Futures Arbitrage and Forward—Futures Spreads in the Treasury Bill Market,” (with Linda Allen) The Journal of Futures Markets, 1988.

“Recent Issues and Evidence in the Behaviour of World Equity Markets” (with Barry Herman), Working Paper Series No. 12, United Nations Secretariat, August 1989.

“Empirical estimates of inflation tax Laffer surfaces: a 30-country study” (with Turan Bali), Journal of Development Economics, December 2000.

"On the Efficiency of Monetary Policy Rules with Flexible Prices and Rational Expectations" (with Turan Bali ), Journal of Economics and Business, November-December 2002, pp.615-631.

“Public Debt, the Unit Root Hypothesis and Structural Breaks: A Multi-Country Analysis” (with Merih Uctum, and Remzi Uctum), .Economica, 73, February 2006, pp. 129-156.

"Inflation Shoe Leather Costs and Average Inflation Rates across Countries," (with Turan Bali), forthcoming in The Journal of International Money and Finance.

Submitted Papers

“Monetary policy effectiveness with a constant interest rate: with and without defined monetary processes” (with Turan Bali)

“The Money Market in China,” chapter in book on the Chinese financial markets edited by Salih Neftci and published by Elsevier Press in 2006 or 2007.

Work in Progress

“On the Determination of Relative Inflation Rates Across Countries” (with Merih Uctum)

“The Dynamics of Exchange Rates and Security Values Among Four Industrialized Countries”

“Functional Form in the Demand for Money, Seigniorage, and the Welfare Cost of Inflation: a Multi-Country Study” (with Turan Bali)

“China: fiscal impacts of financial reform”

Presentations since 1995

“Innovations and ‘Competitiveness’ in U.S. Financial Services,” for the United States Information Agency, February 1996.

“The Dynamics of Exchange Rates and Security Values Among Four Industrialized Countries,” at the Ph.D. Program in Economics, Graduate School and University Center, City University of New York, March 1996.

“When Monetary Policy Gets Fiscal,” presentation for the Seminar on International Development, United Nations Department of Economic and Social Information and Policy Analysis Macroeconomics Division, New York, March 1997.

“China: fiscal impacts of financial reform,” presentation at the October 1998 meetings in New York City of the American Association of Chinese Scholars.

“Monetary policy effectiveness with a constant interest rate: with and without defined monetary processes” and “Recent changes in U.S. banking structure and U.S. monetary policy,” presented at Zhejiang University (P.R. China) week of May 20-25, 2002.

“Whither the yuan?,” keynote speech at the 2003 Zhejiang Second Annual Conference on WTO and Financial Engineering, Zhejiang, China, Week of November 3-8m 2003,

Administrative Work

Executive Officer, Ph.D. Program in Economics, The Graduate School and University Center of the City University of New York, January 1999-present (Acting, January 1999-January 2000).

Executive Committee, Council of Executive Officers, The Graduate School and University Center of the City University of New York, elected term spring semester 2002 through fall semester 2007.

Student Fees Committee, The Graduate School and University Center of the City University of New York, beginning Summer 2002 to present.

Disciplinary Committee (Graduate Center, CUNY), 1995-present.

Provost’s Task Force on Preparing Ph.D. Candidates for non-Academic Employment, beginning Spring 2002.

College Association (Graduate Center, CUNY), Spring 2002 to present.

Queens College Economics Department Program and Budget Committee 1988-89; 1991 through Spring 2002.

Social Sciences Computer Committee, Queens College, 1993-1999.

International Student Affairs Committee, Academic Senate, Queens College, 1995-1999.

Executive Committee, Ph.D. Program in Economics, Graduate School and University Center, City University of New York, 1995-present.

Doctoral Faculty Policy Committee, Graduate School and University Center, City University of New York, 1996-1999.

Other relevant professional activities

Direction of Ph.D. dissertations: six degrees awarded in the last five years; currently directing five Ph.D. dissertations.

Co-recipient, 1997-1999 City University of New York Collaborative Incentive Research Award (with M. Uctum, Brooklyn College), $34,000 grant for project title: “The Measurement and Implications of Public Sector Budgets.”