Recent Publications of Faculty Members

George Alogoskoufis

  • 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).
  • “Η Ελλάδα και το Ευρώ: Από την Κρίση στην Ανάκαμψη”, Foreign Affairs: The Hellenic Edition, (Ιούνιος-Ιούλιος 2018), σελ. 60-69.
  • “The Clash of Central Bankers with Labour Market Insiders, and the Persistence of Inflation and Unemployment”, Economica, 2018, Vol.85, no 337, 152-176.

Fabio Antoniou

  • "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 Bounds for Reference Sets in Portfolio Analysis" (with Post,Th.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:
  • "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.
  • “Portfolio optimization based on stochastic dominance and empirical likelihood” (with Post, T. and Karabatı, S.), Journal of Econometrics, 2018, Vol. 206(1), 167-186.
  • “Stochastic Spanning” (with Hallam, M., Post, T., and Topaloglou, N.), 2019, Journal of Business & Economic Statistics, 37(4), 573-585.
  • “Mildly Explosive Autoregression Under Stationary Conditional Heteroskedasticity” (with Magdalinos, T.), Journal of Time Series Analysis, 2018, Vol. 39, 892-908.

Nicholas Baltas

  • “Foreign direct investment in OECD countries: a special focus in the case of Greece” (with Tsionas, M. and Baltas, K.), Applied Economics, 2018, Vol. 50(52), 5579-5591.  

Georgios Bitros

  • “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,
  • “Germany and Greece: A mapping of their great divide and its EU implications,” European Research Studies Journal, 2018, Vol. XXI, 14-42.
  • “Monetary Policy, Market Structure and the Income Share in the U.S,” Open Economies Review, 2018, Vol. 29, 383-413.

Yiannis Dendramis

  • “A similarity-based approach for macroeconomic forecasting” (with Kapetanios, G. and Marcellino, M.), 2020, Journal of the Royal Statistical Society: Series A (Statistics in Society).
  • "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.
  • “Credit Risk Modelling Under Recessionary and Financial distressed Conditions” (with Tzavalis, E. and Adraktas, G.), Journal of Banking and Finance, 2018, Vol. 91, 160-175.
  • “On the determinants of NPLs: Lessons from Greece’’ (with Charalambakis, V. and Tzavalis, E.), The Greek Debt Crisis: A Political Economy Perspective, Palgrave Macmillan, 2018.

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.
  • “Dynamic adjustment of fiscal policy under a debt crisis”, Journal of Economic Dynamics and Control, 2018, Vol. 93(C), 260-276.
  • Public Policy, Dynamic Status Preferences, and Wealth Inequality (with Turnovsky, S. and Wendner, R.), 2018, Journal of Public Economic Theory.

Christos Genakos

  • “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.
  • “Is Having an Expert Friend Enough? An Analysis of Consumer Switching Behaviour in Mobile Telephony” (with Costas Roumanias and Tommaso Valletti),submitted.
  • “Competition and Pass-Through:Evidence from Isolated Markets” (with Mario Pagliero),CEPR,CEP,SSRN working papers,2019.
  • “The Impact of Markup Regulation on Prices” (with Koutroumpis, P. and Pagliero, M.), Journal of Industrial Economics, 2018, Vol. 66(2), 239-300.
  • “Leveraging Monopoly Power by Limiting Inter-operability: Theory and Evidence from Computer Markets” (with Kühn, K.-U. and Van Reenen, J.), Economica, 2018, Vol. 85(340), 873-902.
  • “The Tale of the Two Greeces: Some Management Practices Lessons”, Managerial and Decision Economics, 2018, Vol. 39(8), 888-896.
  • “Evaluating Market Consolidation in Mobile Communications” (with Valletti, T. and Verboven, F.), Economic Policy, 2018, Vol. 33(93), 45–100.

Ioannis Katsoulacos

  • “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.
  • “The Impact of Performance Measurement on the Selection of Performance Targets by Competition Authorities: the Russian Experience in an International Context” (with Avdasheva, S. and Golovaneva S. ). Public Performance and Management Review, 2018.
  • “Optimal institutional structure of Competition Authorities under reputation maximization” a model and empirical evidence from the case of Russia” (with Avdasheva, S. and Golovaneva, S.), The Review of Industrial Organization, 2018.
  • “The Deterrence Effects of Competition Policy”, with Adriaan Dierx, Fabienne Ilzkovitz and D Ulph, in "Ex Post Economic Evaluation of Competition Policy: The EU Experience". Edited by Adriaan Dierx, Fabienne Ilzkovitz, Wolters Kluwer, 2018.
  • “A methodology for empirically measuring the extent of economic analysis & evidence and identifying the legal standards in Competition Law enforcement” (with Avdasheva, S. and Golovanova, S.), in Festschrift in Honour of Frederic Jenny, Concurrences Review, 2018.
  • “Why an increase in anti-trust penalties may be self-defeating?” in Festschrift in Honour of Frederic Jenny, Concurrences Review, 2018.
  • “Public and Private Antitrust Enforcement for Cartels: Should there be a Common Approach to Sanctioning Based on the Overcharge Rate?” (with Motchenkova, E. and Ulph, D.), CPI Antitrust Chronicle, 2018.

Tryphon Kollintzas

  • “Market and Political Power Interactions in Greece: A Theory” (with Papageorgiou, D. and Vassilatos, V.), European Journal of Political Economy, 2018, Vol. 53, 59-83.
  • “Market and Political Power Interactions in Greece: An Empirical Investigation” (with Papageorgiou, D., Tsionas, M. and Vassilatos, V.), IZA Journal of Labor Policy, 2018, Vol. 7(1).

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

  • "On the relation between GDP and energy: A critical comment", International Journal of Energy Economics and Policy, 2020, 10(2), 458-463.
  • "World Population:The Elephant in the Living Room, Real World Economics Review", 2020, Issue no.91, 70-82.
  • “Steady State Economy at Optimal Population Size”, Journal of Population and Sustainability, 2018, Vol.3(1), 75-99.
  • “Environment, Poverty, and the Steady State Economy”, Journal of Population and Sustainability, 2019, vol.3(2), 55-78.
  • Hesiod’s Works and Days. A Textbook of Political Economy, History of Economic Ideas, 2019, vol.xxvii, 11-29.
  • “Περί Πλούτου και Σταθερής Οικονομίας”, Εκδ. Καστανιώτη. (Wealth and Steady-State Economy, Kastaniotis, 2018.
  • “Η Πολιτική Οικονομία του Ησιόδου”, Οικονομικό Επιμελητήριο Ελλάδος. (The political Economy of Hesiod, Economic Chamber of Greece, 2018.
  • “Overeducation of University Graduates: A voluntary and rational  choice of individuals - The case of three Greek Universities” (with Pseiridis, A. and Agiomirgianakis, G.), Theoretical Economic Letters, Vol. 8(11), 2018.
  • “Is University Education an Investment or a Consumption Good in a Small Open Economy?” (with Pseiridis, A. and Agiomirgianakis, G.), Int. J. Education Economics and Development, 2018, Vol. 9(3).
  • “Steady State Economy and Population”, South-East Europe Journal of Economics, 2018, Vol. 16(1).

Helen Louri

  • “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.), 2020, Finance Research Letters (forthcoming).
  • “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.
  • “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

  • “A break with the past? The shift from inward looking to internationally competitive and born global firms” (with Protogerou, A.), Managerial and Decision Economics, 2018.
  • “Why leverage does not always deliver: Lessons from the performance of the top 50 industrial firms in Greece during the Great Depression” (with Zarkos, S. and  Aivalis, C.), Business History, 2018.

Apostolis Philippopoulos

  • "Optimal tax policy under tax evasion" (with George Economides and Anastasios Rizos), International Tax and Public Finance, vol. 27, 339-362, 2020.
  • "On the mix of government expenditures and tax revenues" (with George Economides, Hyun Park and Stelios Sakkas), forthcoming in Macroeconomic Dynamics, 2020.
  • "Macroeconomic policy lessons for Greece from the debt crisis" (with George Economides and Dimitris Papageorgiou), CESifo Working Paper, Munich, no. 8188, April 2020.

Plutarchos Sakellaris

  • "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.
  • "Extensions of the Pesaran, Shin and Smith (2001) bounds testing procedure" (with Bertsatos, G. and Tsionas, M.).

Elias Tzavalis

  • “Predicting Default Risk under Asymmetric Binary Link Functions”, (with Y. Dendramis, P.Varthalitis and E. Athanasiou), International Journal of Forecasting (2020), 36, 1039-1056.
  • “Dealing with Endogeneity in Threshold Models using Copulas” (with Christopoulos, D. and McAdam, P.), Journal of Business & Economic Statistics, 2019, forthcoming.
  • “Generalized Fixed-T Panel Unit Root Tests" (with Y. Karavias), Scandinavian Journal of Statistics (2019), 46, 1227-1251.
  • “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, 2019, forthcoming.
  • “Credit risk modelling under recessionary and financially distressed conditions” (with Dendramis, Y. and Adraktas, G.), Journal of banking and Finance, 2018, Vol. 91, 160-175.                                                 
  • “Higher Order Expansions for Error Variance Matrix Estimates in the Gaussian AR(1) Linear Regression Model” (with Karavias, Y. and Symeonides, S.), Statistics and Probability Letters, 2018, Vol. 135, 54-59.

Vangelis Vassilatos​​​ 

  • “Market and Political Power Interactions in Greece: An Empirical Investigation” (with Papageorgiou, D., Tsionas, M., and Kollintzas, T.), IZA Journal of Labor Policy, 2018, Vol 7(1), 1-43.
  • “Market and Political Power Interactions in Greece: A Theory” (with Kollintzas, T. and. Papageorgiou, D.), European Journal of Political Economy, 2018, Vol. 53, 59-83.

Nikolaos Vettas

  • “The impact of reforms on the sectors of tradable goods and services” (with Papadakis, M., Peppas, M., and Vassiliadis, M.), Economic Bulletin 46, Bank of Greece, 2019, forthcoming.
  • “Economic crisis and export‐oriented entrepreneurship: Evidence from Greece” (with Giotopoulos, I.), Managerial and Decision Economics, 2018, Vol. 39(8).

Andriana Vlachou

  • Vlachou Andriana, "The EU Emissions Trading System in crisis-ridden Greece: Climate under Neoliberalism", Review of Radical Political Economics, 2019, forthcoming (with G. Pantelias).
  • “Ecological Challenges: A Marxist Response” in T. Burczak, R. Garnett, and R. McIntyre (eds.), Knowledge, Class, and Economics: Marxism without Guarantees, London and New York: Routledge, 2018, 485-501.
  • “Appropriating Nature in Crisis-ridden Greece: Deepening Neoliberal Capitalism”, Part 2, (with Konstantinidis, C.) Capitalism, Nature, Socialism, 2018, Vol. 29(2), 108-121.