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Ronald Donald

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RONALD MACDONALD

He was born in 1955 in Scotland. He completed his early education from the same place afterward he got his B.A. (Hons) degree from Heriot-Watt University and then M.A. (Econ) and doctorate from the London School of Economics. He is a professor of international finance prior to taking up his present position he was a midland bank member in monetary economics. He had associated with Loughborough University (1982-1984) then got his position as Lecturer and afterward Senior Lecturer then join University of Aberdeen (1984-1989) then University of Dundee (1989-1992) and most recently Professor of International Finance at the University of Strathclyde (1992-2004). REPEC (Research Papers in Economics), the body which provides a ranking of all economists in the world, shows that Ronald MacDonald, Adam Smith Professor of Political Economy, is ranked in the top 5% (at number 29) in the world in the field of International Finance. His main areas of research are applied macroeconomics, financial economics and international finance. He has published over 100 refereed journal articles on topics as diverse as the determination of government expenditure and fiscal deficits, the determination of bond yields and stock prices, and the economics of exchange rates. Most of his recent publications have been in the latter area and have involved modeling exchange rate movements in terms of macroeconomic fundamentals, such as money supplies and interest rates, and producing measures of equilibrium exchange rates. He has acted as a consultant to various international organizations, such as the International Monetary Fund and the European Commission, a variety of central banks, including the European Central Bank, the Reserve Bank of New Zealand and the Monetary Authority of Singapore, as well as a number of leading financial institutions. He started his career as Professor of International Macroeconomics and now he has attained his position as Adam Smith Professor of Political Economy at the School of Economics and Finance in the University of Glasgow from January 2005 to present time and awarded professorship there .he has ample experience in teaching and for this He has been a visiting Professor in the following Universities such as New South Wales, Australia, Queen's University, Canada, European University Institute, Florence, University of Cergy-Pontoise Paris, and Centre for Economic Studies, Munich and a visiting scholar and a Research Fellow of the CSSifo Research Network, Munich. He is the author of well known books such as Floating Exchange Rates, Theories and Evidence(1988), Long-Run Exchange Rate Modeling, A Survey of the Recent Evidence Published by the International Monetary Fund Research Department(1995),Expectations Formation and Risk in Three Financial Markets: Surveying What the Surveys Say(1997).he has also gained publicity as Co-author of International Money and Finance, co-editor of five prominent books, and has written over 100 arbitrator journal articles and numerous book articles in the areas of International Finance, Macroeconomics and Financial Economics. His work on exchange rate modeling has been influential in the academic literature and also for practitioners and policy makers. For example, his behavioral equilibrium exchange rate (BEER) approach, developed jointly with Peter Clark at the IMF has been widely used by central banks and the wider financial communities to get assess the degree of misalignment of major currencies. In this paper he with his partner preethiake dias estimate the behavior equilibrium exchange rates (BEERs). Clark and MacDonald (1999) for the effective exchange rates of ten industrialized and emerging market economies that rank within the top 15 contributory economies to global imbalances. The conditioning variables or determinants used in the estimation of the BEER are net exports as a proportion of GDP, a real interest differential, a terms of trade differential and GDP per capita differential. The ‘foreign’ magnitudes in the differentials were constructed using the trade weights used to construct the effective exchange rates. By using both single country and panel econometric methods, probable BEER estimates were reported. These estimates were then used to back out the required exchange rate adjustments necessary to fulfill the three scenarios of Williamson (2006). The ball park currency adjustments required are in the range of 27.3 to 46.6 percent devaluations for the Chinese renminbi by 5 to 11 percent for the US dollar, approximately 6 per cent for the Japanese yen and no adjustment for the euro or Sterling. Other policy related work has involved proposals to scrap the so-called Barnett Formula and replace it with a more fiscally transferred system for the Scottish parliament. In this paper, we deny the case that Ashcroft, Christie and Swales (2006) make in favour of the status quo fiscal settlement in Scotland that stems from the Scotland Act 1998. This Act is creating the Scottish Parliament and Executive effectively separated public spending by the Scottish government from the need to raise taxes to finance it rather financing comes from Westminster through the Barnett formula. We do not think that these arrangements provide a stable political solution in the UK as is evidenced by the so-called West Lothian question - a matter that may be becoming of greater concern in England than hither to Scotland therefore it should be warned that even if it does not move from the status quo, movement might anyway be forced on it. He was also the member of Royal Society of Edinburgh (RSE) Scotland's National Academy. Which mission is advance learning and useful knowledge and by doing so it supports the cultural, economic and social well-being of Scotland and its people. It is not influenced by causes promoted by others and is an important source of independent expertise across the whole range of intellectual, business and public life in Scotland. He is an associate editor for six economics journals, has been a consultant and visiting scholar at the IMF on 14 separate occasions and has presented his five-day course on the economics of exchange rates on seven separate occasions at the IMF Institute. In addition, he has acted as a consultant to many organizations including the European Commission, a wide range of central banks and a number of private sector financial institutions. Ronald has consistently been ranked in the top two percent of economists in the world in the IDEAS/RePEc ranking.
He has contributed in his research work on Behavioral Equilibrium and Exchange Rate Model and getting outstanding achievement in the field of International finance, International economics, International trade, Macroeconomics, Monetary policy, Central bank, Econometrics, Economic history and Economic growth. He has providing a platform for other economist to take keen observation on these two important areas. He has been associated with different PhD Students all over world for supervising in his Relevant Field of Economics. He is showing current research interest in Empirical exchange rate economics at 3 horizons such as in the long-run, in terms of modeling equilibrium exchange rates in the medium-run, in terms of the predictability of exchange rates and in an out-of-sample forecasting context and in the short-run (or high frequency), in terms of analysing principles from the technical analysis literature using recently developed econometric methods. Since 1996 he has been involved in successful Research Grant applications totaling over £400,000. In his own work on The Problem of Social Cost (1960), he challenged the classical logic of prohibiting behavior that damages others. He argued that legal scholars should focus on the importance of an efficient marketplace and emphasis on negotiation rather than legal action. He has given his services for supervision of following students on the basis of their thesis work. * Sohail Farooq for his Thesis on Assessing foreign aid with Co-supervisor Dr Luis Angeles * M Akram Gilal for his Thesis on Exchange market pressures and monetary policy for a case study of Pakistan alongwith Co-supervisor Dr Jo Byrne. * Jilei Huang for his Thesis on Monetary and fiscal policy analysis in the New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) models with the help of Co-supervisor Prof James Malley. * Alexander Kadow for his Thesis on Monetary and real aspects of European integration with
Co-supervisor C Leith. * Aikaterini Kokkinou for his Thesis on Innovation, entrepreneurship and economic growth for a benchmarking study of Greece within the European Union Co-supervisor Professor Richard Harris. * Ekaterina Kortava for his Thesis on Destination country’s currency pegging and exporters’ price-setting behaviour for a non-linear approach with Co-supervisor Dr Jo Byrne * Man Luo for his Thesis on Foreign exchange market microstructure in developing economies with Co-supervisor Dr Mario Cerrato. * Muhammad Tariq Majeed for his Thesis on Corruption and income inequality for The relationship between redistribution and growth with the help of Co-supervisor Dr Luis Angeles. * Aman Saggu for his Thesis on Exchange rate dynamics and efficiency during financial crises with Co-supervisor Dr Alexandros Kontonikas. * Andreas Tsopanakis for his Thesis on Modelling and forecasting currency and financial crises with the help of Co-supervisor Dr Mario Cerrato. * Hyunsok Kim for his Thesis on Alternative empirical approaches to macroeconomic theory with
Co-supervisor Dr Mario Cerrato.

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