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Our People

Professor Kevin Dowd

Professor of Finance and Economics

Biography

Prospective PhD students are invited to contact the School's Research Office in the first instance to discuss their area of interest.

Research Interests

  • Finance/financial risk management
  • Monetary and macroeconomics
  • Current financial crisis
  • Banking and financial regulation
  • Banking history
  • Pensions

Research Groups

Publications

    Authored book

  • Dowd, K. & Hutchinson, M. (2010). Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System. Chichester: Wiley.
  • Dowd, K (2009). Lessons from the Financial Crisis: A Libertarian Perspective. Libertarian Alliance, Online.
  • Dowd, K. (2008). Measuring Market Risk. Chicester and New York John Wiley & Sons.
  • Dowd, K. (2005). Measuring Market Risk. Chichester and New York John Wiley and Sons.
  • Dowd, K. (2002). An Introduction to Market Risk Measurement. Chichester and New York: John Wiley & Sons.
  • Dowd, K. (2000). Money and the Market: Essays on Free Banking. Routledge, London and New York.
  • Dowd, K. (1998). Beyond Value at Risk: The New Science of Risk Management. Chichester and New York: John Wiley and Sons.
  • Dowd, K. (1996). Competition and Finance: A Reinterpretation of Financial and Monetary Economics. MacMillan Press, Basingstoke.
  • Dowd, K (1993). Laissez-Faire Banking. London, Routledge.
  • Dowd, K. (1989). The State and the Monetary System. Phillip Allan Publishers, Oxford and New York: St Martin's Press.
  • Dowd, K (1988). Private Money: The Path to Monetary Stability. Institute of Economic Affairs.
  • Chapter in book

  • Dowd, K. (2012). Model Risk. In Encyclopedia of Financial Models. Fabozzi, F. J. Wiley: Hoboken, NJ. 2.
  • Dowd, K. & Hutchinson, M. (2010). Reawakening the Inflation Monster: US Monetary Policy and the Federal Reserve. In Lessons from the Financial Crisis: Insights and Analysis from Today's Leading Minds. Kolb, R. John Wiley & Sons Inc, UK. 475-481.
  • Dowd, K. (2010). Value-at-Risk. In Encyclopedia of Quantitative Finance. Cont, R (Editor in Chief) New York: Wiley. 1: 1863-1866.
  • Dowd, K. & Blanco, C. (2009). Efficient VaR: Using Past Forecast Performance to Generate Improved VaR Forecasts. In The VaR Implementation Handbook: Financial Risk and its Applications in Asset Management, Measurement and Modeling. Gregoriou, G. New York: McGraw-Hill. 25-39.
  • Aragones, J.R., Blanco, C. & Dowd, K. (2009). Stress Tests, Market Risk Measures and Extremes: Bringing Stress Tests to the Forefront of Market Risk Management. In Stress Testing for Financial Institutions: Applications, Regulations and Techniques. Rosch, D. & Scheule, H. London: Risk Books. 17-33.
  • Cotter, J. & Dowd, K. (2009). Quantile-based tail risk estimation for equity portfolios. In The VaR Modelling Handbook: Practical Applications in Alternative INvesting, Banking, Insurance and Portfolio Management. Gregoriou, G. New York: McGraw-Hill. 297-313.
  • Dowd, K. (2008). Back-Testing Market Risk Models. In Handbook of Finance. Fabozzi, F.J. Wiley: Hoboken, NJ. 3: 93-99.
  • Dowd, K. (2008). A Moments-based Procedure for Evaluating Risk Forecasting Models. In Analytics of Risk Model Validation. Christodoulakis, G. & Satcchell, S. USA: Elsevier. 45-59.
  • Dowd, K. (2008). Default Risk. In Encyclopedia of Quantitative Risk Assessment and Analysis. Melnick, E. & Everitt B. Chicester: John Wiley and Sons. 476-481.
  • Blake, D. & Dowd, K. (2008). Securitization/Life. In Encyclopedia of Quantitative Risk Analysis and Assessment. Melnick, E. & Everitt, B. Chichester: John Wiley and Sons. 4: 1623-1627.
  • Dowd, K. (2006). Forecasting Inflation: The Inflation "Fan Charts". In Isues in Monetary Policy: The Relationship between Money and Financial Markets. Matthews, K. and & Booth P. John Wiley and Sons, Chichester. 80-93.
  • Dowd, K. (2006). Value-at-Risk. In Encyclopedia of Actuarial Science. Teugelsl, J.L. & Sundt, B. Chichester: John Wiley & Sons. 3: 1740-1748.
  • Dowd, K. (2002). Time Inconsistency. In An Encyclopedia of Macroeconomics. Snowdon, B. and & Vane, H.R. Edward Elgar, Cheltenham. 699-703.
  • Dowd, K. (2002). Gold Standard. In An Encyclopedia of Macroeconomics. Snowdon, B. and & Vane, H.R. Edward Elgar, Cheltenham. 293-296.
  • Dowd, K. (2000). The "Compensated Dollar" Revisited. In Money and the Market: Essays on Free Banking. Dowd, K. Routledge, London. 104-113.
  • Dowd, K & Hinchliffe, JM (2000). Patemalism Fails Again - The Story of the Financial Services Act. In Money and the Market: Essays on Free Banking. Dowd, K Routledge. 167-182.
  • Dowd, K (1999). The Invisible Hand and the Evolution of the Monetary System. In What is Money?. Smithin, J Routledge. 139-156.
  • Dowd, K & Timberlake, Jr, R H (1998). The Misguided Drive Toward European Monetary Union. In Money and the Nation State: The Financial Revolution, Government and the World Monetary System. Transaction Publishers.
  • Dowd, K. (1997). Option Clause. In Business Cycles and Depressions. An Encyclopedia. Glasner, D. Garland Pulbishers, New York. 501-2.
  • Chappell, D. & Dowd, K. (1997). Is Convertibility on Demand Always Optimal? In Contemporary Developments in Finance. Topsacalian, P. Eska, Paris. 167-174.
  • Dowd, K. (1995). Money and Banking: The American Experience. In Money and Banking: The American Experience. George Edward Durrell Foundation. George Mason University Press, Fairfax, VA. 1-29.
  • Dowd, K (1994). Free Banking. In The Elgar Companion to Austrian Economics. Boettke, P Edward Elgar. 408-413.
  • Dowd, K (1994). Free Banking. In Handbook of International Banking. Mullineux, A W. & Murinde, V. Cheltenham Edward Elgar. 173-190.
  • Dowd, K (1992). US Banking in the Free Banking Period. In The Experience of Free Banking. Dowd, K Routledge. 206-240.
  • Dowd, K (1992). Free Banking in Australia. In The Experience of Free Banking. Dowd, K Routledge. 48-78.
  • Dowd, K. (1992). Stopping Inflation. In Honest Money. Australian Institute for Public Policy. Perth, WA. 13-22.
  • Dowd, K (1991). The Evolution of Central Banking in England, 1821-1890. In Unregulated Banking: Order or Chaos?. Capie, F & Wood, G E Macmillan. 24-28.
  • Edited book

  • Dowd, K. & Timberlake, Jr., R H. (1998). Money and the Nation State: The Financial Revolution, Government and the World Monetary System. Transaction Publishers, New Brunswick, NJ.
  • Dowd, K (1992). The Experience of Free Banking. Routledge.
  • Dowd, K. & Lewis, M.K. (1992). Current Issues in Monetary Theory and Policy. London, Macmillan.
  • Journal Article

  • Cairns, A. J. G., Blake, D., Dowd, K. & Kessler, A. (2016). Phantoms never die: living with unreliable population data.. Journal of the Royal Statistical Society: Series A (Statistics in Society)
  • Cairns, A., Dowd, K., Blake, D. & Coughlan, G. (2013). Longevity hedge effectiveness a decomposition. Quantitative Finance 14(2): 217-235.
  • Dowd, K (2013). Moral Hazard and the Financial Crisis. Cato Journal 29(1): 141-166.
  • Mozumder, S., Sorwar, G. & Dowd, K. (2013). Option Pricing Under Non-Normality: A Comparative Analysis. Review of Quantitative Finance and Accounting 40(2): 273-292.
  • Learmonth, M., Lockett, A. & Dowd, K. (2012). Promoting Scholarship that Matters: The Uselessness of Useful Research and the Usefulness of Useless Research. British Journal of Management 23(1): 35-44.
  • Dowd,K , Kerr, G & Hutchinson, M (2012). The Coming Fiat Money Cataclysm and the Case for Gold. Cato Journal 32(2): 363-388.
  • Dowd, K., Hutchinson, M., Ashby, S. & Hinchliffe, J. (2011). Capital Inadequacies: The Dismal Failure of the Basel System of Bank Capital Regulation. Cato Journal 681.
  • Cotter, J. & Dowd, K. (2011). Extreme global equity market risk. Journal of Derivatives and Hedge Funds 17(4): 312-325.
  • Coughlan, G.D., Khalaf-Allah, M., Ye, Y., Kumar, S., Cairns, A.J.G., Blake, D. & Dowd, K. (2011). Longevity Hedging 101: A Framework for the Longevity Basis Risk Analysis and Hedge Effectiveness. North American Actuarial Journal 15(2): 150-176.
  • Morgan, W., Cotter, J. & Dowd, K. (2011). Extreme Measures of Agricultural Financial Risk. Journal of Agricultural Economics 63(1): 65-82.
  • Dowd, K. (2011). The End of a Monetary Phenomenon. Central Banking 22(2): 41-48.
  • Dowd, K & Hutchinson, M (2011). U.S. Decapitalization, Easy Money and Asset Price Cycles. The Cato Journal 31(3): 505-519.
  • Cairns, A.J.G., Blake, D., Dowd, K., Khalaf-Allah, M. & Coughlan, G.D. (2011). A Gravity Model of Mortality Rates for Two Related Populations. North American Actuarial Journal 15(2): 334-356.
  • Cairns, A.J.G., Dowd, K., Blake, D. & Coughlan, G. (2011). Longevity Hedge Effectiveness: A Decomposition. Actuarial Post
  • Dowd, K., Blake, D. & Cairns, J.G. (2011). A Computationally Efficient Algorithm For Estimating The Distribution Of Future Annuity Values Under Interest-Rate and Longevity Risks. North American Actuarial Journal 15(2): 237-247.
  • Cairns, A.J.G., Blake, D., Dowd, K., Coughlan, G.D., Epstein, D. & Khalaf-Allah, M. (2011). Mortality Density Forecasts: An Analysis of Six Stochastic Mortality Models. Insurance: Mathematics and Economics 48(3): 355-367.
  • Cairns, A.G.J., Blake, D., Dowd, K., Coughlan, G.D. & Khalaf-Allah, M. (2011). Bayesian Stochastic Mortality Modelling for Two Populations. ASTIN Bulletin 41(1): 29-59.
  • Dowd, K. & Cronin, D. (2011). Fiscal Fan Charts - A Tool for Assessing Member States'(Likely?)Compliance with EU Fiscal Rules. Central Bank of Ireland Research Technical Paper
  • Dowd, K., Cotter, J. & Loh, L. (2011). U.S. Core Inflation: a Wavelet Analysis. Macroeconomic Dynamics 15(4): 513-536.
  • Dowd, K. & Hutchinson, M. (2011). Easy Money and the Decapitalization of America. Cato Policy Report 33(1): 1, 6-8.
  • Dawson, P., Dowd, K., Cairns, A.J.G. & Blake, D. (2010). Survivor Derivatives: A Consistent Pricing Framework. Journal of Risk and Insurance 77(3): 579-596.
  • Cotter, J. & Dowd, K. (2010). Intra-Day Seasonality in Foreign Exchange Market Transactions. International Review of Economics and Finance 19(2): 287-294.
  • Sorwar, G. & Dowd, K. (2010). Estimating Financial Risk Measures for Options. Journal of Banking & Finance 34(8): 1982-1992.
  • Dowd, K., Cairns, A.J.G., Blake, D., Coughlan, G.D., Epstein, D. & Khalaf-Allah, M. (2010). Evaluating the Goodness of Fit of Stochastic Mortality Models. Insurance: Mathematics and Economics 47(3): 255-273.
  • Dowd, K. (2010). Using Order Statistics to Estimate Confidence Intervals for Quantile-based Risk Measures. Journal of Derivatives 17(3): 9-14.
  • Dowd, K., Cairns, A.J.G., Blake, D., Coughlan, D.G., Epstein, D. & Khalaf-Allah, M. (2010). Backtesting Stochastic Mortality Models: An Ex-Post Evaluation of Multi-Period-Ahead Density Forecasts. North American Actuarial Journal 14(3): 281-298.
  • Dowd, K., Blake, D. & Cairns, A.J.G. (2010). Facing up to Uncertain Life Expectancy: The Longevity Fan Charts. Demography 47(1): 67-78.
  • Blake, B., Cairns, A.J.G. & Dowd, K. (2009). Designing a Defined Contribution Plan: What to Learn from Aircraft Designers. Financial Analysts Journal 65(1): 37-42.
  • Woods, M., Humphrey, C.G., Dowd, K. & Liu, Y.L. (2009). Crunch Time for Bank Audits? Questions of Practice and the Scope for Dialogue. Managerial Auditing Journal 24(2): 114-134.
  • Dawson, P., Dowd, K., Cairns, A.J.G. & Blake, D. (2009). Options on Normal Underlyings with an Application to the Pricing of Survivor Swaptions. Journal of Futures Markets 29(8): 757-774.
  • Cairns, A.J.G., Blake, D., Dowd, K., Coughlan, G. D., Epstein, D., Ong, A. & Balevich, I. (2009). A Quantitative Comparison of Stochastic Mortality Models Using Data from England and Wales and the United States. North American Actuarial Journal 13(1): 1-35.
  • Blake, D., Cairns, A.J.G. & Dowd, K. (2008). The Birth of the Life Market. Asia-Pacific Journal of Risk and Insurance 3(1): 6-36.
  • Dowd, K. (2008). The GDP Fan Charts: An Empirical Evaluation. National Institute Economic Review 203(1): 59-67.
  • Dowd, K., Bartlett, D.L., Chaplin, M., Kelliher, P. & O'Brien, C. (2008). Risk Management in the UK Insurance Indusry: The Changing State of Practice. International Journal of Financial Services Management 3(1): 5-23.
  • Woods, M., Dowd, K. & Humphrey, C.G. (2008). The Value of Risk Reporting: A Critical Analysis of Value-at-Risk Disclosures in the Banking Sector. International Journal of Financial Services Management 3(1): 45-64.
  • Cairns, A.J.G., Blake, D. & Dowd, K. (2008). Modelling and Management of Mortality Risk: A Review. Scandinavian Actuarial Journal 2008(2-3): 79-113.
  • Dowd, K. (2008). The Swedish Inflation Fan Charts: An Evaluation of the Riksbank's Inflation Density Forecasts. Journal of Risk Model Validation 2(1): 73-87.
  • Dowd, K. (2008). It's Time to Abolish Risk-Based Regulation. Insurance Risk and Capital
  • Dowd, K., Cotter, J., Humphrey, C.G. & Woods, M. (2008). How Unlucky is 25-Sigma? The Journal of Portfolio Management 34(4): 76-80.
  • Dowd, K., Cotter, J. & Sorwar, G. (2008). Spectral Risk Measures: Properties and Limitations. Journal of Financial Services Research 34(1): 61-75.
  • Dowd, K. (2008). Copulas in Macroeconomics. Journal of International and Global Economic Studies 1(1): 1-26.
  • Blake, D., Dowd, K. & Cairns, A.J.G. (2008). Longevity Risk and the Grim Reaper's Toxic Tail: The Survivor Fan Charts. Insurance: Mathematics and Economics 42: 1062-1068.
  • Blake, D., Cairns, A. & Dowd, K. (2007). The Impact of Occupation and Gender on Pensions from Defined Contribution Plans. The Geneva Papers on Risk and Insurance Issues and Practice 32(October): 458-482.
  • Cotter, J. & Dowd, K. (2007). The Tail Risks of FX Return Distributions: A Comparison of the Returns Associated with Limit Orders and Market Orders. Finance Research Letters 4(3): 146-154.
  • Byrne, A., Blake, D., Cairns, A.J.G. & Dowd, K. (2007). Default Funds in UK Defined Contribution Pension Plans. Insurance: Mathematics and Economics 63(4): 40-51.
  • Dowd, K (2007). Too Good to be True? The (In)credibility of the UK Inflation Fan Charts. Journal of Macroeconomics 29(1): 91-102.
  • Dowd, K. (2007). Backtesting the RPIX Inflation Fan Charts. Journal of Risk Model Validation 1(3): 1-19.
  • Dowd, K. (2007). Validating Multiple-Period Density Forecasting Models. Journal of Forecasting 26(4): 251-270.
  • Blake, D., Cotter, J. & Dowd, K. (2007). Financial Risks and the Pension Protection Fund: Can it survive them? Pensions: An International Journal 12: 109-130.
  • Dowd, K. (2007). Temporal Dependence in Multi-Step Density Forecasting Models. Journal of Risk Model Validation 1(1): 1-20.
  • Dowd, K. (2006). Backtesting Risk Models within a Standard Normality Framework. Journal of Risk 9(2): 93-111.
  • Dowd, K. (2006). FOMC Macroeconomic Forecasts: A Non-Parametric Analysis. International Journal of Applied Economics and Finance 3(2): 1-8.
  • Dowd, K. & Blake, D. (2006). After VaR: The Theory, Estimation and Insurance Applications of Quantile-based Risk Measures. Journal of Risk and Insurance 73(2): 193-228.
  • Cotter, J. & Dowd, K. (2006). Extreme Spectral Risk Measures: An Application to Futures Clearinghouse Margin Requirements. Journal of Banking and Finance 30(12): 3469-3485.
  • Dowd, K. (2006). Using Order Statistics to Estimate Confidence Intervals for Probabilistic Risk Measures. The Journal of Derivatives 14(2): 77-81.
  • Dowd, K. (2005). Copulas and Coherence: Portfolio Analysis in a Non-Normal World. The Journal of Portfolio Management 32(1): 123-127.
  • Dowd, K. (2004). A Modified Berkowitz Back-test. Risk Magazine 17(4): 86.
  • Dowd,K. (2004). Rejoinder to Huang. Journal of Portfolio Management 30(3): 127.
  • Dowd, K., Blake, D. & Cairns, A.J.G. (2004). Long-term Value at Risk. The Journal of Risk Finance 5(2): 52-57.
  • Dowd, K. (2002). A Bootstrap Back-test. Risk Magazine 15(10): 93-94.
  • Dowd, K (2002). Assessing the Pre-Commitment Approach to Bank Capital Regulation. Journal of Risk Finance 3(4): 35-40.
  • Dowd, K. (2001). The Emergence of Fiat Money: A Reconsideration. Cato Journal 20(3): 467-476.
  • Dowd, K. (2001). Estimating the Failure Probabilities of Financial Institutions: A Simple Approach. The Journal of Risk Finance 2(4): 33-38.
  • Cronin, D & Dowd, K (2001). Does Monetary Policy have a Future? Cato Journal 21(2): 227-244.
  • Dowd, K. (2000). Accounting for Value at Risk. The Journal of Risk Finance 2(1): 51-58.
  • Dowd, K. (2000). Using Futures Prices to Control Inflation: Reply to Garrison and White. Journal of Money, Credit and Banking 32(1): 142-145.
  • Dowd, D. and & Harrison, B. (2000). The Gibson Paradox and the Gold Standard: Evidence from the United Kingdom, 1821-1913. Applied Economic Letters 7(11): 711-713.
  • Dowd,K. (2000). Adjusting for Risk: An Improved Sharpe Ratio. International Review of Economics & Finance 9(3): 209-222.
  • Dowd, K (2000). Are Free Markets the Cause of Financial Instability? Critical Review 14(1,200): 57-67.
  • Doed, K. (2000). Estimating Value-at-Risk: A Subjective Approach. The Journal of Risk Finance 1(4): 43-46.
  • Dowd, K. (2000). Bank Capital Adequacy versus Deposit Insurance. Journal of Financial Services Research 17(1): 7-15.
  • Dowd, K (1999). Does Asymmetric Information Justify Bank Capital Adequacy Regulation. Cato Journal 19(1): 39-41.
  • Dowd, K. (1999). Financial Risk Management. Financial Analysts Journal 55(4): 65-71.
  • Dowd, K & Hinchliffe, J M (1999). A Free Retail Investment Market? Economic Affairs 19(2): 45-47.
  • Dowd, K. (1999). An Almost Ideal Monetary Rule. Greek Economic Review 19(2): 53-62.
  • Dowd, K. (1999). A VAR Approach to Risk-Return Analysis. The Journal of Portfolio Management 25(4): 60-67.
  • Dowd, K (1999). Too Big to Fail? Long-Term Capital Management and the Federal Reserve. Cato Institute Briefing Paper 52.
  • Dowd, K. (1998). Monetary Policy in the 21st Century: An Impossible Task. Cato Journal 17(3): 327-331.
  • Dowd, K. & Hinchliffe, J.M. (1998). Independence - No Way! The Financial Regulator 3(3): 51-53.
  • Dowd, K. (1998). Free Banking More Relevant than Ever. The Financial Regulator 3(1): 41-43.
  • Chappell, D. & Dowd, K. (1997). A Simple Model of the Gold Standard. Journal of Money, Credit and Banking 29(1): 94-105.
  • Dowd, K (1997). The regulation of bank capital adequacy. Advances in Austrian Economics 4: 95-110.
  • Dowd, K. (1996). Some Unpleasant Budgetary Arithmetic of a Proposal to End Inflation A Reply. Economic Journal 106(436): 635-636.
  • Dowd, K. (1996). Should the Bank of England be Abolished? Review of Policy Issues 2(1): 3-14.
  • Dowd, K. (1996). The Analytics of Bimetallism. The Manchester School 64(3): 281-297.
  • Dowd, K (1996). The Case for Financial Laissez-Faire. Economic Journal 106(436): 679-687.
  • Dowd, K. (1995). A Rule to Stabilize the Price Level. Cato Journal 15(1): 39-63.
  • Dowd, K. (1995). Deflating the Productivity Norm. Journal of Macroeconomics 17(4): 717-732.
  • Dowd, K. (1995). The Damage Inflation Does. Economic Review 13(2): 32-35.
  • Dowd, K. (1995). The Mechanics of Indirect Convertibility. Journal of Money, Credit and Banking 27(1): 67-88.
  • Dowd, K. (1995). Central Bank Independence and Inflation: An Alternative View. Review of Policy Issues 1(3): 41-45.
  • Dowd, K. (1994). The Costs of Inflation and Disinflation. Cato Journal 14(2): 305-331.
  • Baker, S. & Dowd, K. (1994). The New Zealand Monetary Policy Experiment: A Preliminary Assessment. World Economy 17(6): 855-867.
  • Dowd, K (1994). The Political Economy of Central Banking. Critical Review 8(1): 49-60.
  • Dowd, K. (1994). An Imperfect Union: the Maastsricht Treaty Could Not Deceive the Markets. Barron's 74.
  • Dowd, K (1994). Competitive Banking Bankers' Clubs and Bank Regulation. Journal of Money, Credit and Banking 26(2): 289-308.
  • Dowd, K (1993). Money and the Market: What Role for Government? Cato Journal 12(3): 29-45.
  • Dowd, K. & Greenaway, D. (1993). A Single Currency for Europe? Greek Economic Review 15(1): 227-244.
  • Dowd, K. & Greenaway, D. (1993). Currency Competition, Network Externalities and Switching Costs: Towards an Alternative View of Optimal Currency Areas. Economic Journal 103(420): 1180-1189.
  • Dowd, K. (1993). Eruopean Monetary Reform: The Pitfalls of Central Planning. Cato Institute Foreign Policy Briefing (28): 12.
  • Dowd, K. & Sampson, A.A. (1993). The Gold Standard, Gibson's Paradox and the Gold Stock. Journal of Macroeconomics 15(4): 653-659.
  • Dowd, K. (1993). A Reply to Schnadt and Whittaker. Southern Economic Journal 60(2): 501-504.
  • Dowd, K. & Sampson, A.A. (1993). A New Model of the Gold Standard. Canadian Journal of Economics / Revue Canadienne d'Économique 26(2): 380-391.
  • Dowd, K. (1993). Free Banking. Associate! 4-6.
  • Dowd, K (1993). Re-examining the Case for Government Deposit Insurance. Southern Economic Journal 59(3): 363-370.
  • (1993). Deposit Insurance: A Skeptical View. Federal Reserve Bank of St Louis, Review 75(1): 14-17.
  • Dowd, K. (1992). Consumer Demand, "Full Income", and Real Wages. Empirical Economics 17(3): 333-345.
  • Dowd, K (1992). The Monetary Economics of Henry Meulen. Journal of Money, Credit, and Banking 24: 173-183.
  • Dowd, K (1992). Models of Banking Instability: A Partial Review of the Literature. Journal of Economic Surveys 6(2): 107-132.
  • Dowd, K. (1992). The Demand for Non-Durable Goods and Endogenous Labour Supply. Applied Economics 24: 1199-1202.
  • Dowd, K (1992). Is Banking a Natural Monopoly? Kyklos 45(3): 379-392.
  • Dowd, K (1991). Sechrest on Scottish Free Banking. Cato Journal 10(3): 821-824.
  • Dowd, K. (1991). Financial Instability in a "Directly Convertible" Gold Standard. Southern Economic Journal 57: 719-726.
  • Dowd, K. (1991). Which Way for Euro-Money Reform? Economic Affairs 11(5): 29-31.
  • Dowd, K (1991). Option Clauses and Banknote Suspension. Cato Journal 10(3): 761-773.
  • Dowd, K. (1991). A Note on the Demand for Non-Durable Goods. Journal of Macroeconomics 13(3): 543-551.
  • Dowd, K. (1991). Evaluating the Hard Ecu. The World Economy 14(2): 215-225.
  • Dowd, K. (1990). The Value of Time Hypothesis and the Demand for Money: Some Evidence for the UK. Applied Economics 22(5): 599-603.
  • Dowd, K (1990). Does Europe Need a Federal Reserve System? Cato Journal 10(2): 423-448.
  • Dowd, K. (1990). The Case for Free Banking. Economic Affairs 10(6): 15-17.
  • Dowd, K. (1990). Ending Australia's Inflation Th Need for Radical Monetary Reform. Policy Spring 1990: 15-17.
  • Dowd, K. (1990). The Value of Time and the Transactions Demand for Money. Journal of Money, Credit, and Banking 22(5): 599-603.
  • Dowd, K. (1990). A European Central Bank? The Durell Journal of Money and Banking 2(3): 22-31.
  • Dowd, K (1990). Did Central Banks Evolve Naturally? A Review Essay of Charles Goodhart's The Evolution of Central Banks. Scottish Journal of Political Economy 37(1): 96-104.
  • Chrystal, K.A. and & Dowd, K. (1989). Disaggregate Supply: Evidence for the UK. Applied Economics 21(10): 1397-1409.
  • Dowd, K (1989). The Case Against a European Central Bank. World Economy 12(3): 361-372.
  • Kaufman, G.G. (Ed) & Dowd, K. (1989). Some Lessons from the Recent Canadian Bank Failures. Research in Financial Services: Private and Public Policy 1: 113-128.
  • Dowd, K. (1989). How to End European Inflation: A Proposal to Deal with the Controversy Surrounding British Membership of the Exchange Rate Mechanism of the EMS. Bruges Group Study Paper (4).
  • Chappell, D. and & Dowd, K. (1989). A Simple Model of Macroeconomic Policy. Economic Modelling 6(4): 447-451.
  • Dowd, K (1988). Automatic Stabilizing Mechanisms Under Free Banking. Cato Journal 7(3): 643-659.
  • Dowd, K. (1988). Option Clauses and the Stability of a Laisser Faire Monetary System. Journal of Financial Services Research 1(4): 319-333.
  • Chrystal, K.A. and & Dowd, K. (1987). Would a Higher Fiscal Deficit Stimulate the Economy? Fiscal Studies 8(1): 17-23.
  • Newspaper/Magazine Article

  • Dowd, K. (2009). The Government's Second Bail-Out is a Poor Way to Save the Banking System. The Sunday Telegraph (25 January 2009).
  • Alexander, J., Beenstock, M., Booth, P., Butler, E., Congdon, T., Copeland, L., Dowd, K., Greenwood, J., Gregg, S., Kay, J., Llewellyn,D., Morrison, A., Myddelton, D.R. & Wood, G. (2009). The Government's Second Bail-Out is a Poor Way Government Failure Caused the Financial Crisis to Save the Banking System. Sunday Telegraph (14 May 2009).
  • Dowd, K., Lilico, A., Greenwood, J., Jeffrey, R., Lea, R., Williams, T., Allington, N., Booth, P., Congdon, T., Copeland, L., Matthews, K., Morrison, A., Peacock, A., Pennington, M., Smith, D.B. & Spencer, P. (2008). Keynesian Over-spending Won't Rescue the Economy. The Sunday Telegraph (26 October 2008).
  • Blake, D., Cairns, A. & Dowd, K. (2008). One day Pensions Will Be Properly Planned. Financial Times (19 May).
  • Dowd, K. (2007). Better to Have Thrown Northern Rock to the Wolves. The Financial Times (19 September 2007).
  • Dowd, K (2007). Northern Rock Managers like Captain of Titanic. The Financial Times (19 October 2007).
  • Report

  • Harrison, D., Blake, D. & Dowd, K. (2014). VfM: Assessing value for money in defined contribution default funds. The Pensions Institute.
  • Woods, M. & Dowd, K. (2008). Financial Risk Management for Management Accountants. Society of Management Accountants of Canada.

Contact Details

Professor of Finance and Economics
+44 191 3345433