University of California Santa Cruz
Economics Department

Dr. Michael M. Hutchison

Biographical and Research Information

Updated: February 2012

Dr. Michael M. Hutchison is Professor of Economics at the University of California, Santa Cruz and is presently Co-Director of the Santa Cruz Center for International Economics . He is also Research Associate at the Center for Pacific Basin Monetary and Economic Studies at the Federal Reserve Bank of San Francisco, and Senior Research Associate of the Economic Policy Research Unit (EPRU) at the University of Copenhagen .Hutchison is Executive Editor of the Journal of Asian Economies and on the editorial board of Japan and the World Economy. He consults with private business and public agencies in the areas of finance, statistics and forecasting. He served as Economics Department Chair (2001-2003) and Interim Dean of the Division of Social Sciences (2003-2006).

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 economics of European economic integration. 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 University of Oregon in 1983, and previously worked as Head of Section in the Monetary and Economic Department at the Bank for International Settlements in Basle, Switzerland (1989-91) and as an economist at the Federal Reserve Bank of San Francisco (1983-85). His visiting appointments have included: Copenhagen Business School (1995-96), Reserve Bank of New Zealand (1994-95), Institute for Monetary and Economic Studies at the Bank of Japan (1993-94), Hong Kong Monetary Authority (2007), International Monetary Fund (2007), the University of Gothenburg (1994), and the University of California at Berkeley (1985).

Dr. Hutchison may be contacted at:

Department of Economics, E2

University of California

Santa Cruz, CA 95064

USA

Phone: (831) 459-2600

email: hutch@ucsc.edu

List of publications and previous employment and visiting positions:

General Curriculum Vitae (Pdf file)

Biographical Statement (Pdf file)

Research

Selected Working Papers, Forthcoming Publications and Recent Publications (2009-10)

“Indian Capital Control Liberalization: Evidence from NDF Markets,” 2009, Working paper, with J. Kendall, G. Pasricha and N. Singh.

“Asymmetries and State Dependence: The Impact of Macro Surprises on Intraday Exchange Rates”, working paper 2009, with R. Fatum and T. Wu.

“Expansionary Fiscal Contractions: Re-evaluating the Danish Case,” 2009, with M. Bergman, forthcoming International Economic Journal.

“Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows”, with M. Binici and M. Schindler, IMF Working Paper WP/09/208, 2009, forthcoming Journal of International Money and Finance.

"Fiscal and Monetary Policies and the Cost of Sudden Stops," 2009, with I. Noy and L. Wang, forthcoming in Journal of International Money and Finance.

"Evaluating Foreign Exchange Market Intervention: Self-selection, Counterfactuals, and Average Treatment Effects," 2009, with R. Fatum, forthcoming in Journal of Internatioal Money and Finance.

“Navigating the trilemma: Capital flows and monetary policy in China”, Journal of Asian Economics 20 (2009) 205–224, with R. Glick.

“Transmission of the U.S. subprime crisis to emerging markets: Evidence on the decoupling–recoupling hypothesis,” with M. Dooley, Journal of International Money and Finance 28 (2009) 1331–1349.