John Huizinga conducts empirical studies in macroeconomics and finance, both domestic and international and also studies econometric theory. His research has appeared in numerous journals, including Econometrica, the Journal of Econometrics, and the Journal of Monetary Economics.
Huizinga was first drawn to macroeconomics after observing how the economy exerts a powerful influence on people's lives. Prior to joining the Chicago Booth faculty in 1980, Huizinga taught at the Sloan School of Management at Massachusetts Institute of Technology. He has also taught at the Graduate School of Business at Stanford University. From 1993 to 2004, Huizinga served as the deputy dean for the faculty at Chicago Booth. A combination of the negotiation experience from this position and being in the right place at the right time led Huizinga to become the agent of NBA star Yao Ming.
His teaching has been influenced by his professional and practical experience, and also by having a son in college. "When I am making decisions about my teaching, I ask myself, 'Is this the way I would want a professor to treat my son?'" But the best part of teaching, according to Huizinga, "is you get to learn a lot of new stuff. Also, a big part of it is also the gratification you get when you help other people learn."
In addition to learning to think logically and deeply about macroeconomic issues, he hopes his students learn to clearly convey their views about the economy to others.
Huizinga earned two bachelor's degrees cum laude in economics and in math, from Pomona College in 1976. He earned a PhD in economics from MIT in 1980 and joined the Chicago Booth faculty later that year.
2015 - 2016 Course Schedule
Basketball, baseball, movies.
Empirical studies in macroeconomics and finance, both domestic and international; econometric theory.
With Robert E. Cumby, "Investigating the Correlation of Unobserved Expectations: Expected Returns in Equity and Foreign Exchange Markets and Other Examples," Journal of Monetary Economics (1993).
With Robert E. Cumby, "Testing the Autocorrelation Structure of Disturbances in Ordinary Least Squares and Instrumental Variables Regressions," Econometrica (1992).
"An Empirical Investigation of the Long Run Behavior of Real Exchange Rates," Carnegie-Rochester Series on Public Policy (1987).
For a listing of research publications please visit
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New: Testing the Autocorrelation Structure of Disturbances in Ordinary Least Squares and Instrumental Var...
This paper derives the asymptotic distribution for a vector of sample autocorrelations of regression residuals from a quite general linear model. The asymptotic distribution forms the basis for a test of the null hypothesis that the regression error follows a moving average of order q [greaterthan or equal] 0 against the general alternative that autocorrelations of the regression error are non-zero at lags greater than q. By allowing for endogenous, predetermined and/or exogenous regressors, for
New: Inflation and Real Interest Rates on Assets With Different Risk Characteristics
Several recent studies find that ex ante real returns for short-term U.S. Treasury securities are negatively correlated both with inflation and with nominal interest rates. This paper examines whether these findings extend to the short-term holding return on publicly and privately issued securities of longer maturity, are robust with respect to the choice of price index, and are stable over time. Our results show that before 1979 a negative relationship of ex ante real returns with inflation and
Monetary Policy Regime Shifts and the Unusual Behavior of Real Interest Rates
No abstract is available for this paper.
Interest Rates, Money Supply Announcements, and Monetary Base Announcements
This paper presents a new set of empirical regularities on the link between interest rates, money supply announcements and monetary base announcements. Among the main findings reported are: (i) unexpected increases in the announced monetary base have a significantly positive effect on interest rates during the period from October 1979 to October 1982; (ii) although unexpected money supply and monetary base announcements have the same impact on interest rates, they have different implications for
Two-Step Two-Stage Least Squares Estimation in Models With Rational Expectations
This paper introduces a limited-information two-step estimator for models with rational expectations and serially correlated disturbances. The estimator greatly extends the area of applicability of McCallum's (1976) instrumental variables approach to rational expectations models. Section I reviews McCallum's method and discusses in detail the problems surrounding its use in many empirical contexts. Section II presents the two-step two-stage least squares estimator (2S2S1S) and demonstrates its e