Recent Publications of Faculty Members

George Alogoskoufis

  • 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).
  • Dynamic Macroeconomics, MIT Press, Cambridge MA (2019).
  • “Greece and the Euro: A Mundellian Tragedy”, CGK Working Paper no. 2019-01, Fletcher School, Tufts University (April 2019) (also GreeSE Paper no.136, Hellenic Observatory, London School of Economics (May 2019).
  • “Economic and Financial Asymmetries in the Euro Area” (with Laurent Jacque), CGK Working Paper no. 2019-02, Fletcher School, Tufts University (April 2019).

Fabio Antoniou

  • "Tax Competition in the Presence of Environmental Spillovers" (with P. Hatzipanayotou, M. S. Michael and N. Tsakiris), International Tax and Public Finance, forthcoming.
  • "On The Strategic Effect of International Permits Trading on Local Pollution (with E. Kyriakopoulou), Environmental and Resource Economics, 2019, 74 (3): 1299–1329.
  • "Strategic Inventories under Limited Commitment" (with R. Fiocco) RAND Journal of Economics, 2019, 50 (3): 695-729.
  • "Destination vs. Origin-based Commodity Taxation in Large Open Economies with Unemployment" (with P. Hatzipanayotou and N. Tsakiris), Economica, 2019, 86 (1): 67-86.

Stylianos Arvanitis

  • "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.
  • "Stochastic Bounds for Reference Sets in Portfolio Analysis" (with Post,T.and Topaloglou, N.), 2020, forthcoming in Management Science,
  • "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.
  • “Spanning Tests for Markowitz Stochastic Dominance” (with Scaillet, O. and Topaloglou, N.), Journal of Econometrics, 2019, ISSN 0304-4076,
  •  “Robust Optimization of Forecast Combinations” (with Post, T. and Karabatı, S.), International Journal of Forecasting, 2019, Vol. 35(3), 910-926.
  • “Stable limit theory for the Gaussian QMLE in a non-stationary asymmetric GARCH model”, Statistics & Probability Letters, Vol. 145, 166-172.
  • “Stochastic Spanning” (with Hallam, M., Post, T., and Topaloglou, N.), 2019, Journal of Business & Economic Statistics, 37(4), 573-585.

Georgios Bitros

  • 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.
  • “Σύντομη αναφορά στον Samuelson,” Ξενοφών, 68-78, 2019.
  • 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 Ioanna Avgeri and Helen Louri, WP Bank of Greece.
  • 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

  • “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 Katselidis

  • The Μarkets’ Εvaluation Τriangle (with George Daflos and Stelios Fetanis), International Journal of Social Economics, 47, No. 12, pp. 1499-1512, 2020.Institutions, Policy and the Labour Market: The Contribution of the Old Institutional Economics, Economic Thought (2019), 8 (2), 13-30.
  • Classical and Pre-Marginalist Ideas on the Relationship between Economics and Psychology (with Stavros Drakopoulos), History of Economic Ideas (2019), XXVII (1), 43-63.

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.
  • “Penalising Cartels – A Spectrum of Regimes” (with Motchenkova, E. and Ulph, D.) Journal of Antitrust Enforcement, 2019.
  • “Penalizing on the basis of the severity of the offence: A sophisticated revenue-based cartel penalty” (with E Motchenkova and D Ulph), Review of Industrial Organization, 2019.
  • “The role of judicial review in developing evidentiary standards: the example of market analysis in Russian competition law enforcement” (with Avdasheva S. and Golovanova, S.), International Review of Law & Economics, 2019.
  • “On the Choice of Legal Standards: a Positive Theory for Comparative Analysis”, European Journal of Law and Economics, 2019.
  • “On the Concepts of Legal Standards and Substantive Standards (and how the latter influences the choice of the former)”, Journal of Antitrust Enforcement, 2019.
  • “Antitrust Enforcement in Europe in the Last 25 Years: Developments and Challenges” (with Makri, G and Metsiou, E.), The Review of Industrial Organization, 2019.
  • “Competition Policy and Labor Productivity Growth: Some new evidence” (with Benetatou K., K Kyriazidou and G Makri), Empirical Economics, 2019.
  • “Public and private antitrust enforcement for cartels: should there be a common approach to sanctioning based on the overcharge rate?" (with Motchenkova E. and D Ulph), Journal of Contemporary Economics (Revista de Economia Contemporanea), 2019.

Aikaterini Kyriazidou

  • “Competition Policy and Labor Productivity Growth: Some new evidence,” (with Benetatou, K., Kasoulakos, Y. and Makri, G.), Empirical Economics, 2019, DOI: 10.1007/s00181-019-01656-x.
  • “Panel Vector Autoregressions with Binary Data,” (with Honoré, B.), Chapter 8, in Tsionas, M. (eds.), “Panel Data Econometrics”, 2019.

Theodore Lianos

  • "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.
  • Aristotle on Population Size” 2016. v. xxiv, no. 2, pp. 11-26. Hesiod’s Works and days. A Textbook of Political Economy vol. xxvii, pp. 11-29, 2019.
    “Environment, Poverty, and the Steady State Economy”, Journal of Population and Sustainability, 2019, vol. 3, no. 2, pp. 55-78.

Helen Louri

  • “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.
  • “Non-performing loans in the euro area: Does market power matter?” (with Karadima, M.), Bank of Greece Workimg Paper, 2019, no 271 (also International Review of Financial Analysis, 2020, 101593).
  • “Financing economic activity in Greece: Past challenges and future prospects” (with Migiakis, P.), GreeSE Papers no 135, HO/EI, LSE, 2019.
  • “Banking concentration and firm growth: The role of size, location and financial crisis” (with Dimelis, S. and Giotopoulos, I.), Bulletin of Economic Research, 2019, Vol 71(3), 428-438.
  • “Bank lending margins in the euro area: funding conditions, fragmentation and ECB’s policies” (with Migiakis, P.), Review of Financial Economics, 2019, Vol 37(4), 482-505.
  • “Non-performing loans in the euro area: Are core-periphery banking markets fragmented?” (with Anastasiou, D. and Tsionas, M.), International Journal of Finance and Economics, 2019, Vol. 24(1), 97-112.

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

  • “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.
  • "On the mix of government expenditures and tax revenues" (with George Economides, Hyun Park and Stelios Sakkas), forthcoming in Macroeconomic Dynamics, 2021.
  • "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

  • "Financial crises, firm-level shocks, and large downturns: Evidence from Greece," (with Giannoulakis, S.), International Journal of Finance and Economics. (forthcoming). DOI: 10.1002/ijfe.2493
  • "Measuring the Systemic Importance of Banks," (with Moratis, G.), Journal of Financial Stability, forthcoming.
  • "Extensions of the Pesaran, Shin and Smith (2001) bounds testing procedure," (with Bertsatos, G. and . Tsionas, M),  Empirical Economics, forthcoming. DOI: 10.1007/s00181-021-02041-3
  • "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.

Elias Tzavalis

  • “Dealing with Endogeneity in Threshold Models using Copulas” (with Christopoulos, D. and McAdam, P.), Journal of Business & Economic Statistics, 2021, 39(1), 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.
  • “Generalized Fixed-T Panel Unit Root Tests" (with Y. Karavias), Scandinavian Journal of Statistics 2019, 46, 1227-1251.

Petros Varthalitis

  • Public debt consolidation and its distributional effects, (with S.Sakkas), The Manchester School, forthcoming.
  • 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).
  • FIR-GEM: A SOE-DSGE Model for fiscal policy analysis in Ireland, ESRI working papers No. 620 (2019).
  • Fiscal multipliers in Ireland using FIR-GEM, ESRI working papers No. 636 (2019).

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.
  • "The Evolution of New Firms' Characteristics in Greece before and during the Economic Adjustment Programmes" (with Valavanioti, E., Peppas, K. and Vasileiadis, M.), Economic Bulletin 50, Bank of Greece, 2019.

Andriana Vlachou

  • "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.).
  • "The Economic Crisis of Greece and Transformations Initiated by Memoranda", Science & Society, 2021, July, forthcoming.