Faculty & Research

C. Hoyt Bleakley

Associate Professor of Economics

Phone :
773 834-2192
Address :
5807 South Woodlawn Avenue
Chicago, IL 60637

Hoyt Bleakley studies economic development, human capital, economic history, and international macroeconomics. This has led him to do research ranging from the eradication of malaria to language skills and immigration. "The hard part is choosing what not to work on," Bleakley jokes, "but the common theme is looking for new approaches to measuring economic parameters." He brings this passion for his research into the classroom and hopes his students will leave his class with an ability to see and apply economic reasoning in the world around them, even in places where they least expect it.

Bleakley has received fellowships from the National Science Foundation and the National Institute for Child Health and Human Development, as well as a President's Award for Outstanding Service from the Federal Reserve Bank of Boston. He has received grants from the National Institutes of Health, the FDIC Center for Financial Research and the Pacific Rim Research Program at the University of California. His articles have been published in the various professional journals such as the Review of Economics and Statistics, the Quarterly Journal of Economics, and the New England Economic Review. He is also a referee for numerous journals.

He earned both a bachelor's degree in 1995 and a PhD in 2002 at the Massachusetts Institute of Technology. He joined the Chicago Booth faculty in 2005.

Outside of academics, Bleakley enjoys spending time with family, cycling, and visiting historical sites.

 

Other Interests

Besides economics?! Surely you jest.

 

Research Activities

Health and economic development; economic geography; the economic performance of immigrants.

With Jeffrey Lin, “Portage and Path Dependence,” Quarterly Journal of Economics, pp. 587-644 (May 2012).

“Malaria in the Americas: A Retrospective Analysis of Childhood Exposure,” American Economic Journal: Applied, 2(2):1-45 (April 2010).

With Kevin Cowan, "Maturity Mismatch and Financial Crises: Evidence from Emerging Market Corporations," Journal of Development Economics, 93:189-205 (2010).

"Disease and Development: Evidence from Hookworm Eradication in the American South," Quarterly Journal of Economics (February 2007).

With Aimee Chin, "Language Skills and Earnings: Evidence from Childhood Immigrants," Review of Economics and Statistics,, 86(2):481-496 (May 2004).

For a listing of research publications please visit ’s university library listing page.

New: Portage: Path Dependence and Increasing Returns in U.S. History
Date Posted: Sep  22, 2010
The authors examine portage sites in the U.S. South, Mid-Atlantic, and Midwest, including those on the fall line, a geomorphologic feature in the southeastern U.S. marking the final rapids on rivers before the ocean. Historically, waterborne transport of goods required portage around the falls at these points, while some falls provided water power during early industrialization. These factors attracted commerce and manufacturing. Although these original advantages have long since been made obsol

New: Maturity Mismatch and Financial Crises: Evidence from Emerging Market Corporations
Date Posted: May  22, 2009
Substantial attention has been paid in recent years to the risk of maturity mismatch in emerging markets. Although this risk is micro economic in nature, the evidence advanced thus far has taken the form of macro correlations. We evaluate this mechanism empirically at the micro level by using a database of over 3,000 publicly traded firms from fifteen emerging markets. We measure the risk of maturity mismatch by estimating, at the firm level, the effect on investment of the interaction of short-

New: Mishmash on Mismatch? Balance-Sheet Effects and Emerging-Markets Crises
Date Posted: May  21, 2009
We critically assess the recent empirical literature on the importance of dollar debt and balance-sheet effects in the emerging-market financial crises of the 1990s. Using a simple model, we discuss which specifications are theoretically appropriate, and provide additional insights as to the proper interpretation of the reduced-form evidence in the literature. We show that the variety of results found in the existing literature are related to the heterogeneity of regression specifications. Using

New: Thick-Market Effects and Churning in the Labor Market: Evidence from U.S. Cities
Date Posted: Nov  02, 2007
Using U.S. Census microdata, the authors show that, on average, workers change occupation and industry less in more densely populated areas. The result is robust to standard demographic controls, as well as to including aggregate measures of human capital and sectoral mix. Analysis of the displaced worker surveys shows that this effect is present in cases of involuntary separation as well. On the other hand, the authors actually find the opposite result (higher rates of occupational and industri

REVISION: On the Market Discipline of Informationally‐Opaque Firms: Evidence from Bank Borrowers in the
Date Posted: Sep  29, 2006
Using plausibly exogenous variation in demand for federal funds created by daily shocks to reserve balances, we identify the supply curve facing a bank borrower in the inter‐bank market, and study how access to overnight credit is affected by changes in public and private measures of borrower creditworthiness. While there is evidence that lenders respond to adverse changes in public information about credit quality by restricting access to the market in a fashion consistent with market dis

Maturity Mismatch and Financial Crises: Evidence from Emerging Market Corporations
Date Posted: Feb  28, 2005
Substantial attention has been paid in recent years to the risk of maturity mismatch in emerging markets. Although this risk is microeconomic in nature, the evidence advanced thus far has taken the form of macro correlations. We evaluate this mechanism empirically at the micro level by using a database of over 3000 publicly traded firms from fifteen emerging markets. We measure the risk of short-term exposure by estimating, at the firm level, the effect on investment of the interaction of sho

Corporate Dollar Debt and Depreciations: Much Ado About Nothing?
Date Posted: Mar  20, 2003
Much has been written recently about the problems for emerging markets that might result from a mismatch between foreign-currency denominated liabilities and assets (or income flows) denominated in local currency. In particular, several models, developed in the aftermath of financial crises of the late 1990s, suggest that the expansion in the "peso" value of "dollar" liabilities resulting from a devaluation could, via a net-worth effect, offset the expansionary competitiveness effect. Assessing

Computationally Efficient Solution and Maximum Likelihood Estimation of Nonlinear Rational Expectati...
Date Posted: Mar  28, 1998
This paper presents new, computationally efficient algorithms for solution and estimation of nonlinear dynamic rational expectations models. The innovations in the algorithms are as follows: (1) The entire solution path is obtained simultaneously by taking a small number of Newton steps, using analytic derivatives, over the entire path; (2) The terminal conditions for the solution path are derived from the uniqueness and stability conditions from the linearization of the model around the terminu


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