Kenneth Clements

Emeritus Professor, BEc MEc Monash, PhD Chic., FASSA

  • The University of Western Australia (M252), 35 Stirling Highway,

    6009 Perth


  • 374 Citations
  • 13 h-Index
1992 …2019
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Personal profile


I have been at The University of Western Australia since 1981 as a Professor of Economics (1981-2018), BHP Research Fellow (2008-2017) and Emeritus Professor and Senior Honorary Research Fellow (2019-). I have research interests in international finance, monetary economics and applied microeconomics. My research has been supported by a series of grants from BHP and the Australian Research Council, and I have recently published research in the American Journal of Agricultural Economics, Journal of Business, European Economic Review and the Journal of International Money and Finance. Cambridge University Press has published two of my books, Economics and Marijuana (with X. Zhao, 2009) and Currencies, Commodities and Consumption (2013).

I am a Fellow of the Academy of Social Sciences in Australia (since 1998); received a Citation for Outstanding Contributions to Student Learning from the Australian Learning and Teaching Council in 2009; and served as a Member of the ERA 2015 Economics and Commerce Research Evaluation Committee, Australia Research Council.

Since its inception at UWA in 1987, I have been centrally involved with the annual UWA-ANU-UQ-Monash-Melbourne-UNSW PhD Conference in Economics and Business. This has attracted something like 900 PhD students from a large number of universities. The conferences allow students to gain experience in presenting research away from home, the comments from experts in the area, and meeting their peers. The conferences have led to employment opportunities and many other good outcomes for students.

I have supervised a number of students write honours, masters and PhD theses in monetary economics, resource economics, exchange-rate economics and the analysis of patterns in consumption and prices across countries.  

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

Roles and responsibilities

Convenor of the Economics Work-in-Progress Seminar, 2017-

Convenor, PhD Conference in Economics and Business, The University of Western Australia, 1987, 1988, 1989, 1991, 1993, 1995, 1997, 1999, 2001, 2003, 2009, 2012, 2016 (jointly with H. Y. Izan).

Funding overview

“Analysing Global Consumption Patterns with a Large Number of Goods”, ARC Discovery Project, 2013-15, $263,000.

“Commodity Booms and Busts - Implications for the Australian Economy”, ARC Discovery Project, 2010-12, $270,000 (with R. Tyers).

“Security in Retirement: Forecasting and Managing Macro Investment Risks”, ARC Discovery Project, 2008-10, $328,000 (with G. H. Kingston, H. Batemen, L. A. Fisher and S. Thorp).

“International Comparisons of Consumption, Incomes and Prices”, ARC Discovery Project, 2007-09, $182,000.

“Risk Management for Bonds, Currencies and Commodities”, ARC Discovery Project, 2005-07, $240,000 (with G. H. Kingston, H. Batemen, L. A. Fisher, M. Sherris and S. Thorp).

“Commodity Prices and Exchange Rates”, University of Chicago, 2005, $26,000.

“Exchange Rates and Commodity Prices in a Volatile Business Environment”, ARC Linkage Project; ACIL Tasman, AngloGold Australia and the WA Department of Industry and Resources, the industry partners, 2004-07, $142,000.

“International Comparison of Food Consumption Patterns”, Department of Foreign Affairs and Trade, ACIAR, 2003, $22,000 (with Y. Wu).

“Stochastic Index Numbers and Their Application in Accounting, Economics and Finance”, ARC Discovery Project, 2003-05, $126,000 (with H. Y. Izan and E. A. Selvanathan).

“Economic Aspects of Wool in Western Australia”, ARC Linkage Project, Agriculture Western Australia, the industry partner, 2003-05, $480,000 (with M. J. Tcha).

“The Economics of Value-Adding in WA Agriculture”, Department of Agriculture and Food WA, 2002, $20,000.

“Modelling Illicit Markets: The Case of Marijuana”, ARC Discovery Project, 2001-03, $143,000 (with X. Zhao).

“Curbing Greenhouse Gas Emissions and the WA economy”, ARC Small Grant, 1999, $9,000 (with Q. Ye).

“Living Standards and WA Agriculture”, ARC SPIRT Project; Department of Agriculture and Food WA, industry partner, 1998-2000, $243,000.

“Energy Costs and Mineral Production in Western Australia”, ARC Large Grant Scheme, 1998-2000, $127,000.

“The Economics of Energy Reform in Western Australia”, ARC and BHP Iron Ore, ARC Australian Postgraduate Award (Industry), 1996-98, $90,000.

“Simulation in Demand Analysis”, ARC Large Grant, 1996-97, $77,000.

“The Economics of the East Asian Steel industry”, Pohang Steel Research Institute (POSRI), Korea, 1995-96, $123,000 (with M. J. Tcha and R Greig).

“W.A. Gold Mining Industry Study”, Chamber of Minerals and Energy of WA, 1995, $50,000 (with R. Greig).

“Minerals, East Asia and the WA Economy”, ARC and Chamber of Minerals and Energy of WA, ARC Collaborative Research Grant, 1995-97, $199,000 (with R. Greig).

Previous positions

Head, Economics Program, The University of Western Australia, 2001-06, 2009-13

Director, Economic Research Centre, The University of Western Australia, 1986-2006

Dean, Faculty of Economics and Commerce, The University of Western Australia, 1996-98

Visitor, Faculty of Economics and Commerce, University of Melbourne, 1982

Economist, Reserve Bank of Australia, Sydney, 1974, 1979 -81

Associate Director, Centre for Studies in Money, Banking and Finance and Visiting Fellow, Macquarie University, 1980

Assistant Professor of Economics and International Business, Graduate School of Business, The University of Chicago, 1977-79

Associate Director of the Centre for Mathematical Studies in Business and Economics, Department of Economics and Graduate School of Business, The University of Chicago, Winter 1979

Current projects

"The Laws of Economics".

"The Law of One Food Price" (with Long Vo).

"Divisia and Frisch are Friends" (with J. Si).

“A Multi-Market Approach to Measuring the Cycle” (with G. Gao).

“Three Facts about World Metal Prices” (with M.-H. Chen, G. Gao and J. Si).

Teaching overview

Economic Management and Strategy ECON5503, 2014-2015.

International Finance and Markets ECON4415 and ECON5502, c1990-2018.

Monetary Economics ECON2210, 1985-2013.

Other units including Business Economics, International Trade.


International economics, monetary economics and applied microeconomics


  • International Finance
  • Commodity Markets
  • Demand Analysis
  • International economics
  • Monetary economics
  • World economy

Fingerprint Dive into the research topics where Kenneth Clements is active. These topic labels come from the works of this person. Together they form a unique fingerprint.

economy Social Sciences
effect on employment Social Sciences
minerals industry Earth & Environmental Sciences
industry Social Sciences
exchange rate Earth & Environmental Sciences
mineral processing Earth & Environmental Sciences
currency Earth & Environmental Sciences
economic impact Social Sciences

Network Recent external collaboration on country level. Dive into details by clicking on the dots.

Research Output 1992 2019

Four Laws of Consumption

Clements, K. W., Jul 2019, In : Economic Record. 28 p.

Research output: Contribution to journalArticle

What Do Australian Economics PhDs Do?

Clements, K. & Si, J., Mar 2019, In : Australian Economic Review. 52, 1, p. 134-144 11 p.

Research output: Contribution to journalArticle

1 Citation (Scopus)

Alcohol consumption, censorship and misjudgement

Clements, K. W., Liu, H. & Tarverdi, Y., 29 Jun 2018, In : Applied Economics. 50, 49, p. 5269-5276 8 p.

Research output: Contribution to journalArticle

Alcohol consumption
116 Downloads (Pure)

Cross-country food consumption patterns: theory and measurement

Liu, H. Y., 2018, (Unpublished)

Research output: ThesisDoctoral Thesis

Food consumption patterns
Consumption patterns
Reverse engineering
9 Citations (Scopus)

Engel’s Law, Diet Diversity and the Quality of Food Consumption

Clements, K. & Si, J., 1 Jan 2018, In : American Journal of Agricultural Economics. 100, 1, p. 1-22 22 p., 1.

Research output: Contribution to journalArticle

Food Quality
food consumption
income elasticities

Projects 1995 2015


Austin Holmes Award.

Kenneth Clements (Recipient), 17 Sep 2018



Activities 2016 2018

  • 2 Publication peer review

Financial Innovation (Journal)

Kenneth Clements (Reviewer), Long Vo (Reviewer)
Jan 2018 → …

Activity: Editorial work or peer review of publicationsPublication peer review

Economic Notes (Journal)

Kenneth Clements (Reviewer), Long Vo (Reviewer)
2016 → …

Activity: Editorial work or peer review of publicationsPublication peer review