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Christopher Adam
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Prof 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.

Research
Teaching & Supervision
Publications
News
In the media
Africa: Policies for Prosperity
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Public investment and natural disasters
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Macroeconomic dynamics in low-income countries
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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.

Research Students supervised

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Tom Quirk
Research Student
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Chantawit Tantasith
Research Student
Samantha Witte
Economics Department
Lukas Boehnert
Economics Department
Adam, Christopher (2000) 'The Transactions Demand for Money in Chile',
Adam, Christopher (2000) 'Exchange Rate Regimes and Revenue Performance in Sub-Saharan Africa',

Books and monographs
Adam, Christopher (with Paul Collier, Benno Ndulu) (eds) (2017) 'Tanzania: The Path to Prosperity', Oxford: Oxford University Press
Adam, Christopher (with Paul Collier, Michael Gondwe) (eds) (2014) 'Zambia: Building Prosperity from Resource Wealth', Oxford: Oxford University Press
Adam, Christopher (with P Collier, N Ndung'u) (eds) (2010) 'Kenya: Policies for Prosperity', Oxford: Oxford University Press

Journal articles and special issues
Adam, 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 75
Adam, 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 Papers
Adam, Christopher (with D. Bevan) (2020) 'Tropical cyclones and post-disaster reconstruction of public infrastructure in developing countries', Economic Modelling 93 82-99
Adam, 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 36
Adam, 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 Economies
Adam, Christopher (with D Gollin, David Bevan) (2018) 'Rural–Urban Linkages, Public Investment and Transport Costs: The Case of Tanzania', World Development 109 497-510
Adam, Christopher (with David Kwimbere, Wilfred Mbowe and Stephen O’Connell) (2016) 'Food Prices and Inflation in Tanzania', Journal of African Development 18 (2) 19-40
Adam, Christopher (with D Gollin, David Bevan) (2016) 'Rural-Urban Linkages, Transport Costs and Public Investment: The Case of Tanzania', World Development
Adam, Christopher (with U Panizza, A Presbitiero, D Vines) (2015) 'Financing for Development: Editors' Introduction', Oxford Review of Economic Policy 31 (3-4) 259-67
Adam, Christopher (with Douglas Gollin) (2015) 'Editors' Introduction: The Economics of the Global Food and Agriculture System: Introduction', Oxford Review of Economic Policy 31 (1) 1-4
Adam, Christopher (with David Bevan) (2015) 'Fiscal Reforms and Public Investment in Africa', Journal of African Economies 24 (s2) 16-42
Adam, 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) 1-24
Adam, Christopher (2013) 'Coping with adversity: the macroeconomic management of natural disasters', Environmental Science and Policy 27 (1) 99-111
Adam, Christopher (with P Subacchi, D Vines) (2012) 'International macroeconomic policy coordination: an overview', Oxford Review of Economic Policy 28 (3) 395-410
Adam, Christopher (2011) 'On the Macroeconomic Managment of Food Prices Shocks in Low Income Countries', Journal of African Economies 20 63-99
Adam, 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 287-98
Adam, Christopher (with S Dercon) (2009) 'The Assessment: The Politcal Economy of Development', Oxford Review of Economic Policy 29(2) pp 1-21
Adam, Christopher (with D Cobham) (2009) 'Using Real-Time Output Gaps to Examine Past and Future Policy Choices', National Institute Economic Review 210(1) pp 98-110
Adam, 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 507-52
Adam, 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 464-90
Adam, Christopher (with P Collier, V Davies) (2008) 'Post-Conflict Monetary Reconstruction', World Bank Economic Review 22(1) pp 87-112
Adam, 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 1378-95
Adam, 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 26 447-62
Adam, Christopher (with D P Cobham) (2007) 'Exchange Rate Regimes and Trade', The Manchester School 75(s1) 44-63
Adam, 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) 261-90
Adam, Christopher (with D Bevan) (2005) 'Fiscal Deficits and Growth in Developing Countries', Journal of Public Economics 89(4) 571-97
Adam, 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) 150-73
Adam, 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 51 126-60
Adam, Christopher (with S O'Connell) (1999) 'Aid Taxation and Development in Sub-Saharan Africa', Economics and Politics (October)
Adam, Christopher (1999) 'Financial Liberalization and Currency Demand in Zambia', Journal of African Economies (October)
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) 'Effets de portefeuille, marche financiers et modeles EGC dans les pays en voie de developpement', Revue d'Economie du Developpement (November)
Adam, Christopher (1999) 'Asset Portfolios and Credit Rationing: Evidence from Kenya', Economica 66
Adam, 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) 'Adjustment in Africa: A Review Article', The World Economy 18 (5)
Adam, Christopher (1995) 'Fiscal Adjustment, Financial Liberalization, and the Dynamics of Inflation: Some Evidence from Zambia', World Development 23 (5)

Chapters
Adam, 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 Press
Adam, 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 Elgar
Adam, Christopher (with P Kessy, B Langford) (2016) 'Evolving Monetary Policy Frameworks in Low Income Countries: The Tanzania Experience'. In David Cobham (ed) Monetary Analysis in Central Banks , Palgrave Macmillan
Adam, 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 (ed) The Quest for Regional Integration in East Africa , IMF and OUP
Adam, Christopher (2013) 'Dutch Disease and Foreign Aid'. In Steven N Durlauf, Lawrence E Blume (eds) The New Palgrave Dictionary of Economics , (Online Edition) Palgrave Macmillan
Adam, Christopher (2012) 'Exchange Rate Policy'. In E Aryeetey, S Devarajan, R Kanbur (eds) The Oxford Companion to the Economics of Africa , Basingstoke: Palgrave Macmillan
Adam, 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 Macmillan
Adam, 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 Macmillan
Adam, 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 Affairs
Adam, 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 Press
Adam, 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 Press
Adam, 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: Routledge
Adam, 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 Press
Adam, 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 Press
Adam, Christopher (with S O'Connell, E Buffie, C Patillo) (2007) 'Managing External Volatility: Central Bank Options in Low-Income Countries'. In N Batini (ed) Monetary Policy in Emerging Markets and Other Developing Countries , New York: Nova Publishers
Adam, 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 Macmillan
Adam, 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 Macmillan
Adam, 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 Fund
Adam, Christopher (1999) 'Privatization in Sub-Saharan Africa: Issues in Regulation and the Macroeconomics of Transition'. In J Paulson (ed) African Economies in Transition , London: Macmillan
Adam, 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: Macmillan
Adam, Christopher (1998) 'Trade Liberalization in Zambia 1970-1995'. In A Oyijide, J W Gunning et al (eds) Trade Liberalization in Africa , London: Macmillan

Reports
Adam, Christopher (2011) 'Macroeconomic Management of Extreme Events', Paper for UK Government Foresight Project

Working papers
Adam, Christopher (with E. Buffie) (2020) 'The Minimum Wage Puzzle in Less Developed Countries: Reconciling Theory and Evidence', IMF Working Paper 20/23
Adam, 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 20/102
Adam, Christopher (with DL Bevan ) (2016) 'Financing the Reconstruction of Public Capital after a Natural Disaster', World Bank Working Paper 7718
Adam, Christopher (with B Li, S O'Connell) (2016) 'VAR meets DSGE: Uncovering the Monetary Transmission Mechanism in Low-Income Countries', IMF Working Paper 16/90
Adam, Christopher (with D L Bevan and T Ohlenburg) (2014) 'Public investment and Growth in Uganda', IGC Working Paper
Adam, 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 14/73
Adam, 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 2012-03
Adam, Christopher (with D Kwimbere, W Mbowe, S O'Connell) (2012) 'Food Prices and the Dynamics of Inflation in Tanzania', African Development Bank Working Paper 163
Adam, 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 Paper
Adam, Christopher (2010) 'The Predictability and Stability of the Money Multiplier in Tanzania', IGC-Bank of Tanzania Working Paper
Adam, 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 Paper
Adam, Christopher (1998) 'Aid Taxation and Development: Analytical Perspectives on Aid Effectiveness in Sub-Saharan Africa', World Bank WPS Working Paper 1885
Adam, 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 202
Adam, Christopher (with J Hoddinott) (1997) 'Testing Nash Bargaining Models of Household Behaviour using Time Series Data', Oxford University Applied Economics Discussion Paper 191
10 August, 2021
Christopher Adam appointed as OUP Delegate for Economics
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05 March, 2021
New article co-authored by Chris Adam models alternative post-disaster financing mechanisms
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05 September, 2020
New article co-authored by Christopher Adam explores possible lockdown recovery paths in Africa
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02 March, 2018
New research programme to explore African governance
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25 January, 2017
New book - Tanzania: The Path to Prosperity co-edited by Christopher Adam
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19 September, 2016
New World Development paper co-authored by Christopher Adam, Douglas Gollin explores public investment in Tanzania
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06 October, 2014
New book - Zambia: Building Prosperity from Resource Wealth Co-edited by Christopher Adam
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27 January, 2012
New Working Paper from IGC Tanzania Country Research Programme
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23 Nov, 2017
'There is huge amount of skill and talent in the young, particularly in the diaspora in the region'. Christopher Adam interviewed on BBC Radio 4's Today programme about Zimbabwe's economic potential post-Mugabe
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25 Apr, 2016
'Africa needs smart macroeconomic policies to navigate headwinds'. Christopher Adam writes for The Conversation
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