University of Western Ontario, B.A.
Princeton University, Ph.D.

Research Interests

Capital flows to developing countries
U.S.- Canada trade relations during the 1930s
Pay equity in Ontario & Quebec
Starting Salary Gender Pay Inequities

Judy McDonald's primary areas of research are gender pay inequities and international trade and finance. Professor McDonald teaches International Finance, Intermediate Macroeconomics, International Trade and Money and Banking at the undergraduate level. A native of Canada, Professor McDonald joined the Lehigh faculty in 1991.


  • “Estimating Gender Wage Gaps: A Data Update” (with Robert Thornton). Journal of Economic Education, Vol. 47, No. 2, 140-141.
  • “ ‘Coercive Cooperation’? Ontario’s Pay Equity Act of 1988 and the Gender Pay Gap” (with Robert Thornton). 2015. Contemporary Economic Policy. Vol. 33, Issue 4, October, 606–618.
  • “The Gender Gap in Starting Salaries for New College Graduates (with Robert Thornton). 2015. IZA- Research in Labor Economics series, 42, 205-229, edited by Solomon Polachek and Konstantinos Tatsiramos.
  •  “Income Inequality and the Real Exchange Rate: Linkages and Evidence” (with Hong-Ghi Min and Sang-Ook Shin). 2015. Annals of Economics and Finance, Vol. 16, No. 1, 115-141.   
  • "Estimating Gender Wage Gaps" (with Robert Thornton). Journal of Economic Education, Vol. 42, No. 4, November 2011, pp. 405-413.
  • "Using the Credit Spread as an Option-Risk Factor: Size and Value Effects in CAPM" (with Young-Soon Hwang, Hong-Ghi Min, Hwagyun Kim, and Bong-Han Kim). Journal of Banking & Finance, Vol. 34, No. 12, December 2010, pp. 2995-3009.
  • "Retreat from Protectionism: R.B. Bennett and the Movement to Freer Trade in Canada, 1930-1935" (with Anthony Patrick O'Brien). Journal of Policy History, Vol. 21, No. 4, 2009.
  • "Are Asian Countries' Current Accounts Sustainable? Deficits, Even When Associated with High Investment, are Not Costless" (with Bong-Han Kim, Hong-Ghi Min, and Young-Soon Hwang). Journal of Policy Modeling, Vol. 31, Issue 2, March-April 2009, pp. 163-179.
  • "Do New Male and Female College Graduates Receive Unequal Pay?," (with Robert Thornton). Journal of Human Resources, Vol. 42, No. 1, 2007, pp. 32-48.
  • "Dynamic Capital Mobility, Capital-Market Risk, and Contagion: Evidence from Seven Asian Countries" (with Hong-Ghi Min and Jaeyong Choung). Japan and the World Economy, Vol. 15, 2003, pp. 161-183.
  • "Comparable Worth in Academe: Professors at Ontario Universities," (with Robert Thornton) Canadian Public Policy, Vol. 27, No. 3, 2001, pp. 357-373.
  • "A New Look at the Gender Earnings Gap for Recent College Graduates" (with Robert Thornton). IRRA Proceedings of the Fifty-Third Annual Meeting, 2001, pp. 213-221.
  • "Rethinking the Optimal Level of Environmental Quality: Justifications for Strict Environmental Policy" (with Amy Farmer, James Kahn, and Robert O'Neill). Ecological Economics, Vol. 36, 2001, pp. 461-73.
  • "Private-Sector Experience with Pay Equity in Ontario," with Robert Thornton, Canadian Public Policy, Vol. 24, No. 2, 1998, pp. 185-208.
  • "The Role of Economic Factors in Tropical Deforestation," with James Kahn, Ch. 2 in Laurance, W. F. and R.O. Bierregaard, Jr., eds., Tropical Forest Remnants: Ecology, Management, and Conservation of Fragmented Communities, The University of Chicago Press, 1997, pp. 13-28.
  • "Trade Wars: Canada's Reaction to the Smoot-Hawley Tariff," with Colleen Callahan and Anthony O'Brien, The Journal of Economic History, Vol. 57, No. 4, December 1997, pp. 802-826.
  • "Third World Debt and Tropical Deforestation," with James Kahn, Ecological Economics, vol. 12, 1995, pp. 107-123.
  • "Who Voted for Smoot-Hawley?" (with Colleen Callahan and Anthony O'Brien), The Journal of Economic History, Vol. 54, No. 3, September 1994, pp. 683-690.