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Christopher Adam
Professor of Development Economics
Christopher Adam's research is on the macroeconomics of low-income countries, in particular those of Africa, with a focus on monetary economics and public finance; and growth and structural change in low-income countries, including in response to climate change and natural disasters. His work uses methods of quantitative macroeconomics including stochastic and deterministic general equilibrium techniques.
Christopher Adam is a Visiting Scholar at the International Monetary Fund (IMF) as a member of the FCDO-IMF research program on the macroeconomics of low-income countries; an advisor Lead Academic for the International Growth Centre (IGC); and an advisor to the Monetary and Economics Department of the Bank of International Settlements (BIS).
From 2003-05 he served as external Macroeconomic Adviser to the Policy Division at the Department for International Development (DFID) and represented DFID as Vice Chair of the African Economic Research Consortium from 2006 to 2016. In 2011-12 he served as Special Advisor to the House of Lords Economic Affairs Committee Inquiry into Aid Effectiveness.
He is currently Managing Editor of the Oxford Review of Economic Policy and an associate editor of the Journal of Development Economics. In September 2021 he was appointed Delegate for Economics to Oxford University Press.
Teaching
Christopher Adam teaches the core macroeconomic theory course on the MSc in Economics for Development and offers a module on the Development Economics paper on macroeconomic stabilisation in low-income countries.
Doctoral supervision
He offers doctoral supervision in the areas of development macroeconomics including aspects of monetary and exchange rate policy; the macroeconomics of fragile states; aid and capital flows; and natural resource management.
Doctoral students supervised
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Books and monographsAdam, Christopher (with Paul Collier, Benno Ndulu )(2017) 'Tanzania: The Path to Prosperity ', Oxford: Oxford University PressAdam, Christopher (with Paul Collier, Michael Gondwe )(2014) 'Zambia: Building Prosperity from Resource Wealth ', Oxford: Oxford University PressAdam, Christopher (with P Collier, N Ndung'u )(2010) 'Kenya: Policies for Prosperity ', Oxford: Oxford University Press
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Journal articles and special issuesAdam, Christopher (with Ed Buffie, Luis-Felipe Zanna and Kagni Kpodar)(2023) 'Loss-of-learning and the post-Covid recovery in low-income countries ', Journal of Macroeconomics 75Adam, Christopher (with Ed Buffie, Luis-Felipe Zanna, Lacina Balma, Dawit Tessema, Kangni Kpodar )(2022) 'Public investment and human capital with segmented labour markets ', Oxford Economic PapersAdam, Christopher (with D. Bevan )(2020) 'Tropical cyclones and post-disaster reconstruction of public infrastructure in developing countries ', Economic Modelling 93 : 82-99Adam, Christopher (with M. Henstridge and S. Lee )(2020) 'After the lockdown: macroeconomic adjustment to the COVID-19 pandemic in sub-Saharan Africa ', Oxford Review of Economic Policy 36Adam, Christopher (with Bin Grace Li, Andrew Berg, Peter Montiel and Stephen O’Connell )(2019) 'Structural VARs and the Monetary Transmission Mechanism in Low-Income African Countries ', Journal of African EconomiesAdam, Christopher (with David Bevan )(2018) 'Rural–Urban Linkages, Public Investment and Transport Costs: The Case of Tanzania ', World Development 109 : 497-510Adam, Christopher (with David Kwimbere, Wilfred Mbowe and Stephen O’Connell )(2016) 'Food Prices and Inflation in Tanzania ', Journal of African Development 18 (2) : 19-40Adam, Christopher (with David Bevan )(2016) 'Rural-Urban Linkages, Transport Costs and Public Investment: The Case of Tanzania ', World DevelopmentAdam, Christopher (with U Panizza, A Presbitiero, D Vines )(2015) 'Financing for Development: Editors' Introduction ', Oxford Review of Economic Policy 31 (3-4) : 259-67Adam, Christopher (with David Bevan )(2015) 'Fiscal Reforms and Public Investment in Africa ', Journal of African Economies 24 (s2) : 16-42Adam, Christopher (with Douglas Gollin )(2015) 'Editors' Introduction: The Economics of the Global Food and Agriculture System: Introduction ', Oxford Review of Economic Policy 31 (1) : 1-4Adam, Christopher (with D Cobham, K Mayhew )(2013) 'The Economic Record of the 1997-2010 Labour Government: An Assessment ', Oxford Review of Economic Policy 29 (1) : 1-24Adam, Christopher (2013) 'Coping with adversity: the macroeconomic management of natural disasters ', Environmental Science and Policy 27 (1) : 99-111Adam, Christopher (with P Subacchi, D Vines )(2012) 'International macroeconomic policy coordination: an overview ', Oxford Review of Economic Policy 28 (3) : 395-410Adam, Christopher (2011) 'On the Macroeconomic Managment of Food Prices Shocks in Low Income Countries ', Journal of African Economies 20 : 63-99Adam, Christopher (with E Buffie, S O'Connell )(2010) 'Fiscal Inertia, Donor Credibility, and the Monetary Management of Aid Surges ', Journal of Development Economics 93(2) : pp 287-98Adam, Christopher (with S Dercon )(2009) 'The Assessment: The Politcal Economy of Development ', Oxford Review of Economic Policy 29(2) : pp 1-21Adam, Christopher (with D Cobham )(2009) 'Using Real-Time Output Gaps to Examine Past and Future Policy Choices ', National Institute Economic Review 210(1) : pp 98-110Adam, Christopher (with S O'Connell, E Buffie, C Pattillo )(2009) 'Monetary Policy Rules for Managing Aid Surges in Africa ', Review of Development Economics 13(3) : pp 464-90Adam, Christopher (with D Vines )(2009) 'Remaking Macroeconomic Policy after the Global Financial Crisis: A Balance-Sheet Approach ', Oxford Review of Economic Policy 25(4) : pp 507-52Adam, Christopher (with P Collier, V Davies )(2008) 'Post-Conflict Monetary Reconstruction ', World Bank Economic Review 22(1) : pp 87-112Adam, Christopher (with E Buffie, S O'Connell and C Patillo )(2008) 'Riding the Wave: Monetary Responses to Aid Surges in Low-Income Countries ', European Economic Review 52(8) : pp 1378-95Adam, Christopher (with B McPake, K G Hanson )(2007) 'Two-tier Charging Strategies in Public Hospitals: Implications for Intra-hospital Resource Allocation and Equity of Access to Hospital Services ', Journal of Health Economics 26 : 447-62Adam, Christopher (with D P Cobham )(2007) 'Exchange Rate Regimes and Trade ', The Manchester School 75(s1) : 44-63Adam, Christopher (with D Bevan )(2006) 'Aid and the Supply Side: Public Investment, Export Performance and Dutch Disease in Low Income Countries ', The World Bank Economic Review 20(2) : 261-90Adam, Christopher (with D Bevan )(2005) 'Fiscal Deficits and Growth in Developing Countries ', Journal of Public Economics 89(4) : 571-97Adam, Christopher (with E Buffie, S O'Connell, C Pattillo )(2004) 'Exchange Rate Policy and the Management of Official and Private Capital Flows in Africa ', IMF Staff Papers 51 : 126-60Adam, Christopher (with S O'Connell )(2004) 'Aid Versus Trade Revisited: donor and Recipient Policies in the Presence of Learning-by-doing ', The Economic Journal 114(492) : 150-73Adam, Christopher (1999) 'Financial Liberalization and Currency Demand in Zambia ', Journal of African Economies (October)Adam, Christopher (with S O'Connell )(1999) 'Aid Taxation and Development in Sub-Saharan Africa ', Economics and Politics (October)Adam, Christopher (1999) 'Effets de portefeuille, marche financiers et modeles EGC dans les pays en voie de developpement ', Revue d'Economie du Developpement (November)Adam, Christopher (1999) 'Liberalization, Policy Reform and the Demand for Money in Africa (Guest Editor's Introduction) ', Journal of African Economies (October)Adam, Christopher (1999) 'Asset Portfolios and Credit Rationing: Evidence from Kenya ', Economica 66Adam, Christopher (with B Ndulu, N Sowa )(1996) 'Financial Liberalization, Exchange Rate Unification and Seigniorage in Kenya Ghana and Tanzania ', Journal of Development Studies 32 (4)Adam, Christopher (1995) 'Fiscal Adjustment, Financial Liberalization, and the Dynamics of Inflation: Some Evidence from Zambia ', World Development 23 (5)Adam, Christopher (1995) 'Adjustment in Africa: A Review Article ', The World Economy 18 (5)
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ChaptersAdam, Christopher (with J. Wilson )(2020) 'Monetary and Exchange Rate Policies in Fragile States ', In R. Chami, R. Espinoza and P. Montiel (eds) Macroeconomic Policy in Fragile States Oxford: Oxford University PressAdam, Christopher (with Andrew Berg, Rafael Portillo, and Filiz Unsal )(2018) 'Monetary policy and central banking in sub-Saharan Africa ', In Peter Conti Brown, Rosa Lastra (eds) Research Handbook on Central Banking Edward ElgarAdam, Christopher (with P Kessy, B Langford )(2016) 'Evolving Monetary Policy Frameworks in Low Income Countries: The Tanzania Experience ', In David Cobham (eds) Monetary Analysis in Central Banks Palgrave MacmillanAdam, Christopher (with P Kessy, C Kombe and S O'Connell )(2013) 'Exchange Rate Arrangements in the Transition to East African Monetary Union ', In O Williams (eds) The Quest for Regional Integration in East Africa IMF and OUPAdam, Christopher (2013) 'Dutch Disease and Foreign Aid ', In Steven N Durlauf, Lawrence E Blume (eds) The New Palgrave Dictionary of Economics (Online Edition) Palgrave MacmillanAdam, Christopher (2012) 'Exchange Rate Policy ', In E Aryeetey, S Devarajan, R Kanbur (eds) The Oxford Companion to the Economics of Africa Basingstoke: Palgrave MacmillanAdam, Christopher (with A Musonda )(2011) 'Copper Mining in Zambia: From Collapse to Recovery ', In P Collier, A Venables (eds) Plundered Nations? Successes and Failures in Natural Resource Extraction Basingstoke: Palgrave MacmillanAdam, Christopher (with P Collier, N Ndung'u )(2010) 'Introduction ', In C S Adam, P Collier, N Ndung'u (eds) Kenya: Policies for Prosperity Oxford: Oxford University PressAdam, Christopher (with B O Maturu, N Ndung'u, S O'Connell )(2010) 'Building a Kenyan Monetary Regime for the 21st Century ', In C S Adam, P Collier, N Ndung'u (eds) Kenya: Policies for Prosperity Oxford: Oxford University PressAdam, Christopher (with P Collier, D Vines )(2010) 'Small Developing Countries in the International Monetary System ', In P Subacchi, J Driffil (eds) Beyond the Dollar: Rethinking the International Monetary System London: Chatham House, Royal Institute of International AffairsAdam, Christopher (with A Musonada )(2010) 'The Economics of the Copper Price Boom in Zambia ', In C Adam, A Frazer, N Larmer (eds) Zambia, Mining and Neoliberalism Basingstoke: Palgrave MacmillanAdam, Christopher (with D Cobham )(2009) 'Alternative Exchange Rate Regimes for MENA Countries: Gravity Model Estimates of the Trade Effects ', In D Cobham, G Dibeh (eds) Monetary Policy and Central Banking in the Middle East and North Africa London: RoutledgeAdam, Christopher (with B Harriss-White )(2007) 'From Monet to Mondrian: Characterizing Informality in Field Research and Simulation Modeling ', In B Harriss-White, A Sinha (eds) Trade Liberalization and India's Informal Economy Delhi: Oxford University PressAdam, Christopher (with A Sinha )(2007) 'Modelling the Informal Economy in India: An Analysis of Trade Reforms ', In B Harriss-White, A Sinha (eds) Trade Liberalization and India's Informal Economy Delhi: Oxford University PressAdam, Christopher (with B Goderis )(2007) 'Monetary Policy and Oil Price Surges in Nigeria ', In P Collier, C Soludo, C Pattillo (eds) Economic Policies for a Prosperous Nigeria London: Palgrave MacmillanAdam, Christopher (with S O'Connell, E Buffie, C Patillo )(2007) 'Managing External Volatility: Central Bank Options in Low-Income Countries ', In N Batini (eds) Monetary Policy in Emerging Markets and Other Developing Countries New York: Nova PublishersAdam, Christopher (2006) 'Exogenous Inflows and Real Exchange Rates: Theoretical Quirk or Empirical Reality? ', In P Isard, L Lipschitz, A Mourmouras and B Yontcheva (eds) The Macroeconomic Management of Foreign Aid: Opportunities and Pitfalls Washington, DC: International Monetary FundAdam, Christopher (with A Sinha )(2006) 'Trade Reforms and Informalization: Getting Behind Jobless Growth in India ', In B Guha-Khasnobis, R Kanbur (eds) Informal Labour Markets and Development London: Palgrave MacmillanAdam, Christopher (with D Bevan )(1999) 'Fiscal Restraint and the Cash Budget in Zambia ', In P Collier, C Patillo (eds) Risk and Investment in Africa London: MacmillanAdam, Christopher (1999) 'Privatization in Sub-Saharan Africa: Issues in Regulation and the Macroeconomics of Transition ', In J Paulson (eds) African Economies in Transition London: MacmillanAdam, Christopher (1998) 'Trade Liberalization in Zambia 1970-1995 ', In A Oyijide, J W Gunning et al (eds) Trade Liberalization in Africa London: Macmillan
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ReportsAdam, Christopher (2011) 'Macroeconomic Management of Extreme Events ', Paper for UK Government Foresight Project
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Working papersAdam, Christopher (with E. Buffie )(2020) 'The Minimum Wage Puzzle in Less Developed Countries: Reconciling Theory and Evidence ', IMF Working Paper 20/23Adam, Christopher (with E. Buffie, L-F. Zanna, L. Balma, D. Tessema and K. Kpodar )(2020) 'Debt, Investment and Growth in Developing Countries with Segmented Labor Markets ', IMF Working Paper 20/102Adam, Christopher (with DL Bevan )(2016) 'Financing the Reconstruction of Public Capital after a Natural Disaster ', World Bank Working Paper 7718Adam, Christopher (with B Li, S O'Connell )(2016) 'VAR meets DSGE: Uncovering the Monetary Transmission Mechanism in Low-Income Countries ', IMF Working Paper 16/90Adam, Christopher (with D L Bevan and T Ohlenburg )(2014) 'Public investment and Growth in Uganda ', IGC Working PaperAdam, Christopher (with D L Bevan )(2014) 'Public Investment, Public Finance, and Growth: The Impact of Distortionary Taxation, Recurrent Costs, and Incomplete Appropriability ', IMF Working Paper WP 14/73Adam, Christopher (with D Kwimbere, W Mbowe, S O'Connell )(2012) 'Food Prices and the Dynamics of Inflation in Tanzania ', African Development Bank Working Paper 163Adam, Christopher (with P Montiel, W Mbowe and S O'Connell )(2012) 'Financial Architecture and the Monetary Transmission Mechanism in Tanzania ', IGC Working Paper 12/0343 and Centre for the Study of African Economies, Oxford, Working Paper 2012-03Adam, Christopher (with P J Kessey, J J Nyella and S A O'Connell )(2010) 'The Demand for Money in Tanzania ', IGC-Bank of Tanzania Working PaperAdam, Christopher (2010) 'The Predictability and Stability of the Money Multiplier in Tanzania ', IGC-Bank of Tanzania Working PaperAdam, Christopher (1999) 'The Transaction Demand for Money in Chile ', Central Bank of Chile Working Paper (September)Adam, Christopher (1999) 'A STATA Program for Implementing Kiviet's (1995) Small-Sample Correction for Dynamic Panel Data Estimators ', CSAE Working PaperAdam, Christopher (with D Bevan )(1998) 'Costs and Benefits of Incorporating Asset Markets into CGE Models: Evidence and Design Issues ', Oxford University Applied Economics Discussion Paper 202Adam, Christopher (1998) 'Aid Taxation and Development: Analytical Perspectives on Aid Effectiveness in Sub-Saharan Africa ', World Bank WPS Working Paper 1885Adam, Christopher (with J Hoddinott )(1997) 'Testing Nash Bargaining Models of Household Behaviour using Time Series Data ', Oxford University Applied Economics Discussion Paper 191
Overview
Research
Teaching & Supervision
News
Publications
In the media
Blogs