CAMA Publications


Behavioural Macroeconomics and Complexity program

Henckel T, Menzies GD, Moffatt PG and Zizzo DJ (2021) ‘Belief adjustment: A double hurdle model and experimental evidence’, Experimental Economics, forthcoming (CAMA WP 1/ 2018).
• Lye JN, and McDonald IM (2021) ‘Can loss aversion shed light on the deflation puzzle?’, Review of Keynesian Economics, 9, 1, 11-42.
Proaño CR and Lojak B (2021) ‘Monetary policy with a state-dependent inflation target in a behavioral two-country monetary union model’, Journal of Economic Dynamics and Control, doi: 10.1016/j.jedc.2021.104236 (CAMA WP 89/2020).

Climate Change and Energy program

Burke PJ and Zhang T (2021) ‘Fuel prices and road deaths: motorcyclists are different’, Accident Analysis and Prevention 162, 106396.
Eskander S, Fankhauser S, and Setzer J (2021) ‘Global lessons from climate change legislation and litigation’. Environmental and Energy Policy and the Economy, 2(1), 44-82.
Eskander SM and Nitschke J (2021) ‘Energy use and CO2 emissions in the UK universities: an extended Kaya identity analysis’. Journal of Cleaner Production, 309, 127199.
• Kahn ME, Mohaddes K, Ng RNC, Pesaran H, Raissi M and Yang J-C (2021) ‘Long-term macroeconomic effects of climate change: A cross-country analysis’. Energy Economics 104, pp. 105624/1–13.

Commodities and the Macroeconomy program

• Aastveit KA, Bjørnland HC and Cross J (2021) ‘Inflation expectations and the pass-through of oil prices’, Review of Economics and Statistics, forthcoming (CAMA WP 64/2020).
• Bardhan R, Coelho ACV, Darby S, Debnath R, Isa A, Mohaddes K, Sunikka-Blank M (2021) ‘Words Against Injustices: A Deep Narrative Analysis of Energy Cultures in Poverty of Abuja, Mumbai and Rio de Janeiro’, Energy Research & Social Science 72, pp. 101892/1–17.
Cross JL, Hou C, Nguyen BH (2021) ‘On the China factor in the world oil market: A regime switching approach’, Energy Economics, 2021, 105119, ISSN 0140-9883.
• Gao S, Hou C, Nguyen BH (2021) ‘Forecasting natural gas prices using highly flexible time-varying parameter models’, Economic Modelling, 105652, ISSN 0264-9993, doi: 10.1016/j.econmod.2021.105652.
• Kumar Majumder M, Raghavan M and Vespignani J (2021) ‘Impact of commodity price volatility on external debt: The role of exchange rate regimes’, Applied Economics, forthcoming.
Nguyen BH, Okimoto T, Tran TD (2021) ‘Uncertainty-dependent and sign-dependent effects of oil market shocks’, Journal of Commodity Markets, 100207, ISSN 2405-8513,
• Mattos LB and Souza RS (2021) ‘Oil price shocks, exchange rate and uncertainty: case of Latin American economies’, Applied Economics Letters, DOI: 10.1080/13504851.2021.1896670

COVID-19 and the Macroeconomy program

• Chudik A, Mohaddes K, Raissi M (2021) ‘Covid-19 fiscal support and its effectiveness’, Economics Letters, Volume 205, 2021, 109939, ISSN 0165-1765,
• Chudik A, Mohaddes K, Pesaran H, Raissi M and Rebecca A (2021) ‘A counterfactual economic analysis of Covid-19 using a threshold augmented multi-country model’, Journal of International Money and Finance 119, pp. 102477/1–26,
Graham J and Ozbilgin M (2021) ‘Age, industry, and unemployment risk during a pandemic lockdown’,Journal of Economic Dynamics and Control, Volume 133, 2021, 104233, ISSN 0165-1889,
Kollmann R (2021) ‘Effects of Covid-19 on Euro Area GDP and Inflation: Demand vs. Supply Disturbances’, International Economics and Economic Policy, forthcoming.
• Larson WD and Sinclair T (2021) ‘Nowcasting unemployment insurance claims in the time of COVID-19’, International Journal of Forecasting, forthcoming (CAMA W/P 63/2020).

Finance and the Macroeconomy program

• Abbate A, Eickmeier S, Prieto E (2021) ‘Financial shocks and inflation dynamics’, Macroeconomic Dynamics, forthcoming.
• Adnan W, Arin KP, Eruygur A and Spagnolo N (2021) ‘On the heterogeneous effects of tax policy on labor market outcomes’, Southern Economic Journal, forthcoming.
• Adnan W, Arin KP, Charness G, Lacomba J and Lagos F (2021) ‘Which social categories matter to people: An experiment’, Journal of Economic Behaviour and Organization, forthcoming.
• Akoz KK, Arin KP, and Zener C (2021) ‘On the labor market effects of the salience of ethnic/racial disputes’, Journal of Public Economic Theory, forthcoming.
• Argan M, Servil G, Yalaman A, and Manahov V (2021) ‘Stock market investment and different behavioural patterns: an exploratory study, Review of Behavioral Finance, DOI 10.1108/RBF-04-2020-0077.
Arin KP, Minniti M, Murtinu S and Spagnolo N (2021) ‘Inflection points, kinks, and jumps: A statistical approach to detecting nonlinearities’, Organizational Research Methods, forthcoming.
• Bhiromsawat P, Chatjuthamard P, Srivannaboon S and Treepongkaruna S (2021), ‘Jumps and Cojumps Analyses of Major and Minor Cryptocurrencies’, Plos One, forthcoming.
Bjørnland HC, Nordvik FM and Rohre M, ‘Supply flexibility in the shale patch: Evidence from North Dakota’, Journal of Applied Econometrics, forthcoming (CAMA WP 56/2019).
• Bohl M, Putz A, Siklos P and Sulewski C (2021) ‘Information transmission under increasing political tension – Evidence for the Berlin produce exchange 1890-1896’, Journal of Futures Market 41 (February): 226-244.
• Böck M, Feldkircher M and Siklos P (2021) ‘International effects of Euro area forward guidance’, Oxford Bulletin of Economics and Statistics, forthcoming.
• Candelon B, Joets M and Ferrara L (2021) ‘Global financial connectedness: A non-linear assessment of the uncertainty channel’, Applied Economics, forthcoming.
Chang Y, Maih J and Tan F (2021) ‘Origins of monetary policy shifts: A New approach to regime switching in DSGE models’, Journal of Economic Dynamics and Control, Volume 133, December 2021, 104235.
• Chatjuthamard P, Jiraporn N, Jiraporn P, Treepongkaruna S (2021) ‘Does firm-level political risk influence corporate social responsibility (CSR)? Evidence from earnings conference calls’, The Financial Review, forthcoming.
• Chawla A and Gajurel D (2021) ‘The oil price crisis and contagion effects on the Canadian economy’, Applied Economics.
Chowdhury B and Gajurel D (2021) ‘Realized volatility, jump and beta: Evidence from Canadian stock market’, Applied Economics, DOI: 10.1080/00036846.2021.1940082.
• Clare A, Seaton P, Smith P and Thomas S (2021) ‘Perfect withdrawal in a noisy world: Investing lessons with and without annuities while in drawdown between 2000 and 2019’, Journal of Retirement, forthcoming.
• Cocoorese P and Shaffer S (2021) ‘Cooperative banks and local economic growth’, Regional Studies, Vol. 55 (2), 2021, pages 307-321 (CAMA WP 11 /2018).
• Cocoorese P, Girardone C and Shaffer S (2021) ‘What affects bank market power in the euro area? A country-level structural model approach’, Journal of International Money and Finance, Volume 117, 2021, 102443, ISSN 0261-5606, (CAMA WP 15 /2021).
• Delle Chiaie S, Ferrara L and Giannone D (2021) ‘Common factors of commodity prices’, Journal of Applied Econometrics, forthcoming.
• Du Plessis S Reid M and Siklos P (2021) ‘What drives household inflation expectations in South Africa? Demographics and anchoring under inflation targeting’, Economic Systems 45 (June).
• Flamini A, Jahanshahi B and Mohaddes K (2021) ‘Illegal drugs and public corruption: Crack based evidence from California’, European Journal of Political Economy 69, pp. 102005/1–14,
Ferrara L, Metelli L, Natoli F and Siena D (2021) ‘Questioning the puzzle: Fiscal policy, real exchange rate and inflation’, Journal of International Economics, forthcoming.
Ferrara L, Mogliani M and Sahuc J-G (2021) ‘Monitoring high-frequency Growth-at-Risk’, International Journal of Forecasting, forthcoming.
Fry-McKibbin R and Souza RS(2021), ‘Global liquidity and commodity market interactions: Macroeconomic effects on a commodity exporting emerging market’, International Review of Economics and Finance, in press.
Fry-McKibbin R, Hsiao Y-LC and Martin VL (2021), ‘Measuring financial interdependence in asset markets with an application to Euro zone equities’, Journal of Banking and Finance, 122, 105985.
• Gomis-Porqueras P, Shi S, and Tan D (2021) ‘Gold as a financial instrument’, Journal of Commodity Markets, doi: 10.1016/j.jcomm.2021.100218.
• Hajargasht G, Nguyen J, Valadkhani A (2021) ‘The choice between renewables and non-renewables: Evidence from electricity generation in 29 countries’, Energy Journal, 42(6).
• Harada K and Okimoto T (2021) ‘The BOJ’s ETF purchases and its effects on Nikkei 225 stocks’, International Review of Financial Analysis 77, 101826.
• Ho G, Padungsaksawasdi C, Treepongkaruna S, and Wee M (2021), ‘The effect of short selling on volatility and jumps’, Australian Journal of Management, forthcoming.
• Hurn S, Shi S, and Wang B (2021) ‘Housing networks and driving forces’, Journal of Banking and Finance, forthcoming.
• Ijtsma P, Shaffer S and Spierdijk L (2021), ‘US banking deregulation and local economic growth: A spatial analysis’, Spatial Statistics 43 (2021) 100506 (CAMA WP 33/2021).
• Inoue T and Okimoto T (2021) ‘How does unconventional monetary policy affect the global financial markets?’. Empirical Economics.
• Kang W, Perez de Gracia F and Ratti RA (2021) ‘Do gasoline prices respond to non-US and US oil supply shocks?’, Applied Economics, DOI: 10.1080/00036846.2021.1946473.
• Kang W, Ratti R and Vespignani J (2021) ‘Financial and nonfinancial global stock market volatility shocks’, Economic Modelling, Volume 96, March 2021, Pages 128-134.
• Kang W, Perez de Gracia F, Ratti RA (2021) ‘Economic uncertainty, oil prices and US stock returns of the airline industry’, North American Journal of Economics and Finance 57, forthcoming.
• Khine K, Treepongkaruna S and Jiraporn P (2021) ‘Stakeholder engagement and firms’ innovation: Evidence from LGBT-supportive policies’, Corporate Social Responsibility and Environmental Management, forthcoming.
• Korphaibool V, Chatjuthamard P and Treepongkaruna S (2021) ‘Scoring sufficiency economy philosophy through GRI standards and firm risk: A case study of Thai listed companies’, Sustainability 13, 2321.
• Laurent S and Shi S (2021) ‘Unit root test with high-frequency data, Econometric Theory.
• Laureys L, Meeks R, Wanengkirtyo B (2021) ‘Optimal simple objectives for monetary policy when banks matter’, European Economic Review, Volume 135, June 2021, 103719.
• Manahov V and Yalaman A (2021) ‘Analysing emerging market returns with high-frequency data during the global financial crisis of 2007–2009’, The European Journal of Finance, DOI: 10.1080/1351847X.2021.1957698.
• Morita H and Okimoto T (2021) ‘The interest rate determination when economic variables are partially observable’, Journal of International Financial Markets, Institution, and Money, forthcoming.
• Nguyen A, Nguyen J, Valadkhani A, Wake A (2021) ‘Press freedom and the global economy: The cost of slipping backwards’, Journalism Studies.
• Padungsaksawadi C and Treepongkaruna S (2021) ‘Chasing for information during the COVID-19 Panic: The role of Google Search on global stock market’, Cogent Economics and Finance, forthcoming.
• Phillips PCB and Shi S (2021) ‘Diagnosing housing fever with an econometric thermometer’, Journal of Economic Surveys, forthcoming.
Siklos P (2021) ‘Real and financial factors, commodity prices, and monetary policy: International evidence’, Economic Systems 45 (March): 100850.

Globalisation and Trade program

Akhtaruzzaman M, Berg N, Lien D & Wu Y (2021) ‘News coverage of Confucius Institutes in the pre-Trump era’, Economic and Political Studies, DOI: 10.1080/20954816.2020.1870025.
Akhtaruzzaman M, Khanal A and Kularatne I (2021) ‘The influence of social media on stakeholder engagement and the corporate social responsibility of small businesses’, Corp Soc Responsib Environ Manag. 2021;1–9.

Growth, Demographics and Productivity program

Bishnu M, Garg S, Garg T and Ray T (2021) ‘Optimal intergenerational transfers: Public education and pensions’, Journal of Public Economics, forthcoming.
Kudrna G, Tran C, and Woodland A (2021) ‘Sustainable and equitable pensions with means testing in aging economies’, European Economic Review, forthcoming.
Leigh A (2021) ‘Australian mobility report cards: Which universities admit the most disadvantaged students?’, Australian Economic Review, 54(3): 331-342.
Leigh A (2021) ‘This Time it’s Ideological!’, Œconomia 11(1): 135-142.
Leigh A (2021) ‘Putting the Australian economy on the scales’, The Australian Economic Review, doi 10.1111/1467-8462.12408.
Leigh A and Triggs A (2021) ‘Common ownership of competing firms: Evidence from Australia’, Economic Record, 97(318): 333–349.
Lu Y, Zhou Y (2021) ‘A review on the economics of artificial intelligence’, Journal of Economic Surveys 2021 1– 28 (CAMA WP 54/2019).
• McAllister I and Leigh A (2021) ‘Political gold: The Australian sports grants scandal’, Political Studies, forthcoming.
• Muroishi M and Yakita A (2021) ‘Agglomeration economies, congestion diseconomies, and fertility dynamics in a two‑region economy’. Letters in Spatial and Resource Sciences 14, 51-63.
Yakita A (2021) ‘Is tightening immigration policy good for workers in the receiving economy?’, Asia-Pacific Journal of Regional Science 5(3), pp. 975–991.

Macroeconomic Policy Frameworks program

Bellofatto AA and Besfamille M (2021) ‘Tax decentralization notwithstanding regional disparities’, Journal of Urban Economics, Volume 123, 2021, 103346, ISSN 0094-1190,
• Coibion O, Gorodnichenko Y, Kumar S and Ryngaert J (2021) ‘Do you know that I know…? Higher order beliefs in survey data’, Quarterly Journal of Economics, forthcoming.
• Davis S, Fujiwara I, Huang K and Wang J (2021) ‘Foreign exchange as a tool for capital account management’, Journal of Monetary Economics, 117, 473-488.
• Fernández-Villaverde J, Mandelman F, Yu Y, and Zanetti F (2021), ‘The “Matthew effect” and market concentration: Search complementarities and monopsony power’, Journal of Monetary Economics, Elsevier, vol. 121(C), pages 62-90. (CAMA WP 22/2021).
Fujiwara I and Waki Y (2021) ‘The Delphic forward guidance puzzle in New Keynesian models’ Review of Economic Dynamics, forthcoming.
• Gortz C, Tsoukalas J, and Zanetti F (2021), ‘News shocks under financial frictions’, American Economic Journal: Macroeconomics, forthcoming (CAMA WP 94/2020).
Hall VB and Thomson P (2021) ‘Does Hamilton’s OLS regression provided a “better alternative” to the Hodrick-Prescott filter? A New Zealand Business Cycle Perspective’. Journal of Business Cycle Research, (CAMA WP 71/ 2020).
Kumar S and Wesselbaum D (2021), ‘Contracts and firms’ inflation expectations’, Review of Economics and Statistics, forthcoming.
Libich J and Lenten LJ (2021), ‘Hero or Villain? The Financial System in the 21st Century’, forthcoming at the Journal of Economic Surveys.
Libich J and Lenten (2021), ‘Bitcoin, Tesla and GameStop Bubbles as a Flight to Focal Points’, World Economics, 22(1), pp83-107.
Makin AJ and Layton A (2021) ‘The global fiscal response to COVID-19: Risks and repercussions’, Economic Analysis and Policy 69, 340-349.
Makin AJ and Verikios G (2021) ‘Macroeconomic gains from liberalising foreign investment in APEC’, Journal of the Asia-Pacific Economy.

Macroeconomic Theory program

Bishnu M and Kumru CS (2021) ’ A note on the annuity role of estate tax’, Macroeconomic Dynamics, forthcoming.
Groshenny N, Haque Q and Weder M (2021) ‘Do we really know that U.S. monetary policy was destabilizing in the 1970s?’ European Economic Review, Volume 131, January 2021, 103615.
• Guillén J, Maldonado WL and Ribeiro J (2021) ‘An international reserves variation threshold to increase loan funding’, International Economics and Economic Policy, forthcoming.
Haque Q (2021) ‘Monetary policy, inflation target and the great moderation: An empirical investigation’, International Journal of Central Banking, forthcoming.
Haque Q and Magnusson LM (2021) ‘Uncertainty shocks and inflation dynamics in the US’, Economic Letters,
Haque Q, Magnusson LM and Tomioka K (2021) ‘Empirical evidence on the dynamics of investment under uncertainty in the US, Oxford Bulletin of Economics and Statistics,
• Jiang D and Weder M (2021) ‘American business cycles 1889-1913: An accounting approach’, Journal of Macroeconomics 67, 103285.
Pavlov O (2021) ‘Multi-product firms and increasing marginal costs’, Journal of Economic Dynamics and Control, 133, 104239.

Model Uncertainty and Macro-Econometrics program

• Apaitan T, Luangaram P, Manopimoke P (2021) ‘Uncertainty in an emerging market economy: Evidence from Thailand’, Empirical Economics.
Baumeister C, Leiva-Leon D and Sims E (2021) ‘Tracking weekly state-level economic conditions’, Review of Economics and Statistics, forthcoming (CAMA WP 55/2021).
Baumeister C and Guerin P (2021) ‘A comparison of monthly global indicators for forecasting growth’, International Journal of Forecasting, forthcoming (CAMA WP 93/2020).
Chatterjee A, Morley J and Singh A (2021). ‘Estimating household consumption insurance’. Journal of Applied Econometrics, 1– 8.
• Kwas M, Paccagnini A, Rubaszek M (2021) ‘Common factors and the dynamics of industrial metal prices. A forecasting perspective’, Resources Policy, Volume 74, 2021, 102319, ISSN 0301-4207,
Li M and Mendieta-Muñoz I (2021) ‘Bayesian analysis of structural correlated unobserved components and identification via heteroskedasticity’, Studies in Nonlinear Dynamics & Econometrics, vol. , no. , 2021, pp. 20200027.
Paccagnini A et al (2021), ‘Forecasting: Theory and practice’, International Journal of Forecasting, forthcoming.

Multi-Country Models and Methods program

• García-León D, Casanueva A, Standardi G. et al (2021) ‘Current and projected regional economic impacts of heatwaves in Europe’. Nat Commun 12, 5807,
• Magnusson L, Paranavithana H, Tyers R and Schiffmann F (2021) ‘Monetary policy regimes: a global assessment’, The World Economy, forthcoming.
• Magnusson L, Paranavithana H and Tyers R (2021) ‘Assessing monetary policy targeting regimes for small open economies’, Asian Economic Journal,
McKibbin WJ and Triggs AJ (2021) ‘Global implications of a US-led currency war, The World Economy. doi 10.1111/twec.13112

Open Economy Macroeconomics program

Comunale M and Mongelli FP (2021) ‘Tracking growth in the euro area subject to a dimensionality problem’, Applied Economics, forthcoming.
Görtz C, Gunn C, Lubik TA (2021) ‘Is there news in inventories?’, Journal of Monetary Economics, forthcoming.
Görtz C, Tsoukalas JD, Zanetti F (2021) ‘News shocks under financial frictions’, American Economic Journal: Macroeconomics, forthcoming (CAMA WP 94/2020).
• Ilori AE, Paez-Farrell J, and Thoenissen C (2021) ‘Fiscal policy shocks and international spillovers’, European Economic Review, forthcoming (CAMA WP 95/2020).
• Kameda T, Nambda R, and Tsuruga T (2021) ‘Decomposing local fiscal multipliers: Evidence from Japan’, Japan and the World Economy, forthcoming.
Kano T (2021) ‘Exchange rates and fundamentals: a general equilibrium exploration’, Journal of Money, Credit, and Banking 53, 95-117. (CAMA WP 62/2013).
• Kato R, Okuda T, and Tsuruga T (2021) ‘Sectoral inflation persistence, market concentration, and imperfect common knowledge’, Journal of Economic Behavior & Organization, Volume 192, 2021, Pages 500-517, ISSN 0167-2681,
• Kato R and Tsuruga T (2021) ‘Pecuniary externalities, bank overleverage, and macroeconomic fragility’, International Journal of Economic Theory.
Kollmann R (2021) ‘The real exchange rate and household consumption heterogeneity: Testing Kocherlakota and Pistaferri’s (2007) model’, Economic Letters, forthcoming.
Kollmann R (2021) ‘Liquidity traps in a world economy’, Journal of Economic Dynamics & Control, forthcoming (CAMA WP 05/2021).
Kollmann R (2021) ‘Liquidity traps in a monetary union’, Oxford Economic Papers, forthcoming (CAMA WP 75/2020).
Kollmann R, Lubik T and Roeger W (2021) ‘Secular stagnation, low interest rates and low inflation: Causes and implications for policy’, Journal of Economic Dynamics & Control, forthcoming.

Book and book chapter

Finance and the Macroeconomy program

Kavuri AS and Milne A (2021), ‘How technology is supporting working capital finance’, in Palgrave MacMillan Handbook of Technological Finance edited by Raghavendra (Raghu) Rau, Robert Wardrop, Luigi Zingales. Palgrave Macmillan UK.
• Chen D, Kavuri AS and Milne A (2021), ‘Growing pains: the changing regulation of alternative lending platforms’, in Palgrave MacMillan Handbook of Technological Finance edited by Raghavendra (Raghu) Rau, Robert Wardrop, Luigi Zingales. Palgrave Macmillan UK.
Kavuri AS and Milne A (2021), ‘Trading and Regulation of Cryptocurrencies, Stablecoins and other Cryptoassets’, in The Routledge Handbook of Fintech edited by K. Thomas Liaw. Routledge, UK.

Updated:  21 January 2022/Responsible Officer:  Crawford Engagement/Page Contact:  CAMA admin