Staff Profile Skip to main content
Staff Profile

Associate Professor Garry MacDonald

No Image Found

Teaching Assistant
Curtin Business School (CBS)
School of Economics and Finance
Bentley Campus
08 9266 7724


Garry teaches courses in macroeconomics and monetary economics. His research interests are in the areas of applied macro and monetary economics and applied econometrics. Recently he has also been working in the area of applied financial economics/econometrics.

He has published in refereed journals such as Applied Economics, Revue Economique, The Oxford Bulletin of Economics and Statistics, Applied Economic Letters, the Journal of Economic and Financial Computing, and the Economic Record. His research grants have been for examining real wages in Australia, portfolio diversification and labour market trends. Garry recently completed a PhD at Curtin for a study of time series methods for analysing price formation in financial and labour markets.

Back to top

Memberships, Awards and Training


Ordinary Member of Economics Society of Australia Ordinary Member WA Branch of Economics Society (Secretary 1992-94)

Secretary to the organising comittee of the 1993 conference of economists and secretary to the organising committee for the 1993 Economics Society of Australia Business Symposium held at Curtin University.

Back to top

Employment History

1982-83 Part-time Research Associate Development Economics Research CentreWarwick University

1983-85 National Westminster Bank Research Associate Birmingham University

1984-85 Part-time Tutor in Statistics Bristol University

1985-86 Research Associate to joint Anglo-French project on Macroeconomic Policy Co-ordination arwick University 1986-89 Tenured Lecturer in Monetary Economics Loughborough University

1987-89 Part-time Lecturer Leicester Polytechnic

1989-91 Lecturer in Economics Murdoch University Perth Western Australia

1991-97 Lecturer in Economics Curtin University

1997 - 03 Senior Lecturer Economics Curtin University

2003 - Associate Professor, Economics Curtin Unniversity Consultancy Work 1998/9 - The Impact of Imported Pigmeat on the Domestic Pigmeat Industry - I carried out the econometric work for the IRIC/MURESK consultancy project which formed the major part of the IRIC submission to the Productivity Commission inquiry into the impact of imported frozen pigmeat imports on the domestic market. I also presented the econometric results to the Productivity Commission under the Chair of Professor Richard Snape.

1999/2000 – Productivity and Employment Structure of Industries (with Prof. P Lewis) I carried out the econometric work for a study examining the impact of structural change on the composition of employment in a study for the Department of Employment, Workplace Relations and Small Business

2003 AUSAID project to examine the impact of inter-governmental grants on capital inequalities in the States of South Africa. This project, the first stage of which has just been approved with a budget of $180,000 is being carried out on behalf of the Financial and Fiscal Commission in South Africa. I will be acting in the capacity of Statistician for the research project 2003 WA TAB project to evaluate and establish a set of economic indicators relevant to TAB activity in Western Australia (IRIC project)

Back to top


I have over fifteen years of teaching experience at universities in the UK and Australia. During this time I have taught a wide variety of courses in macro and micro economics, econometrics and statistics - ranging from first year to honours level.

Currently at Curtin University I teach the first year macro economics course, and the honours macroeconomics course. Listed below are the courses I have lectured at Curtin University (including Summer Semester and Offshore)

Economics Macro 101 (1st year undergraduate)
Economics Macro 202 (2nd year undergraduate)
Monetary Economics 302 (3rd year specialist option)
Economic Theory 300 (3rd year undergraduate)
Honours Macroeconomics (Honours)
Introductory Econometrics 211 (2nd year undergraduate)
Econometrics 311 (3rd year – lectures on Time Series)
Financial Econometrics 575 (Honours and Masters)

During this period I have also supervised or co-supervised a large number of Honours thesis in both Economics and Finance. I am currently supervising 1 honours student and 2 PhD students.

Back to top

Research Fields


Back to top

Research Interests

Evaluating mutual fund performance using stochastic discount factors (SDF's), demand and supply stocks and world commodity prices, trends in the prices of prmiary commodities over the 20th century. 

Current work in Progress

1. Evaluating Mutual Fund Performance using Stochastic Discount Factors (SDF’s). Work with David Dickinson (Birmingham University) and Alistair Hall (North Carolina State University). This paper involves the estimation of SDF’s in order to evaluate the performance of mutual funds in the UK. The analysis uses Generalised Method of Moments estimators and is innovative in a number of ways. In particular the GMM estimation is being carried out on small samples of data (to evaluate MF performance over differing periods in the UK market) and hence bootstrap simulations will have to be used to obtain probability values for the test statistics. Little work has been done on bootstrapping GMM estimators and our paper will, hopefully, be one of the first to implement new bootstrap tests.

2. Demand and Supply Shocks and World Commodity Prices (with Harry Bloch (Curtin) and Pat Fraser (Aberdeen University)). This work is related to the Large ARC grant (Bloch et al) and will use a Bivariate Vector Autoregressive Model to analyse the impact of demand and supply shocks on commodity prices. The innovative aspect of the paper is the use of the BVAR to recover unobservable demand and supply shock from the system.

3. Trends in the Prices of Primary Commodities over the 20th Century (with Harry Bloch, Michael Dockery (Curtin), David Sapsford (Lancaster University) and Wynn Morgan (Nottingham Unniversity)). Currently under revision for Western Australian Quarterly Bulletin on Economic Trends Research Grants 1991 Curtin new researchers grant $2000 to examine the determination of real wages in Australia 1991 $5000 grant from the Curtin International Business Unit to study portfolio diversification (with D. Allen) 1992 $5098 from the Economics and Finance Research Centre to study “Gains from portfolio Diversification? The Australian perspective" 1993 $5400 ARC small grant to study labour market trends in Western Australia (with P. Dawkins) 1997 Small ARC grant $15,000 (with D. Allen and Manzur Masih) “Hedging effectiveness of the Sydney Futures Exchange – a time series modelling approach” 1998 Small ARC grant of $17,499 for continuation of project : “Hedging effectiveness of the Sydney Futures Exchange – a time series modelling approach” 1999 Curtin University Research Grants Scheme $7,500 for research project “Macroeconomic and Microeconomic Influences on Services Trade (Chief Investigator) 1999 Small ARC grant of $17,488 with Prof. D. Allen and Professor A.M. Masih of Edith Cowan and Mr. R. Masih of Goldman Sachs to study the linkages between accounting earnings, dividends and stock prices 2000 Curtin Business School – Research Program Funding $10,000 for the research Program: Health Economics (Principal Researcher) 2000 Curtin Business School – Research Program Funding $10,000 for the research Program: Applied Econometric Analysis of Economic and Financial Markets (Program Leader) 2000 ARC Large Grant (Prof H Bloch - Curtin University of Technology,Prof D Sapsford - Lancaster University,Dr C Morgan - University of Nottingham,Dr G MacDonald - Curtin University of Technology) 2001: $22,874.00 2002: $44,000.00 Title: Commodity prices and the dynamics of world inflation 2001 Curtin Business School – Research Program Funding $10,000 for the research Program: Applied Econometric Analysis of Economic and Financial Markets (Program Leader) 2002 ARC Discovery Projects Grant (Prof. H. Bloch, Dr Garry MacDonald and Dr Bhattacharya) 2003 $70,000 2004 $65,000 2005 $65,000 Title: Technical change, Productivity Growth and Pricing in Australian Manufacturing.

Back to top



Journal Articles (Research)


Journal Articles (Research)


Journal Articles (Research)


Journal Articles (Research)


Journal Articles (Research)


Books (Research)

  • Petchey, J., G. MacDonald, J. Josie, R. Mabugu, and D. Kallis. 2007. "A grant scheme for the progressive realisation of constitutionally mandated basic services: A simulation model." South Africa: Financial and Fiscal Commission.

Book Chapters (Research)

Conference Articles (Research)

  • Macdonald, G., A. Mullineux, and R. Sensarma. 2007. "Asymmetric effects of interest rate changes: the role of the consumption-wealth channel." In Australian Conference of Economists, Sep 24, 2007, Hobart, Tasmania, Australia: Economic Society of Australia.


Journal Articles (Research)

Conference Articles (Research)

  • MacDonald, G. 2004. "Provincial growth and development through the equitable sharing of infrastructure finance." In 10 Years of the Financial and Fiscal Commission: Consolidation for greater equity (10-12 August), Aug 10, 2004, Cape Town: Financial and Fiscal Commission.


Book Chapters (Research)

  • Black, A., P. Fraser, and G. MacDonald. 2003. "Stock returns and the state of the economy: A historical perspective using very long-run UK data." In Growth and Development in the Global Economy, 121-140 UK: Edward Elgar.

Journal Articles (Research)

  • FRECH, H. E., S. A. N. D. R. A. HOPKINS, and G. A. R. R. Y. MACDONALD. 2003. "The Australian private health insurance boom: Was it subsidies or liberalised regulation?." Economic Society of Australia. Economic Papers 22 (1): 58-64.
  • Bloch, H., A. Dockery, G. MacDonald, D. Sapsford, and W. Morgan. 2003. "Trends in the prices of primary commodities over the 20th century." Western Australian Quarterly Bulletin of Economic Trends 1(03): 51-65.


Book Chapters (Research)

  • Allen, D., G. MacDonald, D. Walsh, and K. Walsh. 2002. "Using regression techniques to estimate future hedge ratios, some results from alternative approaches applied to Australian 10 year treasury bond futures." In Financial risk and financial risk management, 174-189 United Kingdom: JAI (Elsevier Science).

Journal Articles (Research)


Book Chapters (Research)

  • Allen, D., G. MacDonald, and H. Setiawan.. "Long-term and short-term causal relationships between dividends and stock prices in Malaysia: A time series analysis in the sprit of Lintener's Model." In Advances in Pacific Basin financial markets USA: JAI Press Inc. Inpress.

Journal Articles (Research)

  • Petchey, J., G. Macdonald, P. Koshy, and P. Shapiro. 2000. "Capital equalisation and the Australian states." The Economic Record 76: 32-44.


Journal Articles (Research)

  • Madden, G., P. Haslehurst, I. Kerr, and G. MacDonald.. "An econometric analysis of Australian defence expenditure: 1970-1990." Australian Economic Papers 34 (4). Inpress.


Journal Articles (Research)

  • Macdonald, G. A. 1990. "Testing for stationarity and co-integration: An application to Saudi-Arabian monetary data." Applied Economics 22 (11): 1577-1590.
Back to top

keyboard_arrow_downAdditional publication categories


Journal Articles (Scholarly/Professional)

  • Hopkins, S., and G. MacDonald.. "Unit root properties of OECD health care expenditure and GDP data." Health Economics Letters 6(1) Inpress.


Books Chapters - Other

  • Kerr, I., and G. MacDonald.. "Economic growth and taxation mix in selected Asian economies." In The comparison of macroeconomic policies between Japan and Australia Wakayama University, Japan: The Ministry of Education (Japan). Inpress.
Back to top