Details about Ronald MacDonald

E-mail:
Phone:	44-(0)141-330-1988
Postal address:	Department of Economics University of Glasgow Adam Smith Building G12 8RT UK
Workplace:	Department of Economics, University of Glasgow, (more information at EDIRC)

Access statistics for papers by Ronald MacDonald.

Last updated 2009-09-24. Update your information in the RePEc Author Service.

Short-id: pma235

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Working Papers

2001

A Real Differential View of Equilibrium Real Exchange Rate
Discussion Paper Series In Economics And Econometrics, University of Southampton, Economics Division, School of Social Sciences View citations
Modelling the long-run real effective exchange rate of the New Zealand Dollar
Reserve Bank of New Zealand Discussion Paper Series, Reserve Bank of New Zealand
See also Journal Article in Australian Economic Papers (2002)
The Inter-War Gold Exchange Standard: Credibility and Monetary Independence
NBER Working Papers, National Bureau of Economic Research, Inc
See also Journal Article in Journal of International Money and Finance (2003)

2000

Concepts to calculate equilibrium exchange rates: an overview
Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre View citations
Filtering the BEER - A Permanent and Transitory Decomposition
IMF Working Papers, International Monetary Fund View citations
See also Journal Article in Global Finance Journal (2004)
Interest Rate and Price Linkages between the USA and Japan: Evidence from the Post-Bretton Woods Period
Discussion Papers, University of Copenhagen. Department of Economics View citations
Monetary policy independence in the ERM: was there any?
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
The Role of the Exchange Rate in Economic Growth
Working Papers, Warwick - Development Economics Research Centre View citations
The role of the exchange rate in economic growth: a euro-zone perspective
Research series, National Bank of Belgium View citations

1999

Currency Spillovers and Tri-Polarity: A Simultaneous Model of the US Dollar, German Mark and Japanese Yen
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
Also in Working Papers, Warwick Business School, Financial Econometrics Research Centre (1999)
See also Journal Article in Journal of International Money and Finance (2004)
Models of Exchange Rate Expectations: Heterogeneous Evidence From Panel Data
Working Papers, CEPII research center View citations
Also in THEMA Working Papers, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise (1999) View citations
Working Papers, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor. (1999) View citations
The Long-Run Relationship Between Real Exchange Rates and Real Interest Rate Differentials - A Panel Study
IMF Working Papers, International Monetary Fund View citations

1998

Deviations of Exchange Rates from Purchasing Power Parity - A Story Featuring Two Monetary Unions
IMF Working Papers, International Monetary Fund View citations
Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1998) View citations
Exchange Rates and Economic Fundamentals - A Methodological Comparison of BEERs and FEERs
IMF Working Papers, International Monetary Fund View citations
What do we really know about exchange rates?
Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) View citations

1997

On the Japanese Yen-US Dollar Exchange Rate: A Structural Econometric Model Based on Real Interest Differentials
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
See also Journal Article in Journal of the Japanese and International Economies (1998)
Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914
NBER Working Papers, National Bureau of Economic Research, Inc View citations
What Determines Real Exchange Rates? The Long and Short of It
IMF Working Papers, International Monetary Fund View citations

1995

Asset Market and Balance of Payments Characteristics - An Eclectic Exchange Rate Model for the Dollar, Mark, and Yen
IMF Working Papers, International Monetary Fund View citations
See also Journal Article in Open Economies Review (1999)
Long-Run Exchange Rate Modeling - A Survey of the Recent Evidence
IMF Working Papers, International Monetary Fund View citations

1994

Consumption, Income, and International Capital Market Integration
IMF Working Papers, International Monetary Fund View citations

1992

The Monetary Approach to the Exchange Rate: Rational Expectations, Long-Run Equilibrium and Forecasting
IMF Working Papers, International Monetary Fund View citations

1991

Exchange Rate Economics: A Survey
IMF Working Papers, International Monetary Fund View citations

1990

Exchange Rates, Policy Convergence and the European Monetary System
CEPR Discussion Papers, C.E.P.R. Discussion Papers
See also Journal Article in The Review of Economics and Statistics (1991)
RECENT DEVELOPMENTS IN MONETARY THEORY
Working Papers, New South Wales - School of Economics
THE STABILITY OF MONETARY VELOCITIES IN THE UNITED KINGDOM AND THE UNITED STATES 1871-1975: A COINTEGRATION ANALYSIS
Working Papers, Western Sydney - School of Business And Technology

Undated

A Restatement of the Case for Fiscal Autonomy (or: The Barnett Formula - a formula for Rake's Progress)
Working Papers, Department of Economics, University of Glasgow View citations

Journal Articles

2009

Capital Flows and Growth in Developing Countries: A Dynamic Panel Data Analysis
Oxford Development Studies, 2009, 37, (2), 101-122
MONETARY TRANSMISSION MECHANISM IN CENTRAL AND EASTERN EUROPE: SURVEYING THE SURVEYABLE
Journal of Economic Surveys, 2009, 23, (2), 277-327
See also Working Paper (2008)

2008

Catching-up and inflation differentials in a heterogeneous monetary union: Some implications for the euro area and new EU Member States
Economic Systems, 2008, 32, (1), 4-16
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, 2008, 44, (3), 48-65
Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade
Open Economies Review, 2008, 19, (5), 557-578
See also Working Paper (2007)
US trade and exchange rate volatility: A real sectoral bilateral analysis
Journal of Macroeconomics, 2008, 30, (1), 238-259
See also Working Paper (2006)

2007

Disaggregate Real Exchange Rate Behaviour
Open Economies Review, 2007, 18, (4), 389-404
See also Working Paper (2007)
Fatal attraction: Using distance to measure contagion in good times as well as bad
Review of Financial Economics, 2007, 16, (3), 259-273
Real exchange rates, imperfect substitutability, and imperfect competition
Journal of Macroeconomics, 2007, 29, (4), 639-664 View citations
The impact of central bank intervention on exchange-rate forecast heterogeneity
Journal of the Japanese and International Economies, 2007, 21, (1), 38-63 View citations
See also Working Paper (2002)

2006

Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues *
Journal of Economic Surveys, 2006, 20, (2), 257-324
Real exchange rates and real interest rates: a nonlinear perspective
Recherches économiques de Louvain, 2006, 72, (2), 177-194 View citations
See also Working Paper (2006)

2005

Do fundamentals matter for the D-Mark/Euro-Dollar? A regime switching approach
Global Finance Journal, 2005, 15, (3), 321-335
See also Working Paper (2003)
EXOGENEITY IN A RECENT EXCHANGE RATE MODEL: A REPLY
South African Journal of Economics, 2005, 73, (4), 747-753
Interest rate interactions in the classical gold standard, 1880-1914: was there any monetary independence?
Journal of Monetary Economics, 2005, 52, (2), 307-327 View citations
Markov switching regimes in a monetary exchange rate model
Economic Modelling, 2005, 22, (3), 485-502 View citations
See also Working Paper (2004)
THE REAL EXCHANGE RATE AND THE BALASSA-SAMUELSON EFFECT: THE ROLE OF THE DISTRIBUTION SECTOR
Pacific Economic Review, 2005, 10, (1), 29-48 View citations
The monetary approach to exchange rates in the CEECs
The Economics of Transition, 2005, 13, (2), 395-416 View citations
See also Working Paper (2003)

2004

Can portfolio adjustments explain deviations of consumption from permanent income?: An empirical study of UK data
The North American Journal of Economics and Finance, 2004, 15, (3), 313-331
Catching up: The role of demand, supply and regulated price effects on the real exchange rates of four accession countries
The Economics of Transition, 2004, 12, (1), 153-179 View citations
See also Working Paper (2003)
Currency spillovers and tri-polarity: a simultaneous model of the US dollar, German mark and Japanese yen
Journal of International Money and Finance, 2004, 23, (1), 99-111 View citations
See also Working Paper (1999)
ESTIMATION OF THE EQUILIBRIUM REAL EXCHANGE RATE FOR SOUTH AFRICA
South African Journal of Economics, 2004, 72, (2), 282-304 View citations
See also Working Paper (2003)
Filtering the BEER: A permanent and transitory decomposition
Global Finance Journal, 2004, 15, (1), 29-56 View citations
See also Working Paper (2000)
International parity relationships between the USA and Japan
Japan and the World Economy, 2004, 16, (1), 17-34 View citations

2003

Credibility and Interest Rate Discretion in the ERM
Open Economies Review, 2003, 14, (4), 351-368 View citations
Models of exchange rate expectations: how much heterogeneity?
Journal of International Financial Markets, Institutions and Money, 2003, 13, (2), 113-136 View citations
The inter-war gold exchange standard: credibility and monetary independence
Journal of International Money and Finance, 2003, 22, (1), 1-32 View citations
See also Working Paper (2001)

2002

A Method for Indicating Economic Transition with an Application to Albania
Eastern Economic Journal, 2002, 28, (4), 465-480
Aggregate and disaggregate measures of the foreign exchange risk premium
International Review of Economics & Finance, 2002, 11, (1), 57-84 View citations
Modelling the Long-run Real Effective Exchange Rate of the New Zealand Dollar
Australian Economic Papers, 2002, 41, (4), 519-537 View citations
See also Working Paper (2001)

2001

The Instability of the Money Demand Function: An I(2) Interpretation
Oxford Bulletin of Economics and Statistics, 2001, 63, (4), 475-95 View citations
The law of one price for transitional Ukraine
Economics Letters, 2001, 73, (2), 251-256 View citations
The spot-forward relationship revisited: an ERM perspective
Journal of International Financial Markets, Institutions and Money, 2001, 11, (1), 29-52 View citations

2000

An Assessment of the Causes of the Abandonment of the Gold Standard by the U.S. in 1933
Southern Economic Journal, 2000, 67, (2), 448-459
Expectations Formation and Risk in Three Financial Markets: Surveying What the Surveys Say
Journal of Economic Surveys, 2000, 14, (1), 69-100 View citations
Is the foreign exchange market 'risky'? Some new survey-based results
Journal of Multinational Financial Management, 2000, 10, (1), 1-14
Modeling the ECU against the U.S. Dollar: A Structural Monetary Interpretation
Journal of Business & Economic Statistics, 2000, 18, (4), 436-50
Realignment expectations and the US dollar, 1890-1897: Was there a 'Peso problem'?
Journal of Monetary Economics, 2000, 46, (3), 605-620 View citations

1999

Asset Market and Balance of Payments Characteristics: An Eclectic Exchange Rate Model for the Dollar, Mark and Yen
Open Economies Review, 1999, 10, (1), 5-29
See also Working Paper (1995)
Exchange Rate Behaviour: Are Fundamentals Important?
Economic Journal, 1999, 109, (459), F673-91 View citations
The Asian currency crash: were badly driven fundamentals to blame?
Journal of Asian Economics, 1999, 10, (4), 537-550 View citations
The width of the band and exchange rate mean-reversion: some further ERM-based results
Journal of International Money and Finance, 1999, 18, (3), 411-428 View citations

1998

Monetary-based models of the exchange rate: a panel perspective
Journal of International Financial Markets, Institutions and Money, 1998, 8, (1), 1-19 View citations
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, 1998, 12, (1), 75-102 View citations
See also Working Paper (1997)
On the mean-reverting properties of target zone exchange rates: Some evidence from the ERM
European Economic Review, 1998, 42, (8), 1493-1523 View citations
What determines real exchange rates?: The long and the short of it
Journal of International Financial Markets, Institutions and Money, 1998, 8, (2), 117-153 View citations

1997

Business Conditions and Speculative Assets
The Manchester School of Economic & Social Studies, 1997, 65, (4), 379-93 View citations
Crash! Expectational Aspects of the Departures of the United Kingdom and the United States from the Inter-War Gold Standard
Explorations in Economic History, 1997, 34, (2), 174-194 View citations
On Fundamentals And Exchange Rates: A Casselian Perspective
The Review of Economics and Statistics, 1997, 79, (4), 655-664 View citations
Some tests of market microstructure hypotheses in the foreign exchange market
Journal of Multinational Financial Management, 1997, 7, (3), 203-229 View citations

1996

Currency forecasters are heterogeneous: confirmation and consequences
Journal of International Money and Finance, 1996, 15, (5), 665-685 View citations
Panel unit root tests and real exchange rates
Economics Letters, 1996, 50, (1), 7-11 View citations

1995

Exchange rates, financial innovation and divisia money: the sterling/dollar rate 1972-1990
Journal of International Money and Finance, 1995, 14, (4), 493-513
Stock prices, dividends and retention: Long-run relationships and short-run dynamics
Journal of Empirical Finance, 1995, 2, (2), 135-151 View citations

1994

Empirical evidence on the recent behavior and usefulness of simple-sum and weighted measures of the money stock
Proceedings, 1994, (Mar), 73-109 View citations
On the Expectations View of the Term Structure, Term Premia and Survey-Based Expectations
Economic Journal, 1994, 104, (426), 1070-86 View citations
Reexamining the Monetary Approach to the Exchange Rate: The Dollar-Franc, 1976-90
Applied Financial Economics, 1994, 4, (6), 423-29
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, 1994, 13, (3), 276-290 View citations

1993

Long-Run Purchasing Power Parity: Is It for Real?
The Review of Economics and Statistics, 1993, 75, (4), 690-95 View citations
On the Efficiency of Oil Price Forecasts
Applied Financial Economics, 1993, 3, (4), 293-302 View citations
Persistence in UK Share Returns: Some Evidence from Disaggregated Data
Applied Financial Economics, 1993, 3, (1), 27-38 View citations
Regional House Prices in Britain: Long-Run Relationships and Short-Run Dynamics
Scottish Journal of Political Economy, 1993, 40, (1), 43-55 View citations
Stock prices, efficiency and cointegration: The case of the UK
International Review of Economics & Finance, 1993, 2, (3), 251-265 View citations

1992

A stable US money demand function, 1874-1975
Economics Letters, 1992, 39, (2), 191-198 View citations
Exchange Rate Survey Data: A Disaggregated G-7 Perspective
The Manchester School of Economic & Social Studies, 1992, 60, 47-62 View citations
Some Tests of the Government's Intertemporal Budget Constraint Using U.S. Data
Applied Economics, 1992, 24, (12), 1287-92 View citations

1991

Efficiency in the Forward Foreign Exchange Market: Weekly Tests of the Australian/U.S. Dollar Exchange Rate January 1984-March 1987
The Economic Record, 1991, 67, (198), 237-42
Exchange Rates, Policy Convergence, and the European Monetary System
The Review of Economics and Statistics, 1991, 73, (3), 553-58 View citations
See also Working Paper (1990)
The Term Structure of Interest Rates under Rational Expectations: Some International Evidence
Applied Financial Economics, 1991, 1, (4), 211-21 View citations
The monetary approach to the exchange rate: Long-run relationships and coefficient restrictions
Economics Letters, 1991, 37, (2), 179-185 View citations

1990

Are Foreign Exchange Market Forecasters "Rational"? Some Survey-Based Tests
The Manchester School of Economic & Social Studies, 1990, 58, (3), 229-41 View citations
Consumption, Cointegration and Rational Expectations: Some Australian Evidence
Australian Economic Papers, 1990, 29, (54), 40-52
Expectations Formation and Risk in Four Foreign Exchange Markets
Oxford Economic Papers, 1990, 42, (3), 544-61 View citations
Rational Expectations, Bubbles and Monetary Models of the Exchange Rate: The Australian/U.S. Dollar Rate during the Recent Float
Australian Economic Papers, 1990, 29, (54), 1-20
Savings and Rational Expectations: A Correction and Further Observations
Economic Journal, 1990, 100, (403), 1277-79
The Intertemporal Government Budget Constraint in the U.K., 1961-1986
The Manchester School of Economic & Social Studies, 1990, 58, (4), 329-47
The Term Structure of Forward Foreign Exchange Premia: The Inter-war Experience
The Manchester School of Economic & Social Studies, 1990, 58, (1), 54-65

1989

Consumption, Saving and Rational Expectations: Some Further Evidence for the U.K
Economic Journal, 1989, 99, (394), 83-91
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, 1989, 21, (9), 1257-66
Foreign exchange market efficiency and cointegration: Some evidence from the recent float
Economics Letters, 1989, 29, (1), 63-68 View citations
Interest Rate Parity: Some New Evidence
Bulletin of Economic Research, 1989, 41, (4), 255-74 View citations
Rational Expectations, Risk and Efficiency in the London Metal Exchange: An Empirical Analysis
Applied Economics, 1989, 21, (2), 143-53 View citations
Testing for the Long Run Relationship between Nominal Interest Rates and Inflation Using Cointegration Techniques
Applied Economics, 1989, 21, (4), 439-47 View citations
The Efficiency of the Market for Bank Accepted Bills
The Economic Record, 1989, 65, (190), 225-33

1988

Assets Markets, the Current Account and Exchange Rate Determination: An Empirical Model of the Sterling/Dollar Rate 1973-1983
Australian Economic Papers, 1988, 27, (51), 213-32
Covered interest parity and UK monetary 'news'
Economics Letters, 1988, 26, (1), 53-56
Exchange Rates and the "News": Some Evidence Using U.K. Survey Data
The Manchester School of Economic & Social Studies, 1988, 56, (1), 69-76 View citations
Metals Prices, Efficiency and Cointegration: Some Evidence from the London Metal Exchange
Bulletin of Economic Research, 1988, 40, (3), 235-39 View citations
Monetary Policy and the Real Interest Rate: Some U.K. Evidence
Scottish Journal of Political Economy, 1988, 35, (4), 361-71
On Risk, Rationality and Excessive Speculation in the Deutschmark-U.S. Dollar Exchange Market: Some Evidence Using Survey Data
Oxford Bulletin of Economics and Statistics, 1988, 50, (2), 107-23 View citations
Testing Rational Expectations and Efficiency in the London Metal Exchange
Oxford Bulletin of Economics and Statistics, 1988, 50, (1), 41-52 View citations
The Term Structure of Interest Rates in the UK
Bulletin of Economic Research, 1988, 40, (4), 287-99 View citations

1987

Consumer Expenditure, the Demand for Money, and the Hall Hypothesis
Empirical Economics, 1987, 12, (1), 3-17
LM3 Surprises and Asset Prices
Economica, 1987, 54, (216), 505-15
On the specification of granger-causality tests using the cointegration methodology
Economics Letters, 1987, 25, (2), 149-153 View citations
The Singapore Dollar: Tests of the Efficient Markets Hypothesis and the Role of 'News.'
Applied Economics, 1987, 19, (5), 569-79
The demand for international reserves in a regime of floating exchange rates: Some empirical evidence
Economics Letters, 1987, 23, (2), 189-192
The efficiency of the forward exchange market: Some evidence for the pound sterling-US dollar exchange rate using residuals from the LUS class
Economics Letters, 1987, 25, (1), 71-74

1986

Intervention and sterilisation under floating exchange rates: The UK 1973-1983
European Economic Review, 1986, 30, (2), 345-364 View citations
On Lagged Adjustment, Permanent Income, Expectations Formation and the Demand for Money
Oxford Bulletin of Economics and Statistics, 1986, 48, (1), 61-72
The velocity of money and the random walk hypothesis
Economics Letters, 1986, 20, (1), 63-66

1985

'News' and the 1920's experience with floating exchange rates
Economics Letters, 1985, 17, (4), 379-383
Are deviations from purchasing power parity efficient? Some further answers
Review of World Economics (Weltwirtschaftliches Archiv), 1985, 121, (4), 638-645
Buffer Stocks, Exchange Rates and Deviations from Purchasing Power Parity
Empirical Economics, 1985, 10, (3), 163-75
Public Sector Borrowing, the Money Supply and Interest Rates
Oxford Bulletin of Economics and Statistics, 1985, 47, (3), 249-73
The norman conquest of $4.86 and the asset approach to the exchange rate
Journal of International Money and Finance, 1985, 4, (3), 373-387

1984

The Monetary Approach to the Exchange Rate Revisited
Applied Economics, 1984, 16, (5), 771-82

1983

Some Tests of the Rational Expectations Hypothesis in the Foreign Exchange Market
Scottish Journal of Political Economy, 1983, 30, (3), 235-50 View citations
Tests of Efficiency and the Impact of 'News' in Three Foreign Exchange Markets: The Experience of the 1920's
Bulletin of Economic Research, 1983, 35, (2), 123-44