Consultant Details

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Thomas J. Holmes

University of Minnesota, Federal Reserve Bank of Minneapolis


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Thomas Holmes joined the Bank as an economist in 1993. He is currently a research consultant in the Research Department and holds the Curtis L. Carlson Chair in Economics at the University of Minnesota. Before joining the Bank, he taught at the University of Wisconsin–Madison.

Tom’s research focuses on industrial organization, urban economics, and international trade. One recent publication in the Journal of Political Economy examines the differential effects of international trade on small and large manufacturing plants.  Another recent publication in Econometrica examines the rapid spread of Wal-Mart stores.

Tom received his Ph.D. in economics from Northwestern in 1985, and a B.S. in economics and B.A. in mathematics from the University of Pennsylvania in 1981.  In 2011, he was elected a Fellow of the Econometric Society.  He is current president of the Midwest Economics Association and past president of the Urban Economics Association.  He is also a research associate at the National Bureau of Economic Research.

Recent Minneapolis Fed Work

Container Imports and the Advantage of Size
March 2017 - Economic Policy Papers

Indivisibilities in Distribution
March 2017 - Working Paper

Quid Pro Quo: Technology Capital Transfers for Market Access in China
February 2015 - Staff Report
Published In: Review of Economic Studies (2015, pp. 1-40)

The Costs of Quid Pro Quo
January 2015 - Economic Policy Papers

Paychecks or Promises? Lessons from the Death Spiral of Detroit
September 2014 - The Region

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Federal Reserve Bank of Minneapolis
90 Hennepin Avenue
Minneapolis, MN 55401