Ronald MacDonald

University of Strathclyde in Glasgow - Department of Economics

Professor of International Finance

100 Cathedral Street

Glasgow G4 0LN

United Kingdom

Government of New Zealand - Department of Economics

2 The Terrace

P.O. Box 2498

Wellington

New Zealand

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5

Munich, DE-81679

Germany

http://www.CESifo.de

  • University of Strathclyde in Glasgow - Department of Economics

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SCHOLARLY PAPERS

43

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331

Scholarly Papers (43)

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1.

Exchange Rates and Economic Fundamentals: A Methodological Comparison of Beers and Feers

IMF Working Paper No. 98/67
Number of pages: 38 Posted: 15 Feb 2006
Peter B. Clark and Ronald MacDonald
International Monetary Fund (IMF) and University of Strathclyde in Glasgow - Department of Economics
Downloads 1,240 (36,557)
Citation 9

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real exchange rates, equilibrium exchange rates

2.

Exchange Rate Economics: A Survey

IMF Working Paper No. 91/62
Number of pages: 61 Posted: 15 Feb 2006
Ronald MacDonald and Mark P. Taylor
University of Strathclyde in Glasgow - Department of Economics and Washington University in St. Louis - John M. Olin Business School
Downloads 1,146 (41,129)

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3.

PPP and the Balassa Samuelson Effect: The Role of the Distribution Sector

Downloads 891 (58,510)
Citation 4

PPP and the Balassa Samuelson Effect: The Role of the Distribution Sector

Number of pages: 49 Posted: 14 May 2001
Ronald MacDonald and Luca A. Ricci
University of Strathclyde in Glasgow - Department of Economics and International Monetary Fund (IMF) - Research Department
Downloads 594 (98,168)
Citation 1

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Real Exchange Rates, Purchasing Power Parity, Balassa-Samuelson, Distribution Sector, PPP Puzzle

PPP and the Balassa Samuelson Effect: The Role of the Distribution Sector

IMF Working Paper No. 01/38
Number of pages: 40 Posted: 29 Jan 2006
Ronald MacDonald and Luca A. Ricci
University of Strathclyde in Glasgow - Department of Economics and International Monetary Fund (IMF) - Research Department
Downloads 203 (322,917)
Citation 3

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Real exchange rates, Purchasing power parity, Balassa-Samuelson, Distribution sector, PPP puzzle

Ppp and the Balassa Samuelson Effect: The Role of the Distribution Sector

IMF Working Paper No. 01/38
Number of pages: 40 Posted: 11 Aug 2009
Ronald MacDonald and Luca A. Ricci
University of Strathclyde in Glasgow - Department of Economics and International Monetary Fund (IMF) - Research Department
Downloads 94 (609,787)

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Purchasing power parity, Exchange rates, Trade, Prices, Economic models

4.

Concepts to Calculate Equilibrium Exchange Rates: An Overview

Bundesbank Series 1 Discussion Paper No. 2000,03
Number of pages: 75 Posted: 08 Jun 2016
Ronald MacDonald
University of Strathclyde in Glasgow - Department of Economics
Downloads 779 (70,133)
Citation 45

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Equilibrium Exchange Rates, Purchasing Power Parity, Real Exchange Rate Models

5.

The Monetary Approach to the Exchange Rate: Rational Expectations, Long-Run Equilibrium and Forecasting

IMF Working Paper No. 92/34
Number of pages: 28 Posted: 15 Feb 2006
Ronald MacDonald and Mark P. Taylor
University of Strathclyde in Glasgow - Department of Economics and Washington University in St. Louis - John M. Olin Business School
Downloads 748 (74,052)
Citation 18

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6.

Purchasing Power Parity and New Trade Theory

IMF Working Paper No. 02/32
Number of pages: 35 Posted: 29 Jan 2006
Ronald MacDonald and Luca A. Ricci
University of Strathclyde in Glasgow - Department of Economics and International Monetary Fund (IMF) - Research Department
Downloads 518 (118,200)

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New trade theory, real exchange rates, purchasing power parity, productivity differentials, the PPP puzzle

7.

What Determines Real Exchange Rates? The Long and Short of it

IMF Working Paper No. 97/21
Number of pages: 53 Posted: 15 Feb 2006
Ronald MacDonald
University of Strathclyde in Glasgow - Department of Economics
Downloads 503 (122,383)
Citation 5

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8.

A Re-Examination of the Link between Real Exchange Rates and Real Interest Rate Differentials

Number of pages: 33 Posted: 08 Apr 2003
Mathias Hoffmann and Ronald MacDonald
University of Zurich - Department of Economics and University of Strathclyde in Glasgow - Department of Economics
Downloads 490 (126,367)

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Real Exchange Rates, Real Interest Rates, Cointegration

9.

A Panel Data Investigation of Real Exchange Rate Misalignment and Growth

CESifo Working Paper Series No. 3061
Number of pages: 31 Posted: 01 Jun 2010
Ronald MacDonald and Flavio V. Vieira
University of Strathclyde in Glasgow - Department of Economics and Universidade Federal de Uberlandia
Downloads 424 (150,036)

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Long-Run Economic Growth, Real Exchange Rate Misalignment, Panel Data Analysis And System GMM

10.

The Long-Run Relationship between Real Exchange Rates and Real Interest Rate Differentials: A Panel Study

IMF Working Paper No. 99/37
Number of pages: 12 Posted: 12 Feb 2006
Ronald MacDonald and Jun Nagayasu
University of Strathclyde in Glasgow - Department of Economics and International Monetary Fund (IMF)
Downloads 422 (150,912)
Citation 13

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Real exchange rates, real interest rates, panel cointegration

11.

The Role of the Exchange Rate in Economic Growth: A Euro-Zone Perspective

National Bank of Belgium Working Paper No. 9
Number of pages: 73 Posted: 09 Nov 2010
Ronald MacDonald
University of Strathclyde in Glasgow - Department of Economics
Downloads 340 (191,991)
Citation 144

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12.

Long-Run Exchange Rate Modeling: A Survey of the Recent Evidence

IMF Working Paper No. 95/14
Number of pages: 52 Posted: 15 Feb 2006
Ronald MacDonald
University of Strathclyde in Glasgow - Department of Economics
Downloads 333 (196,360)
Citation 2

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13.

Monetary Transmission Mechanism in Central and Eastern Europe: Gliding on a Wind of Change

William Davidson Institute Working Paper No. 850, Bank of Finland Transition Economies BOFIT Discussion Paper No. 8/2006
Number of pages: 60 Posted: 06 Dec 2006
Fabrizio Coricelli, Balázs Égert and Ronald MacDonald
University of Siena - Department of Political and International Sciences, Organization for Economic Co-Operation and Development (OECD) and University of Strathclyde in Glasgow - Department of Economics
Downloads 329 (198,945)
Citation 24

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monetary transmission, transition, Central and Eastern Europe, credit channel, interest rate channel, interest-rate pass-through, exchange rate channel, exchange rate pass-through, asset price channel

14.

Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable

CESifo Working Paper Series No. 1739
Number of pages: 83 Posted: 06 Jul 2006
Balázs Égert and Ronald MacDonald
Organization for Economic Co-Operation and Development (OECD) and University of Strathclyde in Glasgow - Department of Economics
Downloads 316 (207,791)

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monetary transmission, transition, Central and Eastern Europe, credit channel,

15.

Estimation of the Equilibrium Real Exchange Rate for South Africa

IMF Working Paper No. 03/44
Number of pages: 24 Posted: 28 Jan 2006
Ronald MacDonald and Luca A. Ricci
University of Strathclyde in Glasgow - Department of Economics and International Monetary Fund (IMF) - Research Department
Downloads 282 (234,539)
Citation 2

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equilibrium real exchange rate

16.

Filtering the Beer: A Permanent and Transitory Decomposition

IMF Working Paper No. 00/144
Number of pages: 38 Posted: 31 Jan 2006
Peter B. Clark and Ronald MacDonald
International Monetary Fund (IMF) and University of Strathclyde in Glasgow - Department of Economics
Downloads 257 (257,723)
Citation 2

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Real exchange rates, equilibrium exchange rates

17.

The Monetary Approach to Exchange Rates in the Ceecs

William Davidson Institute Working Paper No. 642, BOFIT Discussion Paper No. 14/2003
Number of pages: 27 Posted: 06 Feb 2004
Jarko Fidrmuc, Jesús Crespo Cuaresma and Ronald MacDonald
Zeppelin University Friedrichshafen, University of Innsbruck - Department of Economic Theory, Economic Policy and Economic History and University of Strathclyde in Glasgow - Department of Economics
Downloads 243 (272,542)
Citation 4

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Exchange rates, monetary model, panel unit root tests, panel cointegration, EMU

18.

Catching Up: The Role of Demand, Supply and Regulated Price Effects on the Real Exchange Rates of Four Countries

Number of pages: 32 Posted: 08 Apr 2003
Ronald MacDonald and Cezary Wojcik
University of Strathclyde in Glasgow - Department of Economics and Warsaw School of Economics
Downloads 240 (275,881)

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Exchange Rates, Monetary Integration, EMU

19.

Modelling the Long-Run Real Effective Exchange Rate of the New Zealand Dollar

Reserve Bank of New Zealand Working Paper No. 2002/02
Number of pages: 19 Posted: 26 Jul 2002
Ronald MacDonald
University of Strathclyde in Glasgow - Department of Economics
Downloads 208 (316,731)
Citation 5

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20.

Individual Exchange Rate Forecasts and Expected Fundamentals

ZEW - Centre for European Economic Research Discussion Paper No. 11-062
Number of pages: 53 Posted: 09 Jan 2012
Christian David Dick, Ronald MacDonald and Lukas Menkhoff
ZEW – Leibniz Centre for European Economic Research, University of Strathclyde in Glasgow - Department of Economics and Humboldt-Universität zu Berlin
Downloads 203 (324,189)
Citation 11

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exchange rate determination, individual expectations, macroeconomic fundamentals

21.

Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade

Downloads 200 (328,608)

Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade

CESifo Working Paper Series No. 1529
Number of pages: 43 Posted: 28 Sep 2005
Giorgio Fazio, Ronald MacDonald and Jacques Melitz
University of Strathclyde, Glasgow - Strathclyde Business School - Department of Economics, University of Strathclyde in Glasgow - Department of Economics and National Institute of Statistics and Economic Studies (INSEE) - Center for Research in Economics and Statistics (CREST)
Downloads 179 (362,977)

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Feldstein-Horioka puzzle, trade costs, gravity model, home bias puzzle, current account, trade balance

Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade

CEPR Discussion Paper No. 5137
Number of pages: 41 Posted: 16 Aug 2005
Giorgio Fazio, Ronald MacDonald and Jacques Melitz
University of Strathclyde, Glasgow - Strathclyde Business School - Department of Economics, University of Strathclyde in Glasgow - Department of Economics and National Institute of Statistics and Economic Studies (INSEE) - Center for Research in Economics and Statistics (CREST)
Downloads 21 (1,186,715)
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Feldstein-Horioka puzzle, trade costs, gravity model, home bias, puzzle, current account, trade balance

22.

Exchange Rate Forecasters' Performance: Evidence of Skill?

CESifo Working Paper Series No. 2615
Number of pages: 40 Posted: 20 Apr 2009
Ronald MacDonald, Lukas Menkhoff and Rafael R. Rebitzky
University of Strathclyde in Glasgow - Department of Economics, Humboldt-Universität zu Berlin and Leibniz University Hannover
Downloads 188 (348,042)
Citation 3

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foreign exchange market, individual exchange rate forecasts, interest rate forecasts, forecaster experience

23.

Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues

Downloads 183 (356,667)
Citation 20

Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues

William Davidson Institute Working Paper No. 793
Number of pages: 50 Posted: 25 May 2006
Balázs Égert, Laszlo Halpern and Ronald MacDonald
Organization for Economic Co-Operation and Development (OECD), Hungarian Academy of Sciences (HAS) - Research Centre for Economic and Regional Studies (HAS) and University of Strathclyde in Glasgow - Department of Economics
Downloads 149 (426,427)
Citation 17

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equilibrium exchange rate, Purchasing Power Parity, trend appreciation, Balassa-Samuelson

Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues

Number of pages: 50 Posted: 04 Apr 2005
Balázs Égert, Laszlo Halpern and Ronald MacDonald
Organization for Economic Co-Operation and Development (OECD), Hungarian Academy of Sciences (HAS) - Research Centre for Economic and Regional Studies (HAS) and University of Strathclyde in Glasgow - Department of Economics
Downloads 34 (1,025,738)
Citation 3
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Equilibrium exchange rate, purchasing power parity, Balassa-Samuelson effect, tradable prices, transition economies

24.

Real Exchange Rates and Real Interest Rate Differentials: A Present Value Interpretation

Number of pages: 47 Posted: 23 Mar 2009
Mathias Hoffmann and Ronald MacDonald
University of Zurich - Department of Economics and University of Strathclyde in Glasgow - Department of Economics
Downloads 181 (360,111)
Citation 8

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Real Exchange Rates, Real Interest Rates, Present Value Model

25.

Asset Market and Balance of Payments Characteristics: An Eclectic Exchange Rate Model for the Dollar, Mark, and Yen

IMF Working Paper No. 95/55
Number of pages: 38 Posted: 15 Feb 2006
Ronald MacDonald
University of Strathclyde in Glasgow - Department of Economics
Downloads 169 (382,788)
Citation 1

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26.

Technical Analysis in the Foreign Exchange Market: A Cointegration-Based Approach

Multinational Finance Journal, Vol. 3, No. 3, p. 147-172, 1999
Number of pages: 26 Posted: 17 Jul 2015
Norbert Fiess and Ronald MacDonald
Independent and University of Strathclyde in Glasgow - Department of Economics
Downloads 166 (388,781)

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exchange rates forecasting; technical analysis

27.

The Behavioural Zloty/Euro Equilibrium Exchange Rate

CESifo Working Paper Series No. 2568
Number of pages: 42 Posted: 11 Mar 2009
Joanna Beza-Bojanowska and Ronald MacDonald
Ministry of Finance and University of Strathclyde in Glasgow - Department of Economics
Downloads 166 (388,781)

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equilibrium exchange rate, BEER, PEER, cointegration analysis, Gonzalo-Granger decomposition, ERM II

28.

Non-Linear Exchange Rate Dynamics in Target Zones: A Bumpy Road Towards a Honeymoon - Some Evidence from the Erm, Erm2 and Selected New EU Member States

William Davidson Institute Working Paper No. 771, CESifo Working Paper Series No. 1511
Number of pages: 44 Posted: 26 May 2005
Jesús Crespo Cuaresma, Balázs Égert and Ronald MacDonald
University of Innsbruck - Department of Economic Theory, Economic Policy and Economic History, Organization for Economic Co-Operation and Development (OECD) and University of Strathclyde in Glasgow - Department of Economics
Downloads 150 (423,684)

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Target zone, ERM, non-linearity, SETAR

29.

Fatal Attraction: A New Measure of Contagion

IMF Working Paper No. 03/80
Number of pages: 21 Posted: 29 Jan 2006
Tamim Bayoumi, Giorgio Fazio, Manmohan Kumar and Ronald MacDonald
International Monetary Fund (IMF), affiliation not provided to SSRN, International Monetary Fund (IMF) - Research Department and University of Strathclyde in Glasgow - Department of Economics
Downloads 138 (453,193)

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Contagion, international capital flows, emerging market crises

30.

Catching-Up, Inflation Differentials and Credit Booms in a Heterogeneous Monetary Union: Some Implications for Emu and New EU Member States

CESifo Working Paper Series No. 1761
Number of pages: 31 Posted: 25 Jul 2006
Ronald MacDonald and Cezary Wojcik
University of Strathclyde in Glasgow - Department of Economics and Warsaw School of Economics
Downloads 126 (487,538)

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inflation differentials, credit booms, new neoclassical synthesis, monetary union, EMU, Balassa-Samuelson model

31.

Monetary Policy Independence in the Erm: Was There Any?

Number of pages: 36 Posted: 23 Oct 2000
Hali J. Edison and Ronald MacDonald
International Monetary Fund (IMF) - Research Department and University of Strathclyde in Glasgow - Department of Economics
Downloads 126 (487,538)
Citation 1

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interest rate linkages, monetary independence

32.

Fundamental Volatility is Regime Specific

NRG Working Paper No. 06-04
Number of pages: 36 Posted: 21 Apr 2006
Ivo J.M. Arnold, Ronald MacDonald and Casper G. de Vries
Nyenrode University, University of Strathclyde in Glasgow - Department of Economics and Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)
Downloads 95 (599,448)
Citation 1

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Exchange rates, Exchange rate regimes, Excess volatility

33.

European Policy Convergence and the EMS

IMF Working Paper No. 90/104
Number of pages: 18 Posted: 15 Feb 2006
Ronald MacDonald and Mark P. Taylor
University of Strathclyde in Glasgow - Department of Economics and Washington University in St. Louis - John M. Olin Business School
Downloads 93 (607,622)

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34.

Deviations of Exchange Rates from Purchasing Power Parity: A Story Featuring Two Monetary Unions

Downloads 0 (624,538)

Deviations of Exchange Rates from Purchasing Power Parity: A Story Featuring Two Monetary Unions

CEPR Discussion Paper Series No. 1932
Posted: 04 Dec 1998
Tamim Bayoumi and Ronald MacDonald
International Monetary Fund (IMF) and University of Strathclyde in Glasgow - Department of Economics

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35.

Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914

NBER Working Paper No. w6115
Number of pages: 80 Posted: 28 Jan 1998 Last Revised: 18 Sep 2022
Michael D. Bordo and Ronald MacDonald
Rutgers University, New Brunswick - Department of Economics and University of Strathclyde in Glasgow - Department of Economics
Downloads 86 (637,868)
Citation 1

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36.

Sterling in Crisis: 1964-1967

NBER Working Paper No. w14657
Number of pages: 30 Posted: 19 Jan 2009 Last Revised: 21 Jul 2022
Michael D. Bordo, Ronald MacDonald and Michael J. Oliver
Rutgers University, New Brunswick - Department of Economics, University of Strathclyde in Glasgow - Department of Economics and Open University Business School
Downloads 74 (695,941)
Citation 3

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37.

The Inter-War Gold Exchange Standard: Credibility and Monetary Independence

NBER Working Paper No. w8429
Number of pages: 63 Posted: 20 Aug 2001 Last Revised: 15 Jul 2022
Michael D. Bordo and Ronald MacDonald
Rutgers University, New Brunswick - Department of Economics and University of Strathclyde in Glasgow - Department of Economics
Downloads 62 (765,634)

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38.

Impact of Central Bank Intervention on Exchange-Rate Forecast Heterogeneity

CEPII Working Paper Series No. 02-05
Number of pages: 45 Posted: 10 Nov 2013
Michel A. R. Beine, Agnès Bénassy-Quéré, Estelle P. Dauchy and Ronald MacDonald
University of Luxemburg, Paris School of Economics (University Paris 1), Campaign for Tobacco Free Kids and University of Strathclyde in Glasgow - Department of Economics
Downloads 48 (867,673)
Citation 5

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Central Bank Intervention; Foreign Exchange Markets; Survey Expectations; Market Micro-Structure

39.

Fatal Attraction

Number of pages: 31 Posted: 10 Jun 2003
Tamim Bayoumi, Giorgio Fazio, Manmohan Kumar and Ronald MacDonald
International Monetary Fund (IMF), University of Strathclyde, Glasgow - Strathclyde Business School - Department of Economics, International Monetary Fund (IMF) - Research Department and University of Strathclyde in Glasgow - Department of Economics
Downloads 25 (1,101,479)
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Contagion, capital inflows, emerging market crises

40.

Monetary Policy Shocks and Stock Returns: Evidence from the British Market

Financial Markets and Portfolio Management, Vol. 23, No. 4, pp. 401-410, 2009
Posted: 19 Jun 2010
Andros Gregoriou, Alexandros Kontonikas, Ronald MacDonald and Alberto Montagnoli
University of East Anglia, University of Glasgow - Department of Economics, University of Strathclyde in Glasgow - Department of Economics and University of Stirling - Department of Economics

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Asset prices, Monetary policy, Panel data

41.

Catching-Up and Inflation Differentials in a Heterogeneous Monetary Union: Some Implications for the Euro Area and New EU Member States

Economic Systems, Vol. 32, No. 1, 2008
Posted: 14 Mar 2008
Ronald MacDonald and Cezary Wojcik
University of Strathclyde in Glasgow - Department of Economics and Warsaw School of Economics

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Inflation differentials, New Neoclassical Synthesis, Monetary Union, EMU, Balassa-Samuelson model

42.

Realignment Expectations and the Us Dollar, 1890-1897: Was There a 'Peso Problem'?

Journal of Monetary Economics, Vol. 46, No. 3, December 2000, Cass Business School Research Paper
Posted: 20 Dec 2000
C. Paul Hallwood, Ronald MacDonald and Ian W. Marsh
University of Connecticut - Department of Economics, University of Strathclyde in Glasgow - Department of Economics and City University London - The Business School

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Gold Standard, Fixed Exchange Rates, Peso Problem, Credibility, Interest Parity

43.

On Fundamentals and Exchange Rates: A Casselian Perspective

The Review of Economics and Statistics, Vol. 79, No. 4, November 1997, Cass Business School Research Paper
Posted: 26 Feb 1998
Ronald MacDonald and Ian W. Marsh
University of Strathclyde in Glasgow - Department of Economics and City University London - The Business School

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