Dr. Michael M. Hutchison
Biographical and Research Information
Updated: May 2013
Dr. Michael M. Hutchison is Professor of Economics at the
Dr. Hutchison's research centers on topics related to international finance and open economy macroeconomics, including exchange rate regimes, international banking and financial systems, Japanese monetary and financial policies, and the European sovereign debt crisis. His most recent work is on the costs of financial crises, the effectiveness of international capital controls and official foreign exchange market intervention. He has published widely in academic journals and other venues. His published books include Japan’s Great Stagnation: Financial and Monetary Policy Lessons for Advanced Industrial Countries, MIT Press, 2006 (with F. Westermann); Financial Policy and Central Banking in Japan, MIT Press 2001 (with T. Cargill and T. Ito); The Political Economy of Japanese Monetary Policy; MIT Press, 1997 (with T. Cargill and T. Ito); Fiscal Aspects of European Monetary Integration; Cambridge University Press, 1998; with S. Jensen and A. Hughes-Hallett.
Hutchison joined the UC Santa Cruz faculty in 1985.
He received his PhD in Economics from the
Department of Economics, E2
Dr. Hutchison may be contacted at:
List of publications and previous employment and visiting positions:
General Curriculum Vitae (Pdf file)
Selected Working Papers, Forthcoming Publications and Recent Publications (2010-13)
“Dove or Hawk? Characterizing Monetary Policy Regime Switches in India”, forthcoming Emerging Markets Review, May 2013, with R. Sengupta and N. Singh.
"Credit ratings and the pricing of sovereign debt during the Euro crisis", working paper, May 2013, with J. Aizenman and M. Binici.
"China’s Financial Linkages with Asia and the Global Financial Crisis", working paper, March 2013, forthcoming Journal of International Money and Finance, with R. Glick.
"Do Sound Public Finances Require Fiscal Rules Or Is Market Pressure Enough?", European Commission
Directorate-General for Economic and Financial Affairs, European Economy, Economic Papers 489, April 2013, with S.H. Jensen and M. Bergman.
“Impact of Macroeconomic Surprises on Carry Trade Activity” forthcoming Journal of Banking and Finance, 2013, with V. Sushko.
Special Issue: The European Sovereign Debt Crisis in Journal of International Money and Finance 34(2013) 1-5, co-edited with J. Aizenman and J. Lothian, and editors introduction: “The European Sovereign Debt Crisis: Background and perspectives, overview of the special issue.”
“What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk” Journal of International Money and Finance 34(2013), 37-59, with J. Aizenman and Y. Jinjarak.
“Indian Capital Control Liberalization: Estimates from NDF Markets,” IMF Economic Review 60(3), pp. 395-438, 2012, with G. Pasricha, G. and N. Singh.
“Asymmetries and State Dependence: The Impact of Macro Surprises on Intraday Exchange Rates,”Journal of Japanese and International Economies 26(2012), pp. 542-560, with R. Fatum and T. Wu.
“India’s Trilemma: Financial Liberalisation, Exchange Rates and Monetary Policy”,The World Economy 35(1), pp. 3-18, January 2012, lead article, with R. Sengupta and N. Singh,
“Inflation Targeting and Real Exchange Rates in Emerging Markets,”World Development, May, 2011 (Vol. 39, No. 5), with J. Aizenman and I. Noy.
“The illusive quest: Do international capital controls contribute to currency stability?” International Review of Economics and Finance, (January 2011) Volume 20, Issue 1, pp. 59-70, with R. Glick.
Special Issue: The emerging global financial architecture and exchange rate regimes in a volatile world in International Journal of Economics and Finance, co-edited with J. Aizenman (January 2011) Volume 20, Issue 1.
“Controlling Capital: Legal Restrictions and the Asset Composition of International Financial Flows, Journal of International Money and Finance, 29 (2010) 666–684, with M. Binici and M. Schindler.
“Estimating a Monetary Policy Rule for India,” Economic & Political Weekly, September 18, 2010 vol xlv no 38, with R. Sengupta and N. Singh.
“Fiscal and Monetary Policies and the Cost of Sudden Stops,” Journal of International Money and Finance 29 (2010) 973–987, with I. Noy and L. Wang.
“Evaluating Foreign Exchange Market Intervention: Self-selection, Counterfactuals and Average Treatment Effects”, August 2010 issue, Journal of International Money and Finance, with R. Fatum.
“Expansionary Fiscal Contractions: Re-evaluating the Danish Case,” International Economic Journal, Vol. 24, No. 1, 71–93, March 2010, with M. Bergman.
“China’s Financial Openness and Asset Return Linkages in East Asia”, In Press, 2013, with R. Glick, in The Oxford Handbook of the Economics of the Pacific Rim, edited by Inderjit Kaur and Nirvikar Singh.
“Models of Currency Crises,” Chapter 33 in Handbook of Financial Globalization (GLFI), series: The Evidence and Impact of Financial Globalization, with R. Glick. Encyclopedia edited by Gerard Caprio. (with Thorsten Beck, Charles Calomiris, Takeo Hoshi, Peter Montiel and Garry Schinasi as associate editors; Stijn Claessens, Sergio Schmukler, and Thorsten Beck as section editors), 2012, North Holland.
“Some Market Measures of Capital Account Liberalization in India,” 2012, with G. Pasricha and N. Singh, China and Asia in the Global Economy, edited by Y.W. Cheung and G. Ma, World Scientific Publishing.
“International Financial Markets and Transmission of the Crisis: Determinants of Exchange Market Pressure and Absorption by International Reserves”, with J. Aizenman, Chapter 4 in Global Economic Crisis: Impacts, Transmission and Recovery, edited by M. Obstfeld, D. Cho and A. Mason, Edward Elgar Publishing, 2012.
"Obstacles to Global Financial Adjustment: Economic Re-polarization and the Euro Area", Chapter 2 in Oxelheim, Lars (ed) (2012), EU/Asia and the re-polarization of the global economic arena, World Scientific Press (London).
International Finance/Open Economy Macroeconomics‑ undergraduate and graduate
International Financial Markets- graduate
International Corporate Finance- graduate
Macroeconomics- undergraduate and graduate
Money and Banking- undergraduate
Forecasting ‑ undergraduate
Japanese Economy- undergraduate
European Monetary Union- graduate