Professor Ronald MacDonald

Emeritus Professor and Honorary Senior Research Fellow (Adam Smith Business School)

email: Ronald.MacDonald@glasgow.ac.uk

College of Social Sciences, Adam Smith Business School, Gilbert Scott Building

Biography

Ronald holds a BA (Hons), with first class honours, in economics from Heriot Watt University and an MA (Econ) and PhD economics from the University of Manchester. He is currently an Honorary Senior Research Fellow and Emeritus Professor in the Adam Smith Business School. Prior to this he was a Research Professor in Macroeconomics and International Finance, 2015-2023, in the Adam Smith Business School and previously held the Adam Smith Chair of Political Economy, 2006-2015, and the Bonar Macfie Chair of Economics, 2005-2006, both at the University of Glasgow. From 1992 to 2004 he was Professor of International Finance at the University of Strathclyde, held the Robert Fleming Chair in Finance and Investment, at the University of Dundee from 1989-91, was a Lecturer and Senior Lecturer at the University of Aberdeen from 1984-1989 and was the Midland Bank Research Fellow in Monetary Economics at Loughborough University from 1982-1984.

His peer reviewed papers are published in the profession’s leading journals, including The Economic Journal, Economica, The Review of Economics and Statistics, European Economic Review, The Journal of Monetary Economics, The Journal of Money Credit and Banking, The Journal of International Money and Finance, The Journal of Banking and Finance, IMF Staff Papers, The Journal of Business, Economics and Statistics.

Ronald has acted as an advisor and consultant to a number of governments and public agencies, including the European Commission, General Secretariat for Development Planning, Qatar, the European Central Bank, the Monetary Authority of Singapore, the Reserve Bank of New Zealand, the National Audit office and the World Bank, and has also been a visiting scholar to the Deutsche Bundesbank, the Austrian Central Bank, and the Norwegian Central Bank. Additionally, he has been a visiting Scholar and Consultant to the Research Department of the IMF on 13 separate occasions, Visiting Economist to the African department of the IMF and appointed a Monetary Advisor to the IMF in 2012. He has also been a consultant to several private sector institutions, including Royal Bank of Scotland (in the 1990s), Credit Suisse First Boston, Gartmore and Deutsche Morgan Grenfell.

Reports that result from this advisory work include one for the European Commission to determine the final currency lock rates for the formation of the eurozone for the original member states of the EU. This was based on the Behavioural Equilibrium Exchange Rate (BEER) approach that Ronald co-developed with Peter Clark at the IMF and has been widely used by central banks and financial institutions to determine the fair value or equilibrium rates of exchange rates. In 1991 he was commissioned by the Board of Governors of the IMF to write a report on the advantages of so-called PPP weights, against simply using market-based currency weights, in the calculation of a country’s overall GDP value. He proposed moving from the currency weights system in place at that time to PPP weights which was accepted by the Fund and resulted in significant changes in country GDP rankings with China, for example, becoming the second largest economy in the world in terms of GDP. The results of this report generated widespread international media coverage.

Ronald has also been a visiting Professor at a number of institutions, including: Queen's University, Kingston, Canada; University of New South Wales, Sydney, Australia; University of Malta; European University Institute, Florence, Italy; University of Cergy-Pontoise, Paris, France; Zentrum fur Europaische Wirschaftsforschung, Mannheim, Germany; Centre for Economic Studies, University of Munich, Germany; University of Paris XIII, Paris, France.

He has also served as a member of the executive committee of the Scottish Doctoral Programme, Member of Council of the Scottish Economic Society, and was one of the founding directors (in macroeconomics) of the Scottish Institute for Research in Economics (SIRE), which resulted in a significant funding uplift for economics in Scotland from the Scottish Funding Council. He has acted as an expert witness to various committees of the Scottish Parliament, the House of Commons Scottish Affairs Committee and the House of Lords Economic Affairs Committee and was a leading contributor to the debates on the financing of the Scottish Parliament and on the economics of Scottish Independence and was a Fellow of the Royal Society of Edinburgh from 2002 until his resignation in 2014.

Ronald is a Research Fellow of the CESifo Research Network, University of Munich, an International Fellow of the Kiel Institute of Economic Policy, a member of the Society of Professional Economists, the Bank of England’s monetary policy roundtable and the Scottish Future Growth Council. He is also an associate editor for six economic journals and has over 18,500 citations recorded on Google Scholar of his written work. He has raised several million pounds in research funding from bodies such as the ESRC, the European Commission and Leverhulme, and he has consistently ranked in the top 1% of the IDEAS/ RePec ranking of over 50,000 economists in the world. Ronald was awarded an OBE in the 2015 Queen’s Birthday Honours list for services to Economic Policy.

Publications

List by: Type | Date

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Number of items: 227.

2023

MacDonald, R. (2023) Adam Smith and the neo-liberal paradigm: on the essential nature of trust, and rebalancing capital. National Institute Economic Review, 265, pp. 105-143. (doi: 10.1017/nie.2023.25)

Wong, D. K. T. and MacDonald, R. (2023) Identifying long-run relationships between the exchange rate, interest rates and stock prices. Applied Economics, (doi: 10.1080/00036846.2023.2198194) (Early Online Publication)

2022

MacDonald, R. (2022) The currency conundrum for an independent Scotland. National Institute Economic Review, 260, pp. 7-25. (doi: 10.1017/nie.2022.22)

2019

Bose, U., MacDonald, R. and Tsoukas, S. (2019) Policy initiatives and firms' access to external finance: evidence from a panel of emerging Asian economies. Journal of Corporate Finance, 59, pp. 162-184. (doi: 10.1016/j.jcorpfin.2016.09.008)

Cao, S., Huang, H., Liu, R. and MacDonald, R. (2019) The term structure of exchange rate predictability: commonality, scapegoat, and disagreement. Journal of International Money and Finance, 95, pp. 379-401. (doi: 10.1016/j.jimonfin.2018.03.013)

Kunkler, M. and MacDonald, R. (2019) The multilateral relationship between oil and G10 currencies. Energy Economics, 78, pp. 444-453. (doi: 10.1016/j.eneco.2018.11.026)

2018

Kunkler, M. and MacDonald, R. (2018) Decomposition of the uncovered equity parity correlation. Journal of International Financial Markets, Institutions and Money, 57, pp. 44-58. (doi: 10.1016/j.intfin.2018.04.006)

MacDonald, R. , Sogiakas, V. and Tsopanakis, A. (2018) Volatility co-movements and spillover effects within the Eurozone economies: A multivariate GARCH approach using the financial stress index. Journal of International Financial Markets, Institutions and Money, 52, pp. 17-36. (doi: 10.1016/j.intfin.2017.09.003)

2017

Bordo, M. D., Choudhri, E. U., Fazio, G. and MacDonald, R. (2017) The real exchange rate in the long run: Balassa-Samuelson effects reconsidered. Journal of International Money and Finance, 75, pp. 69-92. (doi: 10.1016/j.jimonfin.2017.03.011)

2015

Hossfeld, O. and MacDonald, R. (2015) Carry funding and safe haven currencies: A threshold regression approach. Journal of International Money and Finance, 59, pp. 185-202. (doi: 10.1016/j.jimonfin.2015.07.005)

Bose, U., MacDonald, R. and Tsoukas, S. (2015) Education and the local equity bias around the world. Journal of International Financial Markets, Institutions and Money, 39, pp. 65-88. (doi: 10.1016/j.intfin.2015.06.002)

Cerrato, M. , Kim, H. and MacDonald, R. (2015) Microstructure order flow: statistical and economic evaluation of nonlinear forecasts. Journal of International Financial Markets, Institutions and Money, 39, pp. 40-52. (doi: 10.1016/j.intfin.2015.05.010)

Kunkler, M. and MacDonald, R. (2015) Half-lives of currencies and aggregation bias. Economics Letters, 135, pp. 58-60. (doi: 10.1016/j.econlet.2015.07.030)

MacDonald, R. , Sogiakas, V. and Tsopanakis, A. (2015) An investigation of systemic stress and interdependencies within the Eurozone and Euro Area countries. Economic Modelling, 48, pp. 52-69. (doi: 10.1016/j.econmod.2014.10.023)

Brown, J. L., MacDonald, R. and Mitchell, R. (2015) Are people who participate in cultural activities more satisfied with life? Social Indicators Research, 122(1), pp. 135-146. (doi: 10.1007/s11205-014-0678-7)

2014

Zhang, G. and MacDonald, R. (2014) Real exchange rates, the trade balance and net foreign assets: long-run relationships and measures of misalignment. Open Economies Review, 25(4), pp. 635-653. (doi: 10.1007/s11079-013-9294-4)

Aron, J., MacDonald, R. and Muellbauer, J. (2014) Exchange rate pass-through in developing and emerging markets: a survey of conceptual, methodological and policy issues, and selected empirical findings. Journal of Development Studies, 50(1), pp. 101-143. (doi: 10.1080/00220388.2013.847180)

2013

Kontonikas, A., MacDonald, R. and Saggu, A. (2013) Stock market reaction to Fed funds rate surprises: state dependence and the financial crisis. Journal of Banking and Finance, 37(11), pp. 4025-4037. (doi: 10.1016/j.jbankfin.2013.06.010)

Cerrato, M. , Kim, H. and MacDonald, R. (2013) Equilibrium exchange rate determination and multiple structural changes. Journal of Empirical Finance, 22, pp. 52-66. (doi: 10.1016/j.jempfin.2013.03.001)

Cerrato, M. , Kim, H. and MacDonald, R. (2013) Nominal interest rates and stationarity. Review of Quantitative Finance and Accounting, 40(4), pp. 741-745. (doi: 10.1007/s11156-012-0296-x)

Kadow, A., Cerrato, M. , MacDonald, R. and Straetmans, S. (2013) Does the euro dominate Central and Eastern European money markets? Journal of International Money and Finance, 32, pp. 700-718. (doi: 10.1016/j.jimonfin.2012.06.004)

Byrne, J., Kortava, E. and MacDonald, R. (2013) A new approach to tests of pricing-to-market. Journal of International Money and Finance, 32(1), pp. 654-667. (doi: 10.1016/j.jimonfin.2012.06.001)

2012

Bordo, M. D. and MacDonald, R. (Eds.) (2012) Credibility and the International Monetary Regime: A Historical Perspective. Series: Studies in macroeconomic history. Cambridge University Press: Cambridge. ISBN 9780521811330

Arnold, I.J.M., MacDonald, R. and de Vries, C.G. (2012) IMF support and inter-regime exchange rate volatility. Open Economies Review, 23(1), pp. 193-211. (doi: 10.1007/s11079-011-9231-3)

Vieira, F., MacDonald, R. and Damasceno, A. (2012) The role of institutions in cross-section income and panel data growth models: a deeper investigation on the weakness and proliferation of instruments. Journal of Comparative Economics, 40(1), pp. 127-140. (doi: 10.1016/j.jce.2011.09.004)

Chen, X. and MacDonald, R. (2012) Realized and optimal monetary policy rules in an estimated Markov-switching DSGE model of the United Kingdom. Journal of Money, Credit and Banking, 44(6), pp. 1091-1116. (doi: 10.1111/j.1538-4616.2012.00524.x)

Docherty, I. and MacDonald, R. (2012) Scotland’s fiscal options: a response to Midwinter. Public Money and Management, 31(3), pp. 161-163. (doi: 10.1080/09540962.2012.676270)

Vieira, F.V. and MacDonald, R. (2012) A panel data investigation of real exchange rate misalignment and growth. Estudos Econômicos, 42(3), pp. 433-456. (doi: 10.1590/S0101-41612012000300001)

2011

Byrne, J.P., Fiess, N. and MacDonald, R. (2011) The global dimension to fiscal sustainability. Journal of Macroeconomics, 33(2), pp. 137-150. (doi: 10.1016/j.jmacro.2011.01.002)

Ali, F., Fiess, N. and MacDonald, R. (2011) Climbing to the top? Foreign direct investment and property rights. Economic Inquiry, 49(1), pp. 289-302. (doi: 10.1111/j.1465-7295.2010.00319.x)

Hallwood, P., MacDonald, R. and Marsh, I. (2011) Remilitarization and the end of the gold bloc in 1936. De Economist, 159(3), pp. 305-321. (doi: 10.1007/s10645-011-9160-y)

2010

Cerrato, M. , Kim, H. and MacDonald, R. (2010) Three-regime asymmetric STAR modeling and exchange rate reversion. Journal of Money, Credit and Banking, 42(7), pp. 1447-1467. (doi: 10.1111/j.1538-4616.2010.00349.x)

MacDonald, R. and Al Farisal, A. (Eds.) (2010) Exchange Rate Regimes and Monetary Union for the Gulf States. Edward Elgar: Cheltenham.

Ali, F.A., Fiess, N. and MacDonald, R. (2010) Do institutions matter for foreign direct investment? Open Economies Review, 21(2), pp. 201-219. (doi: 10.1007/s11079-010-9170-4)

Baharumshah, A. Z., MacDonald, R. and Mohd, S. H. (2010) Exchange rates in Singapore and Malaysia: are they driven by the same fundamentals. Malaysian Journal of Economic Studies, 47(2), pp. 123-141.

2009

Gregoriou, A., Kontonikas, A., MacDonald, R. and Montagnoli, A. (2009) Monetary policy shocks and stock returns: evidence from the British market. Financial Markets and Portfolio Management, 23(4), pp. 401-410. (doi: 10.1007/s11408-009-0113-2)

Hoffmann, M. and MacDonald, R. (2009) Real exchange rates and real interest rate differentials: a present value interpretation. European Economic Review, 53(8), pp. 952-970. (doi: 10.1016/j.euroecorev.2009.04.013)

Sandar Kyaw, K. and MacDonald, R. (2009) Capital flows and growth in developing countries: a dynamic panel data analysis. Oxford Development Studies, 37(2), pp. 101-122. (doi: 10.1080/13600810902859536)

Égert, B. and MacDonald, R. (2009) Monetary transmission mechanism in Central and Eastern Europe. Journal of Economic Surveys, 23(2), pp. 277-327. (doi: 10.1111/j.1467-6419.2008.00563.x)

Bordo, M.D., MacDonald, R. and Oliver, M.J. (2009) Sterling in crisis, 1964–1967. European Review of Economic History, 13(3), pp. 437-459. (doi: 10.1017/S1361491609990128)

Hallwood, C. P. and MacDonald, R. (2009) The Political Economy of Financing Scottish Government: Considering a new Constitutional Settlement for Scotland. Series: Studies in fiscal federalism and state-local finance. Edward Elgar: Cheltenham. ISBN 9781848440425

MacDonald, R. (2009) Equilibrium exchange rates. In: Reinert, K.A., Ramkishen, S.R., Glass, A.J. and Davis, L.S. (eds.) The Princeton Encyclopedia of the World Economy. Princeton University Press: Princeton, NJ, p. 349. ISBN 9780691128122

MacDonald, R. (2009) Exchange Rate Economics: Selected Essays. Edward Elgar: Cheltenham. ISBN 9781843761983

MacDonald, R. (2009) Exchange rate volatility. In: Reinert, K.A., Ramkishen, S.R., Glass, A.J. and Davis, L.S. (eds.) The Princeton Encyclopedia of the World Economy. Princeton University Press: Princeton, NJ, pp. 384-388. ISBN 9780691128122

MacDonald, R.A. , Gregoriou, A., Kontonikas, A. and Montagnoli, A. (2009) Monetary policy shifts and stock returns: evidence from UK panel data. In: Ellison, G.I. (ed.) Stock Returns: Cyclicity, Prediction and Economic Consequences. Series: Financial institutions and services series. Nova Science Publishers: New York, NY, pp. 201-210. ISBN 9781607414582

2008

Byrne, J.P., Darby, J. and MacDonald, R. (2008) US trade and exchange rate volatility: a real sectoral bilateral analysis. Journal of Macroeconomics, 30(1), pp. 238-259. (doi: 10.1016/j.jmacro.2006.08.002)

MacDonald, R. (2008) Three exchange rate puzzles: fact or fiction. In: Karadeloglou, P. and Terraza, V. (eds.) Exchange Rates and Macroeconomic Dynamics. Series: Applied econometrics association series. Palgrave Macmillan: Basingstoke. ISBN 9780230500624

MacDonald, R. , Fazio, G. and Melitz, J. (2008) Trade costs, trade balances and current accounts: an application of gravity to multilateral trade. Open Economies Review, 19, pp. 557-578.

MacDonald, R. and Wojick, C. (2008) Productivity, demand and regulated price effects revisited: an analysis of the real bilateral exchange rates of four new EU member states. Emerging Markets Finance and Trade, 44(3), pp. 48-65. (doi: 10.2753/REE1540-496X440304)

MacDonald, R. (2008) Special Issue: Recent Developments in International Money and Finance. Economics,

2007

Macdonald, R. and Ricci, L.A. (2007) Real exchange rates, imperfect substitutability, and imperfect competition. Journal of Macroeconomics, 29(4), pp. 639-664. (doi: 10.1016/j.jmacro.2005.11.007)

Bayoumi, T., Fazio, G., Kumar, M. and MacDonald, R. (2007) Fatal Attraction: using distance to measure contagion in good times as well as bad. Review of Financial Economics, 16(3), pp. 259-273. (doi: 10.1016/j.rfe.2007.01.001)

Beine, M., Benassy-Quere, A. and MacDonald, R. (2007) The impact of central bank intervention on exchange-rate forecast heterogeneity. Journal of the Japanese and International Economies, 21, pp. 38-63. (doi: 10.1016/j.jjie.2005.06.001)

Fazio, G., McAdam, P. and MacDonald, R. (2007) Disaggregate real exchange rate behaviour. Open Economies Review, 18, pp. 389-404. (doi: 10.1007/s11079-007-9055-3)

MacDonald, R. and Hallwood, P. (2007) The economic case for Scottish fiscal autonomy: with or without independence. In: Basque Economic Agreement and Europe: Economic Agreement, Regional Tax Regulation and State Aid. Ad Concordiam: Bilbao. ISBN 9788461203024

MacDonald, R. (2007) Exchange Rate Economics: Theories and Evidence. Routledge: Abindgon. ISBN 9780415148788

2006

Bec, F., Salem, M.B. and Macdonald, R. (2006) Real exchange rates and real interest rates: a nonlinear perspective. Recherches Economiques de Louvain, 72(2), pp. 177-194. (doi: 10.3917/rel.722.0177)

Egert, B., Halpern, L. and MacDonald, R. (2006) Equilibrium exchange rates in transition economies: Taking stock of the issues. Journal of Economic Surveys, 20, pp. 257-324.

Juselius, K. and MacDonald, R. (2006) International parity relationships and a nonstationary real exchange rate. Germany versus the US in the post Bretton Woods period. In: Morales Zumaquero, A. (ed.) International Macroeconomics: Recent Developments. Nova Science Publishers: New York, NY, pp. 79-103. ISBN 9781594549014

2005

Bordo, M.D. and Macdonald, R. (2005) Interest rate interactions in the classical gold standard, 1880-1914: was there any monetary independence? Journal of Monetary Economics, 52, pp. 307-327. (doi: 10.1016/j.jmoneco.2004.05.008)

Crespo-Cuaresma, J., Fidrmuc, J. and Macdonald, R. (2005) The monetary approach to exchange rates in the CEECs. Economics of Transition, 13(2), pp. 395-416. (doi: 10.1111/j.1468-0351.2005.00213.x)

Frömmel, M., Macdonald, R. and Menkhoff, L. (2005) Do fundamentals matter for the D-Mark/Euro-Dollar? A regime switching approach. Global Finance Journal, 15(3), pp. 321-335. (doi: 10.1016/j.gfj.2004.09.001)

Frommel, M., Macdonald, R. and Menkhoff, L. (2005) Markov switching regimes in a monetary exchange rate model. Economic Modelling, 22(3), pp. 485-502. (doi: 10.1016/j.econmod.2004.07.001)

MacDonald, R. and Hallwood, P. (2005) The economic case for fiscal federalism in Scotland. In: Coyle, D., Alexander, W. and Ashcroft, B. (eds.) New Wealth for Old Nations: Scotland's Economic Prospects. Princeton University Press: Princeton, NJ, pp. 96-116. ISBN 9780691122564

Macdonald, R. and Ricci, L.A. (2005) Exogeneity in a recent exchange rate model: A reply. South African Journal of Economics, 73(4), pp. 747-753. (doi: 10.1111/j.1813-6982.2005.00051.x)

Macdonald, R. and Ricci, L.A. (2005) The real exchange rate and the Balassa-Samuelson effect: the role of the distribution sector. Pacific Economic Review, 10(1), pp. 29-48. (doi: 10.1111/j.1468-0106.2005.00259.x)

2004

MacDonald, R. (2004) The Long-Run Real Effective Exchange Rate of Singapore: A Behavioural Approach. Project Report. Monetary Authority of Singapore.

Clark, P.B. and Macdonald, R. (2004) Filtering the BEER: A permanent and transitory decomposition. Global Finance Journal, 15(1), pp. 29-56. (doi: 10.1016/j.gfj.2003.10.005)

Juselius, K. and MacDonald, R. (2004) International parity relationships between the USA and Japan. Japan and the World Economy, 16(1), pp. 17-34. (doi: 10.1016/S0922-1425(03)00003-3)

MacDonald, R. and Hallwood, P. (2004) Allander Series: The economic case for fiscal federalism in Scotland. Working Paper. University of Strathclyde.

MacDonald, R. and Marsh, I.W. (2004) Currency spillovers and tri-polarity: A simultaneous model of the US dollar, German mark and Japanese yen. Journal of International Money and Finance, 23(1), pp. 99-111. (doi: 10.1016/j.jimonfin.2003.08.003)

MacDonald, R. and Molana, H. (2004) Can portfolio adjustments explain deviations of consumption from permanent income? An empirical study of UK data. North American Journal of Economics and Finance, 15(3), pp. 313-331. (doi: 10.1016/j.najef.2004.10.001)

MacDonald, R. and Ricci, L.A. (2004) Estimation of the equilibrium real exchange rate for South Africa. South African Journal of Economics, 72(2), pp. 282-304. (doi: 10.1111/j.1813-6982.2004.tb00113.x)

MacDonald, R. and Wojcik, C. (2004) Catching up: the role of demand, supply and regulated price effects on the real exchange rates of four accession countries. Economics of Transition, 12(1), pp. 153-179. (doi: 10.1111/j.0967-0750.2004.00175.x)

2003

Benassy-Quere, A., Larribeau, S. and Macdonald, R. (2003) Models of exchange rate expectations: how much heterogeneity? Journal of International Financial Markets, Institutions and Money, 13(2), pp. 113-136.

Bordo, M.D. and Macdonald, R. (2003) The inter-war gold exchange standard: credibility and monetary independence. Journal of International Money and Finance, 22(1), pp. 1-32. (doi: 10.1016/S0261-5606(02)00074-8)

Edison, H. and Macdonald, R. (2003) Credibility and interest rate discretion in the ERM. Open Economies Review, 14(4), pp. 351-368. (doi: 10.1023/A:1025388009519)

2002

Edison, H. and Macdonald, R. (2002) Aggregate and disaggregate measures of the foreign exchange risk premium. International Review of Economics and Finance, 11(1), pp. 57-84. (doi: 10.1016/S1059-0560(01)00096-X)

Fiess, N. and Macdonald, R. (2002) Towards the fundamentals of technical analysis: analysing the information content of high, low and close prices. Economic Modelling, 19(3), pp. 353-374. (doi: 10.1016/S0264-9993(01)00067-0)

Hallwood, C.P. and Macdonald, R. (2002) A method for indicating economic transition with an application to Albania. Eastern Economic Journal, 28(4), pp. 465-480.

Macdonald, R. (2002) Modelling the long-run real effective exchange rate of the New Zealand dollar. Australian Economic Papers, 41(4), pp. 519-537.

2001

MacDonald, R. and Cross, R. (Eds.) (2001) Central Europe towards Monetary Union: Macroeconomic Underpinnings and Financial Reputation. Kluwer Academic Publishers: Boston, MA. ISBN 9781461513858

Cushman, D.O., MacDonald, R. and Samborsky, M. (2001) The law of one price for transitional Ukraine. Economics Letters, 73(2), pp. 251-256. (doi: 10.1016/S0165-1765(01)00495-5)

Fiess, N. and Macdonald, R. (2001) The instability of the money demand function: an I(2) interpretation. Oxford Bulletin of Economics and Statistics, 63(4), pp. 475-495. (doi: 10.1111/1468-0084.00230)

MacDonald, R. (2001) Exchange rate arrangements in transitional economies. In: Schroder, M. (ed.) The New Capital Markets in Central and Eastern Europe. Springer: Berlin, pp. 67-84. ISBN 9783540415145

MacDonald, R. (2001) The role of the exchange rate in economic growth: a Euro area perspective. In: Smets, J. and Dombrecht, M. (eds.) How to Promote Economic Growth in the Euro Area. Edward Elgar: Cheltenham, pp. 185-234. ISBN 9781840646658

MacDonald, R. (2001) Some exchange rate issues for the new accession countries: comments and reflections. In: Economic Policy in the Framework of Accession to the European Union and Economic and Monetary Union. European Commission.

MacDonald, R. (2001) Transformation of external shocks and capital market integration. In: Schröder, M. (ed.) The New Capital Markets in Central and Eastern Europe. Springer: Berlin, Germany, pp. 268-283. ISBN 9783540415145

Macdonald, R. and Moore, M.J. (2001) The spot-forward relationship revisited: an ERM perspective. Journal of International Financial Markets, Institutions and Money, 11(1), pp. 29-52. (doi: 10.1016/S1042-4431(00)00034-2)

MacDonald, R. and Swagel, P. (2001) Business cycle influences on exchange rates: survey and evidence. In: World Economic Outlook 2000: Supporting Studies. Series: World Economic Outlook. International Monetary Fund: Washington DC.

2000

Paul Hallwood, C., MacDonald, R. and Marsh, I.W. (2000) Realignment expectations and the US dollar, 1890–1897: was there a ‘Peso problem’? Journal of Monetary Economics, 46(3), pp. 605-620. (doi: 10.1016/S0304-3932(00)00040-4)

Cour, L. L. and MacDonald, R. (2000) Modeling the ECU against the U.S. dollar: a structural monetary interpretation. Journal of Business and Economic Statistics, 18(4), pp. 436-450. (doi: 10.2307/1392225)

MacDonald, R. (2000) Expectations formation and risk in three financial markets: surveying what the surveys say. Journal of Economic Surveys, 14(1), pp. 69-100. (doi: 10.1111/1467-6419.00105)

MacDonald, R. (Ed.) (2000) The Economics of Exchange Rates. Routledge: London.

Hallwood, C.P. and MacDonald, R. (2000) International Money and Finance, Third Edition. Blackwell Publishing: Malden, MA. ISBN 9780631204619

Hallwood, P., MacDonald, R. and March, I. W. (2000) An assessment of the causes of the abandonment of the gold standard by the U.S. in 1933. Southern Economic Journal, 67(2), pp. 448-459. (doi: 10.2307/1061480)

MacDonald, R. (2000) Expectations formation and risk in three financial markets. In: Gardes, F. and Prat, G. (eds.) Price Expectations in Goods and Financial Markets: New Developments in Theory and Empirical Research. Edward Elgar: Cheltenham, pp. 172-212. ISBN 9781840643220

MacDonald, R. and Nagayasu, J. (2000) The long-run relationship between real exchange rates and real interest rate differentials: a panel study. IMF Staff Papers, 47(1), pp. 116-128.

1999

MacDonald, R. (1999) Exchange rate behaviour: are fundamentals important? Economic Journal, 109(459), pp. 673-691. (doi: 10.1111/1468-0297.00479)

Bayoumi, T. and MacDonald, R. (1999) Deviations of exchange rates from purchasing power parity: a story featuring two monetary unions. IMF Staff Papers, 46(1), pp. 89-102.

MacDonald, R. (1999) Asset market and balance of payments characteristics: an eclectic exchange rate model for the dollar, mark and yen. Open Economies Review, 10(1), pp. 5-29. (doi: 10.1023/A:1008382709501)

MacDonald, R. and Stein, J. L. (Eds.) (1999) Equilibrium Exchange Rates. Series: Recent economic thought series. Kluwer Academic Publishers: New York, NY. ISBN 9789401058964

Anthony, M. and MacDonald, R. (1999) The width of the band and exchange rate mean-reversion: some further ERM-based results. Journal of International Money and Finance, 18(3), pp. 411-428. (doi: 10.1016/S0261-5606(99)85004-9)

Clark, P. B. and MacDonald, R. (1999) Exchange rates and economic fundamentals: a methodological comparison of BEERS and FEERS. In: MacDonald, R. and Stein, J.L. (eds.) Equilibrium Exchange Rates. Series: Recent economic thought series, 69. Kluwer Academic Publishers, pp. 285-322. ISBN 9789401058964 (doi: 10.1007/978-94-011-4411-7_10)

Fiess, N. and MacDonald, R. (1999) Technical analysis in the foreign exchange market: a cointegration-based approach. Multinational Finance Journal, 3(3), pp. 147-172.

Husted, S. and MacDonald, R. (1999) The Asian currency crash: were badly driven fundamentals to blame? Journal of Asian Economics, 10(4), pp. 437-550. (doi: 10.1016/S1049-0078(00)00031-2)

Husted, S. and MacDonald, R. (1999) Nominal equilibrium exchange rate models: a panel perspective. In: MacDonald, R. and Stein, J.L. (eds.) Equilibrium Exchange Rates. Series: Recent economic thought series, 69. Kluwer Academic Publishers, pp. 209-240. ISBN 9789401058964 (doi: 10.1007/978-94-011-4411-7_8)

MacDonald, R. (1999) What do we really know about real exchange rates? In: MacDonald, R. and Stein, J.L. (eds.) Equilibrium Exchange Rates. Series: Recent economic thought series, 69. Kluwer Academic Publishers, pp. 19-65. ISBN 9789401058964 (doi: 10.1007/978-94-011-4411-7_2)

MacDonald, R. and Marsh, I. (1999) Exchange Rate Modelling. Series: Advanced studies in theoretical and applied econometrics, 37. Springer US. ISBN 9781441951137 (doi: 10.1007/978-1-4757-2997-9)

MacDonald, R. and Stein, J. L. (1999) Introduction: equilibrium exchange rates. In: MacDonald, R. and Stein, J.L. (eds.) Equilibrium Exchange Rates. Series: Recent economic thought series, 69. Kluwer Academic Publishers, pp. 1-17. ISBN 9789401058964 (doi: 10.1007/978-94-011-4411-7_1)

1998

Anthony, M. and MacDonald, R. (1998) On the mean-reverting properties of target zone exchange rates. European Economic Review, 42(8), pp. 1493-1523. (doi: 10.1016/S0014-2921(97)00087-1)

MacDonald, R. (1998) What determines real exchange rates? Journal of International Financial Markets, Institutions and Money, 8(2), pp. 117-153. (doi: 10.1016/S1042-4431(98)00028-6)

MacDonald, R. and Nagayasu, J. (1998) On the Japanese Yen–U.S. Dollar exchange rate: a structural econometric model based on real interest differentials. Journal of the Japanese and International Economies, 12(1), pp. 75-102. (doi: 10.1006/jjie.1997.0389)

Husted, S. and MacDonald, R. (1998) Monetary-based models of the exchange rate: a panel perspective. Journal of International Financial Markets, Institutions and Money, 8(1), pp. 1-19. (doi: 10.1016/S1042-4431(98)00021-3)

1997

Chionis, D. and MacDonald, R. (1997) Some tests of market microstructure hypotheses in the foreign exchange market. Journal of Multinational Financial Management, 7(3), pp. 203-229. (doi: 10.1016/S1042-444X(97)00015-7)

Black, A., Fraser, P. and MacDonald, R. (1997) Business conditions and speculative assets. Manchester School, 65(4), pp. 379-393. (doi: 10.1111/1467-9957.00070)

Hallwood, C.P., MacDonald, R. and Marsh, I. W. (1997) Crash! Expectational aspects of the departures of the United Kingdom and the United States from the inter-war gold standard. Explorations in Economic History, 34(2), pp. 174-194. (doi: 10.1006/exeh.1997.0668)

MacDonald, R. and Marsh, I. W. (1997) On fundamentals and exchange rates: a Casselian perspective. Review of Economics and Statistics, 79(4), pp. 655-664. (doi: 10.1162/003465397557060)

1996

MacDonald, R. and Marsh, I. W. (1996) Currency forecasters are heterogeneous: confirmation and consequences. Journal of International Money and Finance, 15(5), pp. 665-685. (doi: 10.1016/0261-5606(96)00030-7)

MacDonald, R. (1996) Long-run exchange rate modeling: a reply to Moosa. IMF Staff Papers, 43(1), pp. 455-456. (doi: 10.2307/3867405)

MacDonald, R. (1996) Panel unit root tests and real exchange rates. Economics Letters, 50(1), pp. 7-11. (doi: 10.1016/0165-1765(95)00730-X)

Hallwood, C. P., MacDonald, R. and Marsh, I. W. (1996) Credibility and fundamentals: were the classical and interwar gold standards well-behaved target zones? In: Bayoumi, T., Eichengreen, B. and Taylor, M.P. (eds.) Modern Perspectives on the Gold Standard. Cambridge University Press: Cambridge. ISBN 9780521571692

MacDonald, R. (1996) Exchange rate economics. In: Warner, M. (ed.) International Encyclopedia of Business and Management. Routledge: London. ISBN 9780415073998

MacDonald, R. and Marsh, I. W. (1996) Hétérogénéité des prévisionnistes: une exploration des anticipations sur le marché des changes. Economie et Prevision, 125(4), pp. 109-115. (doi: 10.3406/ecop.1996.5813)

MacDonald, R. and Moore, M.J. (1996) Long-run purchasing power parity and structural change. Economie Appliquee, 49, pp. 11-48.

1995

Bayoumi, T. and MacDonald, R. (1995) Consumption, income, and international capital market integration. IMF Staff Papers, 42(3), pp. 552-576. (doi: 10.2307/3867532)

MacDonald, R. (1995) Long-run exchange rate modeling: a survey of the recent evidence. IMF Staff Papers, 42(3), p. 437. (doi: 10.2307/3867529)

Chrystal, K.A. and MacDonald, R. (1995) Exchange rates, financial innovation and divisia money: the sterling/dollar rate 1972–1990. Journal of International Money and Finance, 14(4), pp. 493-513. (doi: 10.1016/0261-5606(95)00018-A)

MacDonald, R. and Power, D. (1995) Stock prices, dividends and retention: long-run relationships and short-run dynamics. Journal of Empirical Finance, 2(2), pp. 135-151. (doi: 10.1016/0927-5398(94)00014-8)

1994

MacDonald, R. and Taylor, M. P. (1994) The monetary model of the exchange rate: long-run relationships, short-run dynamics and how to beat a random walk. Journal of International Money and Finance, 13(3), pp. 276-290. (doi: 10.1016/0261-5606(94)90029-9)

MacDonald, R. and Marsh, I. W. (1994) Combining exchange rate forecasts: what is the optimal consensus measure? International Journal of Forecasting, 13(3), pp. 313-332. (doi: 10.1002/for.3980130306)

Chrystal, K. A. and MacDonald, R. (1994) Empirical evidence on the recent behaviour and usefulness of simple sum and weighted measures of the money stock. Federal Reserve Bank of St. Louis Review, 76, pp. 73-109.

Hallwood, C.P. and MacDonald, R. (1994) International Money and Finance, Second Edition. Blackwell Publishers Ltd.: Oxford. ISBN 9780631181514

MacDonald, R. (1994) Monetary and portfolio balance models: which does the empirical evidence support? In: Pikoulakis, E. (ed.) Open Economy Macroeconomics. MacMillan.

MacDonald, R. and MacMillan, P. (1994) On the expectations view of the term structure, term premia and survey-based expectations. Economic Journal, 104(426), pp. 1070-1086. (doi: 10.2307/2235065)

MacDonald, R. and Marsh, I. W. (1994) The efficiency of spot and futures stock indices: a survey based perspective. Review of Futures Markets, 12, pp. 431-454.

MacDonald, R. and Marsh, I. W. (1994) On long- and short-run purchasing power parity. In: Kaehler, J. and Kugler, P. (eds.) Econometric Analysis of Financial Markets. Series: Studies in empirical economics. Physica-Verlag HD, pp. 23-46. ISBN 9783642486685 (doi: 10.1007/978-3-642-48666-1_3)

MacDonald, R. and Power, D. M. (1994) An alternative test of stock market efficiency: an analysis of UK share price data. British Review of Economic Issues, 16(38), pp. 33-53.

MacDonald, R. and Taylor, M. P. (1994) Reexamining the monetary approach to the exchange rate: the dollar-franc, 1976—90. Applied Financial Economics, 4(6), pp. 423-430. (doi: 10.1080/758518674)

1993

MacDonald, R. (1993) Long-run purchasing power parity: is it for real? Review of Economics and Statistics, 75(4), pp. 690-695. (doi: 10.2307/2110023)

MacDonald, R. and Taylor, M. P. (1993) The monetary approach to the exchange rate: rational expectations, long-run equilibrium, and forecasting. IMF Staff Papers, 40(1), pp. 89-107. (doi: 10.2307/3867378)

MacDonald, R. and Taylor, M. P. (1993) Regional house prices in britain: long-run relationships and short-run dynamics. Scottish Journal of Political Economy, 40(1), pp. 43-55. (doi: 10.1111/j.1467-9485.1993.tb00636.x)

Fraser, P. and MacDonald, R. (1993) The efficiency of CAC stock price forecasts: a survey based perspective. Revue Economique, 44(5), pp. 991-1000.

MacDonald, R. and Power, D.M. (1993) Persistence in UK share returns: some evidence from disaggregated data. Applied Financial Economics, 3(1), pp. 27-38. (doi: 10.1080/758527814)

MacDonald, R. (1993) Stock prices, efficiency and cointegration: the case of the UK. International Review of Economics and Finance, 2(3), pp. 251-265. (doi: 10.1016/1059-0560(93)90003-9)

MacDonald, R. and Fraser, P. (1993) European excess stock returns and capital market integration: an empirical perspective. In: Masson, P. R. and Taylor, M. P. (eds.) Policy Issues in the Operation of Currency Unions. Cambridge University Press: Cambridge, pp. 163-211. ISBN 9780521434553

MacDonald, R. and Marsh, I. W. (1993) On the efficiency of oil price forecasts. Applied Financial Economics, 3(4), pp. 293-302. (doi: 10.1080/758534940)

1992

MacDonald, R. (1992) Exchange rate survey data: a disaggregated g-7 perspective. Manchester School, 60(S1), pp. 47-62.

MacDonald, R. and Taylor, M. P. (1992) A stable US money demand function, 1874–1975. Economics Letters, 39(2), pp. 191-198. (doi: 10.1016/0165-1765(92)90289-B)

MacDonald, R. and Taylor, M. P. (1992) Exchange rate economics: a survey. IMF Staff Papers, 39(1), pp. 1-57. (doi: 10.2307/3867200)

MacDonald, R. and Taylor, M.P. (Eds.) (1992) The Economics of Exchange Rates, Volumes 1 and 2. Edward Elgar: Aldershot.

MacDonald, R. (1992) Currency movements, country preferences and exchange rate forecasting. In: Asset Classes for a Changing World: Papers Presented at a Conference, Edinburgh, 2nd June 1992. Series: Hume occasional paper (36). David Hume Institute: Edinburgh. ISBN 9781870482325

MacDonald, R. and Murphy, P.D. (1992) Employment in manufacturing: a long‐run relationship and short‐run dynamics. Journal of Economic Studies, 19(5), pp. 3-18. (doi: 10.1108/01443589210024809)

MacDonald, R. and Taylor, M.P. (1992) Persistence in stock market returns: estimates using a weekly data base. Journal of Business Finance and Accounting, 19, pp. 23-31.

MacDonald, R. (1992) Floating exchange rates. In: Eatwell, J., Milgate, M. and Newman, P. (eds.) The New Palgrave Dictionary of Money and Finance. Macmillan: London. ISBN 9781561590414

MacDonald, R. (1992) International financial stability. In: Eatwell, J., Milgate, M. and Newman, P. (eds.) The New Palgrave Dictionary of Money and Finance. Macmillan: London. ISBN 9781561590414

MacDonald, R. (1992) Some tests of the government's intertemporal budget constraint using US data. Applied Economics, 24(12), pp. 1287-1292. (doi: 10.1080/00036849200000087)

MacDonald, R. and Fraser, P. (1992) Spot and forward metals prices: efficiency and time series properties. Review of Futures Markets, 11(1), pp. 24-34.

1991

MacDonald, R. and Taylor, M. P. (1991) The monetary approach to the exchange rate. Economics Letters, 37(2), pp. 179-185. (doi: 10.1016/0165-1765(91)90128-8)

Kearney, C. and MacDonald, R. (1991) Efficiency in the forward foreign exchange market: weekly tests of the Australian/US dollar exchange rate January 1984-March 1987. Economic Record, 67(3), pp. 237-242. (doi: 10.1111/j.1475-4932.1991.tb02550.x)

MacDonald, R. and Taylor, M.P. (1991) Risk, efficiency and speculation in the 1920s foreign exchange market: an overlapping data analysis. Weltwirtschaftliches Archiv, 127(3), pp. 500-523. (doi: 10.1007/BF02707733)

MacDonald, R. and Taylor, M. P. (1991) Exchange rates, policy convergence, and the European monetary system. Review of Economics and Statistics, 73(3), pp. 553-558. (doi: 10.2307/2109585)

MacDonald, R. and Kearney, C.P. (Eds.) (1991) Recent Developments in Australian Monetary Economics. Longman Cheshire: Melbourne.

MacDonald, R. (1991) The economics of exchange rates. In: Kearney, C. and MacDonald, R. (eds.) Recent Developments in Australian Monetary Economics. Longman Cheshire: Melbourne.

MacDonald, R. and Kearney, C. (1991) The Australian foreign exchange market: efficiency tests utilizing daily data. In: Kearney, C. and MacDonald, R. (eds.) Recent Developments in Australian Monetary Economics. Longman Cheshire: Melbourne.

MacDonald, R. and Power, D. (1991) Persistence in UK stock market returns: aggregated and disaggregated perspectives. In: Taylor, M. P. (ed.) Money and Financial Markets. Basil Blackwell Ltd: Oxford, pp. 277-296. ISBN 0631179828

MacDonald, R. and Taylor, M.P. (1991) Exchange rate economics. In: Green, C. J. and Llewellyn, D. T. (eds.) Surveys in Monetary Economics, Volume 1: Monetary Theory and Policy. Blackwell: Oxford. ISBN 9780631178477

MacDonald, R. and Milbourne, R. (1991) Recent developments in monetary theory. In: Greenaway, D., Bleaney, M. and Stewart, I. (eds.) Companion to Contemporary Economic Thought. Series: Routledge reference. Routledge: London. ISBN 0415026121

MacDonald, R. and Speight, A. E.H. (1991) The term structure of interest rates under rational expectations: some international evidence. Applied Financial Economics, 1(4), pp. 211-221. (doi: 10.1080/758522005)

1990

MacDonald, R. and Speight, A.E.H. (1990) The intertemporal government budget constraint in the U.K., 1961-1986. Manchester School, 58(4), pp. 329-347. (doi: 10.1111/j.1467-9957.1990.tb00426.x)

MacDonald, R. and Speight, A.E.H. (1990) Savings and rational expectations: a correction and further observations. Economic Journal, 100(403), pp. 1277-1279.

MacDonald, R. (1990) Are foreign exchange market forecasters 'rational'?: some survey-based tests. Manchester School, 58(3), pp. 229-241. (doi: 10.1111/j.1467-9957.1990.tb00420.x)

MacDonald, R. and Torrance, T. S. (1990) Expectations formation and risk in four foreign exchange markets. Oxford Economic Papers, 42(3), pp. 544-561.

Kearney, C. and MacDonald, R. (1990) Rational expectations, bubbles and monetary models of the exchange rate: the Australian/US dollar rate during the recent float. Australian Economic Papers, 29(54), pp. 1-20. (doi: 10.1111/j.1467-8454.1990.tb00467.x)

MacDonald, R. and Kearney, C. (1990) Consumption, cointegration and rational expectations: some australian evidence. Australian Economic Papers, 29(54), pp. 40-52. (doi: 10.1111/j.1467-8454.1990.tb00470.x)

MacDonald, R. and Taylor, M. P. (1990) The term structure of forward foreign exchange premia: the inter-war experience. Manchester School, 58(1), pp. 54-65. (doi: 10.1111/j.1467-9957.1990.tb00408.x)

MacDonald, R. (1990) Exchange rate economics: an empirical perspective. In: Bird, G. (ed.) The International Financial Regime. Academic Press.

MacDonald, R. and Speight, A.E.H. (1990) Government consumption and the rational expectations hypothesis. Public Finance, 44, pp. 419-436.

MacDonald, R. and Taylor, M.P. (1990) The economics of exchange rates, an introduction. In: MacDonald, R. and Taylor, M.P. (eds.) The Economics of Exchange Rates. Edward Elgar: Aldershot.

MacDonald, R. and Taylor, M.P. (1990) Private behaviour and government policy in interdependent economies. In: Courakis, A.S. and Taylor, M.P. (eds.) Private Behaviour and Government Policy in Interdependent Economies. Clarendon Press: Oxford. ISBN 9780198283508

McAvinchey, I. D. and MacDonald, R. (1990) Some specification tests of uncovered interest parity. Recherches Economiques de Louvain, 56(1), pp. 61-78.

1989

Kearney, C., MacDonald, R. and Hillier, J. (1989) The efficiency of the market for bank accepted bills. Economic Record, 65(3), pp. 225-233. (doi: 10.1111/j.1475-4932.1989.tb00931.x)

MacDonald, R. and Speight, A. E.H. (1989) Consumption, saving and rational expectations: some further evidence for the U.K. Economic Journal, 99(394), pp. 83-91. (doi: 10.2307/2234205)

MacDonald, R. and Taylor, M. P. (Eds.) (1989) Exchange Rates and Open Economy Macroeconomics. Basil Blackwell: Oxford. ISBN 9780631162384

MacDonald, R. and Murphy, P.D. (1989) Testing for the long run relationship between nominal interest rates and inflation using cointegration techniques. Applied Economics, 21(4), pp. 439-447. (doi: 10.1080/758519711)

MacDonald, R. and Taylor, M.P. (1989) Empirical exchange rate economics: an expositary survey. In: MacDonald, R. and Taylor, M.P. (eds.) Exchange Rates and Open Economy Macroeconomics. Basil Blackwell: Oxford.

MacDonald, R. and Taylor, M.P. (1989) International parity condition. Greek Economic Review, 11, pp. 257-290.

MacDonald, R. and Torrance, T.S. (1989) Some survey based tests of uncovered interest parity. In: MacDonald, R. and Taylor, M.P. (eds.) Exchange Rates and Open Economy Macroeconomics. Basil Blackwell: Oxford.

MacDonald, R. and Taylor, M. P. (1989) Foreign exchange market efficiency and cointegration. Economics Letters, 29(1), pp. 63-68. (doi: 10.1016/0165-1765(89)90174-2)

MacDonald, R. and Taylor, M. P. (1989) Rational expectations, risk and efficiency in the London Metal Exchange: an empirical analysis. Applied Economics, 21(2), pp. 143-153. (doi: 10.1080/773142466)

Speight, A. E.H. and MacDonald, R. (1989) Does the public sector obey the rational expectations—permanent income hypothesis? A multi–country study of the time series properties of government expenditures. Applied Economics, 21(9), pp. 1257-1266. (doi: 10.1080/758520665)

1988

Kearney, C. and MacDonald, R. (1988) Assets markets, the current account and exchange rate determination: an empirical model of the sterling/dollar rate 1973–1983. Australian Economic Papers, 27(51), pp. 213-232. (doi: 10.1111/j.1467-8454.1988.tb00681.x)

MacDonald, R. and Torrance, T. S. (1988) Monetary policy and the real interest rate: some U.K. evidence. Scottish Journal of Political Economy, 35(4), pp. 361-371. (doi: 10.1111/j.1467-9485.1988.tb01061.x)

MacDonald, R. and Speight, A. E. H. (1988) The term structure of interest rates in the UK. Bulletin of Economic Research, 40(4), pp. 287-300. (doi: 10.1111/j.1467-8586.1988.tb00272.x)

MacDonald, R. (1988) Purchasing power parity: some 'long run' evidence from the recent float. De Economist, 136(2), pp. 239-252. (doi: 10.1007/BF01238623)

MacDonald, R. and Taylor, M. (1988) Metals prices, efficiency and cointegration: some evidence from the london metal exchange. Bulletin of Economic Research, 40(3), pp. 235-240. (doi: 10.1111/j.1467-8586.1988.tb00268.x)

MacDonald, R. and Torrance, T.S. (1988) On risk, rationality and excessive speculation in the deutschmark-us dollar exchange market: some evidence using survey data. Oxford Bulletin of Economics and Statistics, 50(2), pp. 107-123. (doi: 10.1111/j.1468-0084.1988.mp50002001.x)

MacDonald, R. and Torrance, T.S. (1988) Exchange rates and the 'news': some evidence using U.K. survey data. Manchester School, 56(1), pp. 69-76. (doi: 10.1111/j.1467-9957.1988.tb01319.x)

MacDonald, R. and Taylor, M. P. (1988) Testing rational expectations and efficiency in the London metal exchange. Oxford Bulletin of Economics and Statistics, 50(1), pp. 41-52. (doi: 10.1111/j.1468-0084.1988.mp50001003.x)

MacDonald, R. and Torrance, T.S. (1988) Covered interest parity and UK monetary 'news'. Economics Letters, 26(1), pp. 53-56. (doi: 10.1016/0165-1765(88)90051-1)

MacDonald, R. (1988) Empirical Studies of exchange rate determination. In: Llewellyn, D.T. and Milner, C.R. (eds.) Current Issues in International Money. Macmillan.

MacDonald, R. (1988) Floating Exchange Rates: Theories and Evidence. Unwin Hyman: London. ISBN 9780043381342

1987

MacDonald, R. and Torrance, T.S. (1987) £M3 surprises and asset prices. Economica, 54(216), pp. 505-515. (doi: 10.2307/2554184)

MacDonald, R. and Peel, D.A. (1987) Consumer expenditure, the demand for money, and the Hall hypothesis. Empirical Economics, 12(1), pp. 3-17. (doi: 10.1007/BF01973000)

MacDonald, R. (1987) The demand for international reserves in a regime of floating exchange rates: some empirical evidence. Economics Letters, 23(2), pp. 189-192. (doi: 10.1016/0165-1765(87)90037-1)

MacDonald, R. and Kearney, C. (1987) On the specification of granger-causality tests using the cointegration methodology. Economics Letters, 25(2), pp. 149-153. (doi: 10.1016/0165-1765(87)90052-8)

MacDonald, R. and Ta, G. (1987) The Singapore dollar: tests of the efficient markets hypothesis and the role of 'news'. Applied Economics, 19(5), pp. 569-579. (doi: 10.1080/00036848700000024)

McAvinchey, I.D. and MacDonald, R. (1987) The efficiency of the forward exchange market. Economics Letters, 25(1), pp. 71-74. (doi: 10.1016/0165-1765(87)90017-6)

1986

Kearney, C. and MacDonald, R. (1986) A structural portfolio balance model of the Sterling-Dollar exchange rate. Weltwirtschaftliches Archiv, 122(3), pp. 478-496. (doi: 10.1007/BF02707375)

Kearney, C. and MacDonald, R. (1986) Intervention and sterilisation under floating exchange rates: the UK 1973–1983. European Economic Review, 30(2), pp. 345-364. (doi: 10.1016/0014-2921(86)90048-6)

MacDonald, R. and Young, R. (1986) Decision rules, expectations and efficiency in two foreign exchange markets. De Economist, 134(1), pp. 42-60. (doi: 10.1007/BF01705901)

MacDonald, R. and Peel, D.A. (1986) On lagged adjustment, permanent income, expectations formation and the demand for money. Oxford Bulletin of Economics and Statistics, 48(1), pp. 61-72. (doi: 10.1111/j.1468-0084.1986.mp48001004.x)

Hallwood, P., MacDonald, R. and Shaw, R. (1986) International Money: Theory Evidence and Institutions. Basil Blackwell: Oxford. ISBN 9780631144465

MacDonald, R. and Peel, D.A. (1986) The velocity of money and the random walk hypothesis. Economics Letters, 20(1), pp. 63-66. (doi: 10.1016/0165-1765(86)90082-0)

1985

MacDonald, R. (1985) Are deviations from purchasing power parity efficient? Some further answers. Weltwirtschaftliches Archiv, 121(4), pp. 638-645. (doi: 10.1007/BF02705870)

MacDonald, R. (1985) Buffer stocks, exchange rates and deviations from purchasing power parity. Empirical Economics, 10(3), pp. 163-175. (doi: 10.1007/BF01979486)

MacDonald, R. (1985) The norman conquest of $4.86 and the asset approach to the exchange rate. Journal of International Money and Finance, 4(3), pp. 373-387. (doi: 10.1016/0261-5606(85)90016-6)

MacDonald, R. and David, A. P. (1985) Involuntary saving, unanticipated inflation and the rationality of expectations formation: some empirical evidence. Weltwirtschaftliches Archiv, 121(3), pp. 553-559. (doi: 10.1007/BF02708190)

Kearney, C. and MacDonald, R. (1985) Public sector borrowing, the money supply and interest rates. Oxford Bulletin of Economics and Statistics, 47(3), pp. 249-273. (doi: 10.1111/j.1468-0084.1985.mp47003005.x)

Kearney, C. and MacDonald, R. (1985) Asset markets and the exchange rate: a structural model of the Sterling‐Dollar rate 1972–1982. Journal of Economic Studies, 12(3), pp. 3-20. (doi: 10.1108/eb002597)

MacDonald, R. (1985) Do deviations of the real effective exchange rate follow a random walk? Economic Notes, pp. 63-70.

MacDonald, R. (1985) 'News' and the 1920's experience with floating exchange rates. Economics Letters, 17(4), pp. 379-383. (doi: 10.1016/0165-1765(85)90263-0)

1984

MacDonald, R. (1984) The monetary approach to the exchange rate and the 1920s' experience with floating exchange rates. Journal of Economic Studies, 11(3), pp. 14-25. (doi: 10.1108/eb002580)

MacDonald, R. (1984) The monetary approach to the exchange rate revisited. Applied Economics, 16(5), pp. 771-782. (doi: 10.1080/00036848400000026)

1983

MacDonald, R. (1983) Tests of efficiency and the impact of 'news' in three foreign exchange markets: the experience of the 1920's. Bulletin of Economic Research, 35(2), pp. 123-144. (doi: 10.1111/j.1467-8586.1983.tb00451.x)

MacDonald, R. (1983) Some tests of the rational expectations hypothesis in the foreign exchange market. Scottish Journal of Political Economy, 30(3), pp. 235-250. (doi: 10.1111/j.1467-9485.1983.tb01016.x)

MacDonald, R. and Peel, D.A. (1983) The life cycle hypothesis and rational expectations: some further empirical results. Recherches Economiques de Louvain, 49(4), pp. 381-390.

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