Staff profile

Kevin Dowd is professor of finance and economics at the Department of Finance at Durham University Business School. He joined Durham in 2012 and previously worked at the Universities of Nottingham and Sheffield, Sheffield Hallam University and the Ontario Economic Council in Toronto.

He has external affiliations with the Adam Smith Institute, the Cato Institute, the Institute of Economic Affairs, the Independent Institute and the Taxpayers’ Alliance.

• Private money, free banking, financial regulation and central banking;
• Monetary and macroeconomics;
• Financial risk management; and
• Pensions, mortality and longevity risk.
• His current research focuses on option pricing, equity release, free banking and central bank digital currencies.

Authored book

• The Experience of Free Banking, 2nd edition
  Dowd, K. The Experience of Free Banking, 2nd edition. (2nd Edition). Institute of Economic Affairs
• Can UK Banks Pass the Covid-19 Stress Test?
  Buckner, D., & Dowd, K. (2022). Can UK Banks Pass the Covid-19 Stress Test?. KSP Books
• The Eumaeus Guide to Equity Release Valuation: Restating the Case for a Market Consistent Approach
  Buckner, D., & Dowd, K. (2022). The Eumaeus Guide to Equity Release Valuation: Restating the Case for a Market Consistent Approach. (2nd ed.). KSP Books
• No Stress IV: The Flaws in the Bank of England's 2018 Stress Tests
  Dowd, K. (2019). No Stress IV: The Flaws in the Bank of England's 2018 Stress Tests. Adam Smith Institute
• What a Capital Idea! How to Make Britain's Banks More Competitive, Innovative, and Safer
  Cochrane, J., & Dowd, K. (2019). What a Capital Idea! How to Make Britain's Banks More Competitive, Innovative, and Safer. Adam Smith Institute
• Asleep at the Wheel: The Prudential Regulation Authority and the Equity Release Sector
  Dowd, K. (2018). Asleep at the Wheel: The Prudential Regulation Authority and the Equity Release Sector. Adam Smith Institute
• Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System.
  Dowd, K., & Hutchinson, M. (2010). Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System. Wiley
• Lessons from the Financial Crisis: A Libertarian Perspective.
  Dowd, K. (2009). Lessons from the Financial Crisis: A Libertarian Perspective. Libertarian Alliance, Online
• Measuring Market Risk.
  Dowd, K. (2008). Measuring Market Risk. (2nd). John Wiley and Sons
• Measuring Market Risk
  Dowd, K. (2005). Measuring Market Risk. (2nd). John Wiley and Sons
• An Introduction to Market Risk Measurement.
  Dowd, K. (2002). An Introduction to Market Risk Measurement. (August). John Wiley and Sons
• Money and the Market: Essays on Free Banking.
  Dowd, K. (2000). Money and the Market: Essays on Free Banking. Routledge
• Beyond Value at Risk: The New Science of Risk Management.
  Dowd, K. (1998). Beyond Value at Risk: The New Science of Risk Management. (March). John Wiley and Sons
• Competition and Finance: A Reinterpretation of Financial and Monetary Economics
  Dowd, K. (1996). Competition and Finance: A Reinterpretation of Financial and Monetary Economics. MacMillan Press
• Laissez-Faire Banking.
  Dowd, K. (1993). Laissez-Faire Banking. Routledge
• The State and the Monetary System.
  Dowd, K. (1989). The State and the Monetary System. Phillip Allan Publishers, St Martin's Press
• Private Money: The Path to Monetary Stability
  Dowd, K. (1988). Private Money: The Path to Monetary Stability. Institute of Economic Affairs

Chapter in book

• Central Bank Activism: Good Intentions, Bad Policy
  Dowd, K. (2022). Central Bank Activism: Good Intentions, Bad Policy. In J. A. Dorn (Ed.), Populism and the Future of the Fed (255-270). Cato Institute
• Selginian Free Banking: A Comment on George Selgin’s Lecture
  Dowd, K. (2017). Selginian Free Banking: A Comment on George Selgin’s Lecture. In Financial Stability without Central Banks (37-48). Institute of Economic Affairs
• Contemporary Private Monetary Systems
  Dowd, K. (2015). Contemporary Private Monetary Systems. In L. H. White, V. Vanberg, & E. A. Kohler (Eds.), Renewing the Search for a Monetary Constitution: Reforming Government’s Role in the Monetary System (213-253). Cato Institute
• Free Banking.
  Dowd, K. (2015). Free Banking. In Oxford Handbook of Austrian Economics. Oxford University Press
• Model Risk
  Dowd, K. (2012). Model Risk. In F. Fabozzi (Ed.), Encyclopedia of Financial Models. Wiley: Hoboken, NJ
• Reawakening the Inflation Monster: US Monetary Policy and the Federal Reserve
  Dowd, K., & Hutchinson, M. (2010). Reawakening the Inflation Monster: US Monetary Policy and the Federal Reserve. In R. Kolb (Ed.), Lessons from the Financial Crisis: Insights and Analysis from Today's Leading Minds (475-481). Wiley. https://doi.org/10.1002/9781118266588.ch59
• Value-at-Risk
  Dowd, K. (2010). Value-at-Risk. In R. Cont (Ed.), Encyclopedia of Quantitative Finance (1863-1866). (1). Wiley
• Quantile-based tail risk estimation for equity portfolios.
  Cotter, J., & Dowd, K. (2009). Quantile-based tail risk estimation for equity portfolios. In G. Gregoriou (Ed.), The VaR Modelling Handbook: Practical Applications in Alternative INvesting, Banking, Insurance and Portfolio Management (297-313). (01). McGraw-Hill
• Stress Tests, Market Risk Measures and Extremes: Bringing Stress Tests to the Forefront of Market Risk Management.
  Aragones, J., Blanco, C., & Dowd, K. (2009). Stress Tests, Market Risk Measures and Extremes: Bringing Stress Tests to the Forefront of Market Risk Management. In D. Rosch, & H. Scheule (Eds.), Stress Testing for Financial Institutions: Applications, Regulations and Techniques (17-33). Risk Books
• Efficient VaR: Using Past Forecast Performance to Generate Improved VaR Forecasts.
  Dowd, K., & Blanco, C. (2009). Efficient VaR: Using Past Forecast Performance to Generate Improved VaR Forecasts. In G. Gregoriou (Ed.), The VaR Implementation Handbook: Financial Risk and its Applications in Asset Management, Measurement and Modeling (25-39). (01). McGraw-Hill
• Back-Testing Market Risk Models
  Dowd, K. (2008). Back-Testing Market Risk Models. In F. Fabozzi (Ed.), Handbook of Finance (93-99). Wiley: Hoboken, NJ. https://doi.org/10.1002/9780470404324
• A Moments-based Procedure for Evaluating Risk Forecasting Models.
  Dowd, K. (2008). A Moments-based Procedure for Evaluating Risk Forecasting Models. In G. Christodoulakis, & S. Satcchell (Eds.), Analytics of Risk Model Validation (45-59). Elsevier
• Default Risk.
  Dowd, K. (2008). Default Risk. In E. Melnick, & B. Everitt (Eds.), Encyclopedia of Quantitative Risk Assessment and Analysis (476-481). John Wiley and Sons. https://doi.org/10.1002/9780470061596
• Securitization/Life
  Blake, D., & Dowd, K. (2008). Securitization/Life. In E. Melnick, & B. Everitt (Eds.), Encyclopedia of Quantitative Risk Analysis and Assessment (1623-1627). John Wiley and Sons
• Forecasting Inflation: The Inflation "Fan Charts".
  Dowd, K. (2006). Forecasting Inflation: The Inflation "Fan Charts". In K. A. Matthews, & P. Booth (Eds.), Isues in Monetary Policy: The Relationship between Money and Financial Markets (80-93). John Wiley and Sons, Chichester
• Value-at-Risk
  Dowd, K. (2006). Value-at-Risk. In J. Teugelsl, & B. Sundt (Eds.), Encyclopedia of Actuarial Science (1740-1748). John Wiley and Sons. https://doi.org/10.1002/9780470012505.tav004
• Gold Standard
  Dowd, K. (2002). Gold Standard. In B. A. Snowdon, & H. Vane (Eds.), An Encyclopedia of Macroeconomics (293-296). Edward Elgar, Cheltenham
• Time Inconsistency.
  Dowd, K. (2002). Time Inconsistency. In B. A. Snowdon, & H. Vane (Eds.), An Encyclopedia of Macroeconomics (699-703). Edward Elgar, Cheltenham
• Patemalism Fails Again - The Story of the Financial Services Act
  Dowd, K., & Hinchliffe, J. (2000). Patemalism Fails Again - The Story of the Financial Services Act. In K. Dowd (Ed.), Money and the Market: Essays on Free Banking (167-182). Routledge
• The "Compensated Dollar" Revisited.
  Dowd, K. (2000). The "Compensated Dollar" Revisited. In K. Dowd (Ed.), Money and the Market: Essays on Free Banking (104-113). Routledge
• The Invisible Hand and the Evolution of the Monetary System
  Dowd, K. (1999). The Invisible Hand and the Evolution of the Monetary System. In J. Smithin (Ed.), What is Money? (139-156). Routledge
• The Misguided Drive Toward European Monetary Union
  Dowd, K. T., & Jr, R. (1998). The Misguided Drive Toward European Monetary Union. In Money and the Nation State: The Financial Revolution, Government and the World Monetary System. Transaction Publishers
• Is Convertibility on Demand Always Optimal?
  Chappell, D., & Dowd, K. (1997). Is Convertibility on Demand Always Optimal?. In P. Topsacalian (Ed.), Contemporary Developments in Finance (167-174). ESKA
• Option Clause
  Dowd, K. (1997). Option Clause. In D. Glasner (Ed.), Business Cycles and Depressions. An Encyclopedia (501-2). Garland Pulbishers, New York
• Money and Banking: The American Experience.
  Dowd, K. (1995). Money and Banking: The American Experience. In G. E. D. Foundation (Ed.), Money and Banking: The American Experience (1-29). George Mason University Press
• Free Banking
  Dowd, K. (1994). Free Banking. In A. Mullineux, & V. Murinde (Eds.), Handbook of International Banking (173-190). Edward Elgar Publishing
• Free Banking
  Dowd, K. (1994). Free Banking. In P. Boettke (Ed.), The Elgar Companion to Austrian Economics (408-413). Edward Elgar Publishing
• Free Banking in Australia
  Dowd, K. (1992). Free Banking in Australia. In K. Dowd (Ed.), The Experience of Free Banking (48-78). Routledge
• Stopping Inflation.
  Dowd, K. (1992). Stopping Inflation. In Honest Money (13-22). (21). Australian Institute for Public Policy. Perth, WA
• US Banking in the Free Banking Period
  Dowd, K. (1992). US Banking in the Free Banking Period. In K. Dowd (Ed.), The Experience of Free Banking (206-240). Routledge
• The Evolution of Central Banking in England, 1821-1890
  Dowd, K. (1991). The Evolution of Central Banking in England, 1821-1890. In F. Capie, & G. Wood (Eds.), Unregulated Banking: Order or Chaos? (24-28). Macmillan

Edited book

• Money and the Nation State: The Financial Revolution, Government and the World Monetary System.
  Dowd, K. T., & Jr., R. (Eds.). (1998). Money and the Nation State: The Financial Revolution, Government and the World Monetary System. Transaction Publishers, New Brunswick, NJ
• The Experience of Free Banking
  Dowd, K. (Ed.). (1992). The Experience of Free Banking. Routledge
• Current Issues in Monetary Theory and Policy
  Dowd, K., & Lewis, M. (Eds.). (1992). Current Issues in Monetary Theory and Policy. Macmillan

Journal Article

• Eruopean Monetary Reform: The Pitfalls of Central Planning
  Dowd, K. (online). Eruopean Monetary Reform: The Pitfalls of Central Planning
• Capital Inadequacies: The Dismal Failure of the Basel System of Bank Capital Regulation
  Dowd, K., Hutchinson, M., Ashby, S., & Hinchliffe, J. (online). Capital Inadequacies: The Dismal Failure of the Basel System of Bank Capital Regulation
• Fiscal Fan Charts - A Tool for Assessing Member States'(Likely?)Compliance with EU Fiscal Rules.
  Dowd, K., & Cronin, D. (online). Fiscal Fan Charts - A Tool for Assessing Member States'(Likely?)Compliance with EU Fiscal Rules
• Central Bank Activism: Good Intentions, Bad Policy
  Dowd, K. (online). Central Bank Activism: Good Intentions, Bad Policy. The Cato journal,
• Math Gone Mad: Regulatory Risk Modeling by the Federal Reserve.
  Dowd, K. (online). Math Gone Mad: Regulatory Risk Modeling by the Federal Reserve
• How to End European Inflation: A Proposal to Deal with the Controversy Surrounding British Membership of the Exchange Rate Mechanism of the EMS.
  Dowd, K. (online). How to End European Inflation: A Proposal to Deal with the Controversy Surrounding British Membership of the Exchange Rate Mechanism of the EMS
• Free Banking.
  Dowd, K. (online). Free Banking
• Longevity Hedge Effectiveness: A Decomposition.
  Cairns, A., Dowd, K., Blake, D., & Coughlan, G. (online). Longevity Hedge Effectiveness: A Decomposition. Discussion paper _ Birkbeck College. Pensions Institute,
• How suitable are equity release mortgages as investments for pension funds?
  Buckner, D., Dowd, K., & Hulley, H. (2024). How suitable are equity release mortgages as investments for pension funds?. Geneva Papers on Risk and Insurance - Issues and Practice, 49(2), 259-269. https://doi.org/10.1057/s41288-024-00316-1
• So far, Central Bank Digital Currencies have failed
  Dowd, K. (2024). So far, Central Bank Digital Currencies have failed. Economic Affairs, 44(1), 71-94. https://doi.org/10.1111/ecaf.12621
• Arbitrage problems with reflected geometric Brownian motion
  Buckner, D., Dowd, K., & Hulley, H. (2024). Arbitrage problems with reflected geometric Brownian motion. Finance and Stochastics, 28(1), 1-26. https://doi.org/10.1007/s00780-023-00525-x
• A market consistent approach to the valuation of no-negative equity guarantees and equity release mortgages
  Buckner, D., Dowd, K., & Hulley, H. (2023). A market consistent approach to the valuation of no-negative equity guarantees and equity release mortgages. Journal of Demographic Economics, 89(3), 349-372. https://doi.org/10.1017/dem.2023.6
• A General Framework for Analysing the Mortality Experience of a Large Portfolio of Lives: With an Application to the UK Universities Superannuation Scheme
  Cairns, A. J., Blake, D., Dowd, K., Coughlan, G. D., Jones, O., & Rowney, J. (2022). A General Framework for Analysing the Mortality Experience of a Large Portfolio of Lives: With an Application to the UK Universities Superannuation Scheme. European Actuarial Journal, 12(1), 381-415. https://doi.org/10.1007/s13385-022-00309-1
• Good Practice Principles in Modelling Defined Contribution Pension Plans
  Dowd, K., & Blake, D. (2022). Good Practice Principles in Modelling Defined Contribution Pension Plans. Journal of Risk and Financial Management, 15(3), Article 108. https://doi.org/10.3390/jrfm15030108
• Discounting the Discounted Projection Approach
  Buckner, D., & Dowd, K. (2022). Discounting the Discounted Projection Approach. North American Actuarial Journal, 26(4), 521-536. https://doi.org/10.1080/10920277.2021.1916537
• Projecting Mortality Rates to Extreme Old Age with the CBDX Model
  Dowd, K., & Blake, D. (2022). Projecting Mortality Rates to Extreme Old Age with the CBDX Model. Forecasting, 4(1), 208-218. https://doi.org/10.3390/forecast4010012
• On the Profitability of Equity Release Mortgage Loans
  Dowd, K., & Buckner, D. (2021). On the Profitability of Equity Release Mortgage Loans. African Journal of Estate and Property Management,
• The Economic Policies of Lord Liverpool
  Hutchinson, M., & Dowd, K. (2021). The Economic Policies of Lord Liverpool. The Cato journal, 41(3), 711-727. https://doi.org/10.36009/cj.41.3.12
• How Profitable are Equity Release Mortgages?
  Buckner, D., & Dowd, K. (2020). How Profitable are Equity Release Mortgages?. Economics Letters, 197, Article 109651. https://doi.org/10.1016/j.econlet.2020.109651
• CBDX: A Workhorse Mortality Model from the Cairns-Blake-Dowd Family
  Dowd, K., Cairns, A., & Blake, D. (2020). CBDX: A Workhorse Mortality Model from the Cairns-Blake-Dowd Family. Annals of Actuarial Science, 14(2), 445-460. https://doi.org/10.1017/s1748499520000159
• Are CoCo Bonds Suitable as Core Capital Instruments?
  Dowd, K. (2020). Are CoCo Bonds Suitable as Core Capital Instruments?. Journal of New Finance, 1(1), https://doi.org/10.46671/2521-2486.1000
• The valuation of no-negative equity guarantees and equity release mortgages
  Dowd, K., Blake, D., Buckner, D., & Fry, J. (2019). The valuation of no-negative equity guarantees and equity release mortgages. Economics Letters, 184, Article 108669. https://doi.org/10.1016/j.econlet.2019.108669
• The war on cash is about much more than cash
  Dowd, K. (2019). The war on cash is about much more than cash. Economic Affairs, 39(3), 391-399. https://doi.org/10.1111/ecaf.12377
• Modelling Socio-Economic Differences in Mortality Using a New Affluence Index
  Cairns, A., Kallestrup, M., Rosenskjold, C., Blake, D., & Dowd, K. (2019). Modelling Socio-Economic Differences in Mortality Using a New Affluence Index. ASTIN Bulletin: The Journal of the IAA, 49(3), 555-590. https://doi.org/10.1017/asb.2019.14
• Still living with mortality: the longevity risk transfer market after one decade
  Blake, D., Cairns, A., Dowd, K., & Other, A. (2019). Still living with mortality: the longevity risk transfer market after one decade. British Actuarial Journal, 24, Article e1. https://doi.org/10.1017/s1357321718000314
• Hedging Annuity Risks with the Age-Period-Cohort Two-Population Gravity Model
  Dowd, K., Cairns, A., & Blake, D. (2019). Hedging Annuity Risks with the Age-Period-Cohort Two-Population Gravity Model. North American Actuarial Journal, 25(sup1), S170-S181. https://doi.org/10.1080/10920277.2019.1652102
• The apotheosis of the rentier: how Napoleonic war finance kickstarted the industrial revolution
  Dowd, K., & Hutchinson, M. (2018). The apotheosis of the rentier: how Napoleonic war finance kickstarted the industrial revolution. The Cato journal, 38(3), 255-278
• Against Helicopter Money
  Dowd, K. (2018). Against Helicopter Money. The Cato journal, 38(1), 147-169
• Frank Decker On Unstable Free Banking And The Stable Competitive Issue Of Irredeemable Currency: Comment
  Dowd, K. (2018). Frank Decker On Unstable Free Banking And The Stable Competitive Issue Of Irredeemable Currency: Comment. Economic Affairs, 38(1), 139-140. https://doi.org/10.1111/ecaf.12272
• From Excess Stimulus to Monetary Mayhem
  Dowd, K., & Hutchinson, M. (2017). From Excess Stimulus to Monetary Mayhem. The Cato journal, 37(2), 303-328
• Phantoms never die: living with unreliable population data
  Cairns, A., Blake, D., Dowd, K., & Kessler, A. (2016). Phantoms never die: living with unreliable population data. Journal of the Royal Statistical Society: Series A, 179(4), 975-1005. https://doi.org/10.1111/rssa.12159
• The Myth of Methusalah and the Uncertainty of Death: The Mortality Fan Charts
  Dowd, K., Blake, D., & Cairns, A. (2016). The Myth of Methusalah and the Uncertainty of Death: The Mortality Fan Charts. Risks, 4(3), Article 21. https://doi.org/10.3390/risks4030021
• Learning the Right Lessons from the Financial Crisis
  Dowd, K., & Hutchinson, M. (2016). Learning the Right Lessons from the Financial Crisis. The Cato journal, 36(2), 393-413
• Le nouveau marché du risque de longévité.
  Blake, D., Cairns, A., Coughlan, G., Dowd, K., & MacMinn, R. (2016). Le nouveau marché du risque de longévité. https://doi.org/10.3917/ecofi.122.0129
• Central Bank Stress Tests: Mad, Bad, and Dangerous
  Dowd, K. (2015). Central Bank Stress Tests: Mad, Bad, and Dangerous. The Cato journal, 35(3), 507-524
• Revisiting variance gamma pricing: An application to S&P500 index options
  Mozumder, S., Sorwar, G., & Dowd, K. (2015). Revisiting variance gamma pricing: An application to S&P500 index options. International Journal of Financial Engineering, 02(02), Article 1550022. https://doi.org/10.1142/s242478631550022x
• Bitcoin Will Bite the Dust
  Down, K., & Hutchinson, M. (2015). Bitcoin Will Bite the Dust. The Cato journal, 35(2), 357-382
• How Should the Financial System be Regulated?
  Dowd, K., & Hutchinson, M. (2014). How Should the Financial System be Regulated?. The Cato journal, 34(2), 353-388
• The New Life Market
  Cairns, A. J. G., Blake, D., Dowd, K., Coughlan, G. D., & Khalaf-Allah, M. (2013). The New Life Market. Journal of Risk and Insurance, 80(3), 501-558. https://doi.org/10.1111/j.1539-6975.2012.01514.x
• Longevity hedge effectiveness : a decomposition.
  Cairns, A., Dowd, K., Blake, D., & Coughlan, G. (2013). Longevity hedge effectiveness : a decomposition. Quantitative Finance, 14(2), 217-235. https://doi.org/10.1080/14697688.2012.748986
• Option Pricing Under Non-Normality: A Comparative Analysis.
  Mozumder, S., Sorwar, G., & Dowd, K. (2013). Option Pricing Under Non-Normality: A Comparative Analysis. Review of Quantitative Finance and Accounting, 40(2), 273-292. https://doi.org/10.1007/s11156-011-0271-y
• Moral Hazard and the Financial Crisis
  Dowd, K. (2013). Moral Hazard and the Financial Crisis. The Cato journal, 29(1), 141-166
• The Coming Fiat Money Cataclysm and the Case for Gold
  Dowd, K., Kerr, G., & Hutchinson, M. (2012). The Coming Fiat Money Cataclysm and the Case for Gold. The Cato journal, 32(2), 363-388
• Promoting Scholarship that Matters: The Uselessness of Useful Research and the Usefulness of Useless Research
  Learmonth, M., Lockett, A., & Dowd, K. (2012). Promoting Scholarship that Matters: The Uselessness of Useful Research and the Usefulness of Useless Research. British Journal of Management, 23(1), 35-44. https://doi.org/10.1111/j.1467-8551.2011.00754.x
• U.S. Decapitalization, Easy Money and Asset Price Cycles
  Dowd, K., & Hutchinson, M. (2011). U.S. Decapitalization, Easy Money and Asset Price Cycles. The Cato journal, 31(3), 505-519
• U.S. Core Inflation: a Wavelet Analysis.
  Dowd, K., Cotter, J., & Loh, L. (2011). U.S. Core Inflation: a Wavelet Analysis. Macroeconomic Dynamics, 15(4), 513-536. https://doi.org/10.1017/s1365100510000179
• Mortality Density Forecasts: An Analysis of Six Stochastic Mortality Models.
  Cairns, A., Blake, D., Dowd, K., Coughlan, G., Epstein, D., & Khalaf-Allah, M. (2011). Mortality Density Forecasts: An Analysis of Six Stochastic Mortality Models. Insurance: Mathematics and Economics, 48(3), 355-367. https://doi.org/10.1016/j.insmatheco.2010.12.005
• A Gravity Model of Mortality Rates for Two Related Populations.
  Cairns, A., Blake, D., Dowd, K., Khalaf-Allah, M., & Coughlan, G. (2011). A Gravity Model of Mortality Rates for Two Related Populations. North American Actuarial Journal, 15(2), 334-356. https://doi.org/10.1080/10920277.2011.10597624
• A Computationally Efficient Algorithm For Estimating The Distribution Of Future Annuity Values Under Interest-Rate and Longevity Risks.
  Dowd, K., Blake, D., & Cairns, J. (2011). A Computationally Efficient Algorithm For Estimating The Distribution Of Future Annuity Values Under Interest-Rate and Longevity Risks. North American Actuarial Journal, 15(2), 237-247. https://doi.org/10.1080/10920277.2011.10597619
• Bayesian Stochastic Mortality Modelling for Two Populations.
  Cairns, A., Blake, D., Dowd, K., Coughlan, G., & Khalaf-Allah, M. (2011). Bayesian Stochastic Mortality Modelling for Two Populations. ASTIN Bulletin: The Journal of the IAA, 41(1), 29-59. https://doi.org/10.2143/ast.41.1.2084385
• The End of a Monetary Phenomenon.
  Dowd, K. (2011). The End of a Monetary Phenomenon
• Easy Money and the Decapitalization of America.
  Dowd, K., & Hutchinson, M. (2011). Easy Money and the Decapitalization of America
• Longevity Hedging 101: A Framework for the Longevity Basis Risk Analysis and Hedge Effectiveness.
  Coughlan, G., Khalaf-Allah, M., Ye, Y., Kumar, S., Cairns, A., Blake, D., & Dowd, K. (2011). Longevity Hedging 101: A Framework for the Longevity Basis Risk Analysis and Hedge Effectiveness. North American Actuarial Journal, 15(2), 150-176. https://doi.org/10.1080/10920277.2011.10597615
• Extreme global equity market risk
  Cotter, J., & Dowd, K. (2011). Extreme global equity market risk. Journal of derivatives & hedge funds, 17(4), 312-325. https://doi.org/10.1057/jdhf.2011.14
• Extreme Measures of Agricultural Financial Risk
  Morgan, W., Cotter, J., & Dowd, K. (2011). Extreme Measures of Agricultural Financial Risk. Journal of Agricultural Economics, 63(1), 65-82. https://doi.org/10.1111/j.1477-9552.2011.00322.x
• Estimating Financial Risk Measures for Options.
  Sorwar, G., & Dowd, K. (2010). Estimating Financial Risk Measures for Options. Journal of Banking and Finance, 34(8), 1982-1992. https://doi.org/10.1016/j.jbankfin.2010.01.005
• Evaluating the Goodness of Fit of Stochastic Mortality Models.
  Dowd, K., Cairns, A., Blake, D., Coughlan, G., Epstein, D., & Khalaf-Allah, M. (2010). Evaluating the Goodness of Fit of Stochastic Mortality Models. Insurance: Mathematics and Economics, 47(3), 255-273. https://doi.org/10.1016/j.insmatheco.2010.06.006
• Intra-Day Seasonality in Foreign Exchange Market Transactions.
  Cotter, J., & Dowd, K. (2010). Intra-Day Seasonality in Foreign Exchange Market Transactions. International Review of Economics and Finance, 19(2), 287-294. https://doi.org/10.1016/j.iref.2009.08.003
• Backtesting Stochastic Mortality Models: An Ex-Post Evaluation of Multi-Period-Ahead Density Forecasts.
  Dowd, K., Cairns, A., Blake, D., Coughlan, D., Epstein, D., & Khalaf-Allah, M. (2010). Backtesting Stochastic Mortality Models: An Ex-Post Evaluation of Multi-Period-Ahead Density Forecasts. North American Actuarial Journal, 14(3), 281-298. https://doi.org/10.1080/10920277.2010.10597592
• Survivor Derivatives: A Consistent Pricing Framework.
  Dawson, P., Dowd, K., Cairns, A., & Blake, D. (2010). Survivor Derivatives: A Consistent Pricing Framework. Journal of Risk and Insurance, 77(3), 579-596. https://doi.org/10.1111/j.1539-6975.2010.01356.x
• Facing up to Uncertain Life Expectancy: The Longevity Fan Charts.
  Dowd, K., Blake, D., & Cairns, A. (2010). Facing up to Uncertain Life Expectancy: The Longevity Fan Charts. Demography, 47(1), 67-78. https://doi.org/10.1353/dem.0.0083
• Using Order Statistics to Estimate Confidence Intervals for Quantile-based Risk Measures.
  Dowd, K. (2010). Using Order Statistics to Estimate Confidence Intervals for Quantile-based Risk Measures. The journal of derivatives, 17(3), 9-14. https://doi.org/10.3905/jod.2010.17.3.009
• Options on Normal Underlyings with an Application to the Pricing of Survivor Swaptions.
  Dawson, P., Dowd, K., Cairns, A., & Blake, D. (2009). Options on Normal Underlyings with an Application to the Pricing of Survivor Swaptions. Journal of Futures Markets, 29(8), 757-774. https://doi.org/10.1002/fut.20378
• Crunch Time for Bank Audits? Questions of Practice and the Scope for Dialogue.
  Woods, M., Humphrey, C., Dowd, K., & Liu, Y. (2009). Crunch Time for Bank Audits? Questions of Practice and the Scope for Dialogue. Managerial Auditing Journal, 24(2), 114-134. https://doi.org/10.1108/02686900910924545
• A Quantitative Comparison of Stochastic Mortality Models Using Data from England and Wales and the United States.
  Cairns, A., Blake, D., Dowd, K., Coughlan, G., Epstein, D., Ong, A., & Balevich, I. (2009). A Quantitative Comparison of Stochastic Mortality Models Using Data from England and Wales and the United States. North American Actuarial Journal, 13(1), 1-35
• Designing a Defined Contribution Plan: What to Learn from Aircraft Designers.
  Blake, B., Cairns, A., & Dowd, K. (2009). Designing a Defined Contribution Plan: What to Learn from Aircraft Designers. Financial Analysts Journal, 65(1), 37-42. https://doi.org/10.2469/faj.v65.n1.7
• The Birth of the Life Market
  Blake, D., Cairns, A., & Dowd, K. (2008). The Birth of the Life Market. Asia-Pacific Journal of Risk and Insurance, 3(1), 6-36. https://doi.org/10.2202/1793-2157.1027
• Market Risk Reporting by the World's Top Banks: Evidence on the Diversity of Reporting Practice and the Implications for Accounting Harmonisation
  Woods, M., Dowd, K., & Humphrey, C. (2008). Market Risk Reporting by the World's Top Banks: Evidence on the Diversity of Reporting Practice and the Implications for Accounting Harmonisation. Revista de Contabilidad, 11(2), 9-42
• Modelling and Management of Mortality Risk: A Review.
  Cairns, A., Blake, D., & Dowd, K. (2008). Modelling and Management of Mortality Risk: A Review. Scandinavian Actuarial Journal, 2008(2-3), 79-113. https://doi.org/10.1080/03461230802173608
• Longevity Risk and the Grim Reaper's Toxic Tail: The Survivor Fan Charts.
  Blake, D., Dowd, K., & Cairns, A. (2008). Longevity Risk and the Grim Reaper's Toxic Tail: The Survivor Fan Charts. Insurance: Mathematics and Economics, 42, 1062-1068
• The Value of Risk Reporting: A Critical Analysis of Value-at-Risk Disclosures in the Banking Sector.
  Woods, M., Dowd, K., & Humphrey, C. (2008). The Value of Risk Reporting: A Critical Analysis of Value-at-Risk Disclosures in the Banking Sector. International Journal of Financial Services Management, 3(1), 45-64. https://doi.org/10.1504/ijfsm.2008.016698
• The GDP Fan Charts: An Empirical Evaluation
  Dowd, K. (2008). The GDP Fan Charts: An Empirical Evaluation. National Institute Economic Review, 203(1), 59-67. https://doi.org/10.1177/00279501082030010801
• It's Time to Abolish Risk-Based Regulation.
  Dowd, K. (2008). It's Time to Abolish Risk-Based Regulation
• Spectral Risk Measures: Properties and Limitations.
  Dowd, K., Cotter, J., & Sorwar, G. (2008). Spectral Risk Measures: Properties and Limitations. Journal of Financial Services Research, 34(1), 61-75. https://doi.org/10.1007/s10693-008-0035-6
• Risk Management in the UK Insurance Indusry: The Changing State of Practice.
  Dowd, K., Bartlett, D., Chaplin, M., Kelliher, P., & O'Brien, C. (2008). Risk Management in the UK Insurance Indusry: The Changing State of Practice. International Journal of Financial Services Management, 3(1), 5-23. https://doi.org/10.1504/ijfsm.2008.016696
• Copulas in Macroeconomics
  Dowd, K. (2008). Copulas in Macroeconomics
• How Unlucky is 25-Sigma?
  Dowd, K., Cotter, J., Humphrey, C., & Woods, M. (2008). How Unlucky is 25-Sigma?. Journal of portfolio management, 34(4), 76-80. https://doi.org/10.3905/jpm.2008.709984
• The Swedish Inflation Fan Charts: An Evaluation of the Riksbank's Inflation Density Forecasts.
  Dowd, K. (2008). The Swedish Inflation Fan Charts: An Evaluation of the Riksbank's Inflation Density Forecasts. Journal of Risk Model Validation, 2(1), 73-87
• Exponential Spectral Risk Measures
  Dowd, K., & Cotter, J. (2007). Exponential Spectral Risk Measures. The ICFAI Journal of Financial Economics,
• Temporal Aggregation of GARCH Volatility Processes: A (Partial) Rehabilitation of the Square-Root Rule
  Dowd, K., & Oliver, P. (2007). Temporal Aggregation of GARCH Volatility Processes: A (Partial) Rehabilitation of the Square-Root Rule. Journal of Accounting and Finance, 5, 51-60
• Backtesting the RPIX Inflation Fan Charts
  Dowd, K. (2007). Backtesting the RPIX Inflation Fan Charts. Journal of Risk Model Validation, 1(3), 1-19
• Financial Risks and the Pension Protection Fund: Can it survive them?
  Blake, D., Cotter, J., & Dowd, K. (2007). Financial Risks and the Pension Protection Fund: Can it survive them?. https://doi.org/10.1057/palgrave.pm.5950054
• Too Good to be True? The (In)credibility of the UK Inflation Fan Charts
  (In)credibility of the UK Inflation Fan Charts. Journal of Macroeconomics, 29(1), 91-102. https://doi.org/10.1016/j.jmacro.2005.04.003
• Default Funds in UK Defined Contribution Pension Plans.
  Byrne, A., Blake, D., Cairns, A., & Dowd, K. (2007). Default Funds in UK Defined Contribution Pension Plans. Insurance: Mathematics and Economics, 63(4), 40-51
• The Tail Risks of FX Return Distributions: A Comparison of the Returns Associated with Limit Orders and Market Orders.
  Cotter, J., & Dowd, K. (2007). The Tail Risks of FX Return Distributions: A Comparison of the Returns Associated with Limit Orders and Market Orders. Finance Research Letters, 4(3), 146-154. https://doi.org/10.1016/j.frl.2007.05.002%2C
• Temporal Dependence in Multi-Step Density Forecasting Models.
  Dowd, K. (2007). Temporal Dependence in Multi-Step Density Forecasting Models. Journal of Risk Model Validation, 1(1), 1-20
• Validating Multiple-Period Density Forecasting Models.
  Dowd, K. (2007). Validating Multiple-Period Density Forecasting Models. Journal of Forecasting, 26(4), 251-270. https://doi.org/10.1002/for.1025
• The Impact of Occupation and Gender on Pensions from Defined Contribution Plans.
  Blake, D., Cairns, A., & Dowd, K. (2007). The Impact of Occupation and Gender on Pensions from Defined Contribution Plans. Geneva Papers on Risk and Insurance - Issues and Practice, 32(October), 458-482. https://doi.org/10.1057/palgrave.gpp.2510141
• Longevity Bonds: Financial Engineering, Valuation, and Hedging
  Blake, D., Cairns, A., Dowd, K., & MacMinn, R. (2006). Longevity Bonds: Financial Engineering, Valuation, and Hedging. Journal of Risk and Insurance, 73(4), 647-672. https://doi.org/10.1111/j.1539-6975.2006.00193.x
• A Two‐Factor Model for Stochastic Mortality with Parameter Uncertainty: Theory and Calibration
  Cairns, A. J. G., Blake, D., & Dowd, K. (2006). A Two‐Factor Model for Stochastic Mortality with Parameter Uncertainty: Theory and Calibration. Journal of Risk and Insurance, 73(4), 687-718. https://doi.org/10.1111/j.1539-6975.2006.00195.x
• Mortality-dependent financial risk measures
  Dowd, K., Cairns, A. J., & Blake, D. (2006). Mortality-dependent financial risk measures. Insurance: Mathematics and Economics, 38(3), 427-440. https://doi.org/10.1016/j.insmatheco.2005.11.003
• Pricing Death: Frameworks for the Valuation and Securitization of Mortality Risk
  Cairns, A. J. G., Blake, D., & Dowd, K. (2006). Pricing Death: Frameworks for the Valuation and Securitization of Mortality Risk. ASTIN Bulletin: The Journal of the IAA, 36(1), 79-120. https://doi.org/10.2143/ast.36.1.2014145
• Survivor Swaps
  Dowd, K., Blake, D., Cairns, A. J. G., & Dawson, P. (2006). Survivor Swaps. Journal of Risk and Insurance, 73(1), 1-17. https://doi.org/10.1111/j.1539-6975.2006.00163.x
• Living with Mortality: Longevity Bonds and Other Mortality-Linked Securities
  Blake, D., Cairns, A. J. G., & Dowd, K. (2006). Living with Mortality: Longevity Bonds and Other Mortality-Linked Securities. British Actuarial Journal, 12(1), 153-197. https://doi.org/10.1017/s1357321700004736
• After VaR: The Theory, Estimation and Insurance Applications of Quantile-based Risk Measures.
  Dowd, K., & Blake, D. (2006). After VaR: The Theory, Estimation and Insurance Applications of Quantile-based Risk Measures. Journal of Risk and Insurance, 73(2), 193-228. https://doi.org/10.1111/j.1539-6975.2006.00171.x
• Backtesting Risk Models within a Standard Normality Framework.
  Dowd, K. (2006). Backtesting Risk Models within a Standard Normality Framework. Journal of Risk, 9(2), 93-111
• FOMC Macroeconomic Forecasts: A Non-Parametric Analysis
  Dowd, K. (2006). FOMC Macroeconomic Forecasts: A Non-Parametric Analysis. International Journal of Applied Economics and Finance, 3(2), 1-8
• Using Order Statistics to Estimate Confidence Intervals for Probabilistic Risk Measures.
  Dowd, K. (2006). Using Order Statistics to Estimate Confidence Intervals for Probabilistic Risk Measures. The journal of derivatives, 14(2), 77-81. https://doi.org/10.3905/jod.2006.667552
• Extreme Spectral Risk Measures: An Application to Futures Clearinghouse Margin Requirements.
  Cotter, J., & Dowd, K. (2006). Extreme Spectral Risk Measures: An Application to Futures Clearinghouse Margin Requirements. Journal of Banking and Finance, 30(12), 3469-3485. https://doi.org/10.1016/j.jbankfin.2006.01.008%2C
• Pricing Risk on Longevity Bonds
  Cairns, A., Blake, D., Dawson, P., & Dowd, K. (2005). Pricing Risk on Longevity Bonds. Life & Pensions, 1(2), 41-44
• PensionMetrics: Designing Defined-Contribution Pension Schemes
  Dowd, K., Blake, D., & Cairns, A. (2005). PensionMetrics: Designing Defined-Contribution Pension Schemes. Risk, 18(5), Article 81-82
• Copulas and Coherence: Portfolio Analysis in a Non-Normal World.
  Dowd, K. (2005). Copulas and Coherence: Portfolio Analysis in a Non-Normal World. Journal of portfolio management, 32(1), 123-127. https://doi.org/10.3905/jpm.2005.599516
• A Modified Berkowitz Back-test.
  Dowd, K. (2004). A Modified Berkowitz Back-test
• Long-term Value at Risk
  Dowd, K., Blake, D., & Cairns, A. (2004). Long-term Value at Risk. Journal of Risk Finance, 5(2), 52-57. https://doi.org/10.1108/eb022986
• Rejoinder to Huang.
  Dowd, K. (2004). Rejoinder to Huang. Journal of portfolio management, 30(3),
• Pensionmetrics II: Stochastic pension plan design during the distribution phase
  Blake, D., John George Cairns, A., & Dowd, K. (2003). Pensionmetrics II: Stochastic pension plan design during the distribution phase. Insurance: Mathematics and Economics, 33, 29-47. https://doi.org/10.1016/S0167-6687%2803%2900141-0
• Survivor Bonds: A Comment on Blake and Burrows
  Dowd, K. (2003). Survivor Bonds: A Comment on Blake and Burrows. Journal of Risk and Insurance, 70(2), 339-348. https://doi.org/10.1111/1539-6975.00063
• The Optimal Extraction of a Privately Owned Renewable Resource
  Chappell, D., & Dowd, K. (2002). The Optimal Extraction of a Privately Owned Renewable Resource. The Mathematical Scientist, 27(2), 75-79
• Assessing the Pre-Commitment Approach to Bank Capital Regulation
  Dowd, K. (2002). Assessing the Pre-Commitment Approach to Bank Capital Regulation. Journal of Risk Finance, 3(4), 35-40
• A Bootstrap Back-test
  Dowd, K. (2002). A Bootstrap Back-test
• Pensionmetrics: stochastic pension plan design and value-at-risk during the accumulation phase
  Blake, D., Cairns, A. J., & Dowd, K. (2001). Pensionmetrics: stochastic pension plan design and value-at-risk during the accumulation phase. Insurance: Mathematics and Economics, 29(2), 187-215. https://doi.org/10.1016/s0167-6687%2801%2900082-8
• The Optimal Monopolistic Extraction of a Durable Natural Resource
  Chappell, D., & Dowd, K. (2001). The Optimal Monopolistic Extraction of a Durable Natural Resource. Greek Economic Review, 21(1), 53-61
• Estimating VaR with Order Statistics
  Dowd, K. (2001). Estimating VaR with Order Statistics. The journal of derivatives, 8(3), 23-30. https://doi.org/10.3905/jod.2001.319154
• The Emergence of Fiat Money: A Reconsideration
  Dowd, K. (2001). The Emergence of Fiat Money: A Reconsideration
• Does Monetary Policy have a Future?
  Cronin, D., & Dowd, K. (2001). Does Monetary Policy have a Future?
• Estimating the Failure Probabilities of Financial Institutions: A Simple Approach.
  Dowd, K. (2001). Estimating the Failure Probabilities of Financial Institutions: A Simple Approach. Journal of Risk Finance, 2(4), 33-38. https://doi.org/10.1108/eb043473
• Bank Capital Adequacy versus Deposit Insurance
  Dowd, K. (2000). Bank Capital Adequacy versus Deposit Insurance. Journal of Financial Services Research, 17(1), 7-15. https://doi.org/10.1023/a%3A1008149106536
• The Gibson Paradox and the Gold Standard: Evidence from the United Kingdom, 1821-1913.
  Dowd, D. A., & Harrison, B. (2000). The Gibson Paradox and the Gold Standard: Evidence from the United Kingdom, 1821-1913. Applied Economics Letters, 7(11), 711-713. https://doi.org/10.1080/135048500421322
• Accounting for Value at Risk.
  Dowd, K. (2000). Accounting for Value at Risk. Journal of Risk Finance, 2(1), 51-58. https://doi.org/10.1108/eb022946
• Adjusting for Risk: An Improved Sharpe Ratio.
  Dowd, K. (2000). Adjusting for Risk: An Improved Sharpe Ratio. International Review of Economics and Finance, 9(3), 209-222. https://doi.org/10.1016/s1059-0560%2800%2900063-0
• Estimating Value-at-Risk: A Subjective Approach.
  Dowd, K. (2000). Estimating Value-at-Risk: A Subjective Approach. Journal of Risk Finance, 1(4), 43-46. https://doi.org/10.1108/eb043454
• Are Free Markets the Cause of Financial Instability?
  Dowd, K. (2000). Are Free Markets the Cause of Financial Instability?. Critical Review, 14(1,200), 57-67. https://doi.org/10.1080/08913810008443547
• Using Futures Prices to Control Inflation: Reply to Garrison and White.
  Dowd, K. (2000). Using Futures Prices to Control Inflation: Reply to Garrison and White. Journal of Money, Credit and Banking, 32(1), 142-145. https://doi.org/10.2307/2601096
• An Almost Ideal Monetary Rule.
  Dowd, K. (1999). An Almost Ideal Monetary Rule
• Financial Risk Management.
  Dowd, K. (1999). Financial Risk Management. Financial Analysts Journal, 55(4), 65-71. https://doi.org/10.2469/faj.v55.n4.2286
• Does Asymmetric Information Justify Bank Capital Adequacy Regulation
  Dowd, K. (1999). Does Asymmetric Information Justify Bank Capital Adequacy Regulation
• Too Big to Fail? Long-Term Capital Management and the Federal Reserve
  Dowd, K. (1999). Too Big to Fail? Long-Term Capital Management and the Federal Reserve
• A Free Retail Investment Market?
  Dowd, K., & Hinchliffe, J. (1999). A Free Retail Investment Market?. Economic Affairs, 19(2), 45-47
• A VAR Approach to Risk-Return Analysis.
  Dowd, K. (1999). A VAR Approach to Risk-Return Analysis. Journal of portfolio management, 25(4), 60-67. https://doi.org/10.3905/jpm.1999.319755
• Independence - No Way!
  Dowd, K., & Hinchliffe, J. (1998). Independence - No Way!
• Monetary Policy in the 21st Century: An Impossible Task.
  Dowd, K. (1998). Monetary Policy in the 21st Century: An Impossible Task
• Free Banking More Relevant than Ever.
  Dowd, K. (1998). Free Banking More Relevant than Ever
• The regulation of bank capital adequacy
  Dowd, K. (1997). The regulation of bank capital adequacy. Advances in Austrian economics, 4, 95-110. https://doi.org/10.1016/s1529-2134%2897%2904007-6
• A Simple Model of the Gold Standard.
  Chappell, D., & Dowd, K. (1997). A Simple Model of the Gold Standard. Journal of Money, Credit and Banking, 29(1), 94-105. https://doi.org/10.2307/2953688
• The Case for Financial Laissez-Faire
  Dowd, K. (1996). The Case for Financial Laissez-Faire. The Economic Journal, 106(436), 679-687
• The Analytics of Bimetallism.
  Dowd, K. (1996). The Analytics of Bimetallism. Manchester School, 64(3), 281-297. https://doi.org/10.1111/j.1467-9957.1996.tb00486.x
• Should the Bank of England be Abolished?
  Dowd, K. (1996). Should the Bank of England be Abolished?
• Some Unpleasant Budgetary Arithmetic of a Proposal to End Inflation A Reply.
  Dowd, K. (1996). Some Unpleasant Budgetary Arithmetic of a Proposal to End Inflation A Reply. The Economic Journal, 106(436), 635-636. https://doi.org/10.2307/2235569
• A Rule to Stabilize the Price Level.
  Dowd, K. (1995). A Rule to Stabilize the Price Level
• Deflating the Productivity Norm.
  Dowd, K. (1995). Deflating the Productivity Norm. Journal of Macroeconomics, 17(4), 717-732. https://doi.org/10.1016/0164-0704%2895%2980091-3
• The Mechanics of Indirect Convertibility.
  Dowd, K. (1995). The Mechanics of Indirect Convertibility. Journal of Money, Credit and Banking, 27(1), 67-88
• Central Bank Independence and Inflation: An Alternative View.
  Dowd, K. (1995). Central Bank Independence and Inflation: An Alternative View
• The Damage Inflation Does.
  Dowd, K. (1995). The Damage Inflation Does
• An Imperfect Union: the Maastsricht Treaty Could Not Deceive the Markets.
  Dowd, K. (1994). An Imperfect Union: the Maastsricht Treaty Could Not Deceive the Markets
• Competitive Banking Bankers' Clubs and Bank Regulation
  Dowd, K. (1994). Competitive Banking Bankers' Clubs and Bank Regulation. Journal of Money, Credit and Banking, 26(2), 289-308. https://doi.org/10.2307/2077910
• The Political Economy of Central Banking
  Dowd, K. (1994). The Political Economy of Central Banking. Critical Review, 8(1), 49-60. https://doi.org/10.1080/08913819408443323
• The New Zealand Monetary Policy Experiment: A Preliminary Assessment.
  Baker, S., & Dowd, K. (1994). The New Zealand Monetary Policy Experiment: A Preliminary Assessment. World Economy, 17(6), 855-867
• The Costs of Inflation and Disinflation.
  Dowd, K. (1994). The Costs of Inflation and Disinflation
• The Gold Standard, Gibson's Paradox and the Gold Stock.
  Dowd, K., & Sampson, A. (1993). The Gold Standard, Gibson's Paradox and the Gold Stock. Journal of Macroeconomics, 15(4), 653-659. https://doi.org/10.1016/s0164-0704%2805%2980003-5
• Money and the Market: What Role for Government?
  Dowd, K. (1993). Money and the Market: What Role for Government?
• A Reply to Schnadt and Whittaker.
  Dowd, K. (1993). A Reply to Schnadt and Whittaker. Southern Economic Journal, 60(2), 501-504
• Re-examining the Case for Government Deposit Insurance
  Dowd, K. (1993). Re-examining the Case for Government Deposit Insurance. Southern Economic Journal, 59(3), 363-370
• Deposit Insurance: A Skeptical View
  Dowd, K. (1993). Deposit Insurance: A Skeptical View
• A Single Currency for Europe?
  Dowd, K., & Greenaway, D. (1993). A Single Currency for Europe?
• Currency Competition, Network Externalities and Switching Costs: Towards an Alternative View of Optimal Currency Areas.
  Dowd, K., & Greenaway, D. (1993). Currency Competition, Network Externalities and Switching Costs: Towards an Alternative View of Optimal Currency Areas. The Economic Journal, 103(420), 1180-1189. https://doi.org/10.2307/2234244
• A New Model of the Gold Standard.
  Dowd, K., & Sampson, A. (1993). A New Model of the Gold Standard. Canadian Journal of Economics, 26(2), 380-391. https://doi.org/10.2307/135915
• Models of Banking Instability: A Partial Review of the Literature
  Dowd, K. (1992). Models of Banking Instability: A Partial Review of the Literature. Journal of Economic Surveys, 6(2), 107-132. https://doi.org/10.1111/j.1467-6419.1992.tb00147
• Is Banking a Natural Monopoly?
  Dowd, K. (1992). Is Banking a Natural Monopoly?. Kyklos, 45(3), 379-392
• The Demand for Non-Durable Goods and Endogenous Labour Supply.
  Dowd, K. (1992). The Demand for Non-Durable Goods and Endogenous Labour Supply. Applied Economics, 24, 1199-1202. https://doi.org/10.1080/00036849200000129
• Consumer Demand, "Full Income", and Real Wages.
  Dowd, K. (1992). Consumer Demand, "Full Income", and Real Wages. Empirical Economics, 17(3), 333-345. https://doi.org/10.1007/bf01206297
• The Monetary Economics of Henry Meulen
  Dowd, K. (1992). The Monetary Economics of Henry Meulen. Journal of Money, Credit and Banking, 24, 173-183. https://doi.org/10.2307/1992734
• Which Way for Euro-Money Reform?
  Dowd, K. (1991). Which Way for Euro-Money Reform?. Economic Affairs, 11(5), 29-31. https://doi.org/10.1111/j.1468-0270.1991.tb00816.x
• A Note on the Demand for Non-Durable Goods.
  Dowd, K. (1991). A Note on the Demand for Non-Durable Goods. Journal of Macroeconomics, 13(3), 543-551. https://doi.org/10.1016/0164-0704%2891%2990010-r
• Evaluating the Hard Ecu.
  Dowd, K. (1991). Evaluating the Hard Ecu. World Economy, 14(2), 215-225. https://doi.org/10.1111/j.1467-9701.1991.tb00497.x
• Financial Instability in a "Directly Convertible" Gold Standard.
  Dowd, K. (1991). Financial Instability in a "Directly Convertible" Gold Standard. Southern Economic Journal, 57, 719-726
• Option Clauses and Banknote Suspension
  Dowd, K. (1991). Option Clauses and Banknote Suspension
• Sechrest on Scottish Free Banking
  Dowd, K. (1991). Sechrest on Scottish Free Banking
• The Value of Time and the Transactions Demand for Money.
  Dowd, K. (1990). The Value of Time and the Transactions Demand for Money. Journal of Money, Credit and Banking, 22(5), 599-603. https://doi.org/10.2307/1992127
• Does Europe Need a Federal Reserve System?
  Dowd, K. (1990). Does Europe Need a Federal Reserve System?
• The Value of Time Hypothesis and the Demand for Money: Some Evidence for the UK.
  Dowd, K. (1990). The Value of Time Hypothesis and the Demand for Money: Some Evidence for the UK. Applied Economics, 22(5), 599-603. https://doi.org/10.1080/00036849000000093
• Did Central Banks Evolve Naturally? A Review Essay of Charles Goodhart's The Evolution of Central Banks
  Dowd, K. (1990). Did Central Banks Evolve Naturally? A Review Essay of Charles Goodhart's The Evolution of Central Banks. Scottish Journal of Political Economy, 37(1), 96-104. https://doi.org/10.1111/j.1467-9485.1990.tb00575.x
• A European Central Bank?
  Dowd, K. (1990). A European Central Bank?
• Ending Australia's Inflation : Th Need for Radical Monetary Reform.
  Dowd, K. (1990). Ending Australia's Inflation : Th Need for Radical Monetary Reform
• The Case for Free Banking
  Dowd, K. (1990). The Case for Free Banking. Economic Affairs, 10(6), 15-17
• Disaggregate Supply: Evidence for the UK.
  Chrystal, K. A., & Dowd, K. (1989). Disaggregate Supply: Evidence for the UK. Applied Economics, 21(10), 1397-1409. https://doi.org/10.1080/758522332
• The Case Against a European Central Bank
  Dowd, K. (1989). The Case Against a European Central Bank. World Economy, 12(3), 361-372. https://doi.org/10.1111/j.1467-9701.1989.tb00786.x
• Some Lessons from the Recent Canadian Bank Failures
  Kaufman, G. (., & Dowd, K. (1989). Some Lessons from the Recent Canadian Bank Failures
• A Simple Model of Macroeconomic Policy.
  Chappell, D. A., & Dowd, K. (1989). A Simple Model of Macroeconomic Policy. Economic Modelling, 6(4), 447-451. https://doi.org/10.1016/0264-9993%2889%2990020-5
• Option Clauses and the Stability of a Laisser Faire Monetary System.
  Dowd, K. (1988). Option Clauses and the Stability of a Laisser Faire Monetary System. Journal of Financial Services Research, 1(4), 319-333
• Automatic Stabilizing Mechanisms Under Free Banking
  Dowd, K. (1988). Automatic Stabilizing Mechanisms Under Free Banking
• Would a Higher Fiscal Deficit Stimulate the Economy?
  Chrystal, K. A., & Dowd, K. (1987). Would a Higher Fiscal Deficit Stimulate the Economy?. Fiscal Studies: The Journal of Applied Public Economics, 8(1), 17-23. https://doi.org/10.1111/j.1475-5890.1987.tb00431.x

Newspaper/Magazine Article

• The Government's Second Bail-Out is a Poor Way Government Failure Caused the Financial Crisis to Save the Banking System.
  Alexander, J., Beenstock, M., Booth, P., Butler, E., Congdon, T., Copeland, L., Dowd, K., Greenwood, J., Gregg, S., Kay, J., Llewellyn, D., Morrison, A., Myddelton, D., & Wood, G. (2009). The Government's Second Bail-Out is a Poor Way Government Failure Caused the Financial Crisis to Save the Banking System
• The Government's Second Bail-Out is a Poor Way to Save the Banking System.
  Dowd, K. (2009). The Government's Second Bail-Out is a Poor Way to Save the Banking System
• Keynesian Over-spending Won't Rescue the Economy.
  Dowd, K., Lilico, A., Greenwood, J., Jeffrey, R., Lea, R., Williams, T., Allington, N., Booth, P., Congdon, T., Copeland, L., Matthews, K., Morrison, A., Peacock, A., Pennington, M., Smith, D., & Spencer, P. (2008). Keynesian Over-spending Won't Rescue the Economy
• One day Pensions Will Be Properly Planned.
  Blake, D., Cairns, A., & Dowd, K. (2008). One day Pensions Will Be Properly Planned
• Northern Rock Managers like Captain of Titanic.
  Dowd, K. (2007). Northern Rock Managers like Captain of Titanic
• Better to Have Thrown Northern Rock to the Wolves
  Dowd, K. (2007). Better to Have Thrown Northern Rock to the Wolves

Report

• No Stress: The Flaws in the Bank of England’s Stress Testing Programme.
  Dowd, K. No Stress: The Flaws in the Bank of England’s Stress Testing Programme. [No known commissioning body]
• Killing the Cash Cow: Why Andy Haldane is Wrong about Demonetisation.
  Dowd, K. Killing the Cash Cow: Why Andy Haldane is Wrong about Demonetisation. [No known commissioning body]
• No Stress II: The Flaws in the Bank of England’s Stress Testing Programme.
  Dowd, K. No Stress II: The Flaws in the Bank of England’s Stress Testing Programme. [No known commissioning body]
• A Simple Proposal to Recapitalize the U.S. Banking System
  Dowd, K. (2017). A Simple Proposal to Recapitalize the U.S. Banking System
• No Stress III: The Flaws in the Bank of England's 2016 Stress Tests
  Dowd, K. (2017). No Stress III: The Flaws in the Bank of England's 2016 Stress Tests. [No known commissioning body]
• A Trade Policy for a Brexited Britain
  Dowd, K. (2017). A Trade Policy for a Brexited Britain. Institute of Economic Affairs
• VfM: Assessing value for money in defined contribution default funds.
  Harrison, D., Blake, D., & Dowd, K. (2014). VfM: Assessing value for money in defined contribution default funds. [No known commissioning body]
• New Private Monies: A Bit-Part Player?
  Dowd, K. (2014). New Private Monies: A Bit-Part Player?. [No known commissioning body]
• Caveat Venditor: The Brave New World of Auto-Enrolment should be Governed by the Principle of Seller not Buyer Beware
  Harrison, D., Blake, D., & Dowd, K. (2012). Caveat Venditor: The Brave New World of Auto-Enrolment should be Governed by the Principle of Seller not Buyer Beware. Pensions Institute
• Financial Risk Management for Management Accountants.
  Woods, M., & Dowd, K. (2008). Financial Risk Management for Management Accountants. [No known commissioning body]
• Sharpe Thinking
  Dowd, K. (2001). Sharpe Thinking. ‘Risk’ Risk Management for Investors Special Report
• VAR by Increments
  Dowd, K. (1998). VAR by Increments. 'Risk’ Special Report on Enterprise-Wide Risk Management