William C. Hood (Bill)
age of 92. rough his 28 yea rs of retirement, he led a quietly
happy life, much as he had throughout a dis tinguished and
multi-faceted career for more than t hree decades.
University of Toronto (where he earned a Ph.D. in eco-
he made a lasting contribution by co-authori ng an o-cited
paper on econometric theory w ith Tjalling Koopmans (the
famous Dutch economist, then at t he University of Chicago,
co-editing t he book Studies in Econometric Method(1953),
also with Koopmans .
Billswitchedtopublicser viceinCanadai n1964,begin-
ning with a sti nt at the Bank of Canada and culm inating
with his appointment as Deput y Minister of Finance in
replaced the retiri ng Jacques J. Polak and became the Fund’s
third Director of Resea rch. On retirement, he spent the rest
close to their two chi ldren and four grandchildren.
Bill’s highly succe ssful career was masked by his modes t
Minister, an unnamed for mer ocial was quoted as saying,
“Hemaybetechnicallyt hebesteconomistinthecountr y,
but if someone hadn’t told me how brilliant the guy was, I
would never have known it.” At the IMF, he had the reputa-
tional misfortu ne of following t wo larger-than-life legends,
Eddie Bernstein a nd Jacques Polak, and then being followed
by economists who by now are even more well-known, star t-
ingwithJacobFrenkelandM ikeMussa.Nonetheless,hi s
time at the Fund was ma rked by a substantial increase in the
role and reputation of the Research Depar tment, especially
through the conversion of the World Economic Outlook
from a secret annual i nternal report into the Fund’s agship
publication. Most important ly, one could not have hoped to
work for a nicer man.
—James Boughton and Hugh Young
en shock propagation and synchroniz ation, particularly
in Asia. By contrast, Ch ina’s role as a conduit for external
shocks may dimin ish as its role as the region’s “assembly
hub” continues to decline.
Abiad, A., D. Furceri, S. Kalemli-Ozcan, and A. Pescatori. 2013.
“Dancing Together? Spillovers, Common Shocks, and the
Role of Financial and Trade Linkages,” in World Economic
2014. “Trade and Business Cycle Synchronization: A
the Decision to Adopt a Common Currency,” Seminar
Studies (Stockholm: Stockholm University).
———. 1998. “The Endogeneity of the Optimum Currency
Area Criteria,” Royal Economic Society, Vol. 108(499), pp.
Kalemli-Ozcan, Sebnem, E. Papaioannou, and J. Peydro. 2013.
“Financial Regulation, Financial Globalization, and the
Synchronization of Economic Activity,” Journal of Finance,
Trade Integration (continued from page 16)