Faculty and Staff

Marc D. Hayford

About

Professor Hayford‘s teaching and research focuses on macroeconomics. He has published papers on monetary policy transparency, the Great Recession and financial crisis and the reaction of monetary policy to the 1990s stock market boom along with many other topics. In choosing research topics, Professor Hayford enjoys best doing research that informs his teaching.

Degrees

• PhD, Economics, Brown University, 1987
• MA, Economics, University of California at Los Angeles, 1981
• BA, Cum Laude, Economics, University of California at Los Angeles, 1980

Research Interests

• Macroeconomics
• Monetary and fiscal policy
• Asset markets

Professional & Community Affiliations

• Midwest Economics Association
• Illinois Economics Association
• Refereed for the following journals:
  • American Economic Review
  • International Review of Economics and Finance
  • Journal of Economic Asymmetries
  • Journal of Economic Surveys
  • Journal of Macroeconomics
  • Journal of Money, Credit and Banking
  • Multinational Finance Journal
  • Review of Pacific Basin Financial Markets and Policies
  • The Journal of Economic Education

Courses Taught

• ECON 201:Principles of Microeconomics
• ECON 202: Principles of Macroeconomics
• ECON 304: Intermediate Macroeconomics
• ECON 336: Monetary and Fiscal Policy
• ECON 420: Managerial Economics
• ECON 421: Business Fluctuations

Awards

• President, Illinois Economics Association 2004-2005
• Beta Gamma Sigma

Selected Publications

Refereed Articles 

"The Impact of Temporary Tax Changes on Consumption: 2000 to 2015." Journal of Economic Asymmetries Volumed 15. June 2017, pp 32-38.

"Time Constraints and Bequests" International Journal of Applied Economics and Econometrics (2015) Vol 23, No. 2 April-June, 65-78.

Hayford, M. D., A.G. Mallairis. "Transparent U.S. Monetary Policy: Theory and Tests." Applied Economics. 44.7 (2012). 813-824.

Hayford, M. D.,  A.G. Malliaris. "Causes of the Financial Crisis and the Great Recession: The Role of U.S. Monetary Policy." Journal of Economic Asymmetries. 8 (2011). 73-90.

Hayford, M.D., A.G. Malliaris. "Asset Prices and the Financial Crisis of 2007-09: An Overview of Theories and Policies." Forum for Social Economics. (2010). 

Hayford, M. D., A.G. Mallairis.  "Transparent U.S. Monetary Policy: Theory and Tests."  Applied Economics. (2010). 

Hayford, M.D. "Using supply, demand, and the Cournot model to understand corruption." Journal of Economic Education. 38.3 (2007). 325-330.  

Hayford, M.D. "The Legacy of Franco Modigliani's Life-Cycle Model." International Journal of Applied Economics and Econometrics. 14.2 (2006). 29-50.  

Hayford, M.D. "Asymmetric Effects of Monetary Policy." The Journal of Economic Asymmetries. 3.1 (2006). 59-86.  

Hayford, M.D. "The Fed and the Goal of Low Inflation." International Journal of Applied Economics and Econometrics. 13.1 (2005). 19-34.  

Hayford, M.D., A.G. Malliaris. "How Did the Fed React to the 1990s Stock Market Bubble? Evidence From an Extended Taylor Rule." European Journal of Operational Research. 163.1 (2005). 20-29.  

Hayford, M.D. "Fiscal Policy and National Saving." Applied Economics. 37.9 (2005). 981-992.  

Hayford, M.D , A.G. Malliaris. "Recent Monetary Policy in the U.S.: Risk Management of Asset Bubbles." The Journal of Economic Asymmetries. 2.1 (2005). 25-39.  

Hayford, M.D., A.G. Malliaris. "Monetary Policy and the U.S. Stock Market." Economic Inquiry. 42.3 (2004). 387-401.  

Hayford, M.D. "Inflation Uncertainty, Unemployment Uncertainty and Economic Activity." Journal of Macroeconomics. 22.2 (2000). 315-329.  

Archibald, R., D. Feldman, M.D. Hayford,  C. Pasurka. "Effective Rates of Protection and the Fordney-McCumber and Smoot-Hawley Tariff Acts: Comment and Revised Estimates." Applied Economics. 32 (2000). 1223-1226.  

Hayford, M.D. , C. Pasurka. "The Political Economy of the Fordney-McCumber and Smoot-Hawley Tariff Acts." Explorations in Economic History. (1992).  

Hayford, M.D.  "Real Interest Rates and the Distribution Effects of Unanticipated Inflation." Journal of Macroeconomics. 12.1 (1991). 1-21.  

Hayford, M.D., C. Pasurka. "Effective Rates of Protection and the Fordney-McCumber and Smoot-Hawley Tariff Acts." Applied Economics. 23 (1991). 1385-1392.  

Hayford, M.D. "Liquidity Constraints and the Ricardian Equivalence Theorem." Journal of Money, Credit and Banking. 21.3 (1989). 380-387.  

Book Chapters 

Hayford, M. D. and Malliaris, A., (2018). Secular Stagnation. The SAGE Encyclopedia of Business Ethics and Society, 2nd Edition, April 2018. Los Angeles: SAGE PUBLICATIONS, INC.

Hayford, M.D., A.G. Malliaris. "The Risk Management Approach to Monetary Policy: Lessons from the Financial Crisis of 2007-2009."  Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future. 2009.  

Hayford, M.D.,  A.G. Mallairis. "Central Bank Transparency.",  The Global Economics of a Changing Environment. Ed. James A. Brox and Nicholas C. Balta. North Waterloo Academic Press, 2009. 3-13.  

Hayford, M.D., A.G. Mallairis. "Uncertainty, Transparency and Future Monetary Policy.",  Current Issues in Financial Markets. Ed. Robert Bliss and George Kaufman. Palgrave Publishing, 2008.  

Hayford, M.D.,  A.G. Mallairis. "Rethinking Monetary Stabilization in the Presence of an Asset Bubble.",  Global Divergence in Trade, Money and Policy. Ed. Volbert Alexander. Edward Elgar Publishing, 2006.  

Hayford, M..D. "Money and Monetary Policy.",  History of World Trade since 1450. Ed. J. J. McCusker.  Macmillan Reference, USA, 2005. 

Hayford, M.D. "Devaluation and Recession: What is the role of the banking sector in the propagation of currency crisis shocks to the macroeconomy."  Asymmetries in Financial Globalization. 2002.  

Hayford, M.D. "Is the Federal Reserve Stock Market Bubble-Neutral."  Asset Price Bubbles: Implications for Monetary and Regulatory Policy. 2001.  

Presentation of Refereed Papers 

Hayford, M. D. "Unconventional Monetary Policy: Quantitative Easing vs. Negative Nominal Interest Rates" Midwest Economics Association Annual Meeting, March 23, 2018.

Hayford, M. D. "Nonconventional Monetary Policy: Quantitative Easing versus Negative Nominal Interest Rates" The 13th Biennial ATHENIAN POLICY FORM CONFERENCE July 7, 2016.

Hayford, M. D. "The Impact of Fiscal Policy on Consumption: 2000 to 2015" Midwest Economics Association 80th Annual Meeting, April 1, 2016.

Hayford, M. D. "The Impact of Fiscal Policy Induced Temporary Increases in Disposable Income on Consumption: 2000 to 2012" Illinois Economics Association 43rd Annual Meeting, October 25, 2014.

Hayford M. D. "Recoveries from Economic Slumps; Our Past Experiences and Current Prospects" Illinois Economics Association, 41st Annual Meeting, Chicago, Illinois. October 28, 2011.

Hayford, M.D., A.G. Malliaris. "Asset Prices and the Global Financial Crisis of 2007-09." Allied Social Science Association Meetings. Denver, Colorado. 2011.

Hayford, M.D. "from Economic Slumps: Our Past Experiences and Current Prospects." Illinois Economics Association. 41st Annual Meetings. Chicago, Illinois. 2011.

Hayford, M.D., A.G. Malliaris."Asset Prices and the Financial Crisis of 2007-09: An Overview of Theories and Policies." Allied Social Science Association Meetings. Atlanta, Georgia. January 2010.

Hayford, M.D."Financial Instabilities and Asset Prices: Lessons from the Recent Crisis." Western Economic Association International 84th Annual Conference. Vancouver, British Columbia. July 2009.

Hayford, M.D., A.G. Malliaris. "Transparency and Short Term Interest Rate Forecasting Uncertainty." International Banking, Economics and Finance Association at the Allied Social Science Associations Annual Meetings. San Francisco, California. January 2009.

Hayford, M.D.,  A.G. Malliaris. "Financial Instabilities and Asset Prices: The Current Debate."  The Joint the Indian Institute of Management and Athenian Policy Forum Conference. Calicut, India. December 2008.

Hayford, M.D., A.G. Malliaris. "Transparent U.S. Monetary Policy: Theory and Tests." Biennial International APF Conference. Athens, Greece. July 2008.

Hayford, M.D., A.G. Malliaris. "Financial Instabilities and Risk Management by Central Banks." Western Economic Association International 83rd Annual Conference. Honolulu, Hawaii. June 2008.

Hayford, M.D., A.G. Malliaris. "Financial Instabilities, Asset Bubbles, and the Role of Central Banks." Annual Meeting Allied Social Science Associations. New Orleans, Louisiana. January 2008.

Hayford, M.D., A.G. Malliaris. "Market Uncertainty about Future Monetary Policy." Western Economic Association International 82nd Annual Meeting. Seattle, Washington. June 2007.

Hayford, M.D., A.G. Malliaris. "The Risk Management Approach to Monetary Policy." International Summer School on Risk Measurement and Control. Universita di Rome La Sapienza, Rome, Italy. June 2006.

Hayford, M.D., A.G. Malliaris. "Monetary Policy and Stock Market Volatility."  The Joint University of Waterloo and the Eighth Biennial Athenian Policy Forum Conference. Waterloo, Canada. June 2006.

Hayford, M.D., A.G. Malliaris. "Rethinking Monetary Stabilization in the Presence of an Asset Bubble: Should the response be symmetric or asymmetric?" 7th Biennial APF Conference Asymmetries in Trade and Currency Arrangements in the 21st Century. Frankfurt, Germany. July 2004.

Hayford, M.D., A.G. Malliaris. "Financial Instabilities and Asset Prices: Lessons from the Global Financial Crisis of 2007-2009." DePaul University Department of Economics Seminar. Chicago, Illinois. 2009.

Hayford, M.D. "Tax and spend: A comparison of Republican and Democratic fiscal policy rules." Department of Economics, DePaul University. Chicago, Illinois. April 2006.

Hayford, M.D. "A Comparison of Republican and Democratic Fiscal Policy Rules." Annual Meeting of the Midwest Economics Association. Chicago, Illinois. March 2008.

Hayford, M.D. "Asymmetric effects of monetary policy." Midwest Economics Association Meetings. Chicago, Illinois. March 2008.

Hayford, M.D.. "Recent Monetary Policy: Preventing Another Great Depression? Creating Conditions for Another Great Inflation?" Illinois Economics Association 39th Annual Conference. Chicago, Illinois. October 2009.

Hayford, M.D., A.G. Malliaris. "Transparency and Uncertainty about Future Monetary Policy." Illinois Economics Association 37th Annual Meeting. Chicago, Illinois. October 2007.

Hayford, M.D. "A comparison of Republican and Democratic fiscal policy rules." Annual Meeting of the Illinois Economics Association. Chicago, Illinois. October 2006.

Hayford, M.D., A.G. Malliaris. "Rethinking Monetary Stabilization in the Presence of an Asset Bubble: Lessons from the US in the 1920s." Illinois Economics Association. Chicago, Illinois. October 2004.