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Michael Magill

Professor of Economics
Co-Director

Contact Information
E-mail: magill@usc.edu
Phone: (213) 740-2104
Office: KAP 316B

LINKS
Curriculum Vitae
Faculty Profile on Departmental Website
Personal Website
 

Education

Ph.D. , Brown University, 1/1970
B.A. , Cambridge University, 1/1964
 

Academic Appointment, Affiliation, and Employment History

Tenure Track Appointments

Professor, University of Southern California, 1981-  
Associate Professor, University of Southern California, 1979-1981  
Associate Professor, Indiana University, 1976-1979  
Assistant Professor, Indiana University, 1968-1975  
 

Visiting and Temporary Appointments

Visiting Professor, Paris School of Economics, 05/2010-07/2010  
Visiting Professor, Swiss Finance Institute, University of Zurich, 07/2009-12/2009  
Visiting Professor, Cowles Foundation, Yale University, 08/2002-12/2002  
Visiting Professor, Cowles Foundation, Yale University, 08/2000-12/2000  
Visiting Professor, University of Paris II, 1990-2000  
Visiting Professor, Department of Economics, University of Bonn, 08/1994-12/1994  
Visiting Professor, CORE, Louvain La Neuve, Belgium, 08/1994-10/1994  
Visiting Professor, Department of Economics, University of Bonn, 08/1990-12/1990  
Visiting Professor, Institute of Economics, University of Copenhagen, 01/1990-03/1990  
Visiting Professor, University of Paris IX, Dauphine, Paris, 1986-1988  
Visiting Research Fellow, Laboratoire d'Ecomometrie de l'Ecole Polytechnique, 1985-1988  
Visiting Research Fellow, CEPREMAP, Paris, 1985-1986  
Visiting Professor, University of Paris II, 1985-1986  
Visiting Associate Professor, Stanford University, 1978-1979  
Visiting Associate Professor, Northwestern University, 1977-1978  
Milton Friedman Fellow, University of Chicago, 02/1977-07/1977  
 

Description of Research

Summary Statement of Research Interests

Professor Magill does research on the economics of financial markets, monetary theory, economics of uncertainty, dynamic economics and theory of incomplete markets. Some of his most recent work explores the link between long-term economic fluctuations in the stock market and demographic cohort structure, showing that the baby boomers have been an important causal element in stock market fluctuations over the last twenty five years. His recent work on monetary theory has shown the importance of using interest rate policy for both long and short term bonds to influence agents expectations of inflation: announcements by the Fed of the future course of the short term interest rate is another way of influencing agents expectations of inflation. His theoretical model shows that an important role of monetary policy is to guide agents expectations of inflation which would otherwise be "indeterminate" and such indeterminacy is dangerous because inflationary expectations can become self-fulfilling.
 

Research Keywords

theory of incomplete markets, dynamic economics, economics of uncertainty, monetary theory, economics of financial markets
 

Research Specialties

Financial markets, economics of uncertainty, dynamic economics,general equilibrium with incomplete markets, monetary policy and the term structure of interest rates, deomography and the stock market
 

Multimedia Scholarship and Creative Works

Book, Incomplete Markets, Volume 1, Finite Horizon Economies, with Martine Quinzii, International Library of Critical Writings in Economics, 2008, Edward Elgar Publishing Company, 2009-2010   
Book, Incomplete Markets, Volume 2, Infinite Horizon Economies, with Martine Quinzii, International Library of Critical Writings in Economics, 2008, Edward Elgar Publishing Company, 2009-2010   
 

Honors and Awards

Fellow (or Equivalent) of National Society in Discipline, Fellow of Society for Advancement of Economic Theory, 2011-  
Fellow (or Equivalent) of National Society in Discipline, Fellow of Econometric Society, 2000-  
Earhart Foundation Fellowship, 1966  
National Association of Mutual Savings Banks Award, 1965  
 

Service to the Profession

Editorships and Editorial Boards

Associate Editor, Mathematics and Financial Economics, 2006-  
Associate Editor, Economic Theory, 1997-  
Associate Editor, Journal of Mathematical Economics, 1984-  
Associate Editor, Acta Applicandae Mathematica, 1982-  
Associate Editor, Journal of Mathematical Analysis & Applications, 1982-1995  
 

Professional Memberships

Society for Economic Theory, 1995-  
American Mathematical Society, 1980-  
American Academy of Political and Social Science, 1978-  
American Economic Association, 1977-  
Society for Economic Dynamics, 1977-  
Econometric Society, 1975-  
Society for Industrial and Applied Mathematics, 1982-1995  
 
 
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