Discussion Papers

Staff regularly publish work-in-progress as discussion papers. View most recent discussion papers within the Adam Smith Business School below.

If you have a discussion paper to be added, please contact business-school-research@glasgow.ac.uk

2019

2019-01 'Four phases in the history of money' by Luis Angeles

2019-02 Working paper by Betty Wu, Iain MacNeil and Katarzyna Chalaczkiewicz-Ladna (no longer available to download)

2019-03 'Cyclical income risk in Great Britain' by Konstantinos Angelopoulos, Spyridon Lazarakis and James Malley

2019-04 'Estimated Human Capital Externalities in an Endogenous Growth Framework' by Jim Malley and Ulrich Woitek

2019-05 'Savings externalities and wealth inequality' by Konstantinos Angelopoulos, Spyridon Lazarakis and James Malley

2019-06 'The distributional effects of peer and aspirational pressure' by Konstantinos Angelopoulos, Spyridon Lazarakis and James Malley

2019-07 'High-dimensional macroeconomic forecasting using message passing algorithms' by Dimitris Korobilis

2019-08 'Beauty and Adolescent Risky Behaviours' by Colin P. Green, Luke Wilson and Anwen Zhang

2019-09 'Two-way capital flows: A risk-sharing approach' by Ning Zhang

2019-10 'Country portfolios with habit persistence' by Ning Zhang

2019-11 'Asset home bias in debtor and creditor countries' by Ning Zhang

2019-12 'Can we predict currency momentum crashes?' by Mario Cerrato and Zhekai Zhang

2019-13 'Shaking Criminal Incentives' by Yu Aoki and Theodore Koutmeridis


2018

2018-01 'Debt Sustainability and Welfare along an Optimal Laffer Curve' by Xiaoshan Chen, Campbell Leith and Matta Ricci

2018-02 'Should the ECB coordinate EMU fiscal policies?' by Tatiana Kirsanova, Celsa Machado and Ana Paula Ribeiro

2018-03 'Which Banks Smooth and at What Price?' by Sotirios Kokas, Dmitri Vinogradov and Marios Zachariadis

2018-04 'Foreign exchange order flow as a risk factor' by Craig Burnside, Mario Cerrato and Zhekai Zhang

2018-05 'Discouragement through incentives' by Dmitri Vinogradov and Elena Shadrina


2017

2017-01 "Studying the Implications of Consumption and Asset Return Data for Stochastic Discount Factors in Incomplete International Economics" by Gurdip Bakshi, Mario Cerrato and John Crosby

2017-02 "Asymmetries in earnings, employment and wage risk in Great Britain" by Konstantinos Angelopoulos, Spyridon Lazarakis and James Malley

2017-03 "Financial Literacy and Attitudes to Redistribution" by Alberto Montagnoli, Mirko Moro, Georgios A. Panos and Robert E. Wright

2017-04 "A Composition- Consistency Characterization of the Plurality Rule" by Z. Emel Ozturk (no longer available to download)

2017-05 "Durations at the Zero Lower Bound" by Richard Dennis

2017-06 "Financing Lumpy Adjustment" by Christoph Gortz, Plutarchos Sakellaris and John D. Tsoukalas

2017-07 "Wealth inequality and externalities from ex-ante skill heterogeneity" by Konstantinos Angelopoulos, Spyridon Lazarakis and James Malley

2017-08 "Disputes, Debt and Equity" by Alfred Duncan and Charles Nolan

2017-09 "Liquidity Risk, Credit Risk and the Money Multiplier" by Tatiana Damjanovic, Vladislav Damjanovic and Charles Nolan

2017-10 "Can subsiding job-related training reduce inequality?" by Konstantinos Angelopoulos, Andrea Benecchi and James Malley

2017-11 "The Effect of New Shocks and Monetary Policy" by Luca Ganbetti, Dimitris Korobilis, John D. Tsoukalas and Francesco Zanetti

2017-12 "Signaling Probabilities in Ambiguity: on the impact of vague news by Dmitri Vinogradov and Yousef Makhlouf


2016

2016-01‌ - "Understanding Inflation as a Joint Monetary-Fiscal Phenomenon" by Eric M. Leeper and Campbell Leith

2016-02‌ - "Private information and business cycle risk sharing" by Alfred Duncan, University of Cambridge

2016-03‌ - "Forecasting the 2015 General Election with Internet Big Data: An Application of the TRUST Framework" by Ronald MacDonald and Xuxin Mao

2016-04‌ - "Optimal Time-Consistent Monetary, Fiscal and Debt Maturity Policy" by Eric M. Leeper, Campbell Leith and Ding Liu

2016-05‌ - "Monetary Policy and Corporate Bond Returns" by Alexandros Kontonikas, Paulo Maio and Zivile Zekaite

2016-06‌ - "Japan's Currency Intervention Regimes: A Microstructural Analysis with Speculation and Sentiment" by Ronald MacDonald and Xuxin Mao

2016-07‌ - "Competitive Fair Division under additive utilities" by Anna Bogomolnaia and Hervé Moulin

2016-08‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌ - "The Unreasonable Fairness of Maximum Nash Welfare" by Hervé Moulin, Ioannis Caragiannis, David Kurokawa, Ariel D. Procaccia, Nisarg Shah and Junxing Wang.

2016-09‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌ - "Bayesian Compressed Vector Autoregressions" by Dimitris Korobilis, Gary Koop and Davide Pettenuzzo

2016-10‌ - "Bank development and a lower degree of sophistication and diversification of developing countries’ exports" by Alberto Paloni and John Ebireri

2016-11‌ - "Deep Recessions and Slow Recoveries" by Tatiana Kirsanova, Charles Nolan and Maryam Shafiei Deh Abad

2016-12‌ - "Political Economics of Fiscal Consolidations and External Sovereign Accidents" by Carolina Achury, Christos Koulovatianos and John Tsoukalas

2016-13‌ - "Implementation in partial equilibrium" by Takashi Hayashi and Michele Lombardi

2016-14‌ - "Sequential implementation without commitment" by Takashi Hayashi and Michele Lombardi

2016-15‌- "New Shocks under Financial Frictions" by Christoph Gortz, John D. Tsoukalas and Francesco Zanetti

2016-16‌ - "A Non- Cooperative Approach to Dynamic Bargaining" by Francesca Flamini

2016-17‌ - "Optimal Bailout of Systemic Banks" by Charles Nolan, Plutarchos Sakellaris and John D. Tsoukalas

2016-18‌ - "Policy initiatives and firms' access to external finance: Evidence from a panel of emerging Asian Economies" by Udichibarna Bose, Ronald MacDonald and Serafeim Tsoukas

2016-19‌ - "Social decision under uncertainty and responsibility for beliefs" by Takashi Hayashi and Michele Lombardi

2016-20‌- "Dynamic Benchmark Targeting" by Karl H. Schlag and Andy Zapechelnyuk

2016-21‌- "Optimal Allocation with Ex-post Verification and Limited Penalties" by Tymofiy Mylovanov and Andy Zapechelnyuk

2016-22‌- "Persuasion of a Privately Informed Receiver" by Anton Kolotilin, Tymofiy Mylovanov, Andy Zapechelnyuk and Ming Li

2016-23‌- "Financial Literacy and Political Orientation in Great Britain" by Alberto Montagnoli, Mirko Moro, Georgios Panos and Robert E Wright 


2015

2015-01‌ - "Policy initiatives and firms' access to external finance: Evidence from a panel of emerging Asian economies" by Udichibarna Bose, Ronald MacDonald and Serafeim Tsoukas

2015-02‌ - "The Optimal Degree of Monetary-Discretion in a New Keynesian Model with Private Information" by Yuichiro Waki, Ippei Fujiwara and Richard Dennis

2015-03‌ - "Fiscal multipliers in a two-sector search and matching model" by Konstantinos Angelopoulos, Wei Jiang and James Malley

2015-04‌ - "Firm survival, uncertainty and financial frictions: Is there a financial uncertainty accelerator?" by Joseph P. Byrne, Marina-Eliza Spaliara and Serafeim Tsoukas

2015-05‌ - "An Alternative way of predicting the outcome of the Scottish Independence Referendum: the information in the Ether." by Ronald MacDonald and Xuxin Mao

2015-07‌ - "Transaction Costs and Institutions: Investments in Exchange" by Charles Nolan and Alex Trew

2015-08‌ - "Term Structure Dynamics, Macro-Finance Factors and Model Uncertainty" by Joseph P. Byrne, Shuo Cao and Dimitris Korobilis.

2015-09‌ - "Quantile forecasts of in‡ation under model uncertainty" by Dimitris Korobilis.

2015-10‌ - "Prior selection for panel vector autoregressions" by Dimitris Korobilis.

2015-11‌ - "Tracking cost savings from competitive tendering in the short and long run" by Luis Angeles and Robin G. Milne‌

2015-12‌ - "Co-Movement, Spillovers and Excess Returns in Global Bond Markets?" by Joseph P. Byrne, Shuo Cao and Dimitris Korobilis

2015-13‌ - "Education and the local equity bias around the world" by Udichibarna Bose, Ronald MacDonald and Serafeim Tsoukas

2015-14‌ - "US Monetary and Fiscal Policies - conflict or cooperation?" by Xiaoshan Chen, Eric M. Leeper and Campbell Leith

2015-15‌ - "Modeling Dependence Structure and Forecasting Market Risk with Dynamic Asymmetric Copula" by Mario Cerrato, John Crosby, Minjoo Kim and Yang Zhao

2015-16‌ - "Nominal Targeting in an Economy with Government Debt" by Yuting Bai, Tatiana Kirsanova and Campbell Leith

2015-17‌ - "Always and Everywhere Inflation? Treasuries Variance Decomposition and the Impact of Monetary Policy" - by Alexandros Kontonikas, Charles Nolan and Zivile Zekaite

2015-18‌ - "Financialisation, Business Lending and Profitability in the UK" by Victor Ekpu and Alberto Paloni

2015-19‌ - "A note on debt and economic activity" by Luis Angeles and Robin Milne

2015-20‌ - "Economic Growth and Evolution of Gender Equality" by Tatiana Damjanovic and Geethanjali Selvaretnam

2015-21‌ - "Laissez-faire versus Pareto" by Kristof Bosmans and Z. Emel Ozturk

2015-22‌ - "Objectives and Challenges of Macroprudential Policy" by Alfred Duncan and Charles Nolan

2015-23‌ - "Risk Sharing in International Economies and Market Incompleteness" by Gurdip Bakshi, Mario Cerrato and John Crosby

2015-24‌ - "Correlated Defaults of UK Banks: Dynamics and Asymmetries" by Mario Cerrato, John Crosby, Minjoo Kim and Yang Zhao

2015-25‌ - "Forecasting With High Dimensional Panel VARs" by Gary Koop, Dimitris Korobilis


2014

2014-01 "Noncooperative oligopoly in markets with a continuum of traders: a limit theorem a la Cournot" by Francesca Busetto, Giulio Codognato and Sayantan Ghosal

2014-02 "Self-confidence, overconfidence and prenatal testosterone exposure: evidence from the lab" by Patricio S. Dalton and Sayantan Ghosal

2014-03‌ "Exchange rate predictability in a changing world" by Joseph P. Byrne, Dimitris Korobilis, and Pinho J. Ribeiro

2014-04 "Data-based priors for vector autoregressions with drifting coefficients" by Dimitris Korobilis

2014-05‌ "Tax smoothing in a business cycle model with capital-skill complementarity" by Konstantinos Angelopoulos, Stylianos Asimakopoulos and James Malley

2014-06‌ "The in‡flation bias under Calvo and Rotemberg pricing" by Campbell Leith and Ding Liu

2014-07‌ "Optimal progressive taxation in a model with endogenous skill supply" by Konstantinos Angelopoulos, Stylianos Asimakopoulos and James Malley

2014-08‌ "Monetary policy in times of financial stress" by Alexandros Kontonikas, Charles Nolan and Zivile Zekaite

2014-09‌ "On the real effects of financial pressure: Evidence from euro area firm-level employment during the recent financial crisis" by Filipa Fernandes, Alexandros Kontonikas, Serafeim Tsoukas

2014-10‌ "Model uncertainty in panel vector autoregressive models" by Gary Koop and Dimitris Korobilis

2014-11‌ "An independent Scotland’s currency options redux: Assessing the costs and benefits of currency choice" by Ronald MacDonald, CESifo Policy Group Munich

2014-12‌ "Atomic Cournotian traders may be Walrasian" by Giulio Codognato, Sayantan Ghosal and Simone Tonin

2014-13‌ "Nondictatorial Arrovian Social Welfare Functions An Integer Programming Approach" by Francesca Busetto, Giulio Codognato and Simone Tonin

2014-14‌ "Integer Programming on Domains Containg Inseparable Ordered Pairs" by Francesca Busetto, Giulio Codognato and Simone Tonin

2014-15‌ "Non-Cooperative Asymptotic Oligopoly in Economies with In finitely Many Commodities" by Sayantan Ghosal and Simone Tonin

2014-16‌ "On the Sources of Uncertainty in Exchange Rate Predictability" by Joseph P. Byrne, Dimitris Korobilis, and Pinho J. Ribeiro

2014-17‌ "The role of education in equity portfolios during the recent financial crisis" by Udichibarna Bose, Ronald MacDonald, Serafeim Tsoukas

2014-18‌ "Picking the right budget constraint for Scotland" by Paul Hallwood and Ronald MacDonald

2014-19‌ "An Empirical Assessment of Optimal Monetary Policy Delegation in the Euro Area" by Xiaoshan Chen, Tatiana Kirsanova, Campbell Leith

2014-20‌ "Disputes, Debt and Equity" by Alfred Duncan and Charles Nolan

2014-21‌ "Computing Markov-Perfect Optimal Policies in Business-Cycle Models" by Richard Dennis and Tatiana Kirsanova