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.

Matsumoto's shave ice

Unemployment and Underemployment in Hawaii: A Troubling Picture

By James Mak, Justin Tyndall and Carl Bonham In 2019 Hawaii recorded one of the lowest unemployment rates in the country at 2.8%. Only five …

Shoppers in line outside of Costco

How Can the State Government Restore Fiscal Balance?

The impact of COVID-19 and the efforts taken to contain it have led to a rapid deterioration in the state’s short- and medium-term fiscal outlooks. …

Carl Bonham giving the weekly UHERO update on COVID-19 at House Select Committee Meeting