Professor Alec Chrystal

Emeritus Professor

Bayes Business School , Finance

Contact

About

Overview

Alec Chrystal joined City University in 1988 after being Professor of Economics at Sheffield University. During 1997-2001 he was working as a senior adviser in the monetary analysis wing of the Bank of England. Duties during this time included drafting the Bank's quarterly Inflation Report, editing the Bank of England Quarterly Bulletin, editing the Bank's working paper series and writing briefing material for the Monetary Policy Committee. Alec returned to Bayes in September 2001 to become Head of a newly merged Finance Faculty. He has research interests in monetary economics, international finance, political economy and household debt. Several books have been authored or co-authored, including the last four editions of a famous economics textbook with Richard G. Lipsey, and Controversies in British Macroeconomics (with Simon Price). He is a committee member of the Money, Macro and Finance Study Group, and a Vice-President of the British Association for the Advancement of Science Section F (Economics).

Qualifications

  • BA (Exeter)
  • MA
  • PhD (Essex)

Expertise

Primary topics

  • Banking
  • Economics
  • Finance
  • Financial Institutions
  • International Economics
  • International Finance
  • Macroeconomics
  • Monetary Economics

Industries

  • financial services

Geographic Areas

  • Americas - North
  • Europe

Research

Research topics

Household debt

Research students

A Awdeh

Attendance: May 2002 - March 2006, full-time

Thesis title: Banking in the Lebanon

Role: 1st Supervisor

Aleksander Stojanovic

Attendance: September 1996 - September 1999, full-time

Thesis title: Payment system reform

Role: 1st Supervisor

Robert B.K. Pye

Attendance: September 1994 - October 1997, full-time

Thesis title: FDI in Central Europe: a study of major Western Investors

Role: 1st Supervisor

Paulo Jose Jubilado Soares de Pinho

Attendance: September 1991 - September 1994, full-time

Thesis title: Essays in Banking

Role: 1st Supervisor

Gikas Manalis

Attendance: September 1988 - October 1992, part-time

Thesis title: Capital controls: the case of Greece

Role: 1st Supervisor

Publications

Books (13)

  1. Lipsey, R. and Chrystal, A. (2015). Economics. OUP Oxford. ISBN 9780199676835.
  2. Lipsey, R.G. and Chrystal, A. (2011). Economics. Chapman, and Spon, (Eds.), OUP Oxford ISBN 9780199563388.
  3. Chrystal, A. and Mizen, P. (Eds.), (2009). Recent Developments in Monetary Policy. Edward Elgar Publishing.
  4. Chrystal, A.K. and Lipsey, R.G. (2007). Economics. Oxford: OUP Oxford. ISBN 9780199286416.
  5. Lipsey, R.G. and Chrystal, A. (2004). Economics. Oxford: OUP Oxford. ISBN 0199257841.
  6. Chrystal, A. and Pennant-Rea, R. (Eds.), (2000). Public Choice Analysis of Economic Policy. Proceedings of the 1995 meetings of the British Association for the Advancement of Science. Palgrave Macmillan. ISBN 9780333711613.
  7. Chrystal, A. (1999). Government Debt Structure and Monetary Conditions: A Conference Organised by the Bank of England, 18-19 June 1998. Bruce, I. (Ed.), London: Bank of England. ISBN 9781857301526.
  8. Lipsey, R.G. and Chrystal, A. (1997). Economics for Business and Management. Oxford: Oxford University Press. ISBN 9780198775386.
  9. Lipsey, R.G. and Chrystal, A. (1995). Introduction to Positive Economics. Oxford: Oxford University Press. ISBN 9780198774242.
  10. Chrystal, A. and Price, S. (1994). Controversies in Macroeconomics. Financial Times/Prentice Hall. ISBN 0745013155.
  11. Chrystal, A. (1990). Monetarism. Rider, B. and Ashe, M. (Eds.), Aldershot: Edward Elgar Publishing. ISBN 1852780819.
  12. Chrystal, A. (1983). Controversies in Macroeconomics. Hemel Hempstead: P. Allan. ISBN 0860030539.
  13. Chrystal, A. and Alt, J. (1983). Political Economics. Berkeley and Los Angeles: University of California Press. ISBN 0520049349.

Chapters (19)

  1. Chrystal, A. (2012). Debt and monetary policy: comments on Jagjit S Chadha, Luisa Corrado and Jack Meaning's paper "Reserves, liquidity and money: an assessment of balance sheet policies", and further thoughts. Are central bank balance sheets in Asia too large? BIS Papers No 66 Bank for International Settlements.
  2. Chrystal, A.K. and Mizen, P. (2011). Monetary aggregates restored? Capie and Webber revisited. In Wood, G., Mill, T. and Crafts, N. (Eds.), Monetary and banking history: essays in honour of Forrest Capie (pp. 178-192). London and New York: Routledge. ISBN 9780415451468.
  3. Lipsey, R.G. and Chrystal, A. (2006). Economia. (pp. 1-786). Bologna: Zanichelli. ISBN 8808193179.
  4. Mizen, P. and Chrystal, A. (2003). Goodhart's Law: its origins, meaning and implications for monetary policy. In Paul Mizen, (Ed.), Central Banking, Monetary Theory and Practice: Essays in honour of Charles Goodhart (pp. 221-243). Edward Elgar. ISBN 9781840646146.
  5. Chrystal, A. and Mizen, P. (2002). Empirical evidence for credit effects in the transmission mechanism of the United Kingdom. In Mahadeva, L. and Sinclair, P. (Eds.), Monetary Transmissions in Diverse Economies, (pp. 167-190). Cambridge University Press. ISBN 0521813468.
  6. Dowd, K. and Chrystal, A. (2001). Two Arguments for Exchange Controls. In Dowd, K. (Ed.), Money and the Market: Essays in Free Banking (pp. 131-141). Routledge. ISBN 0415242126.
  7. Drake, L., Binner, J. and Chrystal, A. (2000). Weighted Monetary Aggregates for the UK. In Belongia, M. and Binner, J. (Eds.), Divisia Monetary Aggregates: Theory and Practice (pp. 47-48). Palgrave. ISBN 9780230288232.
  8. Chrystal, A. and Lipsey, R.G. (1999). (Italian, Romanian and Spanish translations). In Corvese, C.G. and Santoro, V. (Eds.), Oxford University Press.
  9. Lipsey, R.G. and Chrystal, A. (1999). Principles of Economics. Oxford: Oxford University Press (OUP). ISBN 0198775881.
  10. Chrystal, A. (1997). The Political Business Cycle. In David Glasner, (Ed.), Business Cycles and Depressions: an Encyclopedia (pp. 536-8). New York and London: Routledge. ISBN 0824009444.
  11. Chrystal, A. (1996). The SDR and its Characteristics as an Asset: an Appraisal. In Mussa, M., Boughton, J.M. and Isard, P. (Eds.), The future of the SDR in Light of Changes in the International Financial System (pp. 289-304). Washington DC: International Monetary Fund. ISBN 155775604X.
  12. Chrystal, A., Faini, R. and Guiso, L. (1993). Teorie Macroeconomiche. Milano: Ulrico Hoepli. ISBN 882031861X.
  13. Hatton, T.J. and Chrystal, A. (1991). The budget and fiscal policy. In Crafts, N.F.R. and Woodward, N. (Eds.), The British Economy Since 1945 (pp. 52-88). Oxford: Oxford University Press. ISBN 0198772742.
  14. Chrystal, A. (1990). International reserves and international money: a solution in search of a problem. In Graham Bird, (Ed.), The International Financial Regime (pp. 9-28). London: Academic Press. ISBN 0120997452.
  15. Chrystal, A. (1989). Overshooting models of the exchange rate. In David Greenaway, (Ed.), Current Issues in Macroeconomics (pp. 214-230). Basingstoke: Palgrave Macmillan. ISBN 0333453441.
  16. Chrystal, A. (1987). Changing perceptions of international money and international reserves in the world economy. In Aliber, R.Z. (Ed.), The Reconstruction of International Monetary Arrangements (pp. 127-150). Basingstoke: Palgrave Macmillan. ISBN 0333396804.
  17. Chrystal, A. (1987). Dutch disease or monetarist medicine?: The British economy under Mrs Thatcher. In Ben Bernanke, (Ed.), Readings and Cases in Macroeconomics (pp. 431-444). New York: McGraw-Hill. ISBN 0070177791.
  18. Chrystal, A.K. and Sedgwick, R. (1987). Exchange rates and the open economy. Brighton and New York: Prentice-Hall. ISBN 0745003230.
  19. Chrystal, A. (1979). Controversies in British Macroeconomics. (pp. 1-196). Deddington: Philip Allan. ISBN 0860030229.

Conference papers and proceedings (3)

  1. Chrystal, A. (2007). Discussion of paper by Prof J Hamilton. Federal Reserve Bank of St Louis Monetary Policy Conference St Louis, USA.
  2. Chrystal, A. (2007). Major financial trends and their implication for European companies: what the CFO needs to know in order to exploit opportunities and mitigate threats. KPMG conference for CFOs Athens, Greece.
  3. Chrystal, A. (2007). Monetary Policy Independence of the Bank of England: the first ten years. 4th International Conference on Applied Financial Economics Samos, Greece.

Journal articles (49)

  1. Thomas, P. and Chrystal, A. (2013). Generalized Demand Densities for Retail Price Investigation. American Journal of Industrial and Business Management, 03(03), pp. 279-294. doi:10.4236/ajibm.2013.33034

    [publisher’s website]

  2. Thomas, P. and Chrystal, A. (2013). Retail Price Optimization from Sparse Demand Data. American Journal of Industrial and Business Management, 03(03), pp. 295-306. doi:10.4236/ajibm.2013.33035

    [publisher’s website]

  3. Thomas, P. and Chrystal, A. (2013). Explaining the “Buy One Get One Free” Promotion: The Golden Ratio as a Marketing Tool. American Journal of Industrial and Business Management, 03(08), pp. 655-673. doi:10.4236/ajibm.2013.38075

    [publisher’s website]

  4. Thomas, P. and Chrystal, A. (2013). Using Relative Utility Pricing to Explain Multibuy Prices in Supermarkets and on the Internet. American Journal of Industrial and Business Management, 03(08), pp. 687-699. doi:10.4236/ajibm.2013.38078

    [publisher’s website]

  5. Chrystal, A. (2008). Assessing monetary policy effects using daily federal funds futures contracts: Commentary. Federal Reserve Bank of St Louis Review, 90(4), pp. 395-397
  6. Chrystal, A. (2008). Monetary Policy Independence: The First Ten Years of the UK Monetary Policy Committee....and the first year of the "not-nice" decade.. Quantitative and Qualitative Analysis in Social Science, 2(2), pp. 1-24

    [publisher’s website]

  7. Chrystal, A. (2008). Commentary on "Assessing monetary policy effects using daily federal funds futures contracts". Federal Reserve Bank of St Louis Review, 90(4), pp. 395-397
  8. Chrystal, A. and Mizen, P. (2005). Other Financial Corporations: Cinderella or ugly sister of empirical monetary economics. International Journal of Finance and Economics, 10(1), pp. 63-80. doi:10.1002/ijfe.258

    [publisher’s website]

  9. Chrystal, A. and Mizen, P. (2005). Consumption, Money, and Lending: A Joint Model for the UK Household Sector. The Journal of Money Credit and Banking, 37(1), pp. 119-144
  10. Chrystal, A. and Mizen, P. (2003). Goodhart's Law and UK Long-Run Money Demand. CLM.Economia, 3, pp. 195-232
  11. Chrystal, A. and Mizen, P. (2002). Modelling credit in the transmission mechanism of the United Kingdom. Journal of Banking and Finance, 26(11), pp. 2131-2154. doi:10.1016/S0378-4266(02)00203-0

    [publisher’s website]

  12. Chrystal, A. (2002). Commentary on "Central bank structure, policy efficiency and macroeconomic performance: exploring empirical relationships". Federal Reserve Bank of St Louis Review, 84(4)
  13. Brigden, A., Mizen, P. and Chrystal, A. (2000). Money, Lending and Spending: A Study of the UK Non-Financial Corporate Sector and Households. Bank of England Quarterly Bulletin, 40(2), pp. 159-167
  14. Chrystal, A., Haldane, A. and Proudman, J. (1999). Government Debt Structure and Monetary Conditions. Bank of England Quarterly Bulletin, 39 (1999)(4 (Q4)), pp. 393-396
  15. Chrystal, A. and Hoggarth, G. (1998). The UK Personal and Corporate Sectors During the 1980s and 1990s: A Comparison of Key Financial Indicators. Bank of England Quarterly Bulletin, 38 (1998)(3 (Q3)), pp. 220-232
  16. Chrystal, A.K. and Drake, L. (1997). Personal Sector Money Demand in the UK. Oxford Economic Papers, 49(2), pp. 188-206
  17. MacDonald, R. and Chrystal, A. (1995). Exchange Rates, Financial Innovation and Divisia Money. Journal of International Money and Finance, 14, pp. 493-513

    [publisher’s website]

  18. Chrystal, A. and Drake, L. (1994). Company Sector Money Demand: New Evidence on the Existence of a Stable Long-run Relationship for the UK. Journal of Money Credit and Banking, 26(3), pp. 479-494
  19. Chrystal, A. and MacDonald, R. (1994). Empirical Evidence on the Recent Behaviour and Usefulness of Simple Sum and Weighted Measures of the Money Stock. Federal Reserve Bank of St Louis Review, 76(2), pp. 73-109
  20. Chrystal, A. (1992). The Fall and Rise of Saving. National Westminster Bank Quarterly Review, February, pp. 24-40
  21. Chrystal, A. (1992). Don't Shoot the Messenger: Do Banks Deserve the Recent Adverse Publicity? National Westminster Bank Quarterly Review, May, pp. 44-54
  22. Chrystal, A. (1992). How the 1992 Legislation Will Affect European Financial Services. Federal Reserve Bank of St Louis Review, 74(2), pp. 62-77
  23. Belongia, M. and Chrystal, A. (1991). An admissable monetary aggregate for the UK. Review of Economics and Statistics, LXXIII(3), pp. 497-503
  24. CHRYSTAL, A. (1990). LIMITING EXCHANGE-RATE FLEXIBILITY - THE EUROPEAN MONETARY-SYSTEM - GIAVAZZI,F, GIOVANNINI,A. ECONOMIC JOURNAL, 100(402), pp. 1004-1005. doi:10.2307/2233698

    [publisher’s website]

  25. Belongia, M. and Chrystal, A. (1990). Pitfalls in exchange rate targeting: a case study from the United Kingdom. Federal Reserve Bank of St Louis Review, 72(5), pp. 15-24
  26. Allsopp, C. and Chrystal, A. (1989). Exchange rate policy in the 1990s. Oxford Review of Economic Policy, 5(3), pp. 1-23
  27. Thornton, D. and Chrystal, A. (1988). On the informational content of spot and forward exchange rates. Journal of International Money and Finance, 7(3), pp. 321-330
  28. Coughlin, C., Wood, G. and Chrystal, A. (1988). Protectionist trade policies: a survey of theory, evidence and rationale. Federal Reserve Bank of St Louis Review, 70, pp. Dec-29
  29. Thornton, D. and Chrystal, A. (1988). The macroeconomic effects of deficit spending: a review. Federal Reserve Bank of St Louis Review, 70(6), pp. 48-60
  30. Wood, G. and Chrystal, A. (1988). Are trade deficits a problem? Federal Reserve Bank of St Louis Review, 70(1), pp. 03-11
  31. Alec Chrystal, K. and Chatterji, M. (1987). Money and disaggregate supply in the United States, 1950–1982. European Economic Review, 31(6), pp. 1211-1228. doi:10.1016/s0014-2921(87)80014-4

    [publisher’s website]

  32. CHRYSTAL, A. (1987). WORLD MONETARY EQUILIBRIUM - INTERNATIONAL MONETARY-THEORY IN AN HISTORICAL INSTITUTIONAL CONTEXT - FLOYD,JE. CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE, 20(2), pp. 427-428. doi:10.2307/135378

    [publisher’s website]

  33. Dowd, K. and Chrystal, A. (1987). Would a higher fiscal deficit stimulate the economy? Fiscal Studies, 8(1), pp. 17-23
  34. Peel, D. and Chrystal, A. (1985). What can economics learn from political science and vice versa. American Economic Review, 1985(May), pp. 62-65
  35. Chrystal, A. (1984). International Banking Facilities. Federal Reserve Bank of St Louis Review, 1984(April 1984), pp. 05-Nov
  36. Chrystal, A. (1984). A guide to foreign exchange markets. Federal Reserve Bank of St Louis Review, 1984(March), pp. 5-18
  37. Chrystal, A. (1984). Dutch Disease or Monetarist Medicine? The British Economy under Mrs Thatcher. Federal Reserve Bank of St Louis Review, 1984(May), pp. 27-37
  38. Alec Chrystal, K., Wilson, N.D. and Quinn, P. (1983). Demand for international money 1962–1977. European Economic Review, 21(3), pp. 287-298. doi:10.1016/0014-2921(83)90093-4

    [publisher’s website]

  39. CHRYSTAL, A. (1982). A NEOCLASSICAL ANALYSIS OF MACROECONOMIC POLICY - BEENSTOCK,M. ECONOMICA, 49(196), pp. 471-471. doi:10.2307/2552966

    [publisher’s website]

  40. CHRYSTAL, A. (1981). PRINCIPLES OF INTERNATIONAL ECONOMICS - CHACHOLIADES,M. JOURNAL OF INTERNATIONAL ECONOMICS, 11(4), pp. 605-606. doi:10.1016/0022-1996(81)90038-6

    [publisher’s website]

  41. Chrystal, A. (1981). Some problems in formulating and testing a politico-economic model of the UK. Economic Journal, 91(363, September), pp. 730-736. doi:10.2307/2232838

    [publisher’s website]

  42. Chrystal, A. (1981). The 'New Cambridge' aggregate expenditure function: the emperor's old clothes. Journal of Monetary Economics, 7(3), pp. 395-402

    [publisher’s website]

  43. Chrystal, A. (1981). Electoral cycles, budget controls and public expenditure. Journal of Public Policy, 1(1), pp. 37-59

    [publisher’s website]

  44. CHRYSTAL, A. (1980). A MODEL OF THE UNITED-STATES BALANCE OF PAYMENTS - KENEN,PB. JOURNAL OF INTERNATIONAL ECONOMICS, 10(1), pp. 140-141. doi:10.1016/0022-1996(80)90047-1

    [publisher’s website]

  45. CHRYSTAL, A. (1980). BALANCE OF PAYMENTS THEORY AND THE UNITED-KINGDOM EXPERIENCE - THIRLWALL,AP. WORLD ECONOMY, 3(2), pp. 270-271
  46. CHRYSTAL, A. (1980). SUBSTITUTION EFFECTS, SPECULATION AND EXCHANGE-RATE STABILITY - MINFORD,P. WORLD ECONOMY, 3(2), pp. 272-273
  47. CHRYSTAL, A. (1978). NEW INTERNATIONAL MONETARY-SYSTEM - MUNDELL,RA, POLAK,JJ. ECONOMIC JOURNAL, 88(352), pp. 851-852. doi:10.2307/2231990

    [publisher’s website]

  48. CHRYSTAL, A. (1978). NEED FOR INTERNATIONAL RESERVES AND CREDIT FACILITIES - WIJNHOLDS,JAH. WORLD ECONOMY, 1(4), pp. 455-456
  49. Chrystal, A. (1977). Demand For International Media of Exchange. American Economic Review, 67(5), pp. 840-850

Reports (4)

  1. Stojanovic, A., Crossan, P. and Chrystal, A. (2002). The impact on the City of UK eurozone membership: the banking industry. City of London Corporation.
  2. Chrystal, K.A. and Mizen, P. (2001). Other financial corporations: Cinderella or ugly sister of empirical monetary economics? Bank of England.
  3. Mizen, P. and Chrystal, A. (2001). Consumption, Money, and Lending: A Joint Model for the UK Household Sector. Bank of England.
  4. Chrystal, A. (1978). International Money and the Future of the SDR. Princeton, NJ: Princeton University Press.

Education

Course Directorship

- 1991 - 1995, MBA, Director

Professional activities

Editorial activity

  1. Review of Financial Economics, Member of Editorial Board, 1994 - 2007.

Events/conferences (5)

  1. Bank for International Settlements conference on Debt and Monetary Policy. (Conference) Chiang Mai, Thailand (2011). Invited speaker.
    Paper: Debt and monetary policy: comments on Jagjit S Chadha
    Author: Chrystal K A
  2. KPMG conference for CFOs. (Conference) Athens, Greece (2007). Invited speaker.
    Paper: Major financial trends and their implication for European companies: what the CFO needs to know in order to exploit opportunities and mitigate threats.
    Author: Chrystal K.A
  3. Federal Reserve Bank of St Louis Monetary Policy Conference. (Conference) St Louis, USA (2007). Invited speaker.
    Paper: Discussion of paper by Prof J Hamilton
    Author: Chrystal K.A.
  4. 4th International Conference on Applied Financial Economics. (Conference) Samos, Greece (2007). Invited speaker.
    Paper: Monetary Policy Independence of the Bank of England: the first ten years
    Author: Chrystal K.A.
  5. MMF 2004: Money, Macro and Finance Research Group 36th Annual Conference. (Conference) Cass (2004). Chair

Media appearances (10)

  1. Economics slowdown 'exaggerated'. (2008) Credit Today.
  2. (2008) www.bbc.co.uk (website).
  3. Wage increases falling further behind soaring cost of living. (2008) Times (newspaper).
  4. Wage Increases falling further behind soaring cost of living. (2008) www.timesonline.co.uk (website).
  5. Overhaul adds power at the Bank of England. (2008) International Herald Tribune (newspaper).
  6. UK financial oversight is overhauled. (2008) www.iht.com (website).
  7. (2008) www.nytimes.com (website).
  8. Les mesures prises restent a la surface de la crise. (2008) La Croix.
  9. Les turbulences financieres vues de la City. (2008) La Croix.
  10. Les turbulences financieres vues de la City. (2008) www.la-croix.com (website).