Macroeconomics Research Unit

Dr Kutu Augustine Adebayo

Research Director

Telephone: +27312607210; +27712387450
Campus: Westville
Building & Room: J Block – 3rd Floor


Kutu Augustine Adebayo. A PhD and Masters Economics graduate of the University of KwaZulu-Natal, Bcom-Honours Economics, University of Limpopo and Bachelor of Science Economics, University of Ilorin-Nigeria. He is an ESSA, MRU and UKZN award winner. He is also named among the Top 10 student researchers at UKZN in 2016 and 2017. He has presented several papers at local and international conferences including the IJAS conference at Harvard University, USA and the AICAEF conference at Cambridge University, United Kingdom. He has taught economics at the Universities of Limpopo and KwaZulu-Natal. Currently, he is working with MRU as a research director and an external examiner to University of Cape Town, University of South Africa and University of Zululand.

Academic Qualifications

  • Bsc Economics.
  • Bcom-Honours Economics.
  • MCOM Economics.
  • PhD Economics.

Research Interests

  • Macroeconomics.
  • Monetary economics
  • Public Finance.
  • Macro-modelling for Emerging Countries.

Recent Publications and Papers

  • Kutu, A. A., Ngema, Z.G., & Nzimande, N.P. (2020). Availability of Educational Resources and Student Academic Performances in South Africa. Universal Journal of Educational Research, 8(8): 3768-3781.
  • Adekunle, C. P., Kutu, A. A., & Alori, D.A., (2020). Effects of Food Price Shocks on Nutritional Outcomes of Farm Households’ in Nigeria. Journal of Agricultural Extension, 24(3), 22-40.
  • Owoeye, T., Olanipekun, D.B., Akindele John Ogunsola, A.K., & Kutu, A. A., (2020). Energy Prices, Income and Electricity Consumption in Africa: The Role of Technological Innovation. International Journal of Energy Economics and Policy. Available at file:///C:/Users/kutuA/Downloads/9494-24768-1-PBIJEEP.pdf.
  • Alori, A. D., & Kutu, A. A. (2019). Export Function of Cocoa Production, Exchange Rate Volatility and Prices in Nigeria. Journal of Economics and Behavioral Studies, 11(2 (J)), 1-14.
  • Omolade, A., Ngalawa, H., & Kutu, A. (2019). Crude oil price shocks and macroeconomic performance in Africa’s oil-producing countries. Cogent Economics & Finance, 7(1), 1607431.
  • Nwosa, I. P., Adeleke, O., & Kutu A.A, (2019). Exchange Rate Regimes and Industrialization in Nigeria. African Journal of Business and Economic Research, 14(2), 91-106.
  • Kutu, A. A., & Ngalawa, H. (2017). Monetary Policy and Industrial Output in the BRICS Countries: A Markov-Switching Model. Folia Oeconomica Stetinensia, 17(2).
  • Kutu, A. A., & Ngalawa, H. (2017). Modelling Exchange Rates Volatility and the Global Shocks in South Africa. Acta Universitatis Danubius. Œconomica, 13(3).
  • Kutu, A. A., Nzimande, N. P., & Msomi, S. (2017). Effectiveness of Monetary Policy and the Growth of Industrial Sector in China. Journal of Economics & Behavioral Studies, 9(3), 46-59.
  • Ngalawa, H., & Kutu, A. A. (2017). Modelling exchange rate variations and global shocks in Brazil. Zbornikradova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 35(1), 73-95.
  • Kutu, A. A., & Ngalawa, H. (2016). Monetary Policy Shocks and Industrial Sector Performance in South Africa. Journal of Economics and Behavioral Studies, 8(3), 26-40.
  • Kutu, A. A., Akinola, G. W., & Nzimande, N. P. (2016). Monetary Policy and Output Growth Forecasting in a SVAR Perspective. International Journal of Economics and Finance, 8(7), 71.
  • Kutu, A. A., & Ngalawa, H. (2016). Monetary Policy Shocks and Industrial Output in BRICS Countries. SPOUDAI-Journal of Economics and Business, 66(3), 3-24.
  • Kutu, A. A., & Ngalawa, H. (2016). Dynamics of Industrial Production in BRICS countries. International Journal of Economics and Finance Studies, Vol 8, No 1, 1-25.
  • Kutu, A. A., & Ngalawa, H. (2016). Exchange rate volatility and global shocks in Russia: an application of GARCH and APARCH models. Investment Management and Financial Innovations, 4, 26-40.