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49 results

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  • THE CURRENCY CONUNDRUM FOR AN INDEPENDENT SCOTLAND

  • Ronald MacDonald
  • Journal:
    National Institute Economic Review / Volume 260 / Spring 2022
    Published online by Cambridge University Press:
    11 January 2023, pp. 7-25
    Print publication:
    Spring 2022

  • In this paper we revisit the issue of currency regime choice for an independent Scotland using an international macroeconomic/ finance framework. Specifically, we consider the main competing proposals for currency choice with an emphasis on the SNP’s official policy of the informal use of sterling post-independence. We conclude that from a macroeconomic perspective this option is unlikley to be credible to international capital markets. The option that would be credible, and avoids the austerity associated with the choice of a fixed exchange rate option, would be a free float at least during the transition period of independence.

  • Herpes Zoster Ophthalmicus with Delayed Cerebral Infarction and Meningoencephalitis

  • Mark S. Freedman, Ronald D. Macdonald
  • Journal:
    Canadian Journal of Neurological Sciences / Volume 14 / Issue 3 / August 1987
    Published online by Cambridge University Press:
    18 September 2015, pp. 312-314
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  • Herpes zoster ophthalmicus can be complicated by a delayed ipsilateral cerebral angiitis which may cause infarction and a smoldering meningoencephalitis. We describe such a case treated successfully with steroids and acyclovir. It is important to consider the diagnosis of this disorder early since therapeutic intervention may prevent an otherwise high morbidity and mortality. Steroids may have to be continued for some time after clinical resolution, using the ESR as a guideline for decreasing dosages.

Credibility and the International Monetary Regime
  • A Historical Perspective
  • Edited by Michael D. Bordo, Ronald MacDonald
  • Published online:
    05 May 2012
    Print publication:
    09 April 2012
  • The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. Between 1914 and the present several monetary regimes gradually moved away from gold, with varying success in maintaining price stability and credibility. In this book, the editors present ten studies combining historical narrative with econometrics that analyze the role of credibility in four monetary regimes, from the gold standard to the present managed float.

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