Ronald MacDonald (economist)
Encyclopedia
Ronald MacDonald is a Scottish
economist
specialising in applied exchange rate analysis through econometric
techniques. He is currently the Adam Smith Professor of Political Economy at the Adam Smith School of Economics and Finance (University of Glasgow)
in the University of Glasgow
.
, M.A. (Econ) and Ph.D. from the University of Manchester
. He has previously held positions in the University of Dundee
, Professor of International Finance at the University of Strathclyde
from 1992 (formerly Professor of International Macroeconomics), and currently Adam Smith Professor of Political Economy at the School of Economics and Finance in the University of Glasgow
from January 2005 to present.
He has been a visiting Professor at the University of New South Wales, Australia, Queen's University, Canada, European University Institute, Florence, University of Cergy-Pontoise, Paris, ZEW, Mannheim, and Centre for Economic Studies, Munich.
(1978 to 1979) MA in Economics at the University of Manchester
(1979 to 1982) PhD in Economics at the University of Manchester
(1982 to 1984) Midland Bank Fellow in Monetary Economics at Loughborough University
(1982 to 1984) Lecturer and Senior Lecturer at the University of Aberdeen
(1984 to 1989) Robert Fleming Professor of Finance and Investment at the University of Aberdeen
(1989 to 1992) Professor of International Finance at the University of Dundee
(1992 to 2004) Professor of International Finance at the University of Strathclyde
, formerly Professor of International Macroeconomics
(2004 to Present) Adam Smith Professor of Political Economy at the Adam Smith School of Economics and Finance in the University of Glasgow
With a wide range of interests focused around exchange rates through to macroeconomics and international finance, he has published over 130 articles in peer-reviewed journals and authored or edited over 15 books.
, an International Fellow at the Kiehl Institute of Economics, and Research Fellow of the CESifo Research Network Munich.
Since 1996 he has been involved in successful Research Grant applications totalling over £400,000.
at the International Monetary Fund
, has been widely applied by central banks and financial researchers to assess the extent of mis-alignment between major world currencies. In terms of policy-based research, he has proposed phasing out the Barnett Formula
in favour of fiscal autonomy in the Scottish Parliament
.
on fourteen separate occasions, and has presented his famous five day courses on the ‘Economics of Exchange Rates’ at the International Monetary Fund
Institute. He has furthermore acted as consultant to a wide range of Central Banks, International Banks, and other financial institutions and private sector industry, including
European Commission
and the European Central Bank
.
‘Innovation, entrepreneurship and economic growth: a benchmarking study of Greece within the European Union’
Alexander Kadow (Sep 07 to Present)
'Monetary and real aspects of European integration'
Aman Saggu (Sep 09 to Present)
‘Asset Price Dynamics and the Monetary Policy Transmission Mechanism’
previously ‘Exchange rate Dynamics and Efficiency during Financial Crises’
Andreas Tsopanakis (Sep 09 to Present)
'Modelling and forecasting currency and financial crises'
Man Luo (Sep 07 to Present)
'Foreign exchange market microstructure in developing economies'
Ekaterina Kortava (Sep 09 to Present)
'Destination country’s currency pegging and exporters’ price-setting behaviour: a non-linear approach'
Vlad-Victor Barnaure (Sep 09 to Present)
'Equilibrium exchange rate models in transition economies'
Jilei Huang (Sep 06 to Present)
'Monetary and fiscal policy analysis in the New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) models'
John Ebireri (08 to Present)
'The importance of bank market structure for industrial development in developing countries'
Jubril Lawal (Sep 06 to Present)
'The marginal product of capital'
Mark Joy (Oct 05 to Present)
'Exchange-rate policy and misalignment: an investigation into sources of exchange-rate fluctuations and common policy responses'
Muhammad Akram Gilal (Dec 07 to Present)
'Exchange market pressure and monetary policy. a case study of Pakistan'
Muhammad Tariq Majeed (Unknown to Present)
'Corruption and income inequalities: theory and evidence'
Qais Al Yahyaei (Mar 08 to Present)
'Is it possible for the Gulf Cooperation Council (GCC) countries to de-peg their currencies from the US dollar?'
Sohail Farooq (Feb 08 to Present)
'Assessing Foreign Aid'
Xiaoyan Cheng (Oct 07 to Present)
'The impact of monetary policy on firms' short-term and long-term debt'
'Open Issues in Financial Economics'
Fathi Ali (Jan 06 to Jan 10)
'Essays on foreign direct investment, institutions and economic growth'
Matteo Modena (Unknown to Jan 10)
'Empirical Essays in Macroeconomics and Finance'
MacDonald, R., and Taylor, M.P. (1989). Exchange Rates and Open Economy Macroeconomics.
MacDonald, R., and Taylor, M.P. (1992). Exchange Rate Economics. Published by the LSE Centre for Labour Economics.
MacDonald, R. (1995). Long-Run Exchange Rate Modelling: A Survey of the Recent Evidence. Published by the International Monetary Fund Research Department.
MacDonald, R., and Pikoulakis, E. (1995). International Macroeconomics.
MacDonald, R. (1997). Expectations Formation and Risk in Three Financial Markets: Surveying What the Surveys Say.
MacDonald, R., and Chionis, D. (1997). Aggegate and Disaggregate Measures of the Foreign Exchange Risk Premium.
MacDonald, R., and Myrvin, A. (1997). On the Mean-Reverting Properties of Target Zone Exchange Rates: Some Evidence from the ERM.
MacDonald, R., and La Cour, L. (1997). Modelling the ECU Against the Dollar: A Structural Monetary Interpretation.
MacDonald, R., and Stein, J.L. (1999). Equilibrium Exchange Rates. Published by Springer.
MacDonald, R., and Marsh. (1999). Exchange Rate Modelling. Published by Springer
MacDonald, R., and Hallwood, C.P. (2000). International Money and Finance (3rd Edition). Published by Wiley-Blackwell.
MacDonald, R., and Clark, P.B. (2000). Filtering the BEER: A Permanent and Transitory Decomposition. Published by the International Monetary Fund Research Department
MacDonald, R. (2007). Exchange Rate Economics: Theory and Evidence
MacDonald, R., and Hallwood, P. (2009). The Political Economy of Financing Scottish Government: Considering a New Constitutional Settlement for Scotland.
MacDonald, R. (2009). Exchange Rate Economics – Selected Essays. Published by Edward Elgar.
Scottish people
The Scottish people , or Scots, are a nation and ethnic group native to Scotland. Historically they emerged from an amalgamation of the Picts and Gaels, incorporating neighbouring Britons to the south as well as invading Germanic peoples such as the Anglo-Saxons and the Norse.In modern use,...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
specialising in applied exchange rate analysis through econometric
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
techniques. He is currently the Adam Smith Professor of Political Economy at the Adam Smith School of Economics and Finance (University of Glasgow)
Adam Smith School of Economics and Finance (University of Glasgow)
The Adam Smith School of Economics and Finance at Glasgow University continues a prominent academic and professional record which dates back to the academically acclaimed father of economics, Adam Smith...
in the University of Glasgow
University of Glasgow
The University of Glasgow is the fourth-oldest university in the English-speaking world and one of Scotland's four ancient universities. Located in Glasgow, the university was founded in 1451 and is presently one of seventeen British higher education institutions ranked amongst the top 100 of the...
.
Discussion of Qualifications and Appointments
He holds a B.A. (Hons) degree from Heriot-Watt UniversityHeriot-Watt University
Heriot-Watt University is a university based in Edinburgh, Scotland. The name commemorates George Heriot, the 16th century financier to King James, and James Watt, the great 18th century inventor and engineer....
, M.A. (Econ) and Ph.D. from the University of Manchester
University of Manchester
The University of Manchester is a public research university located in Manchester, United Kingdom. It is a "red brick" university and a member of the Russell Group of research-intensive British universities and the N8 Group...
. He has previously held positions in the University of Dundee
University of Dundee
The University of Dundee is a university based in the city and Royal burgh of Dundee on eastern coast of the central Lowlands of Scotland and with a small number of institutions elsewhere....
, Professor of International Finance at the University of Strathclyde
University of Strathclyde
The University of Strathclyde , Glasgow, Scotland, is Glasgow's second university by age, founded in 1796, and receiving its Royal Charter in 1964 as the UK's first technological university...
from 1992 (formerly Professor of International Macroeconomics), and currently Adam Smith Professor of Political Economy at the School of Economics and Finance in the University of Glasgow
University of Glasgow
The University of Glasgow is the fourth-oldest university in the English-speaking world and one of Scotland's four ancient universities. Located in Glasgow, the university was founded in 1451 and is presently one of seventeen British higher education institutions ranked amongst the top 100 of the...
from January 2005 to present.
He has been a visiting Professor at the University of New South Wales, Australia, Queen's University, Canada, European University Institute, Florence, University of Cergy-Pontoise, Paris, ZEW, Mannheim, and Centre for Economic Studies, Munich.
Timeline of Qualifications and Appointments
(1975 to 1978) BA in Economics at Heriot-Watt UniversityHeriot-Watt University
Heriot-Watt University is a university based in Edinburgh, Scotland. The name commemorates George Heriot, the 16th century financier to King James, and James Watt, the great 18th century inventor and engineer....
(1978 to 1979) MA in Economics at the University of Manchester
University of Manchester
The University of Manchester is a public research university located in Manchester, United Kingdom. It is a "red brick" university and a member of the Russell Group of research-intensive British universities and the N8 Group...
(1979 to 1982) PhD in Economics at the University of Manchester
University of Manchester
The University of Manchester is a public research university located in Manchester, United Kingdom. It is a "red brick" university and a member of the Russell Group of research-intensive British universities and the N8 Group...
(1982 to 1984) Midland Bank Fellow in Monetary Economics at Loughborough University
Loughborough University
Loughborough University is a research based campus university located in the market town of Loughborough, Leicestershire, in the East Midlands of England...
(1982 to 1984) Lecturer and Senior Lecturer at the University of Aberdeen
University of Aberdeen
The University of Aberdeen, an ancient university founded in 1495, in Aberdeen, Scotland, is a British university. It is the third oldest university in Scotland, and the fifth oldest in the United Kingdom and wider English-speaking world...
(1984 to 1989) Robert Fleming Professor of Finance and Investment at the University of Aberdeen
University of Aberdeen
The University of Aberdeen, an ancient university founded in 1495, in Aberdeen, Scotland, is a British university. It is the third oldest university in Scotland, and the fifth oldest in the United Kingdom and wider English-speaking world...
(1989 to 1992) Professor of International Finance at the University of Dundee
University of Dundee
The University of Dundee is a university based in the city and Royal burgh of Dundee on eastern coast of the central Lowlands of Scotland and with a small number of institutions elsewhere....
(1992 to 2004) Professor of International Finance at the University of Strathclyde
University of Strathclyde
The University of Strathclyde , Glasgow, Scotland, is Glasgow's second university by age, founded in 1796, and receiving its Royal Charter in 1964 as the UK's first technological university...
, formerly Professor of International Macroeconomics
(2004 to Present) Adam Smith Professor of Political Economy at the Adam Smith School of Economics and Finance in the University of Glasgow
University of Glasgow
The University of Glasgow is the fourth-oldest university in the English-speaking world and one of Scotland's four ancient universities. Located in Glasgow, the university was founded in 1451 and is presently one of seventeen British higher education institutions ranked amongst the top 100 of the...
Academic Research Ranking
MacDonald has consistently been ranked amongst the top 2% of economists in the world by the IDEAS/RePEc ranking, and amongst the top 1% of all research in international finance and open economy macroeconomics. He ranks amongst the top 6% of SSRN Top Economics authors.With a wide range of interests focused around exchange rates through to macroeconomics and international finance, he has published over 130 articles in peer-reviewed journals and authored or edited over 15 books.
Fellowships and Grants
MacDonald is also a Fellow of the Royal Society of EdinburghRoyal Society of Edinburgh
The Royal Society of Edinburgh is Scotland's national academy of science and letters. It is a registered charity, operating on a wholly independent and non-party-political basis and providing public benefit throughout Scotland...
, an International Fellow at the Kiehl Institute of Economics, and Research Fellow of the CESifo Research Network Munich.
Since 1996 he has been involved in successful Research Grant applications totalling over £400,000.
Current Research
MacDonald's current research interests center around empirical exchange rate economics, at 3 horizons - the long-run, in terms of modelling equilibrium exchange rates, the medium-run, in terms of the predictability of exchange rates in an out-of-sample forecasting context, and the short-run (or high frequency), in terms of analysing principles from the technical analysis literature using recently developed econometric methods.The Behavioural Equilibrium Exchange Rate Model
MacDonald’s research on exchange rate modeling has been highly influential with many implications for policy-markers. The Behavioural Equilibrium Exchange Rate (BEER), developed jointly with Peter ClarkPeter Clark
Peter Clark may refer to:* Peter Clark , retired English professional footballer* Peter Clark , British historian* Peter D. Clark , Canadian politician...
at the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
, has been widely applied by central banks and financial researchers to assess the extent of mis-alignment between major world currencies. In terms of policy-based research, he has proposed phasing out the Barnett Formula
Barnett formula
The Barnett formula is a mechanism used by The Treasury in the United Kingdom to adjust the amounts of public expenditure allocated to Northern Ireland, Scotland and Wales automatically to reflect changes in spending levels allocated to public services in England, England and Wales or Great...
in favour of fiscal autonomy in the Scottish Parliament
Scottish Parliament
The Scottish Parliament is the devolved national, unicameral legislature of Scotland, located in the Holyrood area of the capital, Edinburgh. The Parliament, informally referred to as "Holyrood", is a democratically elected body comprising 129 members known as Members of the Scottish Parliament...
.
Non-Academic Positions
As a prominent figure in economic academia, MacDonald has held posts as Consultant Researcher and Visiting Scholar at the International Monetary FundInternational Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
on fourteen separate occasions, and has presented his famous five day courses on the ‘Economics of Exchange Rates’ at the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
Institute. He has furthermore acted as consultant to a wide range of Central Banks, International Banks, and other financial institutions and private sector industry, including
European Commission
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....
and the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
.
Currently Supervised
Aikaterini Kokkinou (Unknown to Present)‘Innovation, entrepreneurship and economic growth: a benchmarking study of Greece within the European Union’
Alexander Kadow (Sep 07 to Present)
'Monetary and real aspects of European integration'
Aman Saggu (Sep 09 to Present)
‘Asset Price Dynamics and the Monetary Policy Transmission Mechanism’
previously ‘Exchange rate Dynamics and Efficiency during Financial Crises’
Andreas Tsopanakis (Sep 09 to Present)
'Modelling and forecasting currency and financial crises'
Man Luo (Sep 07 to Present)
'Foreign exchange market microstructure in developing economies'
Ekaterina Kortava (Sep 09 to Present)
'Destination country’s currency pegging and exporters’ price-setting behaviour: a non-linear approach'
Vlad-Victor Barnaure (Sep 09 to Present)
'Equilibrium exchange rate models in transition economies'
Jilei Huang (Sep 06 to Present)
'Monetary and fiscal policy analysis in the New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) models'
John Ebireri (08 to Present)
'The importance of bank market structure for industrial development in developing countries'
Jubril Lawal (Sep 06 to Present)
'The marginal product of capital'
Mark Joy (Oct 05 to Present)
'Exchange-rate policy and misalignment: an investigation into sources of exchange-rate fluctuations and common policy responses'
Muhammad Akram Gilal (Dec 07 to Present)
'Exchange market pressure and monetary policy. a case study of Pakistan'
Muhammad Tariq Majeed (Unknown to Present)
'Corruption and income inequalities: theory and evidence'
Qais Al Yahyaei (Mar 08 to Present)
'Is it possible for the Gulf Cooperation Council (GCC) countries to de-peg their currencies from the US dollar?'
Sohail Farooq (Feb 08 to Present)
'Assessing Foreign Aid'
Xiaoyan Cheng (Oct 07 to Present)
'The impact of monetary policy on firms' short-term and long-term debt'
Previously Supervised
Hyunsok Kim (Sep 07 to Sep 10)'Open Issues in Financial Economics'
Fathi Ali (Jan 06 to Jan 10)
'Essays on foreign direct investment, institutions and economic growth'
Matteo Modena (Unknown to Jan 10)
'Empirical Essays in Macroeconomics and Finance'
Books
MacDonald, R. (1988). Floating Exchange Rates: Theories and Evidence. Published by Routledge: Taylor and Francis Group.MacDonald, R., and Taylor, M.P. (1989). Exchange Rates and Open Economy Macroeconomics.
MacDonald, R., and Taylor, M.P. (1992). Exchange Rate Economics. Published by the LSE Centre for Labour Economics.
MacDonald, R. (1995). Long-Run Exchange Rate Modelling: A Survey of the Recent Evidence. Published by the International Monetary Fund Research Department.
MacDonald, R., and Pikoulakis, E. (1995). International Macroeconomics.
MacDonald, R. (1997). Expectations Formation and Risk in Three Financial Markets: Surveying What the Surveys Say.
MacDonald, R., and Chionis, D. (1997). Aggegate and Disaggregate Measures of the Foreign Exchange Risk Premium.
MacDonald, R., and Myrvin, A. (1997). On the Mean-Reverting Properties of Target Zone Exchange Rates: Some Evidence from the ERM.
MacDonald, R., and La Cour, L. (1997). Modelling the ECU Against the Dollar: A Structural Monetary Interpretation.
MacDonald, R., and Stein, J.L. (1999). Equilibrium Exchange Rates. Published by Springer.
MacDonald, R., and Marsh. (1999). Exchange Rate Modelling. Published by Springer
MacDonald, R., and Hallwood, C.P. (2000). International Money and Finance (3rd Edition). Published by Wiley-Blackwell.
MacDonald, R., and Clark, P.B. (2000). Filtering the BEER: A Permanent and Transitory Decomposition. Published by the International Monetary Fund Research Department
MacDonald, R. (2007). Exchange Rate Economics: Theory and Evidence
MacDonald, R., and Hallwood, P. (2009). The Political Economy of Financing Scottish Government: Considering a New Constitutional Settlement for Scotland.
MacDonald, R. (2009). Exchange Rate Economics – Selected Essays. Published by Edward Elgar.