Welcome to my homepage

I am professor of finance and economics at Durham University.


I am interested in monetary, financial and macroeconomics, and in political economy generally. My main interest is in free banking or laissez-faire financial systems and private money, and I have written a few books about these subjects. I am also interested in central banking and financial regulation, monetary economics, macroeconomics, sound money (by which I mean sound commodity-based money), financial risk management, pensions/PensionMetricsmortality and longevity risk and housing finance.


Recent projects include free banking (e.g., here or here), bank capital adequacycentral bank stress testsBrexitCoCo bondsthe War on Cash, cryptocurrency, equity release mortgages, helicopter moneyNapoleonic war financeliving with unreliable mortality data (a big problem in the life actuarial field), longevity risk management and big data mortality modelling


My report Asleep at the Wheel: The Prudential Regulation Authority and the Equity Release Sector was published by the Adam Smith Institute on 7 August 2018 after a joint investigation with BBC journalist Howard Mustoe (see here and here). I presented the results of further equity release work (done jointly with Dr. Dean Buckner, who has recently retired from the Prudential Regulation Authority) at the Financial Markets Group on 1 October 2018. Dean and I have also set up the Eumaeus Project, a blog site that provides commentary on financial regulatory issues especially those related to equity release. 


I recently (24 March 2018) had the honour to give the Ludwig von Mises Memorial Lecture on the subject of "The Failure of Monetary Stimulus" to the Austrian Economics Research Conference at the Mises Institute in Auburn Alabama.  


My work is heavily influenced by Austrian and Public Choice economics. Austrian economics teaches us the importance of first principles, spontaneous order, unintended consequences and the pitfalls of interventionist policies. Public Choice economics teaches us to see policy issues in terms of underlying vested interests, including those of public agencies such as central banks and regulatory agencies. An underlying theme of my work is the importance of institutional arrangements, respect for individual rights and the rule of law, and skepticism about policies that rely on the wisdom of policymakers or their ability to forecast the future. 


Other affiliations  

I am an adjunct scholar at the Cato Institute (Washington), a senior fellow of the Adam Smith Institute (London), the American Institute for Economic Research and of the Cobden Centre for Honest Money and Social Progress, a member of Economists for Free Trade (formerly Economists for Brexit), a research fellow of the Independent Institute (Oakland, CA), a member of the academic advisory board of the Institute of Economic Affairs (London) and a member of the advisory board of the TaxPayers' Alliance. I also work with Cobden Partners (London).


I have previously worked for the Ontario Economic Council, the Universities of Nottingham and Sheffield, and Sheffield Hallam University. 




BA (Economics) University of Sheffield (1980); MA (Economics) University of Western Ontario (1981); PhD (Economics) University of Sheffield (1988).


Prospective PhD students and Academic Visitors


I am currently unable to take on any PhD supervisions or accommodate visiting scholars. 


Contact details

Durham University Business School, Mill Hill Lane, Durham DH1 3LB, United Kingdom.


Email: kevin.dowd@outlook.com; kevin.dowd@durham.ac.uk. 


If you wish to contact me, my preferred contact in the first instance is kevin.dowd@outlook.com.


Date: 25 October 2018


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