University of California Santa Cruz 
Economics Department

Dr. Michael M. Hutchison

Biographical and Research Information

Updated: November 2017

General Curriculum Vitae and Publications

Dr. Michael M. Hutchison is Distinguished Professor of Economics at the University of California, Santa Cruz. Hutchison is Executive Editor of the Journal of Asian Economies and on the editorial boards of Journal of International Money and Finance and Japan and the World Economy. He served as Economics Department Chair (2001-2003) and Dean of the Division of Social Sciences (2003-2006).


Dr. Hutchison is also a principal of the firm California International Economic Consultants where he consults with private business and public agencies in the areas of finance, statistics and forecasting. His firm focuses on providing modern technical analysis to management, especially in the financial sector and credit card industry. His clients include large private sector firms, central banks and international institutions. Contact for further information.


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, the role of fiscal rules in stabilizing public finances and the business cycle, monetary policy in India and China, 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



List of publications and previous employment and visiting positions:


General Curriculum Vitae (Pdf file)


Biographical Statement (Pdf file)


Selected Working Papers, Forthcoming Publications and Recent Publications (2010-17)

European policy and markets: Did policy initiatives stem the sovereign debt crisis in the Euro Area? with M. Bergman and S. Jensen. October 2017.

Are Credit Rating Agencies Discredited? Measuring Market Price E ects from Agency Sovereign Debt Announcements with M. Binici and E. Miao. October 2017.

Do Credit Rating Agencies Provide Valuable Information in Market Evaluation of Sovereign Default Risk with M. Binici. February 2017. Working Paper.

Fiscal Rules and Business Cycles in Emerging and Developing Economies. with M. Bergman. June 2016. Working Paper.

“Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency” with M. Bergman and S. Jensen in European Journal of Political Economy 44 (2016) 1–19.

“The Transmission of Federal Reserve Tapering News to Emerging Financial Markets, International Journal of Central Banking, June 2016 (issued as NBER working paper 19980), with J. Aizenman and M. Binici.

“ Exchange Rate Trends and Management in India,” with G. Pasricha, chapter in (editors) K. Kletzer and C. Chate Monetary Policy in India: A Modern Macroeconomic Perspective Springer Verlag 2016.

“Economic Stabilization in the Post-Crisis World: Are Fiscal Rules the Answer?”Journal of International Money and Finance 52 (2015) 82-101, with M. Bergman.

“Shaping the Fiscal Policy Framework: Lessons from Fiscal Consolidations in Denmark and Sweden,” with U.M. Bergman and S. Jensen, Reform Capacity and Macroeconomic Peformance in the Nordic Countries, Oxford University Press 2015.

“China’s Financial Openness and Asset Return Linkages in East Asia”, with R. Glick, in Oxford Handbook of the Economics of the Pacific Rim, 2014, edited by N. Singh and I. Kaur.

“Dove or Hawk? Characterizing Monetary Policy Regime Switches in India”, Emerging Markets Review, 2013, with R. Sengupta and N. Singh.

"Credit ratings and the pricing of sovereign debt during the Euro crisis", Oxford Review of Economic Policy 29(3), 582-609, with J. Aizenman and M. Binici. Also published as NBER working paper no. 19125 (June 2013).

"China’s Financial Linkages with Asia and the Global Financial Crisis", Journal of International Money and Finance, 39 (December 2013), 186-206,, 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”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.

“Models of Currency Crises,” with R. Glick, in Gerard Caprio (ed.) The Evidence and Impact of Financial Globalization, 2013, Vol. 3, pp. 485-497. Oxford: Elsevier Inc.

“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.

 “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