Craig Hakkio is Special Advisor on Economic Policy at the Federal Reserve Bank of Kansas City. In this capacity, he conducts research on international macroeconomic policy and monetary policy. He also advises the President of the Bank, who serves on the Federal Open Market Committee, the principal monetary policymaking body of the Federal Reserve System.

Craig has written a number of articles in professional journals and conference proceedings. Mr. Hakkio holds an A.B. degree from Kenyon College and M.S. and Ph.D. degrees in economics from the University of Chicago. After working as an assistant professor of economics at Northwestern University, he joined the Federal Reserve Bank of Kansas City in 1984 as a senior economist. From 1987 to 1988, he was a senior staff economist at the President’s Council of Economic Advisers. He served as Senior Vice President and Director of Research from 1997 to 2006. He was named Special Advisor on Economic Policy (Senior Vice President) in 2006.

PDFCurriculum Vitae

Professional Journals and Books

  • "The Marginal Income Tax Rate Schedule from 1930 to 1990"
    with Mark Rush and Timothy J. Schmidt, Journal of Monetary Economics, August 1996
  • "The Distribution of Exchange Rates in the EMS"
    with Charles Engel, International Journal of Finance & Economics, vol. 1, no. 1, January 1996
  • "The Foreign Exchange Risk Premium: Is It Real?"
    with Anne Sibert, Journal of Money, Credit, and Banking, April 1995
  • "Review of 'Profit-Making Speculation in Foreign Exchange Markets' by Surajaras and Sweeney"
    Journal of Finance
    , Fourth Quarter 1993
  • "The Dollar's International Role"
    Contemporary Policy Issues, April 1993
  • "Monetary Transmission Channels in Major Foreign Industrial Countries: A Comment"
    Operating Procedures and the Conduct of Monetary Policy: Conference Proceedings
    , March 1993 (Special Issue Editors: Marvin Goodfriend and David H. Small)
  • "Exchange-Rate Management and Monetary Policy Mismanagement: A Study of Germany, Japan, United Kingdom, and the United States after Plaza; A Comment"
    Carnegie-Rochester Conference Series on Public Policy
    , vol. 36, July 1992
  • "Discount Rate Policy under Alternative Operating Regimes: An Empirical Investigation"
    with Douglas Pearce, International Review of Economics and Finance, vol. 1, no. 1, 1992
  • "Cointegration: How Short is the Long Run?"
    with Mark Rush, Journal of International Money and Finance, December 1991
  • "Is the Budget Deficit 'Too Large?"
    with Mark Rush, Economic Inquiry, July 1991
  • "A Note on Physical Depreciation and the Capital Accumulation Process"
    with Bruce C. Petersen, Journal of Development Economics, vol. 34, 1991
  • "Exchange Rates During the Reagan Years"
    Ronald Tracy and Anandi Sahu (editors), The Economic Legacy of the Reagan Years, Praeger Publishers, 1991
  • "Interpreting an Error Correction Model: Partial Adjustment, Forward Looking Behavior, and Dynamic International Money Demand"
    with Ian Domowitz, Journal of Applied Econometrics, January-March 1990
  • "The Probability of Technical Success and R&D Appraisal"
    with James Hodge, Resource and Energy, vol.11, 1989
  • "Market Efficiency and Cointegration: An Application to the Sterling and Deutschemark Exchange Markets"
    with Mark Rush, Journal of International Money and Finance, March 1989
  • "Does the Exchange Rate Follow a Random Walk? A Monte Carlo Study of Four Tests for a Random Walk"
    Journal of International Money and Finance
    , June 1986
  • "Intertemporal Asset Pricing and the Term Structure of Interest and Exchange Rates: The Eurocurrency Market"
    with Leonardo Leiderman, European Economic Review, April 1986
  • "Competition and Collusion, Side-by-Side: The Corrugated Container Antitrust Litigation"
    with Leon Moses, Regulation and Anti-Trust, Ronald Griesen, editor, Lexington Books, Lexington, Mass., 1986
  • "The Reaction of Exchange Rates to Economic News"
    with Douglas Pearce, Economic Inquiry, October 1985
  • "Conditional Variance and the Risk Premium in the Foreign Exchange Market"
    with Ian Domowitz, Journal of International Economics, August 1985
  • Expectations and the Foreign Exchange Market. 
    Garland Publishing Company, New York, 1984
  • "A Re-examination of Purchasing Power Parity: A Multi-Country and Multi-Period Study"
    Journal of International Economics
    , November 1984
  • "Discussion of 'Risk Averse Speculation in the Forward Foreign Exchange Market: An Econometric Analysis of Linear Models' by Lars Peter Hanson and Robert J. Hodrick"
    in Jacob A. Frenkel, ed., Exchange Rates and International Macroeconomics, the University of Chicago Press, Chicago, 1983
  • "Exchange Rate Determination and the Demand for Money"
    Review of Economics and Statistics,
    November 1982
  • "Expectations and the Forward Exchange Rate"
    International Economic Review
    , October 1981
  • "The Term Structure of the Forward Premium"
    Journal of Monetary Economics
    , vol. 8, July 1981
  • "Country-Specific and Time-Specific Factors in the Demand for International Reserves"
    with Jacob A. Frenkel, Economic Letters, November 1980

Economic Review Articles

The Macro Bulletin

Research Working Papers