Working Papers

From Central Bank of Cyprus
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2025-1: Estimation of the Fiscal Elasticities for Cyprus: Aristoklis Avgousti
2024-2: Financial Literacy in Cyprus: Results from the first comprehensive Central Bank of Cyprus survey: George Kyriacou, Theodosis Kallenos, Ioanna Evangelou, Lena Cleanthous and Charis Charalambous
2024-1: Analysis of company profitability in Cyprus: the case of the unit profit metric: Marios Polemidiotis
2023-3: The inefficiency of Quantitative Easing in the Euro Area: Nektarios Michail and Kyriaki LouKa
2023-2: The pass through of monetary policy to euro area bank interest rates: Kyriaki LouKa and Nektarios Michail
2023-1: Missed payments, renegotiations, and household consumption: Kyriaki LouKa and Nektarios Michail
2022-5: Fiscal Multipliers with Sovereign Risk and Fragile Banks: Matthieu Darracq Paries, Georg Muller and Niki Papadopoulou
2022-4: Estimation of the Medium-Term Macroeconomic Impact of the Cyprus Recovery and Resilience Plan: Chrystalleni Aristidou, Aristoklis Avgousti and Niki Papadopoulou
2022-3: Historical decomposition of the Cyprus Residential Property Prices: Chryso Aristidou and George Thucydides
2022-2: The relationship between shipping freight rates and inflation in the Euro Area: Nektarios Michail, Konstantinos Melas and Lena Cleanthous
2022-1: Estimating the Mortgage Default Probability in Cyprus: Evidence using micro data: Savvas Antoniou, Ioanna Evangelou, Theodosis Kallenos and Nektarios Michail
2021-01: Does Household Behaviour Depend on Monetary Policy? Evidence from Cyprus: Nektarios Michail, Agorasti Patronidou and Ioanna Evangelou
2020-01: Conceptual note on inflation targeting types and their performance in anchoring inflation expectations: Lena Cleanthous
2019-2: On the Credit and Exchange Rate Channels of Central Bank Asset Purchases in a Monetary Union: Matthieu Darracq Paries and Niki Papadopoulou
2019-1: Empowering Central Bank Asset Purchases: The Role of Financial Policies: Matthieu Darracq Paries, Jenny Körner and Niki Papadopoulou
2018-4: To Create or to Redistribute? That is the Question: Demetris Koursaros, Nektarios Michail, Niki Papadopoulou and Christos Savva
2018-3: Does Housing Wealth Affect Consumption? The Case of Cyprus: Nektarios Michail and George Thucydides
2018-2: Measuring the Competitiveness of the Cyprus Economy: the Case of Unit Labour Costs: Marios Polemidiotis, Maria Papageorghiou and Maria Mithillou
2018-1: Inflation Expectations and Monetary Policy Surprises: Snezana Eminidou, Marios Zachariadis and Elena Andreou
2017-3: Credit, House Prices and the Macroeconomy in Cyprus: Lena Cleanthous, Elena Eracleous and Nektarios Michail
2017-2: Banking Crises, Bail-ins and Money Holdings: Martin Brown, Ioanna Evangelou and Helmut Stix
2017-1: Wage Dynamics Network: SME Credit Constraints in Cyprus During the Period 2010-2013 and Effects on Employment, Wages and Prices: Charalambos Charalambous and Marios Polemidiotis
2016-8: Synopsis of the Euro Area Financial Crisis: Matthieu Darracq Paries, Pascal Jacquinot and Niki Papadopoulou
2016-7: Parsing Financial Frictions Underlying Bank Lending Fragmentation during the Euro Area Crisis: Matthieu Darracq Paries, Pascal Jacquinot and Niki Papadopoulou
2016-6: Examining the Time-Variation of Inflation Persistence in Ten Euro Area Countries: Nektarios Michail
2016-5: MEAN SQUARED PREDICTION ERROR REDUCTION WITH INSTRUMENTAL VARIABLES: Antonis Michis
2016-4: Estimates of Public, Housing and Other Private Sectors’ Net Capital Stocks for the Cyprus Economy: 1995Q1-2015Q4: Nektarios Michail and Marios C. Polemidiotis
2016-3: Wage and Price Setting Practices of Cypriot Companies During the Period 2010-2013: Charalambos P Charalambous, Marios C Polemidiotis and Angelos Y Roussos
2016-2: Bank Lending to the Private Sector and GDP Growth: Thresholds and Returns: Demetris Koursaros, Nektarios Michail and Christos Savva
2016-1: The Lack of Persistence of Interest Rate Changes on Banks’ Lending and Risk Taking Behaviour: Nektarios Michail, Demetris Koursaros and Christos Savva
2015-2: Examining the Stability of Okun’s Coefficient: Nektarios Michail
2015-1: Estimation and Prediction of Shipping Trends with the Data-Driven Haar-Fisz Transform: Antonis Michis and Guy P. Nason
2014-3: Back to Basics: Is Statistical Significance all that Matters?: Nektarios Michail and Constantinos I. Massouras
2014-2: Investing in Gold: Individual Asset Risk in the Long Run: Antonis Michis
2014-1: Time Scale Evaluation of Economic Forecasts: Antonis Michis
2013-2: A Small Macroeconometric Model for the Cyprus Economy: Aris Spanos and Niki Papadopoulou
2013-1: Measuring Market Power in the Banking Industry in the Presence of Opportunity Cost: Antonis Michis
2012-2: Monitoring Forecasting Combinations with Semiparametric Regression Models: Antonis Michis
2012-1: R&D and Aggregate Fluctuations: Erhan Artuc and Panayiotis Pourpourides
2011-6: New Paradigms in Central Banking?: Athanasios Orphanides
2011-5: Multiscale Analysis of the Liquidity Effect: Antonis Michis
2011-4: On the Cyclicality of Real Wages and Wage Differentials: Christopher Otrok and Panayiotis Pourpourides
2011-3: On Imperfect Competition with Occasionally Binding Cash-in-Advance Constraints: Huw Dixon and Panayiotis Pourpourides
2011-2: A Comprehensive Comparison of Alternative Tests for Jumps in Asset Prices: Marina Theodosiou and Filip Zikes
2011-1: The ECB Monetary Policy and the Current Financial Crisis: Lena Cleanthous and Pany Karamanou
2010-11: Η Σταθερότητα του Χρηματοπιστωτικού Τομέα: Προβληματισμοί και Συμπεράσματα από την Κρίση για την Ευρώπη: Athanasios Orphanides
2010-10: The Implementation of Scenarios using DSGE Models: Igor Vetlov, Ricardo Félix, Laure Frey, Tibor Hledik, Zoltán Jakab, Niki Papadopoulou, Lukas Reiss and Martin Schneider
2010-9: Denoised Least Squares Forecasting of GDP Changes Using Indexes of Consumer and Business Sentiment: Antonis Michis
2010-8: Fixed Exchange Rate Regimes in Mediterranean Countries and the Experience of Cyprus: George Syrichas
2010-7: Calendar Time Sampling of High Frequency Financial Asset Price and the Verdict on Jumps: Marina Theodosiou
2010-6: Assessing the Equilibrium Exchange Rate of the Cyprus Pound at the time of Euro Adoption: George Kyriacou and Maria Papageorghiou
2010-5: Winners and Losers in House Markets: Nobuhiro Kiyotaki, Alexander Michaelides and Kalin Nikolov
2010-4: Forecasting Issues: Ideas of Decomposition and Combination: Marina Theodosiou
2010-3: Sovereign Default Risk in a Monetary Union: Betty Daniel and Christos Shiamptanis
2010-2: Monetary Policy Mistakes and the Evolution of Inflation Expectations: Athanasios Orphanides and John Williams
2010-1: Monetary Policy Lessons from the Crisis: Athanasios Orphanides
2009-6: Quantifying the Distortionary Fiscal Cost of ‘The Bailout’: Francisco Gomes, Alexander Michaelides and Valery Polkovnichenko
2009-5: How Deep is the Annuity Market Participation Puzzle?: Joachim Inkmann, Paula Lopes and Alexander Michaelides
2009-4: Nonlinearities in the Real Exchange Rate and Monetary Policy: Interest Rate Rules Reconsidered: Kostas(Konstantinos) Mavromatis
2009-3: ‘History of the Official Currency and the Central Bank of Cyprus’ Preliminary Conclusions for the Period 1960-2007: Sophocles Michaelides
2009-2: Unemployment in Cyprus: Comparison Between Two Alternative Measurement Methods: George Kyriacou, Marios Louca and Michalis Ktoris
2009-1: Fiscal Policy in the European Monetary Union: Betty Daniel and Christos Shiamptanis
2008-6: Monetary Policy Strategy And The Euro: Lessons from Cyprus: George Syrichas
2008-5: Imperfect Knowledge and the Pitfalls of Optimal Control Monetary Policy: Athanasios Orphanides and John Williams
2008-4: Sticky Prices, Limited Participation, or Both?: Niki Papadopoulou
2008-3: Learning, Expectations Formation, and the Pitfalls of Optimal Control Monetary Policy: Athanasios Orphanides and John Williams
2008-2: Mortgage Debt, Social Customs and Financial Innovation: Michael Haliassos, Pany Karamanou, Constantinos Ktoris and George Syrichas
2008-1: Imperfect Central Bank Communication: Information versus Distraction: Spencer Dale, Athanasios Orphanides and Pär Österholm
2007-1: Measuring the Size of the Informal Economy: A Critical Review: George Georgiou