Faculty

Marc D. Hayford

Title: Department Chair and Professor

Office #: Maguire 536

Phone: 312.915.6073

E-mail: mhayfor@luc.edu

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

Publications

Refereed Articles 

Hayford, M. D. & Mallairis, A. G. "Transparent U.S. Monetary Policy: Theory and Tests." Applied Economics, 44 (7), 813-824 (2012).

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

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

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

Hayford, Marc. , "Using supply, demand, and the Cournot model to understand corruption." Journal of Economic Education, 38. 3 (2007). 325-330.  

Hayford, Marc. , "The Legacy of Franco Modigliani's Life-Cycle Model." International Journal of Applied Economics and Econometrics, 14. 2 (2006). 29-50.  

Hayford, Marc. , "Asymmetric Effects of Monetary Policy." The Journal of Economic Asymmetries, 3. 1 (2006). 59-86.  

Hayford, Marc. , "The Fed and the Goal of Low Inflation." International Journal of Applied Economics and Econometrics, 13. 1 (2005). 19-34.  

Hayford, Marc. & Malliaris, A. "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, Marc. , "Fiscal Policy and National Saving." Applied Economics, 37. 9 (2005). 981-992.  

Hayford, Marc. & Malliaris, A. "Recent Monetary Policy in the U.S.: Risk Management of Asset Bubbles." The Journal of Economic Asymmetries, 2. 1 (2005). 25-39.  

Hayford, Marc. & Malliaris, A. "Monetary Policy and the U.S. Stock Market." Economic Inquiry, 42. 3 (2004). 387-401.  

Hayford, Marc. , "Inflation Uncertainty, Unemployment Uncertainty and Economic Activity." Journal of Macroeconomics, 22. 2 (2000). 315-329.  

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

Hayford, Marc. & Pasurka, C. "The Political Economy of the Fordney-McCumber and Smoot-HawleyTariff Acts." Explorations in Economic History (1992).  

Hayford, Marc. , "Real Interest Rates and the Distribution Effects of Unanticipated Inflation." Journal of Macroeconomics, 12. 1 (1991). 1-21.  

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

Hayford, Marc. , "Liquidity Constraints and the Ricardian Equivalence Theorem." Journal of Money, Credit and Banking, 21. 3 (1989). 380-387.  

Book Chapters 

Hayford, Marc. D. & Malliaris, A. "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. Ed. , 2009.  

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

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

Hayford, Marc. 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. Ed. , 2002.  

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

Presentation of Refereed Papers 

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

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

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

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

Hayford, Marc, and A. Malliaris. (2009, January). "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.

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

Hayford, Marc, and A. Malliaris. (2008, July). "Transparent U.S. Monetary Policy: Theory and Tests." Biennial International APF Conference, Athens, Greece.

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

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

Hayford, Marc, and A. Malliaris. (2007, June). "Market Uncertainty about Future Monetary Policy." Western Economic Association International 82nd Annual Meeting, Seattle, Washington.

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

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

Hayford, Marc, and A. Malliaris. (2004, July). "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.

Hayford, Marc, and A. Malliaris. (2009). "Financial Instabilities and Asset Prices: Lssons from the Global FInancial Crisis of 2007-2009." DePaul University Department of Economics Seminar, Chicago, Illinois.

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

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

Hayford, Marc. (2004, March). "Asymmetric effects of monetary policy." Midwest Economics Association meetings, Chicago, Illinois.

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

Hayford, Marc, and A. Malliaris. (2007, October). "Transparency and Uncertainty about Future Monetary Policy." Illinois Economics Association 37th Annual Meeting, Chicago, Illinois.

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

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