My PhD was in macroeconomics and examined the impact of wage rates on money demand and consumption functions. The money demand work focussed on the value-of-time hypothesis which maintains that money holdings are, at at the margin, a substitute for time (see the value-of-time articles below). The consumption work compared conventional consumption functions with income arguments to alternative consumption functions based on wealth and wages as input arguments (see “Consumer Demand, ‘Full Income’, and Real Wages” and “A Note on the Demand for Non-Durable Goods”).


My main interest in macroeconomics was however always on macroeconomic and especially monetary policy - Keynes, Hayek, Friedman and all that - and the problem of inflation.



Fiscal Fan Charts - A Tool for Assessing Member States’ (Likely?) Compliance with EU Fiscal Rules.” (With David Cronin) Central Bank of Ireland Research Technical Paper 15/RT/11, December 2011. Forthcoming, Fiscal Studies.

The GDP Fan Charts: An Empirical Evaluation.” National Institute Economic Review, Vol. 203, No. 1, January 2008, pp. 59-67.

Copulas in Macroeconomics.” Journal of International and Global Economic Studies, Volume 1, No. 1, June 2008, pp. 1-26.

“FOMC Macroeconomic Forecasts: A Non-Parametric Analysis.” International Journal of Applied Economics. Volume 3, No. 2, September 2006, pp. 1-8.

“Time Inconsistency”. Pp. 699-703 in B. Snowdon and H. R. Vane (eds) An Encyclopedia of Macroeconomics. Cheltenham: Edward Elgar. 2002.

“The Demand for Non-Durable Goods and Endogenous Labour Supply.”  Applied Economics, Vol. 24, 1992, pp. 1199-1202.

“Consumer Demand, ‘Full Income’, and Real Wages.”  Empirical Economics, Vol. 17, No. 3, 1992, pp. 333-345.

“A Note on the Demand for Non-Durable Goods.” Journal of Macroeconomics, Vol. 13, No. 3, Summer l991, pp. 543-551.

“The Value of Time Hypothesis and the Demand for Money: Some Evidence for the UK.”  Applied Economics, Vol. 22, No. 5, 1990, pp. 599-603.

“The Value of Time and the Transactions Demand for Money.”  Journal of Money, Credit, and Banking, Vol. 22, No. 1, February 1990, pp. 51-64.

“A Simple Model of Macroeconomic Policy.” (D. Chappell and K. Dowd) Economic Modelling, Vol. 6, No. 4, October 1989, pp. 447-451.

“Disaggregate Supply: Evidence for the UK.” (K. A. Chrystal and K. Dowd) Applied Economics, Vol. 21, No. 10, 1989, pp. 1397-1409.

“Would a Higher Fiscal Deficit Stimulate the Economy?” (K. A. Chrystal and K. Dowd) Fiscal Studies, Vol. 8, No. 1, February 1987, pp. 17-23.