In this work, we employ the GVAR model in order to analyze demand aspects of a multimodal public transportation system. The methodology is applied to the Athens region, Greece. GVAR provides a relevant econometric modelling framework for assessing relationships between economic entities, such as transportation modes, by analyzing the relative shocks and channels of transmission mechanisms among...

Over the past twenty years, macroeconomic performance has improved in industrialized and developing countries alike. In a broad cross-section of countries inflation volatility has fallen markedly while output variability has either fallen or risen only slightly. This increased stability can be attributed to either: 1) more efficient policymaking by the monetary authority, 2) a reduction in the ...

This paper uses a structural VAR model to quantify the extent of international dependence of several emerging markets in Asia and Latin America. A sizable fraction of macroeconomic fluctuations in emerging markets is attributable to external shocks (in many cases more than 50%). External factors are dichotomized into “U.S. monetary policy” and “everything else” shocks. This further decompositio...

While the early history of the Phillips curve up to 1975 is well known, less well understood is the post-1975 fork in the road. The left fork developed a theory of policy responses to supply shocks in the context of price stickiness in the non-shocked sector. Its econometric implementation interacts shocks with backward-looking inertia. The right fork approach emphasizes forward-looking expecta...

This dissertation consists of three essays organized as chapters. On the first chapter, I revisit the discussions which evaluate different fluctuations of major economic variables produced by different monetary policy rules for small open economies, given the existence of liability dollarization. In particular, monetary rules which either include or exclude exchange rate stability as a monetary...

This paper studies how the interplay between technological shocks and financial variables shapes the properties of macroeconomic dynamics. Most of the existing literature has based the analysis of aggregate macroeconomic regularities on the representative agent hypothesis (RAH). However, recent empirical research on longitudinal micro data sets has revealed a picture of business cycles and grow...

We develop a global vector autoregressive model GVAR to analyze macroeconomic shock transmission among the East African Community countries. The results suggest that there is a signi…cant growth and in‡ation shock transmissions from Kenya to the rest of the member countries while the transmission in the opposite direction is insigni…cant. The macroeconomic shocks are re‡ected more on prices tha...

Debt introduces firm vulnerability to insolvency as cash flow must be available to make interest payments. This paper reviews the empirical evidence on a sample of more than 6,000 real sector firms in 41 countries and their ability to service debt, as measured by the ratio of cash flow to interest expense, for the period 1994-01. Firmspecific, sector-specific and macroeconomic factors all influ...

In this paper, economic vulnerability is defined as the exposure of an economy to exogenous shocks, arising out of economic openness, while economic resilience is defined as the policy-induced ability of an economy to withstand or recover from the effects of such shocks. The paper briefly reviews the work already carried out on economic vulnerability and extends the research towards the develop...

This paper studies the institutional design of the coordination of macroeconomic stabilization policies within a monetary union in the framework of linear quadratic differential games. A central role in the analysis plays the partitioned game approach of the endogenous coalition formation literature. The specific policy recommendations in the EMU context depend on the particular characteristics...