GORDON DOUGLAS MENZIES
Associate Professor in Economics
Deputy Director: Paul Woolley Centre for study of capital market dysfunctionality, UTS
EDUCATION
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D. Phil., Oxford University, 2001
M. Ec., Australian National University, 1996
B. Ec (Hons), University of New England, 1985
AREAS OF EXPERTISE
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Open-economy macroeconomics, exchange rates
Monetary policy (CIFR grant 2013-2105 ‘modelling costs and benefits of financial regulation’)
Expectations formation
Experimental economics
Ethics and economics
HONOURS AND AWARDS
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2010 UniJobs, Lecturer of the Year Award. Position 7 out of ‘top 10 UTS Lecturers’
(600-700 lecturers at UTS)
2010 Arrow Senior Prize for best 2009 paper in Berkely Electronic Economic Journals
(1 Senior and 1 Junior prize per annum, 25 journals, 400 papers)
2009 ALTC Citation ‘For approaches to learning and teaching that inspire and challenge
students to understand diverse perspective, and to see a ‘human’ side to International
Economics’
2008 UTS ‘Individual Teaching’ Award (1 per annum, UTS-wide)
2008 UTS Commendation for ‘Internationalization of Teaching and Learning’
1998 Commonwealth Scholarship (20/500, Australia-wide, all disciplines).
1996 Robert Jones Prize (ANU) (1/20, Economics).
1995 Reserve Bank Post-Graduate Scholarship Award (all staff eligible, Economics).
PUBLICATIONS
Selected Journal Articles
Menzies, G and Daniel John Zizzo (2009) ‘Inferential Expectations’, The B.E. Journal of
Macroeconomics: 9(1) (Advances) http://www.bepress.com/bejm/vol9/iss1/art42 Winner 2010
Arrow Senior Prize.
Henckel, Timo, Menzies, G., Prokhovnik, N. And D. Zizzo, (2011), ‘Barro-Gordon Revisited:
Reputational Equilibria with Inferential Expectations’, Economics Letters, 12(2), August, 144-147.
Menzies, G., and D. Hay (2012), ‘Self and Neighbours’, Economic Record. Special Issue: Selected
Papers from the 40th Australian Conference of Economists, 88 (s1), 137-148, June,
DOI: 10.1111/j.1475-4932.2012.00804.x
Menzies, G. and D. Hay (forthcoming), ‘Human Nature, Identity and Motivation’, Oxford
Handbook of Economics and Christianity.
Menzies, G. (2004), First-Best Debt Relief Economics Letters Vol. 82 (3) pp. 301-306.
City Campus
1-59 Quay Street
Haymarket NSW 2001
Australia
Kuring-gai Campus
Eton Road
Lindfield NSW 2070
Australia
Other Journal Articles
Menzies G. and D. Zizzo (2012), ‘Monetary Policy and Inferential Expectations of Exchange Rates’,
Journal of International Financial Markets, Institutions & Money, 22(2), April, 359-380.
Lyons, B., Menzies, G. and D. J. Zizzo (2012), 'Conflicting evidence and decisions by agency
professionals: an experimental test in the context of merger regulation', Theory and Decision. 73(3),
465-499, June, 1-35. doi:10.1007/s11238-011-9258-3
Menzies G., Bird R., Dixon P. and M. Rimmer (2011) ‘Asset Price Regulators, Unite: You have the
Macroeconomy to Win and the Microeconomic Losses are Small’, Economic Record, 87(278),
September, 449-464.
Bird, R., Dixon, P., Menzies, G. and M. Rimmer (2010), ’The Economic Costs of US Stock
Mispricing’, Journal of Policy Modeling, 33(4).
Menzies, G. (2009), ‘Emotion and Empathy as Pedagogical Tools: Instructive Activities in Teaching
International and Developmental Economics’, Australasian Journal of Economics Education, volume
6, number 1, http://www.uq.edu.au/economics/AJEE/
Bush, S., Menzies, G. and S. Thorp (2009) "An array of online teaching tools" Teaching Statistics.
Volume 31, Number 1, Spring 2009.
Menzies G. (2008), Teaching Hypothesis Testing: What is doubted, what is tested? Australasian
Journal of Economics Education Vol. 5. Numbers 3 & 4, 2008 1.
Menzies G. (2008), ‘Economics as Identity’ in eds. I. Harper and S. Gregg ‘Christian Morality and
Market Economics: Theological and Philosophical Perspectives’ Edward Elgar, Cheltenham.
Menzies G. and D. Vines (2008), ‘The Transfer Problem and Real Exchange Rate Overshooting in
Financial Crises: The Role of the Debt Servicing Multiplier’, Review of International Economics, 16(4),
709–727.
Menzies G. and D. Hay (2008), ‘Economics and the Marriage Wars’, Faith and Economics,
51 (Spring 2008), pp. 1-29.
Dvornak, N., Kohler, M., and G. Menzies (2005), Australia's Medium-Run Exchange Rate: A
Macroeconomic Balance Approach, The Economic Record, 2005, vol. 81, issue 253, pp. 101-112. [A]
Menzies, G. and D. Zizzo (2005), Inferential Expectations Australian National University Centre for
Applied Macroeconomic Research Working Paper no. 12 March 2005.
Menzies, G., (2005) Who’s Afraid of the Marshall-Lerner Condition? Economic Papers,
24, 4, pp. 309 – 315.
Menzies, G. Trayler, R. and C. Terry (2005), Waiting for Capital: The Impact of Corruption in
Indonesian Financial Markets Benton E. Gup (eds.), Capital Markets, Globalization, and Economic
Development, 15, pp. 175 - 192, Springer, 2005.
Menzies, G. (2004) Money to Burn, or Melt? A Cost-Benefit Analysis of Australian Polymer
Banknotes, North American Journal of Economics and Finance, 15 (2004) pp. 355-368.
Menzies, G. and D. Zizzo (2004), Inferential Expectations Oxford University Discussion Paper no.
187 March 2004.
Menzies, G. (1999) Alice in Academia: Alice learns about exchange rates. Economic Papers 18 (2)
pg. 95.
Gruen, D. and G. Menzies (1995) Forward discount bias: Is it near-rationality in the foreign
exchange market? Economic Record 71 (213) pp. 157-166.
Menzies, G. (1994) Can altruism aid the jobs compact? Economic papers 14 (2) June 1995
pp. 11-17.
Menzies, G. (1994) Explaining the timing of Australia’s manufactured export boom. Australian
Economic Review 4th quarter 1994 pp. 72-87.
Menzies, G. (1994) A comment on recent surveys of Australian exporters. Economic Papers 13 (1)
March 1994 pp. 122-124.
City Campus
1-59 Quay Street
Haymarket NSW 2001
Australia
Kuring-gai Campus
Eton Road
Lindfield NSW 2070
Australia
PREVIOUS EMPLOYMENT
2011-present
2003
1986-2002
2001
1999-2000
1994
1992
1991
Associate Professor, UTS
Senior Lecturer UTS.
Reserve Bank.
Head College Lecturer (Economics), Christ Church College, Oxford.
College Lecturer (Economics), Jesus College, Oxford.
Secondment to Australian Treasury – 2 months.
Econometrics lecturer (UNE) – 6 months.
Econometrics tutor (UNE).
POLICY EXPERIENCE
1998: Economic Research Department. Work on new generation of macroeconomic models in the
wake of the Asian Crisis.
1997-8: Secondment to Currency and Banking Department, RBA, to model the cost dynamics for
alternative note issue regimes. Model used by delegations visiting the central banks of Bangladesh,
Brazil, Indonesia, Malaysia, New Zealand, Turkey, UK and Zimbabwe.
1996-7: On-line forecasts and written material for Reserve Bank Board meetings
1994-5: Represent RBA on a modelling secondment to the Australian Federal Treasury working on
their macroeconometric model. Design a financial sector component incorporating short run
empirics (on interest rates and exchange rates) with long run equilibrium conditions (removing
uncovered interest parity as a short run determinant of the exchange rate). Review of history of
monetary policy in 1980s (confidential; not published) and estimation of a policy reaction function
(used as input into monetary policy decisions). Modelling work on the Transmission mechanism,
using macroeconometric models.
1992-3: Economic Research Department; research on trade and macroeconomic models. Receive
wide press and seminar coverage for paper on hysteresis in Australian exports.
The policy
motivation for this work was to understand the structural change in the balance of payments
evident from the mid-1980s. This work was commissioned in the midst of a debate about Australia's
external debt position and the appropriate value of the Australian dollar.
1990-2: Economic Research Department. Research on foreign exchange market efficiency.
1988-9: Overseas Economies Section. Monitor Newly Industrialized Economies, Japan, Europe
and the US for briefings and policy input.
1986-7: Join RBA. Work in model building team, restructuring the RBII model in wake of financial
liberalization. Quantify the impact of terms-of-trade shocks in a deregulated environment.
City Campus
1-59 Quay Street
Haymarket NSW 2001
Australia
Kuring-gai Campus
Eton Road
Lindfield NSW 2070
Australia