The University of Western Australia

W/Prof Ken Clements

Head of Discipline/Winthrop Professor
Economics

Contact details

Address

Economics
The University of Western Australia (M251)
35 Stirling Highway
CRAWLEY WA 6009
Australia

Phone

6488 2898

Fax

6488 1035

Email

Ken.Clements@uwa.edu.au

Qualifications

BEc MEc Monash, PhD Chic., FASSA

Biography

Ken Clements has been at The University of Western Australia since 1981 as a Professor of Economics. He is a generalist economist with interests in international finance, monetary economics, index numbers and the economics of drugs. His research has been supported by a series of grants from the Australian Research Council and he has published recently in journals such as the Journal of Business, Journal of International Money and Finance, Economics Letters and International Statistical Review. He is a Fellow of the Academy of Social Sciences in Australia and in 2008 received a UWA Award for Excellence in Teaching (Postgraduate Supervision). Since its inception in 1987, Clements has been centrally involved with the annual UWA-ANU PhD Conference in Economics and Business, which has attracted something like 600 PhD students from all major Australian universities, as well as a number of leading overseas institutions. The conferences are widely acknowledged as being innovative and of great assistance to PhD students.

Education
PhD (in Economics), The University of Chicago, 1977
Master of Economics, Monash University, 1974
Bachelor of Economics (First Class Honours), Monash University, 1973

Publications

Career 10 best

Clements, K. W., and Zhao, X. (2009). Economics and Marijuana: Consumption, Pricing and Legalisation. Cambridge: Cambridge University Press.

Clements, K. W. (2006). “Pricing and Packaging: The Case of Marijuana”, Journal of Business 79, pp. 2019-44.

Clements, K. W., Izan, H. Y. and Selvanathan, E. A. (2006). “Stochastic Index Numbers: A Review”, International Statistical Review 74, pp. 235-70.

Ong, L. L., Clements, K. W. and Izan, H. Y. (1999). “The World Real Interest Rate: Stochastic Index Number Perspectives”, Journal of International Money and Finance, 18, pp. 225-49. Reprinted in M. Manzur, Ed, Exchange Rates, Interest Rates and Commodity Prices. London: Edward Elgar, 2002. Pp. 98-126.

Clements, K. W., and Izan, H. Y. (1987). “The Measurement of Inflation: A Stochastic Approach”, Journal of Business and Economic Statistics, 5: 339-50.

Theil, H., and Clements, K. W. (1987). Applied Demand Analysis: Results from System-Wide Approaches. Cambridge, Mass.: Ballinger Publishing Co. Pp. i-xxii, 1-279.

Clements, K. W., and Sjaastad, L. A. (1984). How Protection Taxes Exporters. Thames Essay No. 39. London: Trade Policy Research Centre. Pp. i-xii, 1-71.

Clements, K. W., and Johnson, L. W. (1983). “The Demand for Beer, Wine and Spirits: A System-Wide Analysis”, Journal of Business, 56, pp. 273-304. Reprinted in T. J. Coyne (ed) Readings in Managerial Economics, 4th Edition, 1985, Business Publications, Inc., Plano, Texas. Pp.127-155. Reprinted in T. J. Coyne (ed) Readings in Managerial Economics, 5th Edition, 1992, Coyne Publishing, Bath, Ohio. Pp. 72-102.

Clements, K. W. (1980). “A General Equilibrium Econometric Model of the Open Economy”, International Economic Review, 21, pp. 469-88.

Clements, K. W., and Frenkel, J. A. (1980). “Exchange Rates, Money and Relative Prices: The Dollar-Pound in the 1920s”, Journal of International Economics, 10, pp. 249 62.

Recent Publications

Books

Clements, K. W., and Zhao, X (2009). Economics and Marijuana: Consumption, Pricing and Legalisation. Cambridge: Cambridge University Press, USA New York

Book Chapters

Clements, K. W. and Daryal, M., (2005). “The Economics of Marijuana Consumption”, in The Demand of Alcohol, Tobacco and Marijuana: International Evidence, Ashgate, Aldershot, UK.

Journal Articles (Schol Refereed Journal

Clements, K.W., Izan, I.H.Y., Lan, Y. 2009, “A Stochastic Measure Of International Competitiveness”, International Review Of Finance, 9, 1-2, Pp. 51-81.

Clements, K. W., (2008). “Price Elasticities of Demand are Minus One-Half”, Economics Letters, 99, pp. 490-93.

Clements, K. W., and Fry, R. (2008). “Commodity Currencies and Currency Commodities”, Resources Policy, 33, pp. 55-73.

Clements, K. W. and Izan, H. Y. (2008). “The Stairway to the Top: The Remuneration of Academic Executives”, Australian Journal of Management, 33, pp. 1-30.

Clements, K. W., Izan, H. Y. and Lan, Y. (forthcoming). “A Stochastic Measure of International Competitiveness”, International Review of Finance.

Clements, K. W., Y. Lan and Roberts, J. (2008). “Exchange-Rate Economics for the Resources Sector”, Resources Policy, 33, pp. 102-117.

Clements, K. W., Lan, Y. (2007). “Exchange Rates, Productivity, Poverty and Inequality”, Applied Economics, 39, 4, pp. 471-76.

Clements, K. W., Selvanathan, E.A. (2007). “More on Stochastic Index Numbers”, Applied Economics, 39, pp. 605-611.

Clements, K. W., Wu, Y., Zhang, J. (2006). “Comparing International Consumption Patterns”, Empirical Economics, 31, pp. 1-30.

Clements, K. W. (2006). “Pricing and Packaging: The Case of Marijuana”, Journal of Business, 79, 4, pp. 2019-2044.

Clements, K. W., Izan, H.Y., Selvanathan, E.A. (2006). “Stochastic Index Numbers: A Review”, International Statistical Review, 74, 2, pp. 235-270.

Clements, K. W. (2005). “Larry Sjaastad, The Last Chicagoan”, Journal of International Money and Finance, 24, pp. 859-872.

Clements, K. W., Daryal, M. (2005). “Exogenous Shocks and Related Goods: Drinking and the Legalisation of Marijuana”, Economics Letters, 89, pp. 101-106.

Clements, K.W. (2004). “Three Facts about Marijuana Prices”, Australian Journal of Agricultural and Resource Economics, 48, 2, pp. 271-300.

Full Refereed Conference Publications

Clements, K. W., Fry, R. (2006). “Commodity Currencies and Currency Commodities”, Australian Conference of Economists, online:http://www.cbs.curtin.edu.au/business/teaching-areas/economics-and-finance/conference-of-economists-2006/, Online, pp. 1-63.

Clements, K. W., Lan, Y. (2004). “How Long is the Long-Run? Evidence from Foreign Exchange Market”, in Intelligent Finance: A Convergence of Mathematical Finance with Technical and Fundamental Analysis, Melbourne, 1, pp. 74-88.

Funding received

G. H. Kingston, H. Batemen, K. Clements, L. A. Fisher, S. Thorp 2007, “Security in Retirement Forecasting and Managing Macro Investment Risks”, ARC Discovery Project, $65,644.

K. Clements 2006, “International Comparisons of Consumption, Incomes and Prices”, ARC Discovery Project, $182,938.

G. H. Kingston, H. Batemen, K. Clements, L. A. Fisher, M. Sherris, S. Thorp 2005, “Risk Management for Bonds, Currencies and Commodities”, ARC Discovery Project, $40,000.

K. Clements 2005, “Commodity Prices and Exchange Rates”, University of Chicago, $25,950.

K. Clements 2003, “Exchange Rates and Commodity Prices in a Volatile Business Environment”, ARC Linkage Project, $85,668.

K. Clements, Y. Wu 2003, “International Comparison of Food Consumption Patterns”, Department of Foreign Affairs and Trade - ACIAR, $21,556.

K. Clements 2002, “The Economics of Value-Adding in WA Aquaculture”, Department of Agriculture and Food WA (DAFWA), $20,000.

K. Clements, H. Y. Izan, E. A. Selvanathan 2002, “Stochastic Index Numbers and Their Application in Accounting, Economics and Finance”, ARC Discovery Project, $126,000.

K. Clements, M. Tcha 2002, “Economic Aspects of Wool in Western Australia”, ARC Linkage Project, $240,000.

K. Clements, X. Zhao 2000, “Modelling illicit markets: The case of marijuana”, ARC Discovery Project, $142,198.

K. Clements, Q. Ye 1999, “Curbing greenhouse gas emissions and the WA economy”, ARC Small Grant, $8,872.

K. Clements 1997, “Living Standards and WA Agriculture”, Department of Agriculture and Food WA (DAFWA), $63,000.

K. Clements 1997, “Living standards and WA agriculture”, ARC SPIRT Project, $180,000.

K. Clements 1997, “Energy costs and mineral production in Western Australia”, ARC Large Grant Scheme, $127,000.

K. Clements 1996, “The economics of energy reform in Western Australia”, ARC and BHP Iron Ore, ARC Australian Postgraduate Award (Industry), $90,000.

K. Clements 1995, “Simulation in Demand Analysis”, ARC Large Grant, $77,000.

K. Clements, M. Tcha, R Greig 1995, “The economics of the East Asian Steel industry”, Grant from Pohang Steel Research Institute, Korea, $122,750.

K. Clements, R. Greig 1995, “W.A. gold mining industry study”, Grant from Chamber of Minerals and Energy of WA, $50,000.

K. Clements, R Greig, 1995 “Minerals, East Asia and the WA economy”, ARC and Chamber of Minerals and Energy of WA, ARC Collaborative Research Grant, $199,000.

Honours and awards

BHP Billiton Research Fellow 2008-2012
UWA Award for Excellence in Teaching (Postgraduate Supervision) 2008
Citation for Outstanding Contributions to Student Learning, UWA Business School, 2007
Best Discussant Award, PhD Conference in Economics and Business, ANU, 2004, 2008
Lecturer, Distinguished Scholars’ Lecture Program, Sungkyunkwan University, Seoul, December 2000
Fellow of the Academy of Social Sciences in Australia, 1998
Inaugural Excellence in Postgraduate Supervision Award, The University of Western Australia, 1992
McKethan Matherly Research Fellow, Graduate School of Business Administration, University of Florida at Gainesville, August 1984 – January 1985
Morganthau Field Fellowship, The University of Chicago, 1977
Lilly Honor Fellowship, The University of Chicago, 1974-77

Previous positions

Economist, Reserve Bank of Australia, 1974, 1979-80.
Assistant Professor of Economics and International Business, Graduate School of Business, The University of Chicago, 1977-79

Teaching

Monetary Economics 2210
International Finance 4415

Current external positions

Member of the Australian Treasury Academic Consultative Committee, 2007-present
Member of the Editorial Board International Economics and Finance Journal, 2005-present
Member of the Editorial Board Australasian Journal of Economics Education, 2004-present
Member of the Editorial Board Resources Policy, 1993-present
Member of the Council of Academic Advisers, Centre for Independent Studies, 1981-present
Member of the Panel to choose the best article published in the Economic Record,1990-1992, 2008
Member of the Expert Consultative Group for the Statutory Review of the Cannabis Control Act 2003, 2007

Current projects

Links with Industry
WA mining industry
Employers of economics and commerce graduates

Collaborations with Other Institutions
ANU for the PhD Conference in Economics and Business
UNSW for Discovery Grants

Research profile

Research profile and publications