UNIVERSITY of GLASGOW

Economics
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Dr Alexandros Kontonikas, BSc, MSc, PhD

Lecturer and Director of the Centre for Economic and Financial Studies

A.Kontonikas@lbss.gla.ac.uk
Tel: +44(0)141 330 6866
Room S207
Office hour: Monday 11.00 am - 12.00 noon

Teaching 2009-10

Undergraduate: Economics of Business 1: Contracts and Governance; Financial Markets and Corporate Finance
Postgraduate: Basic Econometrics; Economics of Finance

Research interests

Asset pricing and monetary policy, inflation.

Background

Alexandros joined the Department in September 2005.  He studied at Athens University of Economics and Business and Brunel University in the UK.  Prior to coming to Glasgow, he was a lecturer at Brunel.

External Affiliations and Visiting Positions

Visiting research fellow, European Commission, Directorate of Economic and Financial Affairs (jointly with M. Arghyrou from Cardiff Business School). Dr Kontonikas will visit Brussels for two weeks in June 2010 to conduct research on long term government bond yields convergence in the Euro area.

Publications

  1. Gregoriou, A. and Kontonikas, A. (forthcoming). ‘The long run relationship between stock prices and goods prices: New evidence from panel cointegration’, Journal of International Financial Markets, Institutions and Money.
  2. Gregoriou, A., Kontonikas, A.  and Montagnoli, A. (forthcoming). 'Euro area inflation differentials: unit roots and nonlinear adjustment', Journal of Common Market Studies.
  3. Byrne, J.P., Kontonikas, A. and Montagnoli, A. (2010). ‘The time series properties of UK inflation:  Evidence from aggregate and disaggregate data’, Scottish Journal of Political Economy, vol. 57(1), (February), pp. 33-47.
  4. Arghyrou, M., Gregoriou, A. and Kontonikas, A. (2009). 'Do real interest rates converge? Evidence from the European Union', Journal of International Financial Markets, Institutions and Money, vol. 19(3), (July), pp. 447-460.
  5. Caporale, G.M. and Kontonikas, A. (2009). 'The Euro and inflation uncertainty in the European Monetary Union', Journal of International Money and Finance, vol. 28, pp. 954–971.
  6. Gregoriou, A. and Kontonikas, A. (2009). 'Modeling the behaviour of inflation deviations from the target', Economic Modelling, vol. 26(1), (January), pp. 90-95.
  7. Gregoriou, A., Kontonikas, A., MacDonald, R. and Montagnoli, A. (2009). 'Monetary policy shocks and stock returns: evidence from the British market', Financial Markets and Portfolio Management, vol. 23(4), pp. 401-410.
  8. Ioannidis, C. and Kontonikas, A. (2008). 'The impact of monetary policy on stock prices', Journal of Policy Modeling, vol. 30(1), (Jan-Feb), pp. 33-53.
  9. Gregoriou, A. and Kontonikas, A. (2006). 'Inflation targeting and the stationarity of inflation: new results from an ESTAR unit root test', Bulletin of Economic Research, vol. 58(4), (October), pp. 309-322.
  10. Kontonikas, A. and Montagnoli, A. (2006). 'Optimal monetary policy and asset price misalignments', Scottish Journal of Political Economy, vol. 53(5), (November), pp. 636-654.
  11. Ioannidis, C. and Kontonikas, A. (2005). 'Should monetary policy respond to asset price misalignments?', Economic Modelling, vol. 22(6), (December), pp. 1105-1121.
  12. Kontonikas, A. (2004). 'Inflation and inflation uncertainty in the United Kingdom, evidence from GARCH modelling', Economic Modelling, vol. 21(3), (May), pp. 525-543.
  13. Gregoriou, A., Kontonikas, A., and Tsitsianis, N. (2004). 'Does the day of the week effect exist once transaction costs have been accounted for? Evidence from the UK', Applied Financial Economics, vol. 14(3), (February), pp. 215-220.
  14. Kontonikas, A. and Montagnoli, A. (2004). 'Has monetary policy reacted to asset price movements? Evidence from the UK', Ekonomia, vol. 7 (1), (summer), pp. 18-33.

Research Income

Nuffield Foundation Grant, £7460 for 'Stock pricing, analysts earnings forecasts and inflation in the UK', with A. Gregoriou.

Carnegie Trust Research Grant, £880 for 'Does monetary policy react asymmetrically to asset price movements?'.

Contributions to Edited Books

Gregoriou, A., Kontonikas, A., MacDonald, R. and Montagnoli, A. (2009). ‘Monetary policy shifts and stock returns: Evidence from UK panel data’, in (G.I. Ellison, ed.), Stock Returns: Cyclicity, Prediction and Economic Consequences, New York: Nova Sciences Publishers.

Newspaper Articles and Other Publications

Kontonikas, A. (2009). ‘On the sustainability of the current stock market rally’, Apogevmatini tis Kyriakis, Athens weekly, 18 October 2009.

Arghyrou, M., Gregoriou, A. and Kontonikas, A. (2009). ‘Real interest rates in the Eurozone: Convergence and the credit crunch’, Kathimerini tis Kyriakis, Athens weekly, 4 January 2009.

Kontonikas, A. (2003). 'House Prices, stock prices, real economic conditions and monetary policy', Oikonomikos Taxydromos, 19 June 2003.

Work in progress

Details of Alex’s working papers can be found on his RePEc profile on the RePEc website.

Conference papers

  • 'The long run relationship between stock prices and goods prices: new evidence from panel cointegration', paper presented at the Market Microstructure Workshop of the Corporate Governance and Finance Research Centre, Brunel University, 30 June 2008, London, United Kingdom.
  • 'Unit roots in inflation and aggregation bias', paper presented at the 2008 Annual Conference of the Eastern Economic Association, 7-9 March 2008, Boston, United States.
  • 'Inflation persistence and aggregation bias: evidence from UK data', paper presented at the Conference on Economic and Financial Linkages, University of Glasgow, Centre for Economic and Financial Studies, 22 February 2008, Glasgow, United Kingdom.
  • 'Euro area inflation differentials: unit roots, structural breaks and non-linear adjustment', 11th International Conference on Macroeconomic Analysis and International Finance, University of Crete, 24-26 May 2007, Rethymnon, Crete, Greece.
  • 'The euro and inflation uncertainty in the European Monetary Union', 10th International Conference on Macroeconomic Analysis and International Finance, University of Crete, 25-27 May 2006, Rethymnon, Crete, Greece.
  • 'Optimal monetary policy and asset price misalignments', 36th Annual Conference of the Money, Macro and Finance Research Group, Cass Business School, 6-8 September 2004, London, United Kingdom.
  • 'Should monetary policy respond to asset price misalignments?', Annual Meeting of the Canadian Economic Association, Ryerson University, 4-6 June 2004, Toronto, Canada.
  • 'Optimal monetary policy with wealth effects', 7th International Conference on Macroeconomic Analysis and International Finance, University of Crete, Department of Economics, 22-23 May 2003, Rethymnon, Greece.
  • 'Stock performance and inflation: international evidence from a non-linear perspective', 2nd Annual Meeting of the European Economics and Finance Society, Department of Economics, Bologna University, 14-16 May 2003, Bologna, Italy.
  • 'Does the Day of the Week effect exist once transaction costs have been accounted for? Evidence from the UK',  Annual Conference of the International Economics and Finance Society & the Centre for International Capital Markets, London Metropolitan University, 29-30 November 2002, London, UK.
  • 'Has monetary policy reacted to asset price movements? Evidence from the UK', paper presented at the 6th International Conference on Macroeconomic Analysis and International Finance, University of Crete, Department of Economics, 23-25 May 2002, Rethymnon, Greece.

Journal referee activities

  • Applied Economics
  • Bulletin of Economic Research
  • Contemporary Economic Policy
  • Economica
  • Economic Modelling
  • Frontiers in Finance and Economics
  • International Economic Journal
  • International Journal of Finance and Economics
  • Journal of Financial Stability
  • Journal of Macroeconomics
  • Journal of Management and Governance
  • Journal of Policy Modelling
  • Open Economies Review
  • Scottish Journal of Political Economy