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Economists


Photo of Tom CunninghamTom Cunningham
Vice President, Senior Economist, and Regional Executive

Research Department
Federal Reserve Bank of Atlanta
1000 Peachtree Street N.E.
Atlanta, Georgia 30309-4470
404-498-8776
Tom.Cunningham@atl.frb.org

To interview economists, press should contact Public Affairs at 404-498-8748.


  • Biography
  • Research
  • Curriculum Vitae

Biography

Tom Cunningham is vice president, senior economist, and regional executive for the Federal Reserve Bank of Atlanta.

Prior to his appointment as regional executive, he was associate director of research. He has served as a vice president in the research department, where he has been responsible for the regional and Latin American research teams. He has served on the Bank's Personnel, Information Technology, and Risk Management Committees and as a member of the Federal Reserve System's Information Security Group and Technology Services Council. He also was the acting director of the Bank's Center for Real Estate Analytics and the interim head of the finance group.

Dr. Cunningham joined the Bank as an economist with the macropolicy group in 1985, specializing in macroeconomics and monetary theory. He previously worked as an economics instructor at Barnard College at Columbia University.

He is a member of the American Economic Association, the Western Economic Association, and the Southern Economic Association. Dr. Cunningham has published numerous professional articles.

A native of Reedley, California, he received a bachelor's degree, summa cum laude, in economics from California State University, Fresno. He earned a master's degree, a master of philosophy, and a PhD in economics from Columbia University. He has attended the executive development program at the Wharton School.

Research

Professional Publications

Journal Articles

"Some Real Evidence on the Real Bills Doctrine versus the Quantity Theory," Economic Inquiry, April 1992 (FRB Atlanta Working Paper 90-1).

"Money and Interest Rates: The Effects of Temporal Aggregation and Data Revisions," Journal of Economics and Business, February 1992 (with Gikas Hardouvelis) (FRB Atlanta Working Paper 87-4).

"The Behavior of Real Rates of Interest in a Small, Opening Economy," Journal of Economic Development, June 1991 (with Rosemary Cunningham) (FRB Atlanta Working Paper 90-10).

"Another Source of Money Supply Announcement Surprises," Journal of Macroeconomics, Spring 1991 (with Rosemary Cunningham) (FRB Atlanta Working Paper 88-5).

"A Comment on Thomas C. Chiang's 'The Forward Rate as an Unbiased Predictor of the Future Spot Rate—A Stochastic Coefficient Approach,'" Atlantic Economic Journal, March 1988.

"Growing Out of Deficits," Journal of Post Keynesian Economics, Winter 1986 (FRB Atlanta Working Paper 86-01).


Book Reviews

A review of The Gold Standard and the International Monetary System 1900–1939 and The Netherlands and the Gold Standard, 1931–1936 (Journal of Economic History, March 1989).

A review of Thomas Sargent's Rational Expectations and Inflation, Journal of Banking and Finance, December 1986. Reprinted in Federal Reserve Bank of Atlanta Economic Review, March/April 1987.


Fed Publications

Annual Outlook for the District and Nation, Federal Reserve Bank of Atlanta Regional Update, Fourth Quarter 1998, Fourth Quarter 1997, Fourth Quarter 1996, Fourth Quarter 1995, Fourth Quarter 1994, and Fourth Quarter 1993.

"New Drilling Technology," Federal Reserve Bank of Atlanta Economic Review, Second Quarter 1998.

"Building the Capital of the New South: A Review of Atlanta Rising," Federal Reserve Bank of Atlanta Regional Update, April–June 1997.

"Structural Booms: Why the South Grows," Federal Reserve Bank of Atlanta Economic Review, May/June 1995.

"Review Essay–Structural Slumps: The Modern Equilibrium Theory of Unemployment, Interest, and Assets," Federal Reserve Bank of Atlanta Economic Review, November/December 1994.

"A Review of Peter Bernstein's Capital Ideas: The Improbable Origins of Modern Wall Street," Federal Reserve Bank of Atlanta Economic Review, May/June 1993.

"A Liberal Discussion of Financial Liberalization," Federal Reserve Bank of Atlanta Economic Review, November/December 1991. Reprinted in The International Finance Reader, Second Edition, Kolb Publishing, Miami, (Blackwell).

"Recent Views of Viewing the Real Rate of Interest," Federal Reserve Bank of Atlanta Economic Review, July/August 1990 (with Rosemary Cunningham). Cited in Journal of Economic Perspectives "Recommendations for Further Reading." (Reprinted in Reading Supplement to Mishkin's Money, Banking and Financial Markets.)

"The Federal Budget Deficit and the Social Security Surplus," Federal Reserve Bank of Atlanta Economic Review, March/April 1989.

"Observations About Observations About Liquidity Effects," Federal Reserve Bank of Atlanta Economic Review, September/October 1987.

"The Long-Run Outcome of a Permanent Deficit," Federal Reserve Bank of Atlanta Economic Review, May 1986. (Reprinted in Economics 1988–89, Dushkin Publishing.)

"Projecting Federal Deficits and the Impact of the Gramm-Rudman-Hollings Budget Cuts," Federal Reserve Bank of Atlanta Economic Review, May 1986 (with Rosemary Cunningham).

Atlanta Fed Working Papers

2006-24
The Predictive Power of the Senior Loan Officer Survey: Do Lending Officers Know Anything Special?
Thomas J. Cunningham
November 2006
Abstract || Full text in PDF (196 KB)

Texts

A study guide to accompany Modern Macroeconomics by Geoffery Woglom (Scott, Foresman, 1988) (with Jack Adams).

A study guide to accompany Intermediate Macroeconomics by Michael Darby and James Melvin (Scott, Foresman, 1986).


Other Publications

Journal Publication

"The Seasonal Structure Underlying the Arrangement of Hexagrams in the Yijing," (with Larry Schulz), The Journal of Chinese Philosophy, Volume 6, Number 4, Winter 1989. Reprinted as "Un Modèle Saissonier à l'Origine de l'Ordre des Hexagrammes du Yi Jing," in Hexagrammes No. 5, 1989.


Reviews

A review of Fed Watching and Interest Rate Projections, A Practical Guide by David Jones, The Bankers Magazine, March/April 1990.

A Review of Hot Money and the Politics of Debt by R. T. Naylor, The Bankers Magazine, January/February 1988.

A Review of Secrets of the Temple by William Grieder, The Bankers Magazine, September/October 1988.

Curriculum Vitae

Education

Ph.D., Economics, Columbia University, 1985

Dissertation: "The Asset Side of Money Liabilities," Sponsor: Edmund S. Phelps


M.Phil., Economics, Columbia University, 1982.

Areas of Concentration: Macroeconomics and Monetary Theory, International Trade and Finance, and Microeconomic Theory

M.A., Economics, Columbia University, 1980

B.A., Economics, summa cum laude, California State University, Fresno, 1979

Executive Development Program, Wharton School, 1994


Experience

1985–present
Federal Reserve Bank of Atlanta

2012–present, Vice President, Senior Economist, and Regional Executive
2000–12, Vice President and Associate Director of Research
1998–2000, Vice President and Senior Economist, Regional Group and Latin American Group
1992–97, Research Officer and Senior Economist, Regional Group
1989–92, Senior Economist, Macropolicy Group
1985–89, Economist, Macropolicy Group

1993, 1996–98
Agnes Scott College

Visiting Assistant Professor, Department of Economics. Taught: Money and Banking, Macroeconomic Theory

1990
Emory University

Visiting Assistant Professor, Department of Economics. Taught: Macroeconomic Theory

1982–85
Barnard College, Columbia University

Lecturer, Department of Economics. Taught: Principles of Macro and Microeconomics, Intermediate Microeconomics (Calculus Track), and Statistics and Econometrics Labs

1983–84
Iona College

Adjunct Lecturer, Department of Economics. Taught: Intermediate Macro and Intermediate Micro Theory


Professional Activities

Referee

Journal of Money, Credit and Banking
Journal of Monetary Economics
Journal of Macroeconomics
Journal of Financial Research


Conference Presentations

"In Search of the Missing Money," Western Economic Association, July 1992.

"The Immediate Consequences of Opening an Economy: What Happened to the Republic of China" (with Rosemary Cunningham), Southern Economic Association, November 1991.

"The Immediate Consequences of Financial Liberalization: Lessons from the Republic of China on Taiwan" (with Rosemary Cunningham), American Association of Chinese Studies, December 1990.

"Inflation under a Linked Exchange Rate System: The Case of Hong Kong" (with Rosemary Cunningham), Southern Economics Association, November 1990.

"Some Real Evidence on the Real Bills Doctrine versus the Quantity Theory," Western Economic Association Meetings, June 1990.

"The Behavior of Real Rates of Interest in a Small, Opening Economy," Southern Economic Association Meetings, November 1989, and the Eastern Economics Association Meetings, March 1990.

"What's the Surprise in Money Supply Announcements?" (with Rosemary Cunningham), Eastern Finance Association Meetings, April 1988.

"The Ponzi Feasibility of Deficits," Federal Reserve System Committee on Business Conditions Analysis, November 1985.


Other

Center for International Business and Economic Research, Board of Advisors, Georgia Institute of Technology 2002–present.

Commencement Speaker, Long Island University International MBA Program, July 1999.

Franklin College Lecture Series in International Political Economy, "Federalism in the European Central Bank: Lessons and Challenges from the Federal Reserve." Lugano, Switzerland, July 1998.

Expert witness, Resolution Trust Corporation, assessing the impact of RTC operations on local real estate markets at hearings:

Tampa, May 1994
Savannah, September 1994

Outside Evaluator, promotion to Full Professor, Department of Economics, Fairfield University, November, 1990.

Conference Organization and Panel Participant:

Professional Sports and Economic Development: Boon or Boondoggle?
"Infrastructure: The Framework for Development" (cosponsored with Georgia State University).
"Paying the Way to Excellence," school funding reform (cosponsored with Georgia State University).

Consultant, Alabama Department of Economic and Community Affairs, Technology Development Council.


Public Presentations

List of public speaking, media engagements, meetings with governmental agencies and officials (foreign, national, state, regional), public-private partnerships, Federal Reserve workgroups and committees (including the FOMC), is available upon request. More than 350 public speeches to date.