Recent Publications of Faculty Members

George Alogoskoufis

  • “The Scope and Methodology of Economic and Financial Asymmetries" (with Maliaris, A. and Stengos, Th.), Journal of Economic Asymmetries, 2023, 27.
  • Unemployment Persistence, Inflation and Monetary Policy in a Model of Nominal Wage Contracts and Staggered Pricing, (with Stelios Giannoulakis), Working Paper (forthcoming).
  • "Asymmetries of Financial Openness in an Optimal Growth Model”, Journal of Economic Asymmetries, June 2021, 23, forthcoming.
  • Historical Cycles of the Economy of Modern Greece: From 1821 to the Present, Working Paper no. 1-2021, Department of Economics, Athens University of Economics and Business (also, GreeSE Paper no.158, Hellenic Observatory, London School of Economics).
  • "The Euro @20: How Economic and Financial “Asymmetries” Marred the Promise of the Single Currency" (with Laurent Jacque), Journal of Applied Corporate Finance, (Fall 2020), 32 (4), 90-104.
  • Before and After the Euro, Gutenberg, Athens (in Greek), 2021.

Fabio Antoniou

  • "Storable Goods Monopoly with Intertemporal Cost Variations" (with Fiocco, R.), International Economic Review, 2023, 64, pp. 361-385.
  • "Tax Competition in the Presence of Environmental Spillovers" (with Michael, S. M., Hatzipanayotou, P., and Tsakiris, N.),  International Tax & Public Finance, 2022, 29, pp. 600-626.

Stylianos Arvanitis

  • "Generalized Stochastic Arbitrage Opportunities" (with Post, Th.), forthcoming in Management Science, accepted March 2023.
  • "Spanning Analysis of Stock Market Anomalies under Prospect Stochastic Dominance" (with Scaillet, O. and Topaloglou, N.), forthcoming in Management Science, 2023, accepted February 2023.
  • "Concentration Inequalities for Kernel Density Estimators under Uniform Mixing", Journal of the Korean Statistics Society, 2023.
  • "Sparse Spanning Portfolios and Under-Diversification with Second-Order Stochastic Dominance" (with Scaillet, O. and Topaloglou, N.), 2023, Working Paper.
  • "Limit Theory for Martingale Transforms with Heavy-Tailed Multiplicative Noise" (with Louka, A.), submitted to Stochastic Models, 2022
  • "Inconsistency for the Gaussian QMLE in GARCH-type Models with Infinite Variance, Communications in Statistics - Theory and Methods" (with Louka, A ), 2022 DOI: 10.1080/03610926.2022.2107665.
  • "Stochastic Dominance Efficient Sets and Stochastic Spanning", 2021, Decisions Econ Finan
  • "Diversification Benefits in the Cryptocurrency Market under Mild Explosivity" (with Anyfantaki, S. and Topaloglou, N.), 2021, European Journal of Operational Research.
  • "Stochastic Bounds for Reference Sets in Portfolio Analysis" (with Post, S.and Topaloglou, N.), 2021, Management Science.
  • "Nonparametric Tests for Optimal Predictive Ability" (with Post, T., Potì, V. and Karabati, S.), 2021, International Journal of Forecasting, 37(2), 881-898.
  • "Nonparametric Tests for Superior Predictive Ability" (with Karabati, S., Post,T. and Potì, V.), 2020. Available at SSRN: or
  • "Spanning analysis of stock market anomalies under Prospect Stochastic Dominance" (with Scaillet, O. and Topaloglou, N.), 2020, Swiss Finance Institute Research Paper No. 20-18. Available at SSRN: or
  • "On the limit theory of the Gaussian SQMLE in the EGARCH(1,1) model. J. Time Ser. Anal." (with Anyfantaki, S.), 2020, 41: 341-350. doi:10.1111/jtsa.12494.

Georgios Bitros

  • "Overhauling Democracy by Switching to Corporate-like Governance", International Journal of Electronic Governance, 2022, 14, 380-400.
  • "Commodity Money and the Price Level", Quarterly Journal Of Austrian Economics, 2022, 25, pp. 147-183.
  • The battle of Salamis and the future of democracy”, forthcoming in a Conference Volume edited by Nickolas C. Kyriazis, Athanasios Platias, Emmanuel L. M. Economou.
  • Destabilizing asymmetries in central banking: With some enlightenment from money in classical Athens,” Journal of Economic Asymmetries, 23, 2021, e00199.
  • “Demand Adjusted Capital Input and Potential Output in the Context of U.S. Economic Growth”, Journal of Economic Asymmetries, June 2020, Vol.21, Article e00140.
  • Democracy and money: Lessons for today from Athens in classical times, in collaboration with Emmanouil M. L. Economou and Nicholas C. Kyriazis, Routledge.

Yiannis Dendramis

  • Estimation of time-varying covariance matrices for large datasets, with Liudas Giraitis and George Kapetanios, Econometric Theory, 2021. doi:
  • A similarity‐based approach for macroeconomic forecasting, with George Kapetanios, and Massimiliano Marcellino, Journal of the Royal Statistical Society: SA, 2020, doi: 10.1111/rssa.12574
  • "Predicting default risk under asymmetric binary link functions" (with Tzavalis, E., Varthalitis, P. and Athanasiou, E.), 2020, International Journal of Forecasting,36(3), 1039-1056.
  • “Understanding technology ownership to reveal adoption trends for energy efficiency measures in the Greek residential sector”( Spyridaki Niki-Artemis, Stavrakas, V. and Flamos, A), 2020, vol.140.
  • "The Single Supervisory Mechanism and its implications for the profitability of European Banks" (with Avgeri, I. and Louri, H), 2021. Available at or
  • Bank profitability in the euro area: The asymmetric effect of common supervision, with Ioanna Avgeri and Helen Louri, to appear in LEQS, WP no. 170.

Evangelos Dioikitopoulos

  • “Population Diversity and Financial Risk-Taking“ (with Delis, M. and Ongena, S.), Journal of Banking and Finance, 2023.
  • “Delay in Childbearing and the Evolution of Fertility Rates“ (with Varvarigos, D.), Journal of Population Economics, 2023.
  • “Dynamic Status Effects, Savings and Income Inequality” (with Turnovsky, S. and Wendner, R.), 2020, International Economic Review.
  • "Roads to Prosperity without Environmental Poverty: The Role of Impatience and Fiscal Policy" (with Karydas, C., Ghosh, S. and Vella, E., 2020, Economics Letters.

Christos Genakos

  • “Generalized linear competition: From pass-through to policy”(with Grey, F. and Ritz, R) submitted.
  • “Is Having an Expert Friend Enough? An Analysis of Consumer Switching Behaviour in Mobile Telephony” (with Roumanias, C. and Valletti, T.), submitted.
  • “Exploring the Long-Term Impact of Maximum Markup Deregulation”(with Dimas, A.), ANNALS Belgrade Law Review, 2020, Volume 68, Issue 4, pp. 5-29.
  • “The European Framework for Regulating Telecommunications – a 25-year appraisal” (with Cave, M. and Valletti, T.), Review of Industrial Organization, 2019, Vol.55, 47-62.
  • “Competition and Pass-Through:Evidence from Isolated Markets” (with Pagliero, M.), CEPR,CEP,SSRN working papers, 2019 (also, American Economic Journal: Applied Economics, forthcoming).

Ioannis Katsoulacos

  • “Comparing the role of economics/effects-based in antitrust enforcement and its relation to the judicial review in the EC to other countries" (with Avdasheva, S., Golovaneva, S., Benetatou, K. and Makri, G.), The Journal of European Competition Law & Practice, 2021.
  • “Optimal Legal Standards for Competition Policy Further Revisited” (with David Ulph), Economics Letters, 2020.
  • “The role of economics and the type of legal standards in antitrust enforcement by DGCOMP: an empirical investigation” (with Galateia Makri), Journal of Antitrust Enforcement, 2020. Article selected as Editors’ Choice.
  • “Combining Cartel Penalties and Private Damage Actions: The Impact on Cartel Prices”, (with Evgenia Motchenkova and David Ulph), International Journal of Industrial Organization, 2020.

Ioannis Kospentaris

Theodore Lianos

  • "Population and Steady-State Economy in Plato and Aristotle", Journal of Population and Sustainability, 2023, 7, pp. 123-138.
  • "Is a Capitalist Steady- State Economy Possible? Is It Better in Socialism?", Real World Economics Review, 2021, issue no. 95, pp. 1-10.
  • "World Population: The Elephant in the Living Room", Real World Economics Review, 2020, issue no. 91, pp. 70-82.
  • "On the Relation between GDP and Energy: A Critical Comment" (.(with Pseiridis, A. and Tsounis, N.), International Journal of Energy Economics and Policy, 2020, 10(2), pp. 458-463.

Helen Louri

  • Government Debt Accumulation and Non-Performing Loans: An ARDL Bounds Testing Approach (with Karadima, M.), Economics and Business Letters, 2022,11(4), pp. 150-160. DOI:10.17811/ebl.11.4.2022.150-160.
  • “Economic activity and sources of finance in Greece: The predominant role of banks” (with Migiakis, P.), 2021 chapter 7 in G. Alogoskoufis and K. Featherstone (eds), Greece and the Euro, (forthcoming).
  • “Bank profitability in the euro area: The asymmetric effect of common supervision” (with Avgeri, I and Dendramis, Y.), 2021, LEQS Papers 170, LSE (forthcoming).
  • “Bank profitability in the euro area: The asymmetric effect of common supervision” (with Avgeri, I and Dendramis, Y.), 2021, in D. Nguyen (ed), Handbook of Banking and Finance in Emerging Markets, Edward Elgar Publishing (forthcoming).
  • “Determinants of non-performing loans in Greece: The intricate role of fiscal expansion" (with Karadima,M.)2021, GreeSe Papers, no 160, HO/EI, LSE.
  • “Are Banks Using Leverage to Target Return on Equity? Evidence from the US and the EU” (with Pagratis, S.and Karakatsani, E.), 2020, Oxford Economic Papers (forthcoming).
  • “Economic policy uncertainty and NPLs: The moderating role of bank concentration” (with Karadima, M.), 2021, Finance Research Letters, 38, 101458.
  • “The Single Supervisory Mechanism and its implications for the profitability of European banks” (with Avgeri, I and Dendramis, Y.),2020, Bank of Greece Working Papers, no 284.
  • “Reply to Remarks on Bank Competition and Convergence Dynamics” (with Karadima, M.), 2020, Journal of Risk and Financial Management, 13 (127), 1-6.
  • “Bank competition and credit risk in euro area banking: Fragmentation and convergence dynamics” (with Karadima, M.), 2020, Journal of Risk and Financial Management, 13 (57), 1-28.
  • “Bank competition and credit risk in the euro area, 2005-17: Is there evidence of convergence?” (with Karadima, M.), 2020, LEQS Papers 155, LSE..

Spyros Pagratis

Ioanna Sapfo Pepelasis

  • Ioanna Sapfo Pepelasis and Vangelis Karamanolakis, Scientific Editors (2020).  Athens University of Economics (AUEB) : 100 Years of History,1920-2020. Author, Chaido Barkoula, AUEB, Athens. (In Greek)
  • Evangelia Matthopoulou and Ioanna Sapfo Pepelasis, (2021). “An Initial Study  of the Emerging Corporate Sector in Cyprus and Comparisons with Greece ,1920/23-1957”  in P. Kimourtzis, A.Mandylara , N. Boubaris (eds) , History, a Good Art, Essays dedicated to G.V. Dertilis, Athens, Asini. (In Greek) 

Apostolis Philippopoulos

  • "The Macroeconomic Effects of Funding US Infrastructure" (with Malley, J.), European Economic Review, 2023
  • "Who Benefits from International Fiscal Cooperation? The Role of Cross-Country Asymmetries" (with Liontos, G.), Journal of Economic Asymmetries, 2023
  • "On the Mix of Government Expenditures and Tax Revenues" (with Economides, G., Park, H. and Sakkas, S.), Macroeconomic Dynamics, 2022vol. 26, pp. 1-48.
  • "The Impact of the Lockdown on the Greek Economy and the Role of the Recovery Fund" (with Economides, G. and Vassilatos, E.), The B.E. Journal of Macroeconomics, 2022, vol. 22, pp. 307-361.
  • "The ECB's Policy, the Recovery Fund and the Importance of Trust and FIscal Corrections: The Case of Greece"(with Dimakopoulou, V. and Economides, G.), Economic Modelling, 2022, vol. 112.
  • "User Prices and Multiplicity in a Simple General Equilibrium Model" (with Economides, G.), FinanzArchiv/Public Finance Analysis2022, vol. 78, pp. 379-392. DOI: 10.1628/fa-2022-0012.
  • "Public Redistributive Policies in General Equilibrium: An Application to Greece" (with Angelopoulos, A., Economides G., Liontos, G. and Sakkas, S.), Journal of Economic Asymmetries, 2022,
  • “Austerity, assistance and institutions: Lessons from the Greek sovereign debt crisis”. Joint paper with George Economides and Dimitris Papageorgiou. Forthcoming in Open Economies Review, 2021.
  • “The distributional consequences of rent seeking”. Joint paper with Angelos Angelopoulos, Konstantinos Angelopoulos and Spyridon Lazarakis. Forthcoming in Economic Inquiry2021.
  • “Institutions and macroeconomic performance: Core vs periphery countries in the Eurozone”. Joint paper with Tryfonas Christou and Vanghelis Vassilatos. Forthcoming in Oxford Economic Papers2021.
  • "Macroeconomic policy lessons for Greece from the debt crisis" (with George Economides and Dimitris Papageorgiou), CESifo Working Paper, Munich, no. 8188, April 2020.
    "Optimal tax policy under tax evasion" (with George Economides and Anastasios Rizos), International Tax and Public Finance, vol. 27, 339-362, 2020.

Plutarchos Sakellaris

  • "Firms' Financing Dynamics Around Lumpy Capacity Adjustments" (with Goertz, C. and Tsoukalas, G), European Economic Review, 2023, v.156, 104481
  • "Financial crises, firm-level shocks, and large downturns: Evidence from Greece" (with Giannoulakis, S.), International Journal of Finance and Economics, 2023, v. 28(2), pp.1549–1562.
  • “Extensions of the Pesaran, Shin and Smith (2001) bounds testing procedure" (with Bertsatos, G. and . Tsionas, G., M.), Empirical Economics, 2022, v. 62(2), No 12, pp. 605-634. DOI: 10.1007/s00181-021-02041-3.
  • "Investment Slumps During Financial Crises: The Real Effects of Credit Supply" (with Fakos, A. and Tavares, T.), Journal of Financial Economics, 2022, v.145(1),  pp. 29-44.,6wzyW2cW.
  • "Firm Dynamics by Age and Size Classes and the Choice of Size Measure" (with Giannoulakis, S.), Oxford Economic Papers, 2022,  v.74(4), pp. 1077–1109.
  • "Measuring the Systemic Importance of Banks", (with Moratis, G.), Journal of Financial Stability, 2021, v. 51, pp. 1-16, 100878.
  • "Greek Economic Growth: Past and Future," (with Leounakis, N.), in Greece and the Euro, ed. G. Alogoskoufis and K. Featherstone (e:book of conference volume), forthcoming.
  • "Quantifying Qualitative Survey Data: New Insights on the (Ir)Rationality of Firms' Forecasts" (with Botsis, A. and Görtz, C.), 2020, CESifo Working Paper Series 8148, CESifo.

Vassilis Sarantides

Elias Tzavalis

  • “Exploring Okun’s Law Asymmetry: An Endogenous Threshold LSTR Approach" (with Christopoulos, D.K and McAdam, P.), Oxford Bulletin of Economics & Statistics, 2023, 85(1), pp. 123-158.
  • "Improving Variance Forecasts: The Role of Realized Variance Features" (with Papantomis, Y. and Rompolis, L.), International Journal of Forecasting, 2023, forthcoming.
  • "Augmenting the Realized-GARCH: The Role of Signed-Jumps, Attenuation-Biases and Long-Memory Effects" (with Papantoνis, Y., Rompolis,  L. and Agapitos, O.), Studies in Nonlinear Dynamics & Econometrics, 2023, 27(2), pp. 171-198
  • "Panel Unit-Root Tests with Structural Breaks" (with Chen, P. and Karavias, Y.), The Stata Journal, 2022, 22, pp. 667-678.
  • "Missing Values in Panel Data Unit Root Tests" (with Karavias, Y. and Zhang, H.), Econometrics, 2022, 10(1), 1-12
  • "Predicting Future Exchange Rate Changes Based on Interest Rates and Holding-Period Returns Differentials Net of the Forward Risk Premium Effects" (with Elias, N. and Smyrnakis, D.), International Review of Economics & Finance, 2022, 79, pp. 694-715.
  • "Dealing with Endogeneity in Threshold Models Using Copulas" (with Christopoulos, D.K. and McAdam, P.), Journal of Business & Economic Statistics, 2021, 39(1), pp. 166-178.
  • “The Influence of Real Interest Rates and Risk Premium Effects on the Ability of the Nominal Term Structure to Forecast Inflation” (with Argyropoulos, E.), Quarterly Review of Economics and Finance, 2021, 80, 785-796.
  • "Investor sentiment effects on share price deviations from their intrinsic values based on accounting fundamentals" (with Y Karavias and S Spilioti), Review of Quantitative Finance and Accounting, 2020, 56, 1593-1621.
  • “Predicting Default Risk under Asymmetric Binary Link Functions”, (with Y. Dendramis, P.Varthalitis and E. Athanasiou), International Journal of Forecasting, 2020, 36, 1039-1056.

Petros Varthalitis

  • Is Ireland the most intangible intensive economy in Europe? A growth accounting perspective. (with I. Kostarakos and K. McQuinn), Review of Income and Wealth (in press).
  • "Public Debt Consolidation and its Distributional Effects" (with S. Sakkas), The Manchester School, vol. 89,  No. S1, pp. 131-174.
  • How openness to trade rescued the Irish economy, (with K. McQuinn). In: Structural Reforms and Economic Growth in Europe, Nauro Campos, Paul De Grauwe and Yuemei Ji (Eds).Cambridge University Press (2020).
  • Predicting default risk under asymmetric binary link functions, (with Y.Dendramis, E.Tzavalis and E. Athanasiou), International Journal of Forecasting (2020), 36, 3, pp: 1039-1056.
  • Debt sharing after COVID-19: How the direct involvement of EU institutions could impact the recovery path of a member state, (with K. McQuinn), ESRI working papers No. 663 (2020).
  • Fiscal policy and growth in a panel of EU countries over 1995-2017,(with I.Kostarakos), ESRI working papers No. 675 (2020).

Nikolaos Vettas

  • “The Contribution of Industry to the Greek Economy: Facts and Prospects (with Peppas, K.,Stavraki, S. and Vasileiadis, M.), Economic Bulletin 52, Bank of Greece, 2020.

Andriana Vlachou

  • "Energy Transitions: The Case of Greece with a special focus on the Role of the EU ETS" (with G. Pantelias), Science & Society, 2022, Vol. 86, No 4 (October), pp. 516-545.
  • "The Economic Crisis of Greece and Transformations Initiated by Memoranda", review essay, Science & Society, 2021, Vol. 85, No 3 (July), pp. 412-421.
  • "The EU Emissions Trading System in crisis-ridden Greece: Climate under Neoliberalism", Review of Radical Political Economics, 2021, 53:1, pp. 35-57 (with Pantelias, G.).

Eleftherios Zacharias