In Memoriam

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17
September 2014
In Memoriam
William C. Hood (Bill)
BillHood,whoserveda sEconomicCounsellorand
DirectorofResearchattheIM Ffrom1979to1986,passed
awaypeacefullyonMay15,2014inVienna,Virginia ,atthe
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.
BillwasborninYarmouth,NovaScoti a,inSeptember
1921.HegraduatedfromMountAllisonUniversityandthe
University of Toronto (where he earned a Ph.D. in eco-
nomics).HethenattendedtheUniversityofChicagoasa
post-doctoratefellow.From1946to1964,Billwasaprofes-
sorofeconomicsattheUniversityofToronto.Whilethere,
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,
wholaterwonthe1975NobelPrizeineconomics)andby
co-editing t he book Studies in Econometric Method(1953),
also with Koopmans .
Billswitchedtopublicser viceinCanadai n1964,begin-
ning with a sti nt at the Bank of Canada and culm inating
with his appointment as Deput y Minister of Finance in
1979.Laterthatyear,followingachangeingovernment,Bill
replaced the retiri ng Jacques J. Polak and became the Fund’s
third Director of Resea rch. On retirement, he spent the rest
ofhislifeintheWashing tonarea,whereheandhislatewife
Mary(towhomhewasmarriedfor50years)couldremai n
close to their two chi ldren and four grandchildren.
Bill’s highly succe ssful career was masked by his modes t
andunassumi ngdemeanor.WhenhewasappointedDeputy
Minister, an unnamed for mer ocial was quoted as saying,
“Hemaybetechnicallyt hebesteconomistinthecountr 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-
ingwithJacobFrenkelandM ikeMussa.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.
References
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
Outlook,(Washington:InternationalMonetaryFund,
October),pp.81–111.
Duval,R.,K.Cheng,K-H.Oh, R.Saraf,andD.Seneviratne.
2014. “Trade and Business Cycle Synchronization: A
ReappraisalwithFocusonAsia,”IMFWorkingPaper
14/52(Washington:InternationalMonetaryFund).
Frankel,J.A.,andA.K.Rose.1997.“EconomicStructureand
the Decision to Adopt a Common Currency,” Seminar
PaperNo611,TheInstituteforInternationalEconomic
Studies (Stockholm: Stockholm University).
———. 1998. “The Endogeneity of the Optimum Currency
Area Criteria,Royal Economic Society, Vol. 108(499), pp.
1009–1025.
Kalemli-Ozcan, Sebnem, E. Papaioannou, and J. Peydro. 2013.
“Financial Regulation, Financial Globalization, and the
Synchronization of Economic Activity,Journal of Finance,
Vol.LXIII,pp.1179–1228.
Trade Integration (continued from page 16)

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