005 Σχολή Οικονομικών Επιστημών και Διοίκησης / Faculty of Economics and Management
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Article
Public debt and state-dependent effects of fiscal policy in the euro area
(2023-02)We investigate public debt related state dependencies of fiscal policy shocks for fifteen euro area economies during the period from 2000:Q1 to 2019:Q4. Our estimated impulse response functions suggest that the impact of ...
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Article
Non-linearities in International Prices
(2023-08)We consider multiple sources of non-linearity in good-level law-of-one-price deviations across the globe using a structural model that accounts for previously omitted variables and allows estimation of good-level convergence ...
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Article
How different are Monetary Unions to national economies according to prices?
(Wiley, 2022-09)Not that different. Based on a unique dataset of semi-annual microeconomic price levels of goods and services across and within countries for 1990:1–2018:2, we show that time-series volatility and cross-sectional dispersion ...
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Article
Understanding post-Crisis price deviations in Europe: Disintegration or mere adjustment?
(Springer, 2020-03)The paper investigates the process of European integration using law of one price (LOP) deviations for a large number of individual goods and services during the recent Crisis. We find that the degree of integration of ...
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Article
Which banks smooth and at what price?
(Elsevier, 2020-12)By adjusting lending, banks can smooth the macroeconomic impact of deposit fluctuations. This may, however, lead to extended periods of disproportionately high lending relative to deposit intake and, under certain conditions, ...
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Article
Consumers’ updating and policy shocks: An empirical assessment of state dependencies
(Cambridge University Press, 2022-12)We assess the impact of fiscal and monetary policy shocks on US survey-based consumer expectations within states of low and high public debt. Following an unexpected increase in government spending, consumption intentions ...
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Article
Measuring the Welfare Costs of Racial Discrimination in the Labor Market
(2023-04)We find that the conditional wage-gap for non-whites is negatively related to gross domestic product per worker across the US. To explain this, we develop a model linking unequal access to employment with the wage gap, ...
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Article
Firms’ expectations and monetary policy shocks in the euro area
(Elsevier, 2022-04)We investigate the impact of monetary policy shocks on firms’ selling price and production expectations utilizing a proxy structural vector autoregressive (SVAR) model for ten euro area economies during the period from ...
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Working Paper Open Access
Multiple Regimes in the Preferences for Redistribution
(2023-08-29)This paper provides novel evidence of nonlinearities in the formation of preferences for redistribution by uncovering evidence of multiple regimes consistent with the presence of multiple equilibria and multiple steady ...
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Working Paper Open Access
The Role of Social Interactions in Preferences for Redistribution
(2022-05-30)This paper investigates the role of social influences in preferences for redistribution using data from the General Social Survey. We employ social interaction models with a socioeconomic network structure and intertemporal ...
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Article
Inflation Expectations and Monetary Policy Surprises
(Wiley, 2020-01)We estimate monetary policy surprises for European consumers over time, based on monetary policy changes that were unanticipated according to consumers’ stated beliefs. We find that such monetary policy surprises have the ...
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Working Paper Open Access
Risk management optimization for sovereign debt restructuring
(Journal of Globalization and Development, Vol. 6(2), pp. 181–213, Feb. 2016.; The Wharton School Financial Institutions Centre No. 14-10., 2015-12)Debt restructuring is one of the policy tools available for resolving sovereign debt crises and, while unorthodox, it is not uncommon. We propose a scenario analysis for debt sustainability and integrate it with scenario ...
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Working Paper Open Access
A Political Capital Asset Pricing Model
(The Wharton Financial Institutions Center. The Wharton School, University of Pennsylvania, PA, 2019-03)We construct a bivariate factor of political stability and economic policy confidence, and show that it commands a significant premium of up to 15% per annum, in the global, developed, and emerging markets, robust to ICAPM, ...
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Report Open Access
Entrepreneurship in Cyprus
(2019)Entrepreneurship is a core driver of economic growth and societal prosperity, as it fosters the innovation necessary for exploiting new opportunities, enhancing productivity, increasing employment opportunities and providing ...
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Article
Structural breaks tests robust to regression misspecification
(2018)Structural break tests for regression models are sensitive to model misspecification. We show—analytically and through simulations—that the sup Wald test for breaks in the conditional mean and variance of a time series ...
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Article
Inference in Group Factor Models With an Application to Mixed-Frequency Data
(2019)We derive asymptotic properties of estimators and test statistics to determine—in a grouped data setting—common versus group-specific factors. Despite the fact that our test statistic for the number of common factors, under ...
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Article
Noisy Introspection in the 11–20 Game
(2018)Previous experiments based on the 11–20 game have produced evidence for the level-k model with observed levels of strategic thinking consistently ranging from 0 to 3. Our baseline treatment uses the 11–20 game and replicates ...
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Article
The effect of entry on R&D networks
(2018)We investigate the effect of potential entry on the formation and stability of R&D networks considering farsighted firms. The presence of a potential entrant often alters the incentives of incumbents to collaborate. Incumbent ...
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Article
On Decay Centrality
(2018)We establish a relationship between decay centrality and two widely used measures of centrality, namely degree and closeness. We show that for low values of the decay parameter the nodes with maximum decay centrality also ...
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Report
Inflation Expectations and Monetary Policy in Europe
(Social Science Research Network, 2016)We use monthly data across fifteen euro-area economies for the period 1985:1-2015:3 to obtain different monetary policy shocks pertaining to more versus less informed individuals. We then investigate how these affect ...
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