Professor Ronald MacDonald

  • Research Professor of Macroeconomics and International Finance (Economics)

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

Biography

Ronald holds a BA (hons) from Heriot Watt University and an MA (Econ) and PhD from the University of Manchester. He is currently a Research Professor in Macroeconomics and International Finance. Prior to this he held the Bonar Macfie Chair of economics, 2005-2006, and the Adam Smith Chair of Political Economy 2006-2015, both at the University of Glasgow. From 1992 to 2004 he was Professor of International Finance at the University of Strathclyde and from 1989-91 held the Robert Fleming Chair in Finance and Investment, at the University of Dundee.

His peer reviewed papers are published in the professions’ 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 a consultant on exchange rate and currency issues to the European Commission, General Secretariat for Development Planning, Qatar, 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 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 a number of private sector institutions, including Royal Bank of Scotland (in the 1990s), Credit Suisse First Boston, Gartmore and Deutsche Morgan Grenfell. 

He has also been a visiting Professor in 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; University of Paris XIII, Paris, France.    

Since the creation of the Scottish Parliament, Ronald has been active in the debate about devolving more powers to the Parliament and has written a number of papers and a book on this topic. More recently, he has been involved in the debate surrounding the economics of an independent Scotland and contributed extensively to the Scottish Independence Referendum debate and continues to contribute to the ongoing debate on this topic: see his blog at: http://ronaldmacdonaldblog.tumblr.com.

In 2002 Ronald was elected a fellow of the Royal Society of Edinburgh and resigned that position in 2014. He is also a Research Fellow of the CESifo Research Network, Munch, and an International Fellow of the Kiel Institute of Economic Policy. He is an associate editor for six economics journals and has over 10,000 citations recorded on Google Scholar to his written work. He has raised over £2 million pounds in research Funding from bodies such as the ESRC, the European Commission and Leverhulme and he consistently ranks in the top 1% of the IDEAS/ RePec ranking of economists in the UK, Europe and in the World. Ronald was awarded an OBE in the 2015 Queens Birthday Honours list for services to Economic Policy.

 

Research interests

Ronald’s research interests span a range of topics in Macroeconomics (i.e. optimal monetary policy and the monetary transmission process; the role of FDIs, exchange rate misalignment, capital flows and corruption on economic growth; the sustainability of fiscal policy), International Finance (i.e. the determination of exchange rates and exchange rate forecasting; equilibrium exchange rate issues) and Finance (i.e. the determination of stock and bond prices and the term structure of interest rates) and he has published over 150 refereed journal articles and authored or edited over 18 books and Google scholar lists over 350 written pieces in total.

Teaching

Ronald's teaching experience at both undergraduate and postgraduate levels have been wide ranging over the years and complement his research interests. After moving to Glasgow he set up three very successful courses in Financial Economics, which have now been extended to include other finance-based courses and are provided by the Centre for Economic and Financial Studies. Most of his current teaching is in the form of PhD supervision and he has successfully supervised (as principal supervisor) over thirty PhD students.

Publications

List by: Type | Date

Jump to: 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1994 | 1992 | 1991 | 1989 | 1988 | 1986
Number of items: 76.

2015

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)

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, (Accepted for Publication)

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)

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) Exchange Rate Economics: Selected Essays. Edward Elgar: Cheltenham. ISBN 9781843761983

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)

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

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) Exchange Rate Economics: Theories and Evidence. Routledge: Abindgon. ISBN 9780415148788

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

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) 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)

2000

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

1999

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

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)

1994

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

1992

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

1991

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

1989

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

1988

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

1986

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

This list was generated on Tue Jun 30 05:39:52 2015 BST.
Number of items: 76.

Articles

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)

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, (Accepted for Publication)

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)

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)

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

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)

Books

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) Exchange Rate Economics: Selected Essays. Edward Elgar: Cheltenham. ISBN 9781843761983

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

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

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)

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

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

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

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

Edited Books

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

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

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

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

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

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

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

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

This list was generated on Tue Jun 30 05:39:52 2015 BST.