Professor Ronald MacDonald

  • Professor - Adam Smith Chair of Political Economy (Economics)

telephone: 01413301988
email: Ronald.MacDonald@glasgow.ac.uk

Biography

Ronald joined Economics at Glasgow in January 2005, following thirteen years as Professor of International Finance at the University of Strathclyde. He holds a BA with first class honours in Economics from Heriot-Watt University and an MA and PhD in Economics from the University of Manchester. The main focus of his PhD was currency and exchange rate issues in both a theoretical and empirical context. The currency aspect of his academic work has continued during his career and he has published 92 articles on this topic in peer-reviewed journals, including the profession’s top macroeconomics journal, the Journal of Monetary Economics. He has also published 11 books on currency and exchange rate issues.

Outwith the exchange rate theme Ronald has a wide range of interests in the general areas of macroeconomics and international finance, has published over 150 articles in peer-reviewed journals, authored or edited over 18 books and has 340 papers listed on Google Scholar. For example, he has written on the role of FDI, capital flows and corruption on economic growth; optimal monetary policy and the monetary transmission mechanism; the sustainability of fiscal policy; the determination of stock prices and the term structure of interest rates and, most recently, he has co-authored a paper on the effect of heritage sites on well being.

Ronald’s work on exchange rate modelling has been influential beyond the academic literature for both practitioners and policy makers. For example, his behavioural equilibrium exchange rate (BEER) approach, developed jointly with Peter Clark at the IMF, has been widely used by central banks and the wider financial community to assess the appropriate rate at which currencies should be fixed and the implied degree of misalignment of major currencies. Also the currency forecasting work he has been involved in is widely used in private sector companies.

Ronald MacDonald has acted as a consultant on exchange rate issues to the European Central bank, the Monetary Authority of Singapore and the Reserve Bank of New Zealand 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 consultant and visiting scholar at the IMF on 14 separate occasions and has presented his five-day course on the economics of exchange rates on seven separate occasions at the IMF Institute (this course has also been delivered in a range of central banks and PhD programmes). In addition, he has acted as a consultant to many organisations including the European Commission (and was a co-author of the report which used the BEER approach to determine the appropriate exchange rate values for the euro zone), private sector financial institutions and government agencies around the world.

Ronald has been visiting professor at the European University Institute Florence on two occasions, Queens University Kingston, Ontario, the University of New South Wales, the University of Cergy Pontoise and the Centre for Economic Studies, Munich.

Ronald has over 10,000 citations recorded on Google Scholar and has consistently been ranked in the top one per cent of economists in the world in the IDEAS/RePEc ranking. He is also a Research Fellow of the CESifo Research Network Munich and an International Fellow of the Kiel Institute of Economics. He is an associate editor for six economics journals.

Since the creation of a parliament in Scotland, Ronald has been active in the debate about devolving more powers to the Scottish Parliament and has written a number of papers on this topic. More recently has been involved in the economics of an independent Scotland in the context of the independence referendum debate. See his blog on the latter at: http://ronaldmacdonaldblog.tumblr.com/  and his personal web site: http://ronaldrmacdonald.wix.com/ronaldmacdonald

Research interests

Areas of expertise:

  • Currency regimes
  • Equilibrium exchange rates 
  • Asset price determination    
  • Monetary transmission issues     
  • Determinants of economic growth

Grants

Regimes of the Inter-National Monetary System* ESRC, 1996-1998, £68,000

The Impact of Exchange Rate Volatility on Domestic Investment* EC, DGII, 1997, £15,000.

Divisia and Time Varying  Financial Variables in  the UK Economy* The Leverhulme Trust, 1997, £24,580.   

The impact of exchange rate  Volatility on domestic Investment*  EU, DGII, 1998, £15,000.

The New Capital Markets in Central and Eastern Europe* ECMI, 1999, Ecu100,000.

Macreoconomics, Financial  Linkages and the Regions Programme of SIRE* SFC, 2007, £1.79million.

Postdoctoral award. ESRC, 2009, £110,000.

Supervision

Current PhD students

Marzieh Asaadi
Thesis title: Term structure of interest rate modelling and monetary policy analyzing: a macro-finance approach
Co-supervisor: Dr Joe Byrne

Vlad-Victor Barnaure
Thesis title: Essays on open-economy macroeconomics in emerging Europe
Co-supervisor: Dr Joe Byrne

Udichibarna Bose
Thesis title: Home bias in international portfolios: comparative study of developed and emerging market economies
Co-supervisor: Dr Serafeim Tsoukas

Huichou Huang
Thesis title: Exchange rate dynamics: macro puzzles, micro empirics, meso theory and meta information
Co-supervisor: Professor Mario Cerrato

Ekaterina Kortava 
Thesis title: Destination country’s currency pegging and exporters’ price-setting behaviour: a non-linear approach
Co-supervisor: Dr Joe Byrne

Xuxin Mao
Thesis title: Intervention and sentiment in the FOREX markets
Co-supervisor: Dr Joe Byrne

Aman Saggu 
Thesis title: Exchange rate dynamics and efficiency during financial crises 
Co-supervisor: Dr Alexandros Kontonikas

Andreas Tsopanakis 
Thesis title: Modelling and forecasting currency and financial crises 
Co-supervisor: Professor Mario Cerrato

Kai Tim Wong
Thesis title: The contemporaneous and inter-temporal relationship of real exchange rate and real interest rate differential
Co-supervisor: Dr Serafeim Tsoukas

Sisir Ramanan

Thesis title: Monetary polcy and financial stability.
Co-supervisor: Dr Joseph Byrne

Teaching

Postgraduate: Teaching is focussed on PhD supervision. Up to 12 PhD students supervised at any one time usually split as 6 first supervisor and 6 as second supervisor. 27 successful PhD supervisions in total, 4 successful PhD completions in the last year and 1 MPhil completion in the last year.

Publications

List by: Type | Date

Jump to: 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001
Number of items: 58.

2015

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

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

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

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)

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)

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)

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., 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)

2007

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. (2007) Fatal Attraction: Using Distance to Measure Contagion in Good Times as Well as Bad. Review of Financial Economics, 16(3). pp. 259-273.

Macdonald, R. (2007) Real Exchange Rates, Imperfect Substitutability, and Imperfect Competition. Journal of Macroeconomics, 29(4). pp. 639-664.

2006

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.

Macdonald, R. (2006) Real Exchange Rates and Real Interest Rates: A Nonlinear Perspective. Recherches Economiques de Louvain: Louvain Economic, 72(2). pp. 177-194.

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)

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)

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)

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

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 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

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) 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. (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 Publishing: Cheltenham, UK, pp. 185-234. ISBN 9781840646658

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)

This list was generated on Fri Feb 27 07:24:18 2015 GMT.
Number of items: 58.

Articles

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

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

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)

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)

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)

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)

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)

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)

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)

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., 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)

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. (2007) Fatal Attraction: Using Distance to Measure Contagion in Good Times as Well as Bad. Review of Financial Economics, 16(3). pp. 259-273.

Macdonald, R. (2007) Real Exchange Rates, Imperfect Substitutability, and Imperfect Competition. Journal of Macroeconomics, 29(4). pp. 639-664.

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.

Macdonald, R. (2006) Real Exchange Rates and Real Interest Rates: A Nonlinear Perspective. Recherches Economiques de Louvain: Louvain Economic, 72(2). pp. 177-194.

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)

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)

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)

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)

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 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)

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)

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.

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., 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)

Book Sections

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) 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. (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 Publishing: Cheltenham, UK, pp. 185-234. ISBN 9781840646658

This list was generated on Fri Feb 27 07:24:18 2015 GMT.