Publications 2023


Behavioural Macroeconomics and Complexity program

• Lojak B, Makarewicz T and Proaño CR (2023) ‘Low interest rates, bank’s search-for-yield behavior and financial portfolio management’, North American Journal of Economics and Finance, Jan 2023, Volume 64, 101839.

Proaño CR, Peña JC and Schnellbacher S (2023) ‘How Does Financial Development Affect the Growth-Inequality Nexus? Evidence from a PCHVAR Analysis’, Industrial and Corporate Change, 32(2), 474-501.

• Fierro LE, Giri F and Russo A (2023) ‘Inequality-constrained monetary policy in a financialized economy’, Journal of Economic Behavior & Organization, Volume 216, December 2023, Pages 366-385.

• Krämer HM, Proaño CR and Setterfield M (2023) ‘Capitalism, Inclusive Growth, and Social Protection - Inherent Contradiction or Achievable Vision?’, Edward Elgar Publishing, ISBN: 978 1 78643 3060.

Climate Change and Energy program

• Pinko N, Tonkonogy B, Widge V and Buchner B (2023) ‘An Innovative IFI Operating Model for the 21st Century’, Climate Policy Initiative.

• Klusak P, Agarwala M, Burke M, Kraemer M and Mohaddes K (2023) ‘Rising Temperatures, Falling Ratings: The Effect of Climate Change on Sovereign Creditworthiness’, Management Science, Vol 69, No 12.

COVID-19 and the Macroeconomy program

Morley J, Palenzuela DR, Sun Y and Wong B (2023) ‘Estimating the euro area output gap using multivariate information and addressing the COVID-19 pandemic’, European Economic Review, Volume 153, April 2023.

• Abeln B and Jacobs J P.A.M (2023) ‘Seasonal Adjustment without Revisions: A Real-Time Approach’, SpringerBriefs in Economics, Springer Cham.

• de Haan J, Jacobs J P.A.M and Zijm R (2023) ‘Coherence of output gaps in the euro area: The impact of the COVID-19 shock’, European Journal of Political Economy, 102369.

Murphy C (2023), ‘Fiscal Policy in the COVID-19 Era’, Economic Papers (CAMA WP 27/2022).

Finance and the Macroeconomy program

• Aono K and Okimoto T (2023) ‘When Does the Japan Empowering Women Index Outperform its Parent and the ESG Select Leaders Indexes?’, International Review of Financial Analysis, January 2023, Vol 85, 102428.

Hartigan L and Wright M (2023) ‘Monitoring Financial Conditions and Downside Risk to Economic Activity in Australia’, Economic Record, 20 Jan 2023,

• Elgin C, Yalaman A and Yasar S (2023) ‘Economic stimulus measures in the pandemic: the role of fiscal decentralisation’, Cambridge Journal of Regions, Economy and Society, 4 Jan 2023, rsac047.

• Clare A, Seaton J, Smith PN and Thomas S (2023) ‘Using the Minimum Acceptable Annual Withdrawal with the Perfect Withdrawal Rate rule’, Journal of Retirement, Volume 10, Issue 3.

Hasan I, Marra M, Wu E and Zhang G (2023) ‘Creditor-Control Rights and the Nonsynchronicity of Global CDS Markets’, Review of Corporate Finance Studies, in press.

Hasan I, Marra M, To Y, Wu E, Zhang G (2023) ‘COVID-19 Pandemic and Global Corporate CDS Spreads’, Journal of Banking & Finance, 147.

• Xu C, Jacobs J P.A.M and de Haan J (2023) ‘Does household borrowing reduce the trade balance? Evidence from developing and developed countries’, Open Economies Review.

Valadkhani A (2023) ‘Performance of Renewable and Non-Renewable Exchange-traded Funds during Heightened Uncertainty?’, Applied Economics, online, 16 June 2023.

Valadkhani A (2023) ‘Investment Sensitivity to Market Uncertainty in the Travel and Tourism Sector’, Tourism Economics, January 2023.

Valadkhani A (2023) ‘Analyzing different types of asymmetric responses in terminal gate prices of petrol and diesel across major Australian seaports: implications for fuel price monitoring strategies’, Energy Economics, 122, 106709.

Valadkhani A (2023) ‘Asymmetric downside risk across different sectors of the US equity market’, Global Finance Journal, 57, 100844.

Valadkhani A and Moradi A (2023) ‘An empirical analysis of exchange-traded funds in the US?’, Economic Analysis and Policy, 78, 995-1009.

Valadkhani A(2023) ‘Asymmetric causality between Bitcoin and tech stocks in the US market using mixed frequency data’, Journal of Economic Studies, Accepted 2 July 2023, forthcoming.

Pontines V, Luvsannyam D, Batmunkh K and Otgonbat T (2023) ‘The Dynamics of Business Cycle Connectedness and the Decoupling of Asia-Pacific’, International Journal of Finance and Economics, 28(2), 2023, pp. 1667-1692.

Pontines V and Rummel O (2023) ‘LIBOR meets machine learning: A Lasso regression approach to detecting data irregularities’, Finance Research Letters, Vol 55, Part A, July 2023, 103852.

• Goswami M, Pontines V and Mohammed Y (2023) ‘Portfolio capital flows and the US dollar exchange rate: Viewed from the lens of time and frequency dynamics of connectedness’, International Review of Financial Analysis, Vol 89, October 2023, 102754 (CAMA WP 72/2022).

Meeks R and Monti F (2023) ‘Heterogeneous beliefs and the Phillips curve’, Journal of Monetary Economics, June 2023 (CAMA WP 51-2022).

• Lapid AK, Mercado Jr R, Rosenkranz P (2023) ‘Concentration in Asia’s cross-border banking: Determinants and impacts’, Pacific Economic Review, Vol 28 Issue 2, pp.267-292, May 2023.

Mercado R (2023) ‘Bilateral capital flows: Gravity, push and pull’, International Finance, Vol 26 Issue 1, pp.36-63, Spring 2023.

Mercado R (2023) ‘Bilateral capital flows: Transaction patterns and gravity’, International Review of Economics & Finance, Volume 84, pp.39-54, March 2023.

Arin KP, Mazrekaj D and Thum M (2023) ‘Ability of detecting and willingness to share fake news’, Nature Scientific Reports, 13, Article number: 7298, 5 May 2023.

Arin KP, Devereux K and Mazur M (2023) ‘Taxes and firm investment’, Journal of Macroeconomics, Volume 76, June 2023, 103517.

Arin KP, Mazrekaj D and Thum M (2023) ‘Wer Fake News (nicht) erkennt und verbreitet’, ifo Dresden berichtet, 2023, 30, Nr. 3, 14-16.

Choi S and Shin J (2023) ‘Household indebtedness and the macroeconomic effects of tax changes’, Journal of Economic Behavior and Organization, May 2023, 209: 22-52 (CAMA WP 56/2022).

Choi S, Ciminelli G, and Furceri D (2023) ‘Is domestic uncertainty a local pull factor driving foreign capital inflows? New cross-country evidence’, Journal of International Money and Finance, February 2023, 130: 102764 (CAMA WP 64/2022).

• Eiji G, Jacobs JPAM, Sinclair TM and van Norden S (2023) ‘Employment Reconciliation and Nowcasting’, Journal of Applied Econometrics, 13 July 2023.

• Tian X, Jacobs JPAM and de Haan J (2023) ‘Alternative Measures for the Global Financial Cycle: Do They Make a Difference?’, International Journal of Finance and Economics, 13 September 2023.

• den Reijer AHJ, Otter PW and Jacobs JPAM (2023) ‘A scree plot criterion for the number of factors’, Statistical Papers, forthcoming.

Dwyer GP, Gilevska B, Nieto MJ and Samartín M (2023) ‘The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets’, Journal of International Financial Markets, Institutions and Money, Volume 87, September 2023, 101800, 1-33.

Eickmeier S and Hofmann B (2023) ‘What drives inflation? Disentangling demand and supply factors’, International Journal of Central Banking, forthcoming (CAMA WP 74/2022).

Growth, Demographics and Productivity program

Day C (2023) ‘Increasing inequality and voting for basic income: Could gender inequality’ worsen?Economic Analysis and Policy, Vol 76, December 2022, pp476-487 (CAMA WP 54/2022).

Jha R (2023) ‘Macroeconomics for Development: Prognosis and Prospects’, Edward Elgar, January 2023.

Leigh A (2023) ‘How Uncompetitive Markets Hurt Workers’, Australian Journal of Labour Economics, forthcoming.

Leigh A (2023) ‘Market Power and Markups: Malign Markers for the Australian Macroeconomy’, Australian Economic Papers, forthcoming.

• Ana Tanasoca and Leigh A (2023) ‘The Democratic Virtues of Randomized Trials’, Moral Philosophy and Politics, forthcoming.

• Watanabe A and Yakita A (2023) ‘Effects of monetary transactions costs on economic growth’, Research in Economics, 77(2), 2023, 221-225.

Yakita A and Zhang D (2023) ‘Environmental policies with variable pollution intensity in a differentiated oligopoly’, Environmental Economics and Policy Studies, 25(2), 2023, 269-283.

Yakita A (2023) ‘Elderly long-term care policy and sandwich caregivers’ time allocation between child-rearing and market labor’, Japan and the World Economy, 65, 2023, 101175.

• Bhattacharya J, Bishnu M and Wang M (2023) ‘Credit Markets with Time-Inconsistent Agents and Strategic Loan Default’, Journal of Money, Credit and Banking, 21 February 2023.

Bishnu M, Garg S, Garg T and Ray T (2023) ‘Intergenerational Transfers: Public Education and Pensions with Endogenous Fertility’, Journal of Economic Dynamics and Control, online 104697, 28 June 2023.

Yew SL, Li SM and Moslehi S (2023) ‘Optimal parental leave subsidization with endogenous fertility and growth’, Economic Inquiry, 6 July 2023.

Dzhumashev R, R Levaggi and F Menoncin (2023) ‘Optimal tax enforcement with productive public inputs’, Economic Modelling, Volume 126, September 2023, 106444.

Dzhumashev R (2023) ‘The role of physical constraints on production’, Ecological Economics, Volume 216, February 2024, 108020.

Poonpolkul P (2023) ‘Age-dependent risk aversion: Re-evaluating fiscal policy impacts of population aging’, The Journal of the Economics of Ageing, Volume 26, October 2023, 100474.

Macroeconomic Policy Frameworks program

• Das KK, Donald LJ and Guender AV (2023) ‘Debt finance and economic activity in the euro-area: evidence on asymmetric and maturity effects’, International Review of Economics & Finance, Volume 85, May 2023, Pages 448-472.

Kumar S, Gorodnichenko Y and Coibion O (2023) ‘The Effect of Macroeconomic Uncertainty on Firm Decisions’, Econometrica, forthcoming.

• Kiss HJ, Libich J and Nguyen D (2023) ‘Running Out of Bank Runs’, the Journal of Financial Services Research, forthcoming.

• Hodula M and Libich J (2023) ‘Has Monetary Policy Fueled the Rise in Shadow Banking?’, Economic Modelling, forthcoming.

Hall VB (2023) ‘Citation for Bob Buckle to mark his Distinguished Fellow Award’, New Zealand Economic Papers, 26 July 2023, DOI:10.1080/00779954.2023.2234266.

Macroeconomic Theory program

Dominguez B and Gomis-Porqueras P (2023) ‘Normalizing the Central Bank’s Balance Sheet: Implications for Implications and Debt Dynamics’, Journal of Money, Credit and Banking, 23 June 2022 (CAMA WP 39/2022).

Haque Q and Magnusson LM (2023) ‘Identification Robust Empirical Evidence on the Open Economy IS‐Curve’, Oxford Bulletin of Economics and Statistics, 85, 2 (2023): 345-372.

• İmrohoroğlu A, Kumru CS, Lian J, Nakornthab A (2024) ‘Revisiting taxes on high incomes’, Review of Economic Dynamics, V51, December 2023, Pages 1159-1184.

Micro-Heterogeneity and Macroeconomic Performance program

Akhtaruzzaman A (2023) ‘Does Institutional Quality Matter to Korean Outward FDI? A Gravity Model Analysis’, World Economy Brief, January 2023, Vol. 12 No. 47.

Model Uncertainty and Macro-Econometrics program

Eo Y, Uzeda L and Wong B (2023) ‘Understanding Trend Inflation Through the Lens of the Goods and Services Sectors’, Journal of Applied Econometrics, 5 April 2023 (CAMA WP 28/2022).

Morley J, Tran TD and Wong B (2023) ‘A Simple Correction for Misspecification in Trend-Cycle Decompositions with an Application to Estimating r*’, Journal of Business & Economic Statistics, online 2221974, 7 July 2023 (CAMA WP 2/2022).

Bhattacharya PS, Chowdhury PR and Rahman H (2023) ‘Does credit availability mitigate domestic conflict?’, Economic Modelling, 10 February 2023.

Nason JM, and Smith GW (2023) ‘UK Inflation Dynamics since the Thirteenth Century’, International Economic Review, 30 May 2023 (CAMA WP 32/2021).

Multi-Country Models and Methods program

Standardi G (2023) ‘Exploring market-driven adaptation to climate change in a general equilibrium global trade model’, Mitigation and Adaptation Strategies for Global Change, 28, 11 (2023).

Tyers R and Zhou Y (2023) ‘Automation and inequality with taxes and transfers’, Scottish Journal of Political Economy, 70(1): 68-100, February 2023.

Open Economy Macroeconomics program

Görtz C, Gunn C and Lubik T (2023) ‘What drives inventory accumulation? News on rates of return and marginal costs’, Journal of Money, Credit and Banking, forthcoming.

Choi, S, Ciminelli G and Furceri D (2023) ‘Is domestic uncertainty a local pull factor driving foreign capital inflows? New cross-country evidence’, Journal of International Money and Finance, February 2023, Volume 130: 102764.

Updated:  29 May 2024/Responsible Officer:  Crawford Engagement/Page Contact:  CAMA admin