Carl Bonham

UHERO Executive Director and Professor of Economics


University of Texas at Austin, Ph.D., Economics

Tulane University, BA, Economics

Research Interests

Applied Econometrics and Forecasting, Macroeconimcs and Financial Markets, Hawaii’s Economy, Tourism Economics

Carl Bonham was a founding member of UHERO in 1997 and currently serves as  UHERO’s Executive Director and Professor of Economics. Carl’s research interests include macroeconomics, applied econometrics and forecasting, tourism economics, and the Hawai`i economy. His current research focuses on mixed frequency models for nowcasting inputs for UHERO’s quarterly Hawaii Forecasting System. Recent publications include, “Forecasting in a Mixed Up World: Nowcasting Hawaii Tourism”, with Ashley Hirashima, James Jones, and Peter Fuleky in the Annals of Tourism Research, and “A Policy Analysis of Hawaii’s Solar Tax Credit” with Makena Coffman, Sherilyn Wee and Germaine Salim in Renewable Energy. Dr. Bonham is a member of the State of Hawaii Council on Revenues, and the House Select Committee on Covid-19 Economic and Financial Preparedness.

“Forecasting in a Mixed Up World: Nowcasting Hawaii Tourism”, with Ashley Hirashima, James Jones, and Peter Fuleky, Annals of Tourism Research, Vol. 63, March 2017, 191-202.

“A Policy Analysis of Hawaii’s Solar Tax Credit”, with Makena Coffman, Sherilyn Wee, and Germaine Salim, Renewable Energy, Vol. 85, January 2016, 1036-43. Available online August 2, 2015.

“Forecasting with Mixed-Frequency Factor Models in the Presence of Common Trends”, with Peter Fuleky, Macroeconomic Dynamics, Vol. 19, June 2015.

 “Estimating Demand Elasticities in Non-Stationary Panels: The Case of Hawaii Tourism” with Peter Fuleky and Qianxue Zhao, Annals of Tourism Research, Vol. 44, 2014 131-142.

“The Rationality and Heterogeneity of Survey Forecasts of the Yen-Dollar Exchange Rate: A Reexamination”  in the Handbook of Financial Econometric and Statistics, edited by Alice C. Lee and Cheng-Few Lee, Springer Academic Publishers, November 2014.

“Forecasting with Mixed Frequency Factor Models in the Presence of Common Trends” with Peter Fuleky, Macroeconomic Dynamics (2013)

“Chinese Saving Dynamics: The Impact of GDP Growth and the Dependent Share” with Calla Wiemer. Oxford Economic Papers, published online April 2012.

“Financial Integration in the Pacific Basin Region: RIP by PANIC Attack?”, with Somchai Amornthum, Journal of International Money and Finance, May 30, 2011

“Modeling Tourism: A fully identified VECM approach”, with Byron Gangnes and Ting Zhou, International Journal of Forecasting, Vol. 25, 2009, 531-49.

UHERO’s Carl Bonham on Island Focus television series

Watch UHERO’s Executive Director, Carl Bonham on Island Focus, a monthly half-hour television series produced by ‘Ōlelo Community Media.

Beach during sunset

Pre-Travel Testing and Hawaii’s Daily Trans-Pacific Visitors

By James Mak and Carl Bonham The front page headline on Honolulu Star-Advertiser’s October 16 issue read: SOLID REOPENING DAY. Indeed, it was. On October 15, …

Hawaii Nonfarm Payroll Growth

Estimating economic conditions during the COVID-19 crisis

By Carl Bonham and Peter Fuleky When the long-lived expansion of the past decade was interrupted by the COVID-19 pandemic, many economists turned their attention …