Click here for entire CV
Education
1976
DPhil, University of Oxford (Nuffield College);
1971
MSc (Econ), London School of Economics;
1969
BA (Hons), First Class, University of Warwick.
Current Employment
2006-date
Professor of Economics and Public Policy, George Mason University, USA
Other Employment
2007-date
Professor of Economics at St Andrews University Scotland
1999-2007
Official Subject Area Correspondent, American Mathematical Society
1986-2001
Panel of Selectors, Government Economic Service, London.
1985-date
Research Fellow, Centre for Economic Policy Research, London.
Past Employment
2001-2006
Professor of Economics at Vanderbilt University, Nashville, USA
1989-2001
Jean Monet 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, Visiting Positions
2006
Visiting Professor, University of Frankfurt, Germany
2005
Bundesbank Visiting Professor at the Free University, Berlin
2002-2004
Professor of Economics, Cardiff University Business School
2002-2007
Visiting Professor at St Andrews University
2001-2009
Research Associate, Centre for Economic and Business Research, Copenhagen, Denmark
1998-1999
Senior Associate Member, St Antony's College, Oxford, UK.
1992-1994
Professor of Economics, Princeton University, USA,
and Fulbright Scholar.
1987, 1988, 1993, 2009
Professor of Economics, University of Rome, Italy.
1983
Lecturer in Economics, University of Warwick, UK.
1980
Lecturer in Economics, University of Bristol, UK.
Public Service
2007-date
Council of Economic Advisers, Government of Scotland
2008-2009
Special Advisor to the Calman Commission investigating the Devolution of Government in Scotland (appointed by the UK Government).
2009
Report on the research and the performance of research department in the Central Bank of the Netherlands since 2002
Honours and Distinctions
- Ranked in the top 1% of economists world-wide (216 out of 20650) by publications and citations (RePEc ranking service, July 2009)
- Festschrift "Quantitative Economic Policies", edited by R Neck, C Richter, P Mooslech-ner, Springer, Berlin and New York, presented in honour of my 60th birthday.
- Fellow of the Royal Society of Edinburgh (Scotland's Academy of Sciences);
- Chair of the Royal Society's Economics and Business committee, 2001-2004.
- Medal for Excellence in Research, University of Rome ("La Sapienza"), 2009.
- Highest Quality Rating for Contributions to Economics by Anbar Intelligence; 21st Century Award for achievement by the International Biography Centre
- Listed in "Distinguished People of Today"; "Who's Who in the World", "Who's Who in Scotland"; "Who's Who in America"; "Who's Who in Business and Finance"; "Global Who's Who in Economics", "Dictionary of International Biography" , "The International Who's Who" and many others.
- Fellow of the Royal Society of Arts;
- Fulbright Scholar, USA, 1992-94;
- Council Member, Scottish Economic Society 1998-2006;
- Anglo-German Königswinter Conference and Anglo-German Forum (1995 2000).
Professional Activities: A Summary
Undergraduate:
Macroeconomic Theory
International Economics
Mathematical Statistics, Introductory Statistics
Econometric Theory
Quantitative Methods (Algebra, Calculus)
Applied Economics
Economics of European Integration
International Trade Theory
Postgraduate:
Advanced Economic Theory
International Money and Trade;
Applied Econometric Topics;
Optimisation Techniques and Dynamic Analysis in Economics
In the US:
Intermediate Macroeconomics (u/g and p/g)
International Trade (u/g)
International Money and Policy (u/g)
Economics of Nations and Regions (u/g)
Economics of European Integration (u/g; p/g)
Economic Policy and Institutions (p/g)
PhD Supervision:
At present I am supervising one PhD student at George Mason, and one in the UK (a list of PhD students appears at the end of this CV).
Visiting Scholar Programmes:
International Monetary Fund 1994, 1996, 1997, 2000; World Bank (1986-1994); Bank of Finland (1999, 2003), European Central Bank (2002, 2009), Central Bank of the Netherlands (2003,2005,2007,2009), Antwerp University (1999); University of Paris (2003); Copenhagen Business School (1998-2001), Free University, Berlin(2005), Frankfurt Uni-versity (2006), University of Rome (2009).
Consultancy: (see the end of this CV for detail on the projects in question)
- World Bank
- IMF, Washington
- European Commission
- UNDP, UNESCO
- OECD
- Board of Governors, Federal Reserve System, Washington
- Centre for European Policy Studies, Brussels
- HM Treasury, London
- Governments of Vietnam, Hungary, Suriname
- European Central Bank, Frankfurt
- Peterson Institute (for International Economics), Washington
- Reserve Banks of Australia and New Zealand
- Danish Ministry of Trade and Industry
- The Dutch Central Bank
- Bank of Finland
- Bank of England
Research Grants
1984/05: Value £1.4m approx, to date.
Total Publications
263 refereed and contributed papers in refereed journals and books (including American Economic Review, Economic Journal, European Economic Review, Journal of Economic Dynamics and Control, etc); nine of these have been reprinted in books of special readings. Also eight books (of which four were edited), and 16 government/agency/institute reports
Research Interests
Open Economy Macroeconomics;
Policy Coordination and Exchange Rate Management;
Monetary Integration, also Monetary and Fiscal Union in Europe;
Political Economy Models;
Regionalism, Policy Choice and Reform;
The Theory of Economic Policy and Institutional Design;
Dynamic Games and Bargaining Models;
Risk and Decisions under Uncertainty;
Commodity Markets, Commodity Policy and Strategic Trade Policy;
Numerical Methods in Econometrics.
Past PhD Students
Wang Ruifang, "Inflation and Exchange Rate Policy in China",1994.
- lecturer at the Nanying University Business School, Singapore.
- rofessor and Dean of Social Studies at Xiamen University (one of China's elite)
- College President, Xiamen, China
Li Xiaoming, "A Model of Investment, Consumption and Disequilibrium in a Mixed-Planned Economy",1994 (subsequently published by Avebury Press).
- Lecturer Sheffield University, UK
- Professor of Economics at Massey University, New Zealand.
Maria Demertzis, "Labour Market Aggregation in a European Monetary Union",1995.
- Senior Economist, Research Department, Central Bank of the Netherlands
- Visiting Professor, Kennedy School of Government, Harvard University (has taught the mid career programme since 2000); Senior Research Fellow, University of Amsterdam.
Ella Kavanagh,"Target Zones and the ERM: Ireland's Choice of Exchange Rate Regime", 1995
- Senior Lecturer, Department of Economics, University College, Cork, Ireland.
Ole Rummel, "On the Problem of a Two-Speed Monetary Union Regime in Europe", 1996.
- Economist, Centre for Central Bank Studies, Bank of England
Peter McAdam, "Fiscal Regime Design in a Monetary Union",1997.
- Lecturer in Economics, University of Kent, England
- Senior Economist, Research Department, European Central Bank, Frankfurt
Thomas Warmedinger, "Enlarging the Community: Economic Issues for East Europe",1997.
- Economist, German Bundesbank
- Economist, Research Department, European Central Bank, Frankfurt
Nicola Viegi, "Fiscal Policy Delegation in Monetary Union",1999.
- Lecturer in Economics, University of Strathclyde, Scotland
- Professor of Economics, University of Pretoria, South Africa
Christian Richter, "The Information Content of the Term Structure of Interest Rates", 2000.
- Lecturer in Economics, University of Loughborough, UK
- Senior Lecturer, University of East London, UK
John Lewis "The Representative Agent and Aggregation in Macroeconomics"2004.
- Economist, Research Department, Central Bank of the Netherlands.
Sara Miaoli, "Investment and Asymmetric Transmissions in Europe", 2005
- Lecturer in Economics, University of Newcastle, UK.
Enzio Dia "The Microfoundations of Asymmetric Behaviour in Financial Markets", 2006
- Associate Professor in Economics, University of Milan-Bicocca, Italy.
Alisina Onder "Regional Public Finance in a Monetary Union", 2009
- Research Fellow, Department of Economics, University of Uppsala, Sweden
Cristina Checherita "Public-Private Partnerships", 2009
- Economist, Fiscal Affairs Division, European Central Bank, Frankfurt
Conference and Discussion Papers
- Invited presentations: American Economic Association (1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2010), European Economic Association (1996, 1997, 1998, 1999, 2001, 2006), the American Statistical Association (2005).
- Programme Committee, European Economic Association (1998/1999).
- Discussion Papers with the CEPR (1 or 2 per year).
- Regular contributor to CEPR research programmes.
- Keynote speaker at academic conferences, and as expert witness at nonacademic meetings (including advice to a range of political parties or pressure groups).
- Lead speaker in a public conference on "The Dollar", organised by the Institute for International Economics in Washington, September 2002
- Conference Organiser for the CEPR (2002, 2003 twice) on models and policy.
- Conference Organiser for workshops at the Bank of Finland, CEPR, Copenhagen University, and the Bundesbank (2003-5)
- Regular research seminar presentations at academic institutions, I average 7-10 a year.
Editorships:
Editor:
Scottish Journal of Political Economy (joint, since 1998). Ranked 82/178 by Impact Factor (next to Economica, above Scandinavian, Southern, Canadian journals)
Co-Editor or Associate Editor:
Open Economies Review.
Editorial Boards:
Economic Modelling, Computational Economics, Economics of Planning, International Economics and Economic Policy.
Past Editorships:
Journal of Common Market Studies (1996-2002); also a book series for Kluwer Publishers (1983-97), Macroeconomic Dynamics (Associate Editor 1998-2007).
Refereeing and Evaluation Work:
Referee for:
Econometrica, American Economic Review, Review of Economic Studies, Review of Economics and Statistics, Economica, Oxford Economic Papers, the Economic Journal, International Economic Review, Journal of International Economics, Journal of Economic Dynamics and Control etc, at various dates.
Reader for:
book proposals submitted to Oxford and Cambridge University Presses; also for Blackwells, Academic Press, WWNorton, Kluwer Academic Publishers etc.
Referee for Research Councils:
ESRC Economics Committee, the Leverhulme Trust, the EU Commission's economic research programme; National Science Foundation in the US; also the Canadian NSF, the Dutch NSF and Belgian NSF.
External Examiner:
at Leeds, Manchester, Southampton and Warwick Universities (undergraduate and MSc levels), various dates.
PhD Examiner:
at Oxford, Cambridge, London, Stirling, Surrey, Liverpool, Rotterdam, Tilburg, Helsinki, New South Wales, Cape Town and Geneva Universities; and the European University Institute (6 times).
Guest Lecturer:
Masters/PhD courses in Oslo, Athens, Bonn, Rome Universities
External Assessor:
for senior appointments made at the Universities of Cambridge, London, Georgia (US), Tilburg, California (Davis) and Athens (Greece), Free University Berlin.
External Evaluations:
for the graduate programmes in Economics at Athens University.
Summer Schools
The Economics Institute, Boulder, Colorado (1994); University College, Cork (1995, 1996)
Vanderbilt University in London (2003, 2005), Free University in Berlin (2005),
Frankfurt University, Germany (2006).
Expert Witness
1. For the Treasury Select Committee: "Britain and the Single Currency: An Assessment of the Chancellor's Five Economic Tests". Evidence presented to the Treasury Select Committee of the UK Parliament, evaluating the conditions for Britain's possible entry to monetary union in Europe.
This evidence was published by the Committee in its fifth report "The UK and Preparations for Stage Three of Economic and Monetary Union", Volume III, pp. 65-94, HMSO (April 1998).
2. Expert witness for the defence, evaluating the economic and statistical evidence being presented in a £9 million breach of contract case (Unigate Dairies vs. Scottish Pride) before the Court of Sessions, Edinburgh (Scotland's Supreme Court) in 1997.
3. Treasury Committee on the Efficiency of Public Spending Decisions (2000), London.
4. A report on the budgetary consolidations in Europe and Monetary Union, European Commission, Economic Papers No 148, DGII, Brussels (2001).
5. Evidence to the House of Lords Select Committee on Economic Globalisation; and to the European Commission on Transparency in Economic Policy.
6. Evidence to the House of Lords Select Committee on Europe, on the working of and possible reforms to the Stability and Growth Pact (published 2003).
7. Contributor to the draft constitution for Scotland (2002).
8. Evidence for the Treasury and Treasury Select Committee of the House of Commons on the problems caused by "Asymmetries and Asymmetric Policy Transmissions in the Single European Currency". This was one of 14 studies commissioned by the UK Treasury, as part of their 5 tests for whether Britain could join the Euro (2002-3).
9. An occasional paper for the CEPR in their series Monitoring European Integration in 2003, entitled "The Stability Pact: Towards a Better Pact".
10. Invited address to the Swedish Referendum on the Euro (August 2003).
11. Evidence to a Parliamentary Committee of the Swedish Parliament (October 2005).
12. Advice to the Dutch Minister of Finance on the development of Eurozone economic policy (2008).
Publications
Top Ten Refereed Journal Publications (ranked by citation; AEA definition)
1. "The Impact of Exchange Rate Uncertainty on Investment", Economic Journal, 1999, Vol. 109, pp. 55-67 (with J Darby, J Ireland and L Piscitelli).
2. "East Germany, West Germany and their Mezzogiorno Problem", Economic Journal, 1993, 103, 416-28 (with Y Ma).
3. Number 2 was reprinted, in French, in Problems Economiques, 1994.
4. "Adjustment Mechanisms in a Monetary Union between Asymmetric and Incompletely Converged Economies" European Economic Review, 1994, 38, 1731-1761 (with Y Ma).
5. "International Policy Coordination when Policy Markers do not Agree on the True Model", American Economic Review, 1992, Vol. 82, pp. 1043-51 (with G Holtham).
6. "Target Zones and International Policy Coordination: the Contrast between the Necessary and Sufficient Conditions for Success", European Economic Review 1992, Vol. 36, pp. 893-914.
7. "The Transmission of the Great Depression between the United States, Britain, France and Germany", European Economic Review, 1992, Vol. 36, 685-694 (with J Foreman-Peck and Y Ma).
8. "The Transmission of the Great Depression between the United States, Britain, France and Germany", was reprinted from the European Economic Review, 1992, in "The Disintegration of the World Economy Between the Wars", Mark Thomas, Edward Elgar & Co. ed., 1995.
9. "Economic Conflict and the Solution of Dynamic Games", European Economic Review, 1984, Vol. 26, pp. 13-32 (with A Brandsma).
10. "The Determination of Implicit Preferences: Two Possible Approaches Compared", European Economic Review, 1982, Vol. 18, pp. 267-289 (with J Ancot and J Paelink).
Top Ten Maths Journals (ranked by citation, AMS definition)
11. "The Convergence of Accelerated Overrelaxation Iterations", Mathematics of Computation, 1986, Vol. 47, pp. 219-223.
12. Techniques which Accelerate First Order Iterations Automatically", Linear Algebra and Applications, 1985, Vol. 68, pp. 115-130
Recent Publications in refereed journals (since 2001):
13. "Inflation under Alternative Exchange Rate Regimes: What Happens when Countries Differ in Size?", Open Economies Review, 2001, 12, 145-62 (with E Kavanagh).
14. "Does One Size Fit All? A Currency Union with Asymmetric Transmissions and A Stability Pact", International Review of Applied Economics, 2002 (special issue on the Euro), 16, 71-96 (with L Piscitelli).
15. "Testing for Hysteresis against Nonlinear Alternatives" Journal of Economic Dynamics and Control, 2002, 27, 303-27 (with L Piscitelli).
16. "Inflation Targeting as a Coordination Device" Open Economics Review, 2002 (special issue), 13, 341-62 (with N Viegi).
17. "Currency Unions and the Incentive to Reform: are Market Mechanisms enough?"North American Journal of Economics and Finance, 12, 2001, 139-155 (with SEH Jensen).
18. "Does Trade Integration Cause Convergence?"Economics Letters, 2002, 75, 165-70 (with L Piscitelli).
19. "Britain and the Euro", Atlantic Economic Journal, 2002, 30, 335-48.
20. "Are Capital Markets Efficient? Evidence from the Term Structure of Interest Rates in Europe" Economic and Social Review, 2002, 33, 333-56 (with C Richter).
21. "Fiscal Consolidation in Europe: Quality, Durability and Composition" Journal of Japanese and International Economics, 2002, 16, 512-35 (with J von Hagen and R Strauch).
22. "Imperfect Transparency and the Strategic Use of Information: a Central Bankers Eternal Dilemma?" Manchester School, 2003, 71,498-520 (with N Viegi).
23. "On the Role of Labour Market Reform in the Enlargement of a Monetary Union", CES-ifo Economic Studies, 2003, 49, 355-379 (with SEH Jensen).
24. "Labour Market Structures and the Effectiveness of Monetary Policy in EMU" Journal of Economic Integration 2003, 18, 726-749 (with N Viegi).
25. "Spectral Analysis as a Tool for Financial Policy: An Analysis of the Short Term End of the British Term Structure", Computational Economics, 2003, 23, 271-288 (with C Richter).
26. "Scotland and the Euro: the Issues" Scottish Affairs, 2003, 45, 3-20.
27. "The Economics of Devolution: Co-ordination through Globalisation and Localisation", Scottish Affairs 2003, 45, 44-60 (with A Scott).
28. "Independence before Conservatism: Transparency, Politics and Central Bank Design", German Economic Review, 2005, 6, 1-21 (with D Weymark).
29. "A Central Bank for All Seasons? The "Lower Inflation at No Cost" Proposition under Political Uncertainty", Macroeconomic Dynamics, 2004, 8, 207-225.
30. "Deficit Targeting Strategies: Fiscal Consolidation and the Distribution of Deficits under the Stability Pact", Journal of Common Market Studies, 2003, 41,421-444 (with P McAdam).
31. "An Independent Central Bank Faced by Elected Governments" European Journal of Political Economy, 2004, 20, 907-22 (with M Demertzis and N Viegi).
32. "Empirical Macro-Models of the Euro Economy", special issue of Economic Modelling, edited with Kenneth F Wallis, 2004, 5, 719-931.
33. "Northern and Eastern Enlargement of EMU: Do Structural Reforms Matter?" European Economic and Finance Association, 2004, 3, 1-46 (with SEH Jensen and C Richter).
34. "Estimating an Equilibrium Exchange Rate for the Dollar and Other Key Currencies" Economic Modelling, 2004, 21,1117-44 (with C Richter, for the IIE Washington).
35. "Independent Monetary Policies and Social Equity", Economics Letters, 2004, 85, 103-110 (with D Weymark).
36. "Investment under Monetary Uncertainty: a Panel Data Investigation", Empirica (special issue), 2004, 31, 137-62 (with L Picitelli, G Peersman).
37. "How Successful Has the Stability and Growth Pact Been? An Empirical Analysis" Vierteljahrsheft, DIW Berlin, 2004, 3, 392-404 (with J Lewis).
38. "The European Economy at the Cross Roads: Structural Reforms, Fiscal Constraints, and the Lisbon Agenda", Research in International Business and Finance, 2005, 19, 229-50 (with SEH Jensen, C Richter).
39. "Measuring the Degree of Convergence among European Business Cycles", in Computational Economics, 2006, 27, 229-59 (with C Richter).
40. "Monetary Reintegration in the ex-Soviet Union: a Union of Four?", The Economics of Transition, 2006, 14, 47-68 (with C Richter and V Chaplyguin).
41. "Heterogeneity in a Currency Union with Social Market Objectives", Scottish Journal of Political Economy, 2006, 53, special issue, 129-52 (with D Weymark).
42. Hughes Hallett, A. "Europe at the Cross roads: Structural Reforms, Fiscal Constraints and E.M.U. Enlargement." /Ekonomia/ 8 (2006): 21-50.
43. "Debt, Deficits and the Entry of the New Accession Countries into the Euro", European Journal of Political Economy, 2007, 23, 316-337 (with J Lewis).
44. "Central Bank Transparency in Theory and Practice", Journal of Macroeconomics, 2007, 29, 760-89 (with M Demertzis).
45. "Is the Convergence of Business Cycles a Global or Regional Issue? The US, UK, and Euroland" International Journal of Finance and Economics, 2006, 11, 177-94 (with C Richter).
46. "Dynamic Controllability with Overlapping Targets: Why Target Independence May not be Good for You", Macroeconomic Dynamics, 2007, 11, 202-13 (with N Acocella and G Di Bartolomeo).
47. "Controllability in Policy Games: Policy Neutrality and the Theory of Economic Policy Revisited" Computational Economics, 2006, 28, 91-112 (with N Acocella and G Di Bartolemeo).
48. "Trade Wars and the Slump", European Review of Economic History, 2007, 11, 73-98 (with J Foreman-Peck and Y Ma).
49. "Fiscal Leadership and Central Bank Design", Canadian Journal of Economics, 2007, 40, 607-627 (with D Weymark)
50. "Fiscal-Monetary Interactions: The Effect of Fiscal Restraint and Public Monitoring on Central Bank Credibility", Open Economies Review 2007, 18, 559-76 (with Jan Libich).
51. "Was Argentina's Financial Collapse in 2001 Inevitable? What Did we Know and When Did we Know It?", Journal of Financial Transformation, 2007, 19, 129-140.
52. "European Fiscal Discipline Before and After EMU: Permanent Weight Loss or Crash Diet?" Macroeconomic Dynamics, 2008, 12, 404-424 (with John Lewis).
53. "Are Independent Central Banks Really as Conservative as They Like to Pretend?", European Journal of Political Economy, 2007, 24, 239-48.
54. "Asymmetric Information and Rational Expectations: When is it Right to be Wrong?", Journal of International Money and Finance, 27, 1407-1428, 2008 (with M Demertzis).
55. "Debt Targets and Fiscal Sustainability in an Era of Monetary Independence" International Economics and Economic Policy, 5, 165-187, 2008.
56. "Have the Euro-zone Economies Converged on a Common European Cycle?", International Economics and Economic Policy, 5, 71-101, 2008 (with C Richter).
57. "The Impact of Tax and Market Distortions on the Phillips Curve and the Natural Rate of Unemployment", Economics-ejournal, 2, 1-28, September 2008.
58. "Sustainable Fiscal Policies and Budgetary Risk Under Alternative Monetary Policy Arrangements", Economic and Structural Change, 41, 1-28, 2008.
59. "Europeanization or Globalization? Transnational Wage Bargaining and the Distribution of Activity in European Labour Markets", North American Journal of Economics and Finance, 20, 177-92, 2009.
60. "Economics in the Backyard: How Much Convergence is there between China and her Special Regions", World Economy, 32, 819-861, 2009.
61. "Rogoff Revisited: the Conservative Central Banker Proposition under Active Fiscal Policies", Economic Letters, 104, 140-143, 2009.
62. "Is the US No Longer the Economy of First Resort?", International Economics and Economic Policy, 6, 207-234, 2009.
63. "Is There Convergence in the Transmissions of European Monetary Policy?", International Economics and Economic Policy, 6, 85-101, 2009.
64. "Policy games, policy neutrality and Tinbergen controllability under rational expectations", Journal of Macroeconomics, 31 (2010): 55-67.
65. "The old and the new theory of economic policy", International Journal of Public Policy, 6 (2010): 154-165.
Book Contributions: since 2001
66. "The Stability Pact and the Independence of Monetary and Fiscal Policy Rules" in A. Hughes Hallett, P. Mooslechner and M. Schurz (eds) "Challenges for Monetary Policy Coordination within European Monetary Union" Kluwer Academic Publishers, Boston and Dordrecht, 2001.
67. "Should Argentina Adopt the US Dollar?", in Avouyi-Dovi, E. Giraidin and Jondeau (eds) "Recent Advances in the Analysis of Emerging Markets" MacMillan and Co, London (with M Anthony).
68. "Uncertainty and Firm Level Analysis in West Germany: a Comment" in H. Herrmann (ed) "Investment Under Uncertainty" Springer Verlag, Berlin, 2001.
69. "Strategies of Budgetary consolidation in the 1990s" in M. Buti, J. von Hagen and C. Martinez-Mongay (eds) "The Behaviour of Fiscal Authorities" Kluwer Academic Publishers for the European Commission, republished from "Budgetary Consolidation in EMU", The European Economy, Economic Study No 148, Brussels 2001 (with J von Hagen and R Strauch).
70. "Budgetary Institutions for Sustainable Public Finance" in M. Buti, J. von Hagen and C. Martinez-Mongay "The Behaviour of Fiscal Authorities" Kluwer Academic Publishers (2001) for the European Commission, republished from "Budgetary Consolidation in EMU", The European Economy op. cit. (with J von Hagen and R Strauch).
71. "Central Bank Independence, Political Uncertainty and the Assignment of Instruments to Targets" in M Buti, J von Hagen and C. Martinez-Mongay "The Behaviour of Fiscal Authorities" Kluwer Academic Publishers for the European Commission, 2001 (with P McAdam).
72. "Britain and the Euro: a Study in Reluctance" in a book of readings on "The Euro" edited by Ali El-Agraa, Pearson Educational and the Financial Times, London, 2002.
73. "Britain and the Euro" in "Euro Circulation and the Economic and Monetary Union" F Praucello (ed) , FancoAgneli, Milan (for the European Commission), 2002.
74. "On the Need for Inter-Institutional Coordination In EMU: a reevaluation of the theory of optimal currency areas" in Institutional, Legal and Economic Aspects of EMU, in F Breuss, G Fink and S Griller (eds), Springer, New York, 2003 (with N Viegi)
75. "Transparency and the Use of Private Information in Monetary Policy" in a book edited by C Tsoukis, Kluwer Academic Publishers, Boston, 2003 (with N Viegi).
76. "Policy Games and the Optimal Design of Central Banks" in P Minford(ed), Money Matters: Essays in Honour of Alan Walters, Edward Elgar, 2004 (with D Weymark).
77. "On the Enlargement of Currency Unions: Incentives to Join and Incentives to Reform" in European Macroeconomic Policies after Monetary Unification: Fiscal Policies, Monetary Policies and Labour Markets, edited by R Beetsma and others, Cambridge University Press, 2004 (with SEH Jensen).
78. "Should Agentina Adopt the US Dollar" in Globalisation and Economic Policy in Latin America, A Payuna (ed), Flacso Institute, Mexico City, Mexico, 2002 (in Spanish, with M Anthony).
79. "Conservatism and Inaction at the ECB" in JHH Weiler, Iain Begg and John Peterson (eds), Integration in an Expanding European Union, Blackwell and Co, Oxford, 2003.
80. "Fiscal Coordination with Independent Monetary Policies: Is It Possible?" in (ed) F Breuss, The Stability and Growth Pact, Springer, Berlin and Vienna, 2006.
81. 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.
82. 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
83. "Reasons and Implications of Inflation Differentials within the European Monetary Union: Comment", in (eds) H Berger and T Moutos, Designing a New European Union, Elsevier, Amsterdam, 2007.
84. "On the Value and Need for Revising the Economic Policy Framework in the Union" in (eds) R Tilly, P Welfens and M Heise, 50 Years of EU Economic Dynamics, Springer, Heidelberg and New York, 2007.
85. "Have Europe's Labour Markets Become More Flexible? An Exercise in Measuring the Relative Flexibility across Countries and Time", in B van Aarle and K Weyerstrass (eds), Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area, Physica Verlag/Springer, Heidelberg, 2008.
86. 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.
87. 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.
88. Three entries (on International Policy Coordination, the Bonn Summit and the Smith-sonian Agreement), in the Princeton Encyclopaedia of the World Economy, edited by K Reinert, R Rajan and A Glass, Princeton University Press, 2008.
89. "Measuring Spillover and Convergence Effects in the Asia-Pacific Region" in (eds) R. Rajan, S. Thangavelu and R. Parinduri,"Monetary, Exchange Rate and Financial Issues and Policies in Asia", World Scientific Press, Singapore and London, 2009.
90. "Post-Thatcher Fiscal Strategies in the UK: an Interpretation", in The Sustainability of Public Debt, R. Neck and J E Sturm (editors), MIT Press, Cambridge, MA, 2009.
Books (post-1998)
91.Fiscal Aspects of European Monetary Union, published by Cambridge University Press in 1999. An edited volume of papers covering a range of issues in fiscal policy design for EMU: Institutions, Political Economy, Automatic Stabilisers, Stability Pact and Convergence.
92. New Advances in Empirical Macroeconomic Modelling, published by Kluwer in 1999. An edited volume covering robust procedures for model solution, learning models, dynamic processes, the analysis of steady states and economic policy closures.
93.Monetary Policy Coordination and European Monetary Union, published by Kluwer in 2001 for the Austrian National Bank. A book of edited readings on current policy issues.
Research Grants (1980-date)
1. From the ESRC in London, £30,000 over 1980-82, to study different intervention rules for stabilising prices in a speculative commodity market.
2. From the Dutch National Science Organisation (ZWO), ±£180,000 over 1983-85, to study the design and effectiveness of optimal risk sensitive decision rules in a dynamic economy setting.
3. From the European Commission (Brussels) £20,000 over 1983/84, to study and report on the design and effectiveness of policy coordination procedures between national economists.
4. Newcastle University Research Grant 1988/89, policies for the integration of EEC economies. (£17,000).
5. University Grant (held jointly with other members of the department at Strathclyde of £60,000 for 1992-94), for a research network in macromodelling.
6. EEC Commission Research Grant 1987/88, on International Policy Coordination. (£10,000).
7. Series of small research grants from the Nuffield Foundation, the CEPR, and the World Bank over the period 1988-94, (£15,000).
8. Convention of Scottish Local Authorities (1992), an evaluation of the effects of European monetary union on the Scottish Economy, (£10,000).
9. Joint ESRC Research grant (1989-91), on modelling international financial transmissions - for 2½ years, £35,000.
10. Jointly with the London Business School, from the Leverhulme Trust: an econometric evaluation of European Monetary Union and policy coordination between the G3 countries, £161,000 for 3 years, (1992-95).
11. The ESRC's programme of research into Global Economic Institutions - a grant on endogenous regime choice with interlinked policy targets. £149,000 over 3 years, November 1994-97.
12. A British Council grant of £6,500 to support research into the economics of Chinese Integration (China and Hong Kong). An extension of my work on German unification.
13. An Anglo-German Foundation grant (£3,000) as a pilot study on the economic consequence of a "two-speed" monetary union in Europe.
14. An EC Commission Research Contract on "Equilibrium Exchange Rates and Policy-Mix Dynamics in the Move to EMU". 60,000 ECU over 1996/7.
15. An EC Commission Research Contract on "The Impact of Exchange Rates Uncertainty on Domestic Investment". 20,000 ECU over 1997/8.
16. Leverhulme Trust "An Evaluation of the Stability Pact Limits in EMU", £12,500, 1998.
17. Anglo-German Foundation "Tax Competition and Tax Harmonisation in Europe", £4,000, 1999.
18. An EU Commission study on "Fiscal Consolidation in EMU", jointly held with CEPR, 30,000 Euros, 1999-2000.
20. An EU Scientific Conference Series on "A Modelling Comparison of the Behaviour of European Aggregation and their National Counterparts", jointly organised with the ZEI, University of Bonn, 60,000 Euros, 2001/2.
21. An analysis of the trade off between monetary discipline and credit ratings in emerging
countries, for Credit Suisse First Boston, 2001 (£25000)
22. An ESRC project, within the Political and Economic Integration Programme, on "The
Economics of Devolution", 2003 (£50000)
23. A Danish Research Foundation project of "The Dynamics of the Incentive for Structural
Reform in a Monetary Union", 2003-6 (£350000, approx).
24. A Evidence Based Review of Fiscal Policy Restraints in Europe, for the CEPR, 2004,
£10000.
25. A research grant from the Leverhulme Foundation, to examine the applications of time-
frequency analysis in Economics, 2005-6, £22500.
26. Danish Research Foundation, follow up project on Structural Reform, 2007-8, £30000.
27. Australian Research Council, project on the Interactions between Fiscal and Monetary policies (joint with La Trobe University), 2007-10.
TOTAL: £1,345,000
Consultancy Experience
For Governments or International Policy Agencies
1. World Bank, advising on the analysis of primary commodity markets;
2. World Bank, an analysis of the implications of the Single European Market ("EC-92")
3. World Bank, an analysis of the benefits and disadvantages of regional free trade zones
4. IMF. Papers on productivity and employment in the OECD countries; fiscal policy and consolidation in EMU; and on the extent that exchange rates can be used as a "shock absorber" around the economic cycle, mechanisms for fiscal restraint.
5. Government of Sri Lanka, on behalf of UNDP.
6. Government of Suriname; team leader, restructuring of the Suriname economy (1995).
7. Government of Vietnam, on behalf of the European Commission. Teaching/advising officials from the Ministry of Planning and Investment, the Central Bank (1996-99).
8. British Council in China, interpreting the reform process in the Chinese economy.
9. World Bank, policy coordination and the management of the international financial system when subject to large shocks or disequilibria.
10. IMF, political economy models of the effect of dollarisation (2000).
11. Board of Governors, Federal Reserve (Washington), on the use of strategic trade policies in the US and the rest of the world.
European Integration Consultancy
1. European Commission, the advantages of greater policy coordination within Europe.
2. Association of Scottish Local Authorities, monetary union in Europe, and it's impact on the Scottish economy.
3. Centre for European Policy Studies (Brussels), appointed as the UK representative on their economic policy panel (1995-97).
4. CEPII (French Government agency): the British experience following Sterling's exit from the ERM.
5. European Commission, "Equilibrium exchange rates and the policy mix in the move to EMU".
6. Association for Monetary Union in Europe: convergence and sustainability report for 1998.
7. European Commission, a contract for analysing the impact of exchange rate uncertainty on domestic investment (1997-98).
8. National Bank of Hungary, policies for accession to the European Union and for handling the impact of the single currency.
9. A series of lectures on European Economic policy issues for the National Bank of Finland (1999).
10. European Commission, Budgetary Consolidation in EMU.
11. European Central Bank, Advice on their research programme with respect to asymmetric transmissions in a single monetary policy zone (2002).
12. European Central Bank, How to use of accruals data for monitoring and forecasting the fiscal positions of the Euro-zone governments (2009).
Private Sector Contracts
1. Credit Suisse First Boston,
2. Norwich Union Investment Management,
3. Credit Suisse First Boston,
4. Credit Suisse First Boston,
5. Scottish and Newcastle Breweries,
Book Sections
Hughes Hallett, A. "Central Banks and Economic Policy after the Crisis: What Have We Learned?" In A Survey of International Finance, edited by H. K. Baker, and L. A. Riddick. Oxford, UK: Oxford University Press, 2011.
Hughes Hallett, A. "On the Efficiency of Capital Markets: An Analysis of the Short End of the UK Term Structure." In Handbook of Financial Econometrics, edited by G. N. Gregoriou, and R. Pascalau. New York: Palgrave-MacMillan, 2011.
Hughes Hallett, A. "Optimal Monetary Arrangements for Scotland: Adopt Which Money and Why?" In Scotland’s Economic Future, edited by D. MacKay. Edinburgh, UK: Reform Scotland Publications, 2011.
Hughes Hallett, A. "Post-Thatcher Fiscal Strategies in the UK: an Interpretation." In The Sustainability of Public Debt, edited by R. Neck and J E Sturm. Cambridge, MA: MIT Press, 2009.
Hughes Hallett A. and C. R. Richter "Measuring Spillover and Convergence Effects in the Asia-pacific Region." In Exchange Rate, Monetary and Financial Issues and Policies In Asia, edited by R. Rajan, S. Thangavelu and R. Parinduri, World Scientific Press, Singapore and London, 2009.
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. Editor, Scottish Journal of Political Economy (2011).
Hughes Hallett, A. Co-editor, Open Economics Review (2011).
Hughes Hallett, A. Editorial board, Computational Economics (2011).
Hughes Hallett, A. Editorial board, Economic Modeling (2011).
Hughes Hallett, A. Editorial board, Economics and Structural Change (2011).
Hughes Hallett, A. Editorial board, International Economics and Economic Policy (2011).
Hughes Hallett, A. Editorial board, Empirica (2011).
Hughes Hallett, A. Editorial board, Journal of Business, Finance and Economics in Emerging Economics (2011).
Hughes Hallett, A. Editorial board, Journal of Public Policy (2011).
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. "Macro-Prudential Policies and Financial Stability." Economic Record 87 (2011): 318-34.
Hughes Hallett, A. "Welfare Coordination of Fiscal and Monetary Policy." Czech Economic Journal 5 (2011): 7- 27.
Hughes Hallett, A. "Is there Clustering among the Euro-zone Economies?" Journal of Economic Policy Reform 14 (2011): 127-50.
Hughes Hallett, A. "Tinbergen Controllability and n-player LQ-games." Economics Letters 113 (2011): 32-34.
Hughes Hallett, A. "Stable and Enforceable: A New Fiscal Policy Framework for the Euro area." International Economics and Economic Policy 8 (December 2011): 225-45.
Hughes Hallett, A., and J. C. M. Oliva. "Global Imbalances in a World of Inflexible Real Exchange Rates and Capital Controls." Asian Development Bank Institute, Tokyo, Japan (2011).
Hughes Hallett, A. "Policy games, policy neutrality and Tinbergen controllability under rational expectations." Journal of Macroeconomics, 31 (2010): 55-67.
Hughes Hallett, A. "The old and the new theory of economic policy." International Journal of Public Policy, 6 (2010): 154-165.
Hughes Hallett, A. "Europeanization or Globalization? Transnational Wage Bargaining and the Distribution of Activity in European Labour Markets." North American Journal of Economics and Finance, 20 (2009): 177-92.
Hughes Hallett, A. "Economics in the Backyard: How Much Convergence is there between China and her Special Regions." World Economy, 32 (2009): 819-861.
Hughes Hallett, A. "Rogoff Revisited: the Conservative Central Banker Proposition under Active Fiscal Policies." Economic Letters, 104 (2009): 140-143.
Hughes Hallett, A. "Is the US No Longer the Economy of First Resort?." International Economics and Economic Policy, 6 (2009): 207-234.
Hughes Hallett, A. "Is There Convergence in the Transmissions of European Monetary Policy?" International Economics and Economic Policy, 6 (2009): 85-101.
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. "China-US Business Cycle." Workshop on Exchange Rate and Macroeconomic Management in Emerging Asia in the Post-Crisis Era, Singapore, August 6, 2010.
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.