Professor Alec Chrystal

Emeritus Professor of Money and Banking

Bayes Business School, Faculty of Finance

Contact

Visit Alec Chrystal

Room E311, Drysdale Building [E]

Postal address

City, University of London
Northampton Square
London
EC1V 0HB
United Kingdom

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 and 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 – Mar 2006, full-time

Thesis title: Banking in the Lebanon

Role: 1st Supervisor

Aleksander Stojanovic

Attendance: Sep 1996 – Sep 1999, full-time

Thesis title: Payment system reform

Role: 1st Supervisor

Robert B.K. Pye

Attendance: Sep 1994 – Oct 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: Sep 1991 – Sep 1994, full-time

Thesis title: Essays in Banking

Role: 1st Supervisor

Gikas Manalis

Attendance: Sep 1988 – Oct 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 978-0-19-967683-5.
  2. Lipsey, R.G. and Chrystal, A. (2011). Economics. Chapman, and Spon, (Eds.), OUP Oxford ISBN 978-0-19-956338-8.
  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 978-0-19-928641-6.
  5. Lipsey, R.G. and Chrystal, A. (2004). Economics. Oxford: OUP Oxford. ISBN 0-19-925784-1.
  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 978-0-333-71161-3.
  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 978-1-85730-152-6.
  8. Lipsey, R.G. and Chrystal, A. (1997). Economics for Business and Management. Oxford: Oxford University Press. ISBN 978-0-19-877538-6.
  9. Lipsey, R.G. and Chrystal, A. (1995). Introduction to Positive Economics. Oxford: Oxford University Press. ISBN 978-0-19-877424-2.
  10. Chrystal, A. and Price, S. (1994). Controversies in Macroeconomics. Financial Times/Prentice Hall. ISBN 0-7450-1315-5.
  11. Chrystal, A. (1990). Monetarism. Rider, B. and Ashe, M. (Eds.), Aldershot: Edward Elgar Publishing. ISBN 1-85278-081-9.
  12. Chrystal, A. (1983). Controversies in Macroeconomics. Hemel Hempstead: P. Allan. ISBN 0-86003-053-9.
  13. Chrystal, A. and Alt, J. (1983). Political Economics. Berkeley and Los Angeles: University of California Press. ISBN 0-520-04934-9.

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? Basel: 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 978-0-415-45146-8.
  3. Lipsey, R.G. and Chrystal, A. (2006). Economia. (pp. 1–786). Bologna: Zanichelli. ISBN 88-08-19317-9.
  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 978-1-84064-614-6.
  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 0-521-81346-8.
  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 0-415-24212-6.
  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 978-0-230-28823-2.
  8. Lipsey, R.G. and Chrystal, A. (1999). Principles of Economics. Oxford: Oxford University Press (OUP). ISBN 0-19-877588-1.
  9. Chrystal, A. and Lipsey, R.G. (1999). (Italian, Romanian and Spanish translations). In Corvese, C.G. and Santoro, V. (Eds.), Oxford University Press.
  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 0-8240-0944-4.
  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 1-55775-604-X.
  12. Chrystal, A., Faini, R. and Guiso, L. (1993). Teorie Macroeconomiche. Milano: Ulrico Hoepli. ISBN 88-203-1861-X.
  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 0-19-877274-2.
  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 0-12-099745-2.
  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 0-333-45344-1.
  16. Chrystal, A.K. and Sedgwick, R. (1987). Exchange rates and the open economy. Brighton and New York: Prentice-Hall. ISBN 0-7450-0323-0.
  17. 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 0-333-39680-4.
  18. 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 0-07-017779-1.
  19. Chrystal, A. (1979). Controversies in British Macroeconomics. (pp. 1–196). Deddington: Philip Allan. ISBN 0-86003-022-9.

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). Commentary on "Assessing monetary policy effects using daily federal funds futures contracts". Federal Reserve Bank of St Louis Review, 90(4), pp. 395–397.
  7. 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]

  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.
  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.
  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.
  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. 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.
  25. 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.
  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, p. 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. 3–11.
  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. Dowd, K. and Chrystal, A. (1987). Would a higher fiscal deficit stimulate the economy? Fiscal Studies, 8(1), pp. 17–23.
  33. 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.
  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). A guide to foreign exchange markets. Federal Reserve Bank of St Louis Review, 1984(March), pp. 5–18.
  36. 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.
  37. Chrystal, A. (1984). International Banking Facilities. Federal Reserve Bank of St Louis Review, 1984(April 1984), p. 5.
  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.
  40. 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.
  41. Chrystal, A. (1981). The 'New Cambridge' aggregate expenditure function: the emperor's old clothes. Journal of Monetary Economics, 7(3), pp. 395–402.
  42. Chrystal, A. (1981). Electoral cycles, budget controls and public expenditure. Journal of Public Policy, 1(1), pp. 37–59.
  43. 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.
  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.
  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.
  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. Mizen, P. and Chrystal, A. (2001). Consumption, Money, and Lending: A Joint Model for the UK Household Sector. Bank of England.
  3. Chrystal, K.A. and Mizen, P. (2001). Other financial corporations: Cinderella or ugly sister of empirical monetary economics? 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).