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Ronald MacDonald (economist)

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Nationality  United Kingdom
Name  Ronald MacDonald
Role  Economist

Ronald MacDonald (economist) httpsuploadwikimediaorgwikipediacommons00

Born  1955Scotland
Institution  Adam Smith Business School, University of Glasgow
School or tradition  Adam Smith Business School
Alma mater  University of Manchester (PhD, M.A.) Heriot-Watt University (B.A.)
Contributions  Behavioural Equilibrium Exchange Rate Model
Education  Heriot-Watt University, University of Manchester
Fields  International finance, International Economics
People also search for  Paul Hallwood, Mark P. Taylor, Rod Cross, Tamim Bayoumi, Rick van der Ploeg, Fabrizio Coricelli
Books  International Money and Finance, Floating Exchange Rates: Th, Exchange Rate Economic, The Political Economy, They Own It All (Including

Ronald MacDonald (born 1955) 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 Business School in the University of Glasgow.


Professor ronald macdonald university of glasgow

Qualifications and appointments

MacDonald holds a B.A. (Hons) degree from Heriot-Watt University, M.A. (Econ) and PhD 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, Australiax, Queen's University, Canada, European University Institute, Florence, University of Cergy-Pontoise, Paris, ZEW, Mannheim, and Centre for Economic Studies, Munich.


(1975 to 1978) BA in Economics at Heriot-Watt University

(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

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 Edinburgh, an International Fellow at the Kiel 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 modelling has been highly influential with many implications for policy-markers. The Behavioural Equilibrium Exchange Rate (BEER), developed jointly with Peter Clark 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.

Non-academic positions

As a prominent figure in economic academia, MacDonald has held posts as Consultant Researcher and Visiting Scholar at the International Monetary Fund on fourteen separate occasions, and has presented 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.


  • 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.
  • References

    Ronald MacDonald (economist) Wikipedia