Publications 2018

Behavioural Macroeconomics and Complexity program

McDonald IM, 2018, ‘Introduction’ (to “Policy Forum: Economics and populism”), Australian Economic Review, 51, 3, 396-8.
• Eugenio C and Russo A, 2018, ‘Toward a new microfounded macroeconomics in the wake of the crisis, Industrial and Corporate Change’, 27(6): 999-1014.

Climate Change and Energy program

• Abayasekara A and Burke P, 2018, ‘The price elasticity of electricity demand in the United States: A three-dimensional analysis’. The Energy Journal 39(2), 123–145.
• Best R and Burke PJ, 2018, ‘Electricity availability: A precondition for faster economic growth?’ Energy Economics 74, 321–329.
• Best R and Burke PJ, 2018, ‘Adoption of solar and wind energy: The roles of carbon pricing and aggregate policy support.’ Energy Policy 118, 404–417.
Burke PJ and Teame A, 2018, ‘Fuel prices and road deaths in Australia.’ Economic Papers 37(2), 146–161.
Burke PJ, 2018. ‘Metal footprint linked to economy.’ Nature Geoscience 11, 224–225.
Burke P and Kurniawati S, 2018, ‘Electricity subsidy reform in Indonesia: Demand-side effects on electricity use’, Energy Policy 116, 410–421.
• Halawa E, Shi X, Nepal R, Sari NH, & James G, 2018, ‘The Prospect for an Australian–Asian Power Grid: A Critical Appraisal’. Energies. 11(1).
• Jamasb T, Nepal R and Sen A, 2018,’Have Model, Will Reform: Assessing the Outcomes of Electricity Reforms in Non-OECD Asia’, The Energy Journal, Vol. 39, No. 4, pp. 181-209.
• Jamasb T, Nepal R, Singh A and Toman M, 2018, ‘Electricity Cooperation in South Asia: Barriers to Cross-Border Trade’, Energy Policy, Vol. 120, September, pp. 741-728.
• Jamasb T, Nepal R and Sen A, 2018, ‘Small Systems, Big Targets: Power Sector Reforms and Renewable Energy in Small Systems’, Energy Policy, Vol. 116 (May), pp. 19-29, 2018.
Janda K, 2018, ‘Slovak Electricity Market and the Merit Order Effect of Photovoltaics’. Energy Policy 2018, vol. 122, pp. 551-562.
McKibbin WJ, Morris AC, Wilcoxen PJ, and Liu W, 2018, ‘The role of border carbon adjustments in a US carbon tax’, Climate Change Economics, Vol. 9, No. 1 (2018) 1840011 (41 pages).

Commodities and the Macroeconomy program

• Alawadhi A, Al-Musallam M, Burney NA, Mohaddes K, 2018, ‘The Dynamics and Determinants of Kuwait’s Long-Run Economic Growth’, Economic Modelling, Volume 71, April 2018, Pages 289-304.
• Chudik A, Pesaran MH, Mohaddes K and Raissi M, 2018, ‘Rising Public Debt to GDP Can Harm Economic Growth’, Economic Letter, Federal Reserve Bank of Dallas, 13:3, pp. 1–4
• Cross J and Nguyen BH, ‘Time varying macroeconomic effects of energy price shocks: A new measure for China’, Energy Economics, Available online 17 May 2018, ISSN 0140-9883,
• Hoang NT and Nguyen BH, 2018, ‘Oil and Iron Ore Price Shocks: What Are the Different Economic Effects in Australia?’. Economic Record . doi:10.1111/1475-4932.12398
• Smith B and Wills S, ‘Left in the Dark: Oil and Rural Poverty’, Journal of the Association of Environmental and Resource Economists, forthcoming.
Wills S, 2018, ‘Leave the volatility fund alone: Principles for managing oil wealth, Journal of Macroeconomics’, Volume 55, Pages 332-352, ISSN 0164-0704.

Finance and the Macroeconomy program

• Amand SSt, Lombardi D and Siklos P, ‘Monetary Policy Spillovers: A Global Empirical Perspective’, International Journal of Central Banking (forthcoming).
Arin KP and Braunfels Elias, 2018, ‘The resource curse revisited: A Bayesian model averaging approach’, Energy Economics, Elsevier, vol. 70(C), pages 170-178.
• Athanasopoulos G and Raghavan M, ”Analysis of shock transmissions to a small open emerging economy using a SVARMA model’, Economic Modelling (In Press),
• Beaino GC, Lombardi D, CIGI, and Siklos P, 2018, ‘The Transmission of Financial Shocks on a Global Scale: How Important Are They?’ (forthcoming).
• Bohl M, Essid B and Siklos P, ‘Short-Selling Bans and the Global Financial Crisis: Are They Inter-Connected?’, Applied Economics Quarterly (forthcoming).
• Burdekin R and Siklos P, ‘Quantifying the Impact of the November 2014 Shanghai-Hong Kong Stock Connect’, International Review of Economics and Finance (forthcoming).
• Casavecchia L, Loudon G and Wu E, 2018, ‘What moves benchmark money market rates? Evidence from the BBSW market’, Pacific-Basin Finance Journal (forthcoming).
• Chintrakarn P, Jiraporn P, Lee SM, Treepongkaruna S, 2018, ‘Do LGBT-Supportive Corporate Policies Improve Credit Ratings? An Instrumental-Variable Analysis’, Journal of Business Ethics, DOI: 10.1007/s10551-018-4009-9.
• Chintrakarn P, Jiraporn P, Jumreornvong S, Treepongkaruna S, 2018, ‘Capital Adequacy, Deposit Insurance, and the Effect of Their Interaction on Bank Risk’, Journal of Risk and Financial Management, 11(4), 79;
Dungey M, Khan F, Raghavan M, 2018, ‘International trade and the transmission of shocks: the case of ASEAN-4 and NIE-4 economies’, Economic Modelling, 72 pp. 109-121.
• Elkhuizen L, Hermes N, Jacobs Jan PAM and Meesters A, 2018, ‘Financial development, financial liberalization and social capital’. Applied Economics, 50, 1268-1288.
• Ewing B, Kang W, Ratti RA, 2018, The Dynamic Effects of Oil Supply Shocks on the US Stock Market Returns of Upstream Oil and Gas Companies, Energy Economics 72, 505-516.
Hassan G and Holmes M, 2018, ‘How Do Workers’ Remittances Respond to Lending Rates?’ International Migration, online (doi: 10.1111/imig.12445)
Hassan G, Holmes M and Valera H, 2018, ‘Does Inflation Targeting Matter for the Behavior of Inflation and Output Growth? Some Regime-based Evidence for Asian Economies’, Journal of Economic Studies, (forthcoming).
• Jing Z, Elhorst JP, Jacobs Jan PAM, and Haan J, 2018, ‘Financial turbulence: interdependence, spillovers, and direct and indirect effects’. Empirical Economics, 55, 169-192.
• Kang W, Perez de Gracia F, Ratti RA, 2018, ‘The Asymmetric Response of Gasoline Prices to Oil Price Shocks and Policy Uncertainty’, forthcoming Energy Economics.
• Kapetanios G, Price SG and Young G, 2018, ‘A UK financial conditions index using targeted data reduction: forecasting and structural identification’. Econometrics and Statistics. ISSN 2452-3062
Kitney P, 2018, ‘Financial Factors and Monetary Policy: Determinacy and Learnability of Equilibrium’, Journal of Economic Dynamics and Control (forthcoming). • Laureys L and Meeks R, 2018, ‘Monetary and macroprudential policies under rules and discretion’, Economic Letters, Volume 170, September 2018, Pages 104-108.
• Luong TM, Pieters R, Scheule H and Wu E, 2018, ‘The Impact of Government Guarantees on Banks’ Wholesale Funding Costs and Lending Behavior: Evidence from a Natural Experiment’, Pacific-Basin Finance Journal, forthcoming.
• Lütkepohl H, Milunovich G and Yang M, ‘Inference in Partially Identified Heteroskedastic Simultaneous Equations Models’, Journal of Econometrics (fortcoming).
• Navone M, To T and Wu E, 2018, ‘Analyst coverage and the quality of corporate investment decisions’, Journal of Corporate Finance (forthcoming).
• Nguyen J, Smyth R and Valadkhani A, 2018, ‘Mortgage product diversity: responding to consumer demand or protecting lender profit? An asymmetric panel analysis’, Applied Economics. DOI: 10.1080/00036846.2018.1459038.
• Nguyen J, Smyth R and Valadkhani A, 2018, ‘Consumer electricity and gas prices across Australian capital cities: Structural breaks, effects of policy reforms and interstate differences’, Energy Economics, Vol. 72 (May 2018), pp. 365-375.
Oldani C, 2018, ‘Global Financial Regulatory Reforms and Sovereigns’ Exemption’, Journal of Financial Regulation and Compliance, vol 26, ISSN: 1358-1988.
Pontines V, 2018, ‘Self-selection and Treatment Effects: Revisiting the Effectiveness of Foreign Exchange Intervention’. Journal of Macroeconomics, 57, pp. 299-316.
Siklos P, ‘Boom and Bust Cycles in Emerging Markets: How Important is the Exchange Rate?”, Journal of Macroeconomics (forthcoming).

Globalisation and Trade program

Vines D, Wills S, 2018, ‘The rebuilding macroeconomic theory project: an analytical assessment’, Oxford Review of Economic Policy, Volume 34, Issue 1-2, 5 January 2018, Pages 1–42.
Vines D, Wills S, 2018, ‘The financial system and the natural real interest rate: towards a ‘new benchmark theory model’’, Oxford Review of Economic Policy, Volume 34, Issue 1-2, 5 January 2018, Pages 252–268.

Growth, Demographics and Productivity program

Alpaslan B and Ali A, 2018, ‘The Spillover Effects of Innovative Ideas on Human Capital’, Review of Development Economics, 22(1), pp. 333-360.
• Barr N, Chapman B, Dearden L and Dynarski S, 2018, ‘The US College Loans System: Reform Lessons from Australia and England’. Economics of Education Review.
Chapman B and Doris A, 2018, ‘Modelling Higher Education Financing Reform for Ireland’, Economics of Education Review, doi: 10.1016/j.econedurev.2018.06.002.
Chapman B, Yu C and Wang Q, 2018, ‘Repayment Burdens from Mortgage-style Student Loans and Towards an Income Contingent Loan for China”. Economics of Education Review.
Day C, 2018,’Inverse J Effect of Economic Growth on Fertility: A Model of Gender Wages and Maternal Time Substitution, Journal of Family and Economic Issues, Springer, vol. 39(4), pages 577-587, December.
Day C, 2018,’Australia’s Growth in Households and House Prices, Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 502-511, December.
Day C, 2018, ‘Slowing resource extraction for export: A role for taxes in a small open economy’, International Review of Economics and Finance, vol. 56(C), pages 408-420.
Day C, 2018, ‘Population and house prices in the United Kingdom’, Scottish Journal of Political Economy, vol. 65(2), pages 127-141, May.
• Kim S, Lee JW, McKibbin WJ, 2018, ‘Asia’s rebalancing and growth’, The World Economy, 2018; 1-23.
• Lee H and Lee JW, 2018, ‘Human capital and income inequality’, Journal of the Asia Pacific Economy, 23(4).
Lee JW and Pyun J, ‘North Korea’s Economic Integration and Growth Potential’, Asian Economic Journal, 32(3), 2018.
Lee JW , McKibbin W and Noland M, 2018, ‘Prospects and Economic Impacts of Korean Unification: An Introduction’. Asian Economic Journal, 32: 221-225. doi:10.1111/asej.12161.
Lee JW, Liu W, McKibbin WJ and Song CJ, 2018, ‘Modeling the Economic Impacts of Korean Unification’. Asian Economic Journal, 32: 227-256. doi:10.1111/asej.12160
Yakita A, 2018, ‘Fertility and education decisions and child-care policy effects in a Nash-bargaining family model’, forthcoming in Journal of Population Economics.
Yakita A, 2018, ‘Fertility and intragenerationally efficient environmental and tax policy in a population aging economy,’ Studies in Applied Economics 11, 22-34
Yakita A, 2018, ‘Female Labor Supply, Fertility Rebounds, and Economic Development,’ Review of Development Economics, forthcoming.
Yakita A, 2018, ‘Parents’ strategic transfers and sibling competition in the presence of pay-as-you-go pensions’, Economics Letters 170 (2018), 63-65.

Macroeconomic Policy Frameworks program

Bellofatto AA and Besfamille M, 2018, ‘Regional state capacity and the optimal degree of fiscal decentralization’, Journal of Public Economics (forthcoming).
• Chai A and Makin A, 2018, ‘Prioritizing Foreign Investment in APEC,’ Global Economy Journal.
• Coibion O, Gorodnichenko Y, and Kumar S, ‘How do firms form their expectations: new survey evidence’, forthcoming in American Economic Review.
• Davis S, Fujiwara I and Wang J, ‘Dealing with Time-Inconsistency: Inflation Targeting vs. Exchange Rate Targeting’, Journal of Money, Credit and Banking (forthcoming).
Dennis R, Fujiwara I and Waki Y, ‘The Optimal Degree of Monetary-Discretion in a New Keynesian Model with Private Information”, Theoretical Economics (forthcoming).
• Franta M, Libich J and Stehlík P, 2018, ‘Tracking Monetary-Fiscal Interactions Across Time and Space’, International Journal of Central Banking, 14(3), 167-227.
• Froyen R and Guender A, 2018, ‘The Real Exchange Rate in Taylor Rules: an Assessment’, Economic Modelling (forthcoming).
Guender AV, 2018, ‘Credit Prices vs. Credit Quantities as Predictors of Economic Activity in Europe: Which Tell a Better Story?’, Journal of Macroeconomics (forthcoming).
Makin A, 2018, ‘Optimal Monetary Policy in Inflation Targeting Open Economies’, Economic Notes.
Miranda-Pinto J, 2018, ‘A note on optimal sectoral policies in production networks’, Economic Letters, Volume 172, November 2018, Pages 152-156.
• Oikawa K and Ueda K, ‘The Optimal Inflation Rate under Schumpeterian Growth’, Journal of Monetary Economics, 100, 114-125, 2018.
• Ojima M, Shino J, and Ueda K,2018, ‘Retailer Market Concentration, Buyer-size Discounts, and Inflation Dynamics,’ Japanese Economic Review, 69(1), 101-127.
• Sudo N, Ueda K, Watanabe K, and Watanabe T,2018, ‘Working Less and Bargain Hunting More: Macro Implications of Sales during Japan’s Lost Decades,’ Journal of Money, Credit and Banking, 50(2-3), 449-478.

Macroeconomic Theory program

• Anand K and Gai P, 2018, ‘Pre-emptive sovereign debt restructuring and holdout litigation’. Oxford Economic Papers, forthcoming.
• Ahnert J, Anand K, Chapman J and Gai P, 2018, Asset encumbrance, bank funding, and fragility. Review of Financial Studies, forthcoming.
• Eusepi S and Preson B, 2018, ‘Fiscal Foundations of Inflation: Imperfect Knowledge’, American Economic Review, 108(9).
• Eusepi S and Preson B, 2018, ‘The Science of Monetary Policy: An Imperfect Knowledge Perspective’, Journal of Economic Literature, 56(1).
• Eusepi S, Giannoni M and Preson B, 2018, ‘Some Implications of Learning for Price Stability’, European Economic Review, 6.

Model Uncertainty and Macro-Econometrics

Bhattacharya P and Thomakos DD, 2018, ‘Robust Model Ranking of Forecasting Performance’, Journal of Forecasting, forthcoming.
Coe PJ, 2018, ‘Downward Nominal Wage Rigidity: Evidence from Canada 1901-50,’ Canadian Journal of Economics 51(3).
Manopimoke P, ‘Thai Inflation Dynamics in a Globalized Economy’, Journal of the Asia Pacific Economy, forthcoming.

Multi-Country Models and Methods program

• Adams P, Hartley P, Neill K and Tyers R, 2018, ‘Western Australia’s domestic gas reservation policy: modelling the economic impact with a CGE approach’, The Economic Record (forthcoming).
McKibbin W and Lee J-W, 2018, ‘Service sector productivity and economic growth in Asia’. Economic Modelling 74 (2018) 247-263.
McKibbin W and Stoeckel A, 2018, ‘Modeling a Complex World: Improving Macro Models’, Oxford Review of Economic Policy vol. 34 nos. 1-2.
Tyers R, 2018, ‘Automation and inequality in China’, China Economic Review (forthcoming). (CAMA WP 59/2017).

Open Economy Macroeconomics program

• Anella M and Punnoose J, ‘A prudential stable funding requirement and monetary policy in a small open economy’, Journal of Banking and Finance 94, 89-106 (CAMA WP 23/2016).
• Giovannini M, Hohberger S, Kollmann R, Ratto M, Roeger W and Vogel L, 2018, ‘Euro Area and U.S. External Adjustment: The Role of Commodity Prices and Emerging Market Shocks’, forthcoming, Journal of International Money and Finance.
Kollmann R, 2018, ‘Explaining International Business Cycle Synchronization: Recursive Preferences and the Terms of Trade Channel’, forthcoming, Open Economies Review.
• Sekine A and Tsuruga T, ‘Effects of Commodity Price Shocks on Inflation: A Cross-country Analysis’, Oxford Economic Papers, forthcoming (CAMA WP 45/2017).

Book and book chapter

Finance and the Macroeconomy program

• Ha J, Kose MA, and Ohnsorge F(eds) (2018). ‘Inflation in Emerging and Developing Economies – Evolution, Drivers and Policies’. World Bank Group.
Oldani C and Wouters J (eds.) (2018), The G7, Anti-Globalism and the Governance of Globalization, Taylor and Francis, ISBN 9781138583627 (in press September).

Growth, Demographics and Productivity program

Chapman B, ‘It Works in Practice, But Would It Work in Theory? Joseph Stiglitz’s Contribution to Our Understanding of Income Contingent Loans’, in Martin Guzman (ed.) (2018), Towards a Just Society: Joseph Stiglitz and Twenty-First Century Economics, Columbia University Press, New York: ch 22.
Chapman B, ‘The Politics of HECS’, in P. Texiera and J. Shin (eds.) (2018), Encyclopaedia of International Higher Education Systems and Institutions, Springer, Dordrecht.
Chapman B, ‘The Political Economy of the Higher Education Contribution Scheme’ (with Timothy Hicks) in B, Cantwell, H. Coates, R. King (eds.) (2018), Handbook on the Politics of Higher Education, Edwards Elgar, Cheltenham: ch 14.
Chapman B, ‘HECS: A Hybrid Model for Higher-Education Financing’ (2018) in M. Fabian and R. Breunig (eds.), Hybrid Public Policy Innovations: Contemporary Policy Beyond Ideology, London, UK: Routledge: 119-133.

Macroeconomic Policy Frameworks program

Makin A, 2018, The Limits of Fiscal Policy, Palgrave Macmillan, UK. • Makin A, 2018, ‘Asia-Pacific Economic Outlook’ in C. Byrne and L. West (eds) State of the Neighbourhood 2018, pp 23-34, Griffith Asia Institute, Brisbane.

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