Professor David Meenagh

Articles

• Le, V. P. M., Meenagh, D. and Minford, P. 2025. Could an economy get stuck on a rational pessimism sunspot path? The case of Japan. Journal of International Financial Markets, Institutions and Money 101, article number: 102142. (10.1016/j.intfin.2025.102142)
• Le, V. P. M., Meenagh, D. and Minford, P. 2024. The role of fiscal policy — A survey of recent empirical findings. Open Economies Review 35, pp. 985-998. (10.1007/s11079-024-09759-4)
• Le, V. P. M., Meenagh, D., Minford, P. and Wang, Z. 2024. UK monetary and fiscal policy since the great recession - an evaluation. Applied Economics (10.1080/00036846.2024.2393897)
• Zhao, Z., Kuang, K., Tang, Y., Meenagh, D. and Zhu, Z. 2024. How much price stickiness in Hong Kong? —Evidence from small open economy DSGE and indirect inference. Open Economies Review (10.1007/s11079-024-09783-4)
• Yang, X., Barros, L., Matthews, K. and Meenagh, D. 2024. The dynamics of redistribution, inequality and growth across China's regions. Journal of Policy Modeling 46(3), pp. 613-637. (10.1016/j.jpolmod.2024.01.011)
• Meenagh, D., Minford, A. and Xu, Y. 2024. Indirect inference and small sample bias — Some recent results. Open Economies Review 35, pp. 245-259. (10.1007/s11079-023-09731-8)
• Dong, X., Minford, P., Meenagh, D. and Yang, X. 2023. Bounded rational expectation: How it can affect the effectiveness of monetary rules in the open economy. Journal of International Financial Markets, Institutions and Money 88, article number: 101845. (10.1016/j.intfin.2023.101845)
• Meenagh, D. and Minford, P. 2023. A structural model of coronavirus behaviour: what do four waves of Covid tell us?. Applied Economics 55(37), pp. 4348-4358. (10.1080/00036846.2022.2128295)
• Oyekola, O., Meenagh, D. and Minford, P. 2023. Global shocks in the US economy: effects on output and the real exchange rate. Open Economies Review 34, pp. 411-435. (10.1007/s11079-022-09680-8)
• Lyu, J., Le, V. P. M., Meenagh, D. and Minford, A. 2023. UK monetary policy in an estimated DSGE model with financial frictions. Journal of International Money and Finance 130, article number: 102750. (10.1016/j.jimonfin.2022.102750)
• Le, V. P. M., Matthews, K., Meenagh, D. and Minford, P. 2022. Regulatory arbitrage, shadow banking and monetary policy in China. Journal of International Financial Markets, Institutions and Money 80, article number: 101640. (10.1016/j.intfin.2022.101640)
• Meenagh, D., Minford, P. and Wickens, M. R. 2022. The macroeconomic controversy over price rigidity - how to resolve it and how Bayesian estimation has led us astray. Open Economies Review 33, pp. 617-630. (10.1007/s11079-021-09658-y)
• Minford, P., Gai, Y. and Meenagh, D. 2022. North and South: A regional model of the UK. Open Economies Review 33, pp. 565-616. (10.1007/s11079-021-09633-7)
• Zhao, Z., Meenagh, D. and Minford, P. 2022. Should Hong Kong switch to Taylor rule?—Evidence from DSGE model. Applied Economics 54(50), pp. 5851-5872. (10.1080/00036846.2022.2053655)
• Le, V. P. M., Meenagh, D. and Minford, P. 2021. State-dependent pricing turns money into a two-edged sword: a new role for monetary policy. Journal of International Money and Finance 119, article number: 102496. (10.1016/j.jimonfin.2021.102496)
• Lyu, J., Le, V., Meenagh, D. and Minford, A. 2021. Macroprudential regulation in the post-crisis era: has the pendulum swung too far?. Journal of International Financial Markets, Institutions and Money 74, article number: 101381. (10.1016/j.intfin.2021.101381)
• Le, V. P. M., Matthews, K., Meenagh, D., Minford, A. and Xiao, Z. 2021. China’s market economy, shadow banking and the frequency of growth slowdown. Manchester School 89(5), pp. 420-444. (10.1111/manc.12318)
• Le, V. P. M., Matthews, K., Meenagh, D., Minford, P. and Xiao, Z. 2021. Shadow banks, banking policies and China's macroeconomic fluctuations. Journal of International Money and Finance 116, article number: 102415. (10.1016/j.jimonfin.2021.102415)
• Yang, X., Minford, P. and Meenagh, D. 2021. Inequality and economic growth in the UK. Open Economies Review 32, pp. 37-69. (10.1007/s11079-020-09598-z)
• Meenagh, D. and Minford, P. 2021. A structural model of coronavirus behaviour for testing on data behaviour. Applied Economics 53(30), pp. 3515-3534. (10.1080/00036846.2021.1883531)
• Le, V. P. M., Meenagh, D. and Minford, P. 2020. News and why it is not shocking: the role of micro-foundations. Journal of International Financial Markets, Institutions and Money 66, article number: 101199. (10.1016/j.intfin.2020.101199)
• Minford, L. and Meenagh, D. 2020. Supply-side policy and economic growth: A case study of the UK. Open Economies Review 31, pp. -. (10.1007/s11079-019-09536-8)
• Minford, L. and Meenagh, D. 2019. Testing a model of UK growth: a role for R&D subsidies. Economic Modelling 82, pp. 152-167. (10.1016/j.econmod.2019.01.002)
• Meenagh, D., Minford, P., Wickens, M. and Xu, Y. 2019. Testing DSGE models by indirect inference: a survey of recent findings. Open Economies Review 30(3), pp. 593-620. (10.1007/s11079-019-09526-w)
• Le, V. P. M., Meenagh, D. and Minford, P. 2019. A long-commodity-cycle model of the world economy over a century and a half — making bricks with little straw. Energy Economics 81, pp. 503-518. (10.1016/j.eneco.2019.04.011)
• Dong, X., Meenagh, D. and Minford, P. 2019. How important are the international financial market imperfections for the foreign exchange rate dynamics: A study of the sterling exchange rate. Journal of International Money and Finance 94, pp. 62-80. (10.1016/j.jimonfin.2019.02.012)
• Le, V. P. M., Meenagh, D. and Minford, P. 2018. Financial stability: to regulate or not? A public choice inquiry. Journal of International Financial Markets, Institutions and Money 57, pp. 127-140. (10.1016/j.intfin.2018.07.004)
• Aminu, N., Meenagh, D. and Minford, P. 2018. The role of energy prices in the Great Recession — A two-sector model with unfiltered data. Energy Economics 71, pp. 14-34. (10.1016/j.eneco.2018.01.030)
• Le, V. P. M., Meenagh, D., Minford, A. and Wickens, M. 2017. A Monte Carlo procedure for checking identification in DSGE models. Journal of Economic Dynamics and Control 76, pp. 202-210. (10.1016/j.jedc.2017.01.009)
• Le, V., Meenagh, D. and Minford, A. 2017. Tracing the causes of the banking crisis. Applied Economics (10.1080/00036846.2017.1282145)
• Le, V. P. M., Meenagh, D. and Minford, P. 2016. Monetarism rides again? US monetary policy in a world of quantitative easing. Journal of International Financial Markets, Institutions and Money 44, pp. 85-102. (10.1016/j.intfin.2016.04.011)
• Le, V. P. M., Meenagh, D., Minford, A. P. L., Wickens, M. and Xu, Y. 2016. Testing macro models by indirect inference: a survey for users. Open Economies Review 27(1), pp. 1-38. (10.1007/s11079-015-9377-5)
• Le, V. P. M., Matthews, K. G. P., Meenagh, D., Minford, A. P. L. and Xiao, Z. 2014. Banking and the macroeconomy in China: A banking crisis deferred?. Open Economies Review 25(1), pp. 123-161. (10.1007/s11079-013-9301-9)
• Le, V. P. M., Meenagh, D., Minford, A. P. L. and Ou, Z. 2013. What causes banking crises? an empirical investigation for the world economy. Open Economies Review 24(4), pp. 581-611. (10.1007/s11079-013-9274-8)
• Meenagh, D. and Minford, A. P. L. 2012. Non Stationary Shocks, Crises and Policy. Rivista Italiana degli Economisti 17(2), pp. 191-224. (10.1427/37494)
• Le, V. P. M., Meenagh, D., Minford, A. P. L. and Wickens, M. 2011. How much nominal rigidity is there in the US economy? Testing a new Keynesian DSGE model using indirect inference. Journal of Economic Dynamics and Control 35(12), pp. 2078-2104. (10.1016/j.jedc.2011.08.009)
• Meenagh, D., Minford, A. P. L., Nowell, E. and Sofat, P. 2010. Can a real business cycle model without price and wage stickiness explain UK real exchange rate behaviour?. Journal of International Money and Finance 29(6), pp. 1131-1150. (10.1016/j.jimonfin.2010.02.006)
• Meenagh, D., Minford, A. P. L., Nowell, E., Sofat, P. and Srinivasan, N. 2009. Can the facts of UK inflation persistence be explained by nominal rigidity?. Economic Modelling 26(5), pp. 978-992. (10.1016/j.econmod.2009.03.004)
• Le, V. P. M., Meenagh, D., Minford, A. P. L. and Wickens, M. 2009. Two orthogonal continents? Testing a two-country DSGE model of the US and the EU using indirect inference. Open Economies Review 21(1), pp. 23-44. (10.1007/s11079-009-9141-9)
• Meenagh, D., Minford, A. P. L. and Wickens, M. 2009. Testing a DSGE Model of the EU Using Indirect Inference. Open Economies Review 20(4), pp. 435-471. (10.1007/s11079-009-9107-y)
• Minford, A. P. L., Theodoridis, K. and Meenagh, D. 2008. Testing a model of the UK by the method of indirect inference. Open Economies Review 20(2), pp. 265-291. (10.1007/s11079-008-9085-5)
• Meenagh, D., Minford, A. P. L. and Peel, D. A. 2007. Simulating Stock Returns under switching regimes-a new test of market efficiency. Economics Letters 94(2), pp. 235-239. (10.1016/j.econlet.2006.06.036)
• Minford, A. P. L., Meenagh, D. and Wong, J. 2006. Testing a simple structural model of endogenous growth. Quarterly Economic Bulletin 27(3), pp. 19-26.
• Minford, A. P. L., Meenagh, D. and Webb, B. D. 2004. Britain and EMU: Assessing the costs in macroeconomic variability. The World Economy 27(3), pp. 301-358. (10.1111/j.1467-9701.2004.00602.x)

Monographs

• Le, V. P. M., Meenagh, D. and Minford, A. 2021. State-dependent pricing turns money into a two-edged sword. Working paper. Cardiff Economics Working Papers.
• Lyu, J., Le, V., Meenagh, D. and Minford, A. 2021. Macroprudential regulation in the post-crisis era: has the pendulum swung too far?. Working paper. Cardiff Economics Working Papers.
• Le, V. P. M., Meenagh, D., Minford, P. and Wickens, M. 2015. Small sample performance of indirect inference on DSGE models. Working paper. Cardiff: Cardiff University.
• Le, V. P. M., Matthews, K., Meenagh, D., Minford, P. and Xiao, Z. 2015. China’s financial crisis: the role of banks and monetary policy. Working paper. Cardiff: Cardiff University.
• Le, V. P. M., Meenagh, D. and Minford, P. 2014. Monetarism rides again? US monetary policy in a world of Quantitative Easing. Working paper. Cardiff: Cardiff University.
• Le, V. P. M. and Meenagh, D. 2013. Testing and estimating models using Indirect Inference. Working paper. Cardiff: Cardiff University.
• Le, V. P. M., Meenagh, D. and Minford, P. 2013. What causes banking crises? An empirical investigation. Working paper. Cardiff: Cardiff University.
• Le, V. P. M., Matthews, K., Meenagh, D., Minford, P. and Xiao, Z. 2013. Banking and the macroeconomy in China: A banking crisis deferred?. Working paper. Cardiff: Cardiff University.
• Le, V. P. M., Meenagh, D., Minford, P. and Ou, Z. 2013. What causes banking crises? An empirical investigation for the world economy. Working paper. Cardiff: Cardiff University.
• Meenagh, D., Minford, P. and Wickens, M. 2012. Testing macroeconomic models by indirect inference on unfiltered data. Working paper. Cardiff: Cardiff University.
• Le, V. P. M., Meenagh, D., Minford, P. and Wickens, M. 2012. Testing DSGE models by Indirect Inference and other methods: some Monte Carlo experiments. Working paper. Cardiff: Cardiff University.
• Le, V. P. M., Meenagh, D., Minford, P. and Wickens, M. 2011. How much nominal rigidity is there in the US economy? Testing a New Keynesian DSGE model using indirect inference. Working paper. Cardiff: Cardiff University.
• Davidson, J., Meenagh, D., Minford, P. and Wickens, M. 2010. Why crises happen: nonstationary macroeconomics. Working paper. Cardiff: Cardiff University.
• Meenagh, D., Minford, P., Nowell, E., Sofat, P. and Srinivasan, N. 2010. Can the facts of UK inflation persistence be explained by nominal rigidity?. Working paper. Cardiff: Cardiff University.
• Meenagh, D., Minford, P., Nowell, E. and Sofat, P. 2010. Can a pure Real Business Cycle model explain the real exchange rate?. Working paper. Cardiff: Cardiff University.
• Le, V. P. M., Meenagh, D., Minford, P. and Wickens, M. 2009. Two orthogonal continents: testing a two-country DSGE model of the US and EU using indirect inference. Working paper. Cardiff: Cardiff University.
• Meenagh, D., Minford, P. and Wickens, M. 2008. Testing a DSGE model of the EU using indirect inference. Working paper. Cardiff: Cardiff University.
• Minford, P., Theodoridis, K. and Meenagh, D. 2008. Testing a model of the UK by the method of indirect inference. Working paper. Cardiff: Cardiff University.
• Minford, P., Meenagh, D. and Wang, J. 2007. Growth and relative living standards: testing barriers to riches on post-war panel data.. Working paper. Cardiff: Cardiff University.
• Matthews, K., Meenagh, D., Minford, P. and Webb, B. 2006. Monetary regimes: Is there a trade-off between consumption and employment variability?. Working paper. Cardiff: Cardiff University.
• Meenagh, D., Minford, P. and Peel, D. 2006. Simulating stock returns under switching regimes: a new test of market efficiency. Working paper. Cardiff: Cardiff University.

Thesis

• Meenagh, D. 2006. Modelling monetary policy and financial markets.. PhD Thesis, Cardiff University.

• Le, V. P. M., Meenagh, D., Minford, A. P. L. and Wickens, M. 2011. How much nominal rigidity is there in the US economy? Testing a new Keynesian DSGE model using indirect inference. Journal of Economic Dynamics and Control 35(12), pp. 2078-2104. (10.1016/j.jedc.2011.08.009)
• Meenagh, D., Minford, A. P. L., Nowell, E. and Sofat, P. 2010. Can a real business cycle model without price and wage stickiness explain UK real exchange rate behaviour?. Journal of International Money and Finance 29(6), pp. 1131-1150. (10.1016/j.jimonfin.2010.02.006)
• Meenagh, D., Minford, A. P. L., Nowell, E., Sofat, P. and Srinivasan, N. 2009. Can the facts of UK inflation persistence be explained by nominal rigidity?. Economic Modelling 26(5), pp. 978-992. (10.1016/j.econmod.2009.03.004)
• Meenagh, D., Minford, A. P. L. and Peel, D. A. 2007. Simulating Stock Returns under switching regimes-a new test of market efficiency. Economics Letters 94(2), pp. 235-239. (10.1016/j.econlet.2006.06.036)
• Minford, A. P. L., Meenagh, D. and Webb, B. D. 2004. Britain and EMU: Assessing the costs in macroeconomic variability. The World Economy 27(3), pp. 301-358. (10.1111/j.1467-9701.2004.00602.x)