Cardiff Business School

CBS Faculty

Summary Information
Research Interests
Teaching
Publications
Recent Working Papers
Newspaper Articles
Articles at Europe EconoMonitor

Summary Information

Michael is a graduate of the Department of Economics of the Athens University of Economics and Business (BSc, 1993) and holds MSc (1994) and PhD (1998) degrees in Economics from the University of London (Queen Mary College). He joined Cardiff Business School in September 2005, having previously been a lecturer in Economics at Brunel University (1998-2005). His main research areas are Macroeconomics and International Finance. His research includes papers on exchange rate determination, current account dynamics, real interest rate convergence, inflation, monetary policy, fiscal policy sustainability and the economics of the EMU. He has also been working on issues relating to Greek macroeconomic policy.

RESEARCH INTERESTS

• Macroeconomics
• International Finance
• Economics of the EMU
• Greek economy

Teaching (2008-2009)

International Macroeconomics (PhD programme, Year 2)
Economics of Public Policy, Macroeconomics part, (MSc)
International Finance (BSc, Year 3)
Political Economy of the EU (BSc, Year 2)

PUBLICATIONS

• Research monographs (reverse chronological order)



1. The effects of the accession of Greece to the EMU, The Centre of Planning and Economic Research (KEPE), Study No 64, 2006. For a PowerPoint presentation please click here.

2. Monetary Policy at the European Periphery: Greek Experience and Lessons for EU Candidates (2000), with I.A. Mourmouras, book in The European and Transatlantic Studies Series, Springer-Verlag, Berlin-New York, 2000.

• Refereed journal publications (reverse chronological order)



1. Do real interest rates converge? Evidence from the European Union (with Andros Gregoriou and Alexandros Kontonikas), Journal of International Financial Markets, Institutions & Money, vol. 19, July 2009, 447-460.

   Monetary policy before and after the euro: Evidence from Greece, Empirical Economics, vol. 36, June 2009, 621-643.

2. Non-linearity versus non-normality in real exchange rate dynamics (with Andros Gregoriou), Economics Letters, vol. 100, August 2008, 200-203

3. Current account imbalances and real exchange rates in the euro area (with Georgios Chortareas), Review of International Economics, vol. 16, September 2008, 747-764.

4. Government Solvency: Revisiting some EMU countries (with Kul Luintel), Journal of Macroeconomics, vol. 29, June 2007, pp. 387-410.

5. Testing for Purchasing Power Parity correcting for non normality using the wild bootstrap (with Andros Gregoriou), Economics Letters, vol. 95, May 2007, pp. 285-290.

6. The price effects of joining the Euro: Modelling the Greek experience using non-linear price-adjustment models, Applied Economics, vol. 39, March 2007, pp. 493-503.

7. Non-linear and non-symmetric exchange-rate adjustment: evidence from medium- and high inflation countries” (with Christopher Martin and Virginie Boinet), Journal of Economics and Finance, vol. 30 (1), Spring 2006, pp. 38-56.

8. Non-linear inflationary dynamics: Evidence from the UK (with Costas Milas and Christopher Martin), Oxford Economic Papers, vol. 57 (1), January 2005, pp. 51-69.

9. Competitiveness and the external trade of Greece in the 1990s: A cross-sectoral investigation (with Evelyn Bazyna), Journal of Economic Integration, vol. 18 (4), December 2003, pp. 763-793.

10. EU participation and the external trade of Greece: an appraisal of the evidence, Applied Economics, vol. 32 (2), February 2000, pp. 151-159.

11. Public expenditure and national income: Time series evidence from Greece, Ekonomia, vol. 4 (2), Winter 2000, pp. 173-191.

12. Causal relationships between public expenditure, public receipts and Gross Domestic Product: Greece 1965-95, Applied Economics Letters vol. 5 (11), November 1998, pp. 727-731.

• Contributions to edited books
  



1. Greek macroeconomic policy in the 1990s, in A. Mitsos and E. Mossialos (eds.) 2000, Contemporary Greece and Europe, The European Political Economy Series, The LSE European Institute, Ashgate Publishing, pp. 157-180.

• Other academic publications (reverse chronological order)
  



1. The Accession of Greece to the EMU: Initial Estimates and Lessons for the New EU Countries, Liverpool Quarterly Economic Bulletin, 27(4), December 2006

2. The Greek Economy in the EMU: Constraints and prospects, Oikonomikes Exelixeis vol. 8 (April 2005), The Centre of Planning and Economic Research (KEPE), pp. 34-45 (in Greek).

3. The limits of the strong-drachma policy (with Iannis Mourmouras), in I.A. Mourmouras, New challenges for economic policy, The Scientific Library Series, Kritiki publishers, Athens, Greece, pp. 118-136 (in Greek).

RECENT WORKING PAPERS

1. Exchange rate uncertainty and deviations from Purchasing Power Parity:  Evidence from the G7 area

2. A new solution to the purchasing power parity puzzles? Risk-aversion, exchange rate uncertainty and the law of one price: Insights from the market of online air-travel tickets

3. The single monetary policy and domestic macro-fundamentals: Evidence from Spain

4. Do real interest rates converge? Evidence from the European Union. A revised version of this paper is forthcoming for publication to Journal of International Financial Markets, Institutions & Money

5. Monetary policy before and after the euro: Evidence from Greece. A revised version of this paper is forthcoming for publication to Empirical Economics

6. Current account imbalances and real exchange rates in the euro area (with Georgios Chortareas). A revised version of this paper is forthcoming for publication to the Review of International Economics.

NEWSPAPER ARTICLES

1. The stability and Growth Pact: Beneficial and necessary, Kathimerini tis Kyriakis, Athens weekly, 1 November 2009
2. Big reforms are imperative, Apogevmatini tis Kyriakis, Athens weekly, 19 July 2009
   
3. Real interest rates in the Eurozone: Convergence and the credit crunch, Kathimerini tis Kyriakis, Athens weekly, 4 January 2009
4. The Greek economy in the years of the euro, Eleftheros Typos, Athens daily, 7 June 2008
5. Euro not responsible for price increases (by Iannis A. Mourmouras), Vima of Sunday, Athens weekly, 22 April 2007
6. Euro not to be blamed for higher inflation, Kathimerini, Athens daily, 30 March 2007
7. Greece not fully prepared upon joining the euro, Kerdos, Athens, daily – financial, 29 March 2007
8. So far, we have only paid the “bitters” of EMU…The “sweats” are to come later, Eleftherotypia, Athens daily, 16 July 2005.  
9. The effects of the accession of Greece to the EU - Part I, Kathimerini, Athens daily, 15 June 2005
10. The effects of the accession of Greece to the EU - Part II, Kathimerini, Athens daily, 15 June 2005
11. Strong drachma policy and Greek exports, Vima, Athens weekly, 9 June 2002