University of California Santa Cruz 
Economics Department

Dr. Michael M. Hutchison

Biographical and Research Information

Updated: September 2008

Dr. Michael M. Hutchison is Professor of Economics at the University of California, Santa Cruz and is presently Coordinator 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 Scoial 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 and Recent Publications

Foreign Exchange Market Intervention

Evaluating Foreign Exchange Market Intervention: Self-Selection, Counterfactuals and Average Treatment Effects Working Paper, (November 2006), with R. Fatum

Effectiveness of official daily foreign exchange market intervention operatoions in Japan (with R. Ratum), Journal of International Money and Finance, 2006.

International Capital Controls

Currency Crises, Capital Account Liberalization, and Selection Bias (with R. Glick and X. Guo), Review of Economics and Statistics, 2006.

Capital controls and exchange rate instability in developing countries (with R. Glick), Journal of International Money and Finance, 2005.

Output Costs of Financial Crises

Sudden stops and the Mexican wave: Currency crises, capital flow reversals and output loss in emerging markets (with I. Noy), Journal of Development Economics, 2006.

How bad are twins? Output costs of currency and banking crises (with I. Noy), Journal of Money, Credit and Banking, 2005.

Japan Monetary Policy and Financial System

Foreign exchange market intervention and monetary policy in Japan, 2003-04 (with R. Fatum), International Economics and Economic Policy, 2005.

The Great Japanese Stagnation: Lessons for Industrial Countries , (with T. Ito and F. Westermann) Chapter 1 in Japan's Great Stagnation: Financial and Monetary Policy Lessons for Advanced Industrial Countries (MIT Press, 2006; editors: Hutchison and Westermann).

Teaching: 2008-09

Economics 143 International Economic Policy(UCSC undergraduate course, Fall 2008)

Ec143 Course syllabus and readings

Midterm Review Questions

Globalization and Poverty Indicators Lecture

Economics 130 Money and Banking(UCSC undergraduate course, Winter 2009)

Ec130 Course syllabus and readings

Study Questions No. 1

Study Questions No. 2

Study Questions No. 3

Midterm Review Study Guide

Study Questions No. 4

Financial Crisis Reading 1

Financial Crisis Reading 2

Financial Crisis Reading 3

Financial Crisis Reading 4

Financial Crisis Reading 5

Study Questions No. 5

Study Questions No. 6

Final Exam Review Study Guide

Economics 241B International Economics and Policy (Ph.D. course, UCSC Winter 2009)

Ec241B Course Syllabus and Readings