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- 201607: Optimal Bailout of Systemic Banks
- Charles Nolan, Plutarchos Sakellaris and John Tsoukalas
- 201606: Market and Political Power Interactions in Greece:An Empirical Investigation
- Tryphon Kollintzas, Dimitris Papageorgiou, Mike Tsionas and Vanghelis Vassilatos
- 201604: Unemployment Persistence, Inflation and Monetary Policy in A Dynamic Stochastic Model of the Phillips Curve Abstract:This paper puts forward an alternative “new Keynesian” dynamic stochastic general equilibrium model of aggregate fluctuations. The model is characterized by one period nomi- nal wage contracts and endogenous persistence of deviations of unemployment from its natural rate. Aggregate fluctuations are analyzed under both a Taylor nominal interest rate rule and under the assumption of optimal discretionary monetary policy. Under both types of monetary policy, the per- sistence of unemployment results in persistent inflation as the central bank responds to deviations of unemployment from its natural rate. Econometric evidence from the United States since the 1890s cannot reject the main predictions of the model
- George Alogoskoufis
- 201603: Monetary policy, market structure and the income shares in the U.S
- George Bitros
- 201602: Deflationary Adjustment Processes and the Effectiveness of Structural Reforms In Monetary Unions
- George Demopoulos and Nicholas Yannacopoulos
- 201601: Market and Political Power Interactions in Greece: A Theory
- Tryphon Kollintzas, Dimitris Papageorgiou and Vanghelis Vassilatos
- 201512: Ocean shipping: By far the best growth model for Greece
- George Bitros
- 201511: Consistent tests for risk seeking behavior: A stochastic dominance approach Abstract We develop non-parametric tests for prospect stochastic dominance Efficiency (PSDE) and Markowitz stochastic dominance efficiency (MSDE) with rejection regions determined by block bootstrap resampling techniques. Under the appropriate conditions we show that they are asymptotically conservative and consistent. We engage into Monte Carlo experiments to assess the nite sample size and power of the tests allowing for the presence of numerical errors. We use them to empirically analyze investor preferences and beliefs by testing whether the value-weighted market portfolio can be considered as efficient according to prospect and Markowitz stochastic dominance criteria when confronted to diversi cation principles made of risky assets. Our results indicate that we cannot reject the hypothesis of prospect stochastic dominance efficiency for the market portfolio. This is supportive of the claim that the particular portfolio can be rationalized as the optimal choice for any S-shaped utility function. Instead, we reject the hypothesis for Markowitz stochastic dominance, which could imply that there exist reverse S-shaped utility functions that do not rationalize the market portfolio
- Stelios Arvanitis and Nikolas Topaloglou
- 201510: Stochastic Spanning
- Stelios Stelios Arvanitis, Mark Hallam, Thierry Post and Nikolas Topaloglou
- 201509: Saddle-Type Functionals for Continuous Processes with Applications to Tests for Stochastic Spanning
- Stelios Stelios Arvanitis