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Andrew Hughes Hallet

Professor of Economics and Public Policy

Main: 703-993-9123
Fax: 703-993-2284

4400 University Drive, MS 3C6
Fairfax, Virginia 22030

Andrew Hughes Hallett is Professor of Economics and Public Policy in the School of Public Policy at George Mason University. From 2001 to 2006, he was Professor of Economics at Vanderbilt University (Nashville) and before then at the University of Strathclyde in Scotland. He is a graduate of the University of Warwick (UK) and London School of Economics, holds a Doctorate from Oxford University, and is a visiting Professor at the University of St Andrews (Scotland). He has been Visiting Professor in Economics at Princeton University (Fulbright Fellow 1992-4), Bundesbank Professor at the Free University of Berlin (2005), and has held visiting positions at the Universities of Warwick, Frankfurt, Rome, Paris X, Cardiff and at the Copenhagen Business School.

Concurrently he acts as a Research Fellow in the Centre for Economic Policy Research (London); a Fellow of the Royal Society of Edinburgh (Scotland’s Academy of Sciences) and former chair of their Economics Committee; and as joint editor of the Scottish Journal of Political Economy.

Professor Hughes Hallett’s research interests lie in the fields of international economic policy; policy coordination; fiscal policy; the political economy of monetary integration and institutional design; and the theory of economic policy. This includes applications of game theory; fiscal-monetary interactions; exchange rate regimes; optimal policy under uncertainty; risk sharing; policies in transition or developing economies; and the issue of structural reform. In the past he has also worked on commodity markets and problems of financial market stabilisation, numerical methods in economics, and on strategic trade policy. In these areas he has published many papers in leading academic journals; plus 8 books and 16 government or agency reports, and has acted as expert witness to select committees of the Houses of Parliament on several occasions.

Beyond the academic world, he has acted as consultant to the World Bank and the IMF at various times; also the Federal Reserve in Washington, the Institute for International Economics in Washington, and to the UN, UNESCO, OECD, the European Commission, the European Central Bank, and to various governments and a number of central banks in Europe. These assignments have ranged from evaluations of trade policy; fiscal and monetary stability; the scope for stabilising financial/commodity markets; to an assessment of the dollar and partner currencies; investment under uncertainty; and evaluating of the best exchange rates for joining the Euro for the European Commission. He was one of 14 academics selected to review the UK government’s the case for joining the Euro; and one of 18 selected by the European Commission to review the progress and future challenges of the new European currency and economic system. Currently he sits on the Council of Economic advisors to the Scottish government, and as an expert advisor to the Kalman Commission of the UK government on economic governance.

Areas of Research

Commodity Markets
Dynamic Games and Bargaining Models
Fiscal Policy
Monetary Integration (Monetary and Fiscal Union in Europe)
Open Economy Macroeconomics
Policy Coordination and Exchange Rate Management
Political Economy Models
Regionalism, Policy Choice and Reform
Risk and Decisions Under Uncertainty
The Theory of Economic Policy and Institutional Design

Education
1976 DPhil, University of Oxford (Nuffield College)

1971 MSc (Econ), London School of Economics

1969 BA (Hons), First Class, University of Warwick

Professional Experience
2006-date Professor of Economics and Public Policy, George Mason University, USA

2001-2006 Professor of Economics at Vanderbilt University, Nashville, USA

1989-2001 Jean Monnet Professor of Economics at University of Strathclyde, UK.

1985-1989 David Dale Professor of Economics, Newcastle University, UK.

1977-1985 Associate Professor, Erasmus University, Holland.

1973-1977 Lecturer, Bristol University, UK.

Part Time or Visiting Positions
2002-date Visiting Professor at St Andrews University

2006 Visiting Professor, University of Frankfurt, Germany

2005 Bundesbank Visiting Professor at the Free University, Berlin

2002-04 Professor of Economics, Cardiff University Business School

2001-date Research Associate, Centre for Economic and Business Research, Copenhagen, Denmark

1992-1994 Professor of Economics, Princeton University, USA, and Fulbright Scholar.

1987,1988 and 1993 Professor of Economics, University of Rome, Italy.

1983 Lecturer in Economics, University of Warwick, UK.

Book Sections
Hughes Hallett, A. "Measuring Spillover and Convergence Effects in the Asia-Pacific Region." In Exchange Rate, Monetary and Financial Issues and Policies in Asia, edited by R. S. Rajan, S. Thangavelu, R. Parinduri. London, Singapore, California: World Scientific Press, 2008.

Hughes Hallett, A. "More Carrot and Less Stick? Why the Stability Pact Might Use Debt Rather than Deficit Targets." In Potential Growth and Potentials for Growth in Europe, edited by F. Juessen, C. Meister, M. H. Stierle, J. van Hove. Verlag, Berlin: INFER Research Perspectives 4, LIT, 2008.

Hughes Hallett, A. "A Debt Criterion for the Accession of New Member States to the Euro." In Potential Growth and Potentials for Growth in Europe, edited by F. Juessen, C. Meister, M. H. Stierle, J. van Hove. Verlag, Berlin: INFER Research Perspectives 4, LIT, 2008.

Hughes Hallett, A. Three separate entries, on International Policy Coordination, the Bonn Summit and the Smithsonian Agreement respectively, In Princeton Encyclopedia of the World Economy, edited by K. Reinert, R. Rajan, A. Glass. Princeton University Press: Princeton, NJ, 2008.

Hughes Hallett, A. "Have Europe's Labour Markets Become More Flexible?" In Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area, edited by P. Verlag B. Aarle, and K. Weyerstrass. Heidelberg: Verlag, 2007.

Hughes Hallett, A. "On the Value and Need for Revising the Economic Policy Framework in the European Union." In 50 Years of E.U. Economic Dynamics, edited by R. Tilly M. Heise, and P. Weifens. Berlin and Heidelberg: Springer, 2007.

Hughes Hallett, A. "Comments on Reasons and Implications of Inflation Differentials Within the European Monetary Union." In Designing the New European Union. Edited by Helge Berger and T. Moutos. Amsterdam, North Holland (Contributions to Economic Analysis 279), 2006.

Hughes Hallett, A. "Fiscal Coordination with Independent Monetary Policies: Is It Possible?" In The Stability and Growth Pact. F. Breuss. Berlin and Vienna, Springer, 2006.

Editorships
Hughes Hallett, A., ed. Scottish Journal of Political Economy. Wiley-Blackwell, 2008.

Hughes Hallett, A., ed. Macroeconomic Dynamics. Cambridge University Press, 2008.

Hughes Hallett, A., ed. Open Economies Review. Springer, 2008.

Journal Articles and Reviews
Hughes Hallett, A., and J. Lewis. "European Fiscal Discipline Before and After EMU: Permanent Weight Loss or Crash Diet?" Macroeconomic Dynamics, no. 12 (2008): 404-424.

Hughes Hallett, A., and M. Demertzis. "Asymmetric Information and Rational Expectations: When is it Right to be Wrong?" Journal of International Money and Finance, no. 27 (2008): 1407-1428.

Hughes Hallett, A. "Are Independent Central Banks Really as Conservative as They Like to Pretend?" European Journal of Political Economy, no. 24 (2008): 239-248.

Hughes Hallett, A. "Debt Targets and Fiscal Sustainability in an Era of Monetary Independence." International Economics and Economic Policy, no. 5 (2008): 165-187.

Hughes Hallett, A., and C. Richter. "Have the Euro-zone Economies Converged on a Common European Cycle?" International Economics and Economic Policy, no. 5 (2008): 71-101.

Hughes Hallett, A. "The Impact of Tax and Market Distortions on the Phillips Curve and the Natural Rate of Unemployment." Economics: E-journal, no. 2 (2008): 1-28.

Hughes Hallett, A. "Sustainable Fiscal Policies and Budgetary Risk Under Alternative Monetary Policy Arrangements." Economic and Structural Change, no. 41 (2008): 1-28.

Hughes Hallett, A. J. Foreman-Peck, and Y. Ma. "Trade Wars and the Slump." European Review of Economic History 11 (2007): 73-98.

Hughes Hallett, A., and M. Demertzis. "Central Bank Transparency in Theory and Practice." Journal of Macroeconomics 29 (2007): 760-89.

Hughes Hallett, A. and J. Lewis. "Debt, Deficits and the Entry of the New Accession Countries into the Euro." European Journal of Political Economy 23 (2007): 316-37.

Hughes Hallett, A. N. Acocella, and G. Di Bartolomeo. "Dynamic Controllability with Overlapping Targets: Why Target Independence May No Be Good for You." Macroeconomic Dynamics 11 (2007): 202-13.

Hughes Hallett, A and D. Weymark. "Fiscal Leadership and Central Bank Design." Canadian Journal of Economics 40, no. 607-627 (2007).

Hughes Hallett, A. "Was Argentina's Financial Collapse in 2001 Inevitable? What Did We Know and When Did We Know It?" Journal of Financial Transformation 11 (2007): 129-40.

Hughes Hallett, A., and J. Libich. "Fiscal-Monetary Interactions: The Effect of Fiscal Restraint and Public Monitoring on Central Bank Credibility." Open Economies Review 18 (2007): 559-76.

Hughes Hallett, A. and C. Richter. "Is the convergence of Business cycles a Global or Regional Issue?" International Journal of Finance and Economics 11 (2006): 177-194.

Hughes Hallett, A. and D. Weymark. "Heterogeneity in a Currency Union with Social Market Objectives." Scottish Journal of Political Economy 53 (2006): 129-152.

Hughes Hallett, A., N. Acocella and G. Di Bartolemeo "Controllability in Policy Games." Computational Economics 28 (2006): 91-112.

Hughes Hallett, A. and C. Richter. "Measuring the Degree of Convergence among European Business Cycles." Computational Economics 27 (2006): 229-259.

Hughes Hallett, A., C. Richter and V. Chaplguin "Monetary Reintegration in the ex-Soviet Union: a Union of Four?" The Economics of Transition 14 (2006): 47-68.

Hughes Hallett, A. "Europe at the Cross roads: Structural Reforms, Fiscal Constraints and E.M.U. Enlargement." Ekonomia 8 (2006): 21-50.

Hughes Hallett, A. "The European Economy at the Cross Roads: Structural Reforms, Fiscal Constraints, and the Lisbon Agenda." Research in International Business and Finance 19 (2005): 229-50.

Presentations and Proceedings
Hughes Hallett, A. Presentation at University of Newcastle, Department of Economics, Newcastle, UK, 2008.

Hughes Hallett, A. Presentation at University of Nijmegen, Department of Economics, Netherlands, 2008.

Hughes Hallett, A. Presentation at University of Cape Town, Department of Commerce, Cape Town, South Africa, 2008.

Hughes Hallett, A. Presentation at Bicocca University, Milan, Italy, 2008.

Hughes Hallett, A. Presentation to the Dutch Ministry of Finance, 2008.