Publications 2017

Behavioural Macroeconomics and Complexity program

• Catalan M and Di Guilmi C, 2017, ‘Uncertainty, rationality and complexity in a multi-sectoral dynamic model: the Dynamic Stochastic Generalized Aggregation approach’, Journal of Economic Behavior and Organization, forthcoming.
• Charpe M, Flaschel P, Galanis G, Proaño CR and Veneziani R, 2017, ‘Macroeconomic and Stock Market Interactions with Endogenous Aggregate Sentiment Dynamics’, Journal of Economic Dynamics and Control,
• Kato M, Proaño CR, Semmler W, 2017, ‘Does International Reserves Targeting Decrease the Vulnerability to Capital Flights?’, Research in International Business and Finance, DOI: 10.1016/j.ribaf.2017.06.001
McDonald IM, 2017, ‘ “We will end up being a third rate economy …a banana republic”: How behavioural economics can improve macroeconomic outcomes’, Australian Economic Review, 59, 2, 137-51.
• Menden C and Proaño CR, 2017, Dissecting the Financial Cycle with Dynamic Factor Models.Quantitative Finance, DOI: 10.1080/14697688.2017.1357971
Proaño CR, Strohsal T, Wolfers J, 2017, ‘Assessing the Cross-Country Interaction of Financial Cycles: Evidence from a Multivariate Spectral Analysis of the US and the UK’, Empirical Economics (forthcoming).
Roos M, 2017, ‘Behavioral and complexity macroeconomics’, European Journal of Economics and Economic Policies, 14(2). doi:

Climate Change and Energy program

• al Irsyad MI, Halog A, Nepal R, & Koesrindartoto DP (2017). Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review. Frontiers in Energy Research. 5, 1-13.
• Batsuuri T, Burke P and Yudhistira MH, 2017, ‘Easing the traffic: The effects of Indonesia’s fuel subsidy reforms on toll-road travel’, Transportation Research Part A: Policy and Practice, Volume 105, 2017, Pages 167-180, ISSN 0965-8564,
• Best R and Burke P, 2017, ‘The importance of government effectiveness for transitions toward greater electrification in developing countries.’ Energies 10(9): 1247.
Burke P, Gerlagh R and Stern D, 2017, ‘Modeling the emissions-income relationship using long-run growth rates.’ Environment and Development Economics 22(6), 699–724.
Janda K, Malek J and Recka L, 2017, ‘Influence of Renewable Energy Sources on Transmission Networks in Central Europe’. Energy Policy, vol. 108, pp. 524-537.
Janda K, Lunackova P and Prusa J, 2017, ‘The Merit Order Effect of Czech Photovoltaic Plants.’ Energy Policy, vol. 106, pp. 138-147.
Lu Y, Liu Y and Zhou M, ‘Rebound effect of improved energy efficiency for different energy types: A general equilibrium analysis for China’, Energy Economics, Volume 62, February 2017, Pages 248-256.
• Standardi G, Cai Y, Yeh S, 2017, ‘Sensitivity of Modeling Results to Technological and Regional Details: The Case of Italy’ s Carbon Mitigation Policy’, Energy Economics, in press.

Commodities and the Macroeconomy program

Cashin P, Mohaddes K and Raissi M, ‘China’s slowdown and global financial market volatility: Is world growth losing out’, Emerging Markets Review, Volume 31, June 2017, Pages 164–175.
Cashin P, Mohaddes K and Raissi M, ‘Fair weather or foul? The macroeconomic effects of El Niño’, Journal of International Economics.Volume 106, May 2017, Pages 37–54.
• Chudik A, Mohaddes K, Pesaran MH and Raissi M, ‘Is There a Debt-Threshold Effect on Output Growth?’, Review of Economics and Statistics, March 2017, Vol. 99, No. 1, Pages: 135-150.
• Cross J and Nguyen BH, ‘The relationship between global oil price shocks and China’s output: A time-varying analysis’, Energy Economics, Volume 62, February 2017, Pages 79–91.
Koh WC, 2017, ‘Fiscal policy in oil-exporting countries: the roles of oil funds and institutional quality.’ Review of Development Economics 21 (3): 567–590.
Koh WC, 2017, ‘Fiscal multipliers: new evidence from a large panel of countries.’ Oxford Economic Papers 69 (3): 569–590.
Koh WC, 2017, ‘The effects of macroeconomic shocks on the Brunei economy: a sign restriction approach.’ Journal of the Asia Pacific Economy 22 (3): 414–428.
Koh WC, 2017, ‘How do oil supply and demand shocks affect Asian stock markets?’ Macroeconomics and Finance in Emerging Market Economies 10 (1): 1–18.
Koh WC, 2017, ‘Oil price shocks and macroeconomic adjustments in oil-exporting countries.’ International Economics and Economic Policy 14 (2): 187–210.
Mohaddes K and Pesaran MH, ‘Oil prices and the global economy: Is it different this time around?’, Energy Economics, Volume 65, June 2017, Pages 315–325.
Mohaddes K, RAissi Mehdi and Weber A, ‘Can Italy Grow Out of Its NPL Overhang? A Panel Threshold Analysis’, Economics Letters, Volume 159, 2017, Pages 185-189.
Mohaddes K and RAissi Mehdi, ‘Do sovereign wealth funds dampen the negative effects of commodity price volatility?’, Journal of Commodity Markets, Volume 8, 2017, Pages 18-27, ISSN 2405-8513,

Finance and the Macroeconomy program

• Alessandri P, Meeks R and Nelson B,2017, ‘Shadow Banks and Macroeconomic Instability’. Journal of Money, Credit and Banking, 49: 1483–1516. doi:10.1111/jmcb.12422
• Apergis N and Cooray A, 2017, ‘Economic Freedom and Income Inequality: Evidence from a Large Panel of Global Economies, A Linear and Non-Linear Long Run Analysis’, Manchester School, 85(1), 88-105.
Boschi M, Mongelli G, Nicola FD, ‘Effective marginal and average tax rates in the 2017 Italian tax-benefit system’ in “ECONOMIA PUBBLICA ” 3/2017, pp. 67-90, DOI:10.3280/EP2017-003003.
• Cameron M, Hassan G, and Irfan M, 2017, ‘Household energy elasticities and policy implication for Pakistan’, Energy Policy, 113, 633-642. doi:10.1016/j.enpol.2017.11.041
• Chintrakarn P, Treepongkaruna S, Jiraporn P and Tong S, 2017, ‘Does board independence substitute for external audit quality? Evidence from an exogenous regulatory shock,’ Australian Journal of Management, forthcoming.
• Considine T, Shaffer S and Spierdijk L, 2017, ‘How do banks adjust to changing input prices? A dynamic analysis of U.S. commercial banks before and after the crisis’, Journal of Banking and Finance 85, 2017, pages 1-14 (Lead Article).
Cooray A, Dutta N and Mallick S, 2017, ‘Trade Openness and Labor Force Participation in Africa: The Role of Political Institutions’, Industrial Relations: A Journal of Economy and Society, 56(2), 319-350.
Cooray A, Dzhumashev R and Schneider F, 2017, ‘How Does Corruption Affect Public Debt? An Empirical Analysis’, World Development, 90(February), 115-127.
Dungey M, Jacobs Jan PAM and Tian j, 2017, ‘Forecasting output gaps in the G-7 countries: the role of correlated innovations and structural breaks’. Applied Economics, 49, 4554-4566.
• Dzhumashev R and Cooray A, 2017, ‘The Feldstein-Horioka Model Revisited’, BE Journal of Macroeconomics, 17(1), January.
• Elhorst JP, Heijnen P, Samarina A and Jacobs Jan PAM, 2017, ‘Transitions at different moments in time: a spatial probit approach’. Journal of Applied Econometrics, 32, 422-439.
• Fantini G and Oldani C, 2017, ‘The use of OTC derivatives by Italian regions: for hedging or trading purposes?’ Journal of Financial Risk Management, 2017, Vol. XIV; No. 1 (p. 7-15) (CAMA WP 43/2015).
Hassan G, Holmes M and Valera H, 2017, ‘Is Inflation Targeting Credible in Asia?, A Panel GARCH Approach, Empirical Economics.
Hassan G, Holmes M and Valera H, 2017, ‘How Credible is Inflation Targeting in Asia? A Quantile Unit Root Perspective’, Economic Modelling.
• Hosseinzadeh A, Smyth R, Valadkhani A and Moradi A, 2017, ‘What Determines the Efficiency of Australian Mining Companies?’, Australian Journal of Agricultural and Resource Economics, forthcoming.
• Hudson K and Vespignani J, 2017, ‘Understanding the deviation of Australian policy rate from the Taylor rule’, Applied Economics, forthcoming.
• Kang W, Perez de Gracia F, Ratti RA, 2017, Oil Price Shocks, Policy Uncertainty, and Stock Returns of Oil and Gas Corporations, Journal of International Money and Finance 70, 344–359.
• Kennedy T, Smyth R, Valadkhani A, Chen G, 2017, ‘Does income inequality hinder economic growth? New evidence using Australian taxation statistics’, Economic Modelling, forthcoming.
• Kennedy T, Smyth R, Valadkhani A, Chen G, 2017, ‘Refitting the Kuznets Curve Using a Gender-Specific Threshold Model’, Applied Economics, 49(19), 1847-54.
• Komatsubara T, Okimoto T and Tatsumi K, ‘Dynamics of Integration in East Asian Equity Markets’, Journal of the Japanese and International Economies 45, 27-36.
• La HA and Xu Y, 2017, ‘Remittances, Social Security, and Crowding-Out Effect: New Evidence from a Developing County’, Journal of Asian Economics, 49, pp.42-59.
Meeks R, 2017, ‘Capital regulation and the macroeconomy: Empirical evidence and macroprudential policy’ European Economic Review.
• O’Mahony B, Smyth R and Valadkhani A, 2017, ‘Asymmetric causality between Australian inbound and outbound tourism flows’, Applied Economics, 49(1), 33-50.
Okimoto T and Takaoka S, 2017, ‘The term structure of credit spreads and business cycle in Japan’, forthcoming in Journal of the Japanese and International Economies.
• Phillips P and Shi S, 2017, Financial Bubble Implosion and Reverse Regression, Econometric Theory, forthcoming.
Pontines V, ‘The Financial Cycles in Four East-Asian Economies’. Economic Modelling, 65, 2017, pp. 51-66.
• Shaffer S and Shahi C, 2017, ‘CAPM and the Changing Distribution of Historical Returns’, Applied Economics Letters 24 (9), pages 639-642.
Shaffer S and Spierdijk L, 2017, ‘The Concentration-Stability Controversy in Banking: New Evidence from the EU-25’, Journal of Financial Stability 33, December 2017, pages 273-284.
Shi S, 2017, ‘Speculative Bubbles or Market Fundamentals? An Investigation of US Regional Housing Markets’, Economic Modelling, forthcoming.
• Smyth R and Valadkhani A and Worthington A, 2017, ‘Regional Seasonality in Australian House and Apartment Price Returns’, Regional Studies, 51(10), 1553-1567.
• Smyth R and Valadkhani A, 2017, ‘Self-Exciting Effects of House Prices on Unit Prices in Australian Capital Cities’, Urban Studies, 54(10) 2376–2394.
• Smyth R and Valadkhani A, 2017, ‘How Do Daily Changes in Oil Prices Affect US Monthly Industrial Output?’ Energy Economics, 67, 83-90.
• To TA, Treepongkaruna S, and Wu E, 2017, ‘Are all insiders on the inside? Evidence from the initiation of CDS trading and short selling in the banking sector,’ Journal of International Financial Markets, Institutions & Money.
Vespignani J, 2017, ‘Oil Price Shocks and Policy Uncertainty: New Evidence on the Effects of US and non-US Oil Production’, forthcoming.
• Vadlamannati K C and Cooray A, 2017, ‘Transparency Pays? Evaluating the Effects of the Freedom of Information Laws on Perceived Government Corruption’, Journal of Development Studies, 53(1), 116-137.
Valadkhani A and Smyth R, 2017,’Asymmetric Responses in the Timing, and Magnitude, of Changes in Australian Monthly Petrol Prices to Daily Oil Price Changes’, Energy Economics

Globalisation and Trade program

• Anderson MA, Davies MH, Smith SLS, ‘Ethnic Networks and Price Dispersion’, Review of International Economics, Volume 24, Issue 3, p 514–535, August 2016.
Davies MH, ‘Technology Transfer and North-South Trade, Review of International Economics’, Volume 24, Issue 3, p 447–483, August 2016.

Growth, Demographics and Productivity program

• Abdilahi A and Alpaslan B, 2017, ‘Is there an investment motive behind remittances? Evidence from panel cointegration’, Journal of Developing Areas, 51(1), pp.63-82.
• Abdilahi A and Alpaslan B, 2017, ‘Pro-Industry Policies, Sustainability and Industrial Growth in Industrial Policy and Sustainable Growth’, Sustainable Development, ed. by M. Yulek, Springer, pp.1-23.
Lee JW and Wie D, ‘Wage Structure and Gender Earnings Differentials in China and India’, World Development, 97, September 2017.
Lee JW, 2017, ‘China’s economic growth and convergence’, World Economomy, 40(11), pp. 2455-2474.

Macroeconomic Policy Frameworks program

• Ales L, Bellofatto AA and Wang JJ, 2017, ‘Taxing Atlas: Executive Compensation, Firm Size and Their Impact on Optimal Top Income Tax Rates’, forthcoming at Review of Economic Dynamics.
• Bui H, Makin AJ and Ratnasiri S., 2017, ‘Is Vietnam’s Exchange Rate Overvalued?’ Journal of the Asia Pacific Economy 22, 1, 1-15.
• Friesl M, Lenten L, Libich J and Stehlík P, 2017, ‘In Search of Goals: Increasing Ice Hockey’s Attractiveness by a Sides-Swap’, forthcoming at the Journal of the Operational Research Society.
Fujiwara I and Wang J, 2017, ‘Optimal Monetary Policy in Open Economies Revisited’, Journal of International Economics, 108, 300-314.
Fujiwara I and Teranishi Y, ‘Financial Frictions and Policy Cooperation:A Case with Monopolistic Banking and Staggered Loan Contracts’, Journal of International Economics, Volume 104, January 2017, Pages 19–43.
• Hansen S, McMahon M, Prat A, 2017, ‘Transparency and Deliberation within the FOMC: a Computational Linguistics Approach’, The Quarterly Journal of Economics, forthcoming.
Libich J and Macháček M, 2017, ‘Insurance by Government or against Government? Overview of Public Risk Management Policies’, the Journal of Economic Surveys, 31(2), pp436-462. • McMahon M, 2017, ‘Sound Finances: Strategy or Soundbite’, National Institute Economic Review, forthcoming.

Macroeconomic Theory program

• Boneva LM, Braun RA, and Waki Y, ‘Some Unpleasant Properties of Loglinearized Solutions When the Nominal Rate is Zero’, the Journal of Monetary Economics, Volume 84, pages 216–232. • Dmitriev A, ‘Composite habits and international transmission of business cycles’, Journal of Economic Dynamics and Control, Volume 76, March 2017, Pages 1-34.
Groshenny N, Haque Q, Tchatoka FD, Weder M, 2017. ‘Monetary policy and indeterminacy after the 2001 slump’, Journal of Economic Dynamics and Control, forthcoming (CAMA WP 02/2016).
• Imrohoroglu S, Kitao S, and Yamada T, ‘Can Guest Workers Solve Japan’s Fiscal Problems?’, Economic Inquiry, forthcoming.
Kitao S, ‘When Do We Start? Pension Reform in Aging Japan’, Japanese Economic Review, forthcoming.
Kitao S, Ljungqvist L, and Sargent TJ, ‘A Life Cycle Model of Trans-Atlantic Employment Experiences’, Review of Economic Dynamics, forthcoming.
Kitao S, ‘Policy uncertainty and cost of delaying reform: The case of aging Japan’, Review of Economic Dynamics, Volume 27, January 2018, Pages 81-100, ISSN 1094-2025,
Maldonado WL and Ribeiro J, 2017, ‘Construction of a dividend index with all the distributed revenues’, Economics Bulletin 37(2), pp. 756-764.
• Pavlov O and Weder M, 2017, ‘Product Scope and Endogenous Fluctuations’, Review of Economic Dynamics 24, 175-191.

Model Uncertainty and Macro-Econometrics

• Bhattarai S, Lee JW and Park WY, ‘Policy Regimes, Policy Shifts, and U.S. Business Cycles’, Review of Economics and Statistics, December 2016, Vol. 98, No. 5, Pages: 968-983.
Kamber G, Morley J and Wong B, 2017, ‘Intuitive and Reliable Estimates of the Output Gap from a Beveridge-Nelson Filter’, Review of Economics and Statistics, forthcoming (CAMA WP 03/2017).
• Limjaroenrat V and Manopimoke P, 2017, ‘Trend inflation estimates for Thailand from disaggregated data’, forthcoming in the Journal of Economic Modelling.
Manopimoke P, 2017, ‘The Output Euler Equation and Real Interest Rate Regimes’, Macroeconomic Dynamics, forthcoming.

Multi-Country Models and Methods program

• Golley J, Tyers R, and Zhou X, 2017, ‘Fertility and savings contractions in China: long-run global implications’, The World Economy, forthcoming.
• Taylor G and Tyers R , 2017, ‘Secular stagnation: a survey of determinants and consequences for Australia’, The Economic Record, DOI: 10.1111/1475-4932.12357.

Open Economy Macroeconomics program

Berka M, Devereux MB and Engel C, 2017, ‘Real exchange rates and sectoral productivity in the Eurozone’, American Economic Review, forthcoming. (CAMA WP 66/2014).
• Cudre S and Hoffmann M, 2017, ‘A provincial view of global imbalances: regional capital flows in China’, Review of World Economics, pp 1-27 (CAMA WP 18/2016).
• Kamber G, Theodoridis K, Thoenissen C, ‘News-driven business cycles in small open economies’, Journal of International Economics, Volume 105, March 2017, Pages 77–89 (CAMA WP 02/2014).
Kano T, Wada K, 2017, ‘The first arrow hitting the currency target: a long-run risk perspective’, Journal of International Money and Finance, 74, 337-352.
Kollmann R, ‘Tractable Likelihood-Based Estimation of Non-Linear DSGE Models’, forthcoming in: Economics Letters.

Book and book chapter

Behavioural Macroeconomics and Complexity program

• Delli Gatti D, Fagiolo, G, Gallegati M, Richiardi M, Russo,A„ 2017. Agent Based Economics: A Primer, Cambridge University Press.
Di Guilmi C, Gallegati M and Landini S, 2017. Interactive Macroeconomics. Cambridge University Press.
Gallegati M, Palestrini A., Russo A., 2017 (eds). An Introduction to Agent Based Models. Amsterdam, Elsevier.
• Lojak B and Proaño CR, 2017, ‘Macroeconomic Risk, Fiscal Policy Rules and Aggregate Volatility in Asymmetric Currency Unions: A Behavioral Perspective’. In: Bökemeier B & Greiner A (eds.): Inequality and Finance in Macrodynamics. Dynamic Modeling and Econometrics in Economics and Finance Series. New York: Springer, forthcoming.

Finance and the Macroeconomy program

Siklos PL, 2017. Central Banks into the Breach: From Triumph to Crisis and the Road Ahead. Oxford University Press.
Shaffer S and Spierdijk L, 2017,’Market Power: Competition among Measures’, refereed chapter in Handbook of Competition in Banking and Finance, September 2017, published by Edgar Elgar (J.A. Bikker and Laura Spierdijk, editors), pages 11-26.
Shaffer S and Spierdijk L, 2017, ‘The Panzar-Rosse Revenue Test and Market Power in Banking: An Empirical Illustration’, refereed chapter in Handbook of Competition in Banking and Finance, September 2017, published by Edgar Elgar (J.A. Bikker and Laura Spierdijk, editors), pages 27-45.

Growth, Demographics and Productivity program

Lee JW (2017), ‘Is This the Asian Century?’, World Scientific Publishing.

Macroeconomic Policy Frameworks program

Makin AJ (2017) International Money and Finance, Routledge UK.

Macroeconomic Theory program

• Attanasio O, Bonfatti A, Kitao S and Weber G, ‘Global Demographic Trends: Consumption, Saving and International Capital Flows’ in Handbook of the Economics of Population Aging, 2017, Vol. 1A, Chapter 4.

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