Working paper series
Staff in Economics and Finance regularly publish their developmental papers as part of our working paper series at Adam Smith Business School. The most recent papers can be downloaded below.
If you have a working paper to be added, please contact business-school-research@gla.systa-s.com and we will add it to the website within 7 days. For economics papers, please provide the relevant JEL classification codes for RePEc purposes.
2026
2026-01. "Markov-Switching DSGE Modeling in RISE" by Junior Maih, Nigar Hashimzade, Oleg Kirsanov and
Tatiana Kirsanova
2025
2025-01. 'Agreed and Disagreed Uncertainty' by Luca Gambetti, Dimitris Korobilis, John D. Tsoukalas and Francesco Zanetti.
2025-02. 'Bayesian Nonparametric Inference in Bank Business Models with Transient and Persistent Cost Inefficiency' by Dimitris Korobilis, Emmanuel C. Mamatzakis, and Vasileios Pappas.
2025-03. 'Quantitative Easing, Banks’ Funding Costs, and Credit Line Prices' by Mario Cerrato and Shengfeng Mei
2025-04. 'Financial Teaching and Financial Understanding amongst Young People' by Georgios Panos and Robert E. Wright
2025-05. 'Household Finance and Well-Being in Greece and Cyprus' by Georgios Panos
2025-06. 'Pension Policy and Personal Finance: Defined-Contribution Plans and Retirement Strategies in the United Kingdom' by Georgios Panos and Ioannis Petrakis.
2025-07. 'Bank Capital Structure, Valuation Adjustments and Financial Market Liquidity' by Mario Cerrato and Shengfeng Mei
2025-08. 'Evaluating Monetary Policy using Deviation Errors' by Dimitris Korobilis and Leif Anders Thorsrud
2025-09. 'Exploring Monetary Policy Shocks with Large-Scale Bayesian VARs' by Dimitris Korobilis
2025-10. 'Extracting Wedges: Misallocation and Taxation in the Oil Industry' by Radek Stefanski, Lassi Ahlvik, Jørgen Juel Andersen, Torfinn Harding and Alex Trew
2025-11. 'Policy interventions to mitigate the long-run costs of Brexit' by George Economides, James Malley, Apostolis Philippopoulos and Anastasios Rizos
2025-12. 'Learning from crises: A new class of time-varying parameter VARs with observable adaptation' by Nicolas Hardy and Dimitris Korobilis
2025-13. 'Searching for flexibility: The Joint Impact of Thatcher’s Reforms of UK Labour and Housing Markets' by Tatiana Kirsanova, Øyvind Masst and Charles Nolan
2024
2024-01. 'On Bayesian Filtering for Markov Regime Switching Models' by Nigar Hashimzade, Oleg Kirsanov, Tatiana Kirsanova, Junior Maih
2024-02. 'Survey-based expectations and uncertainty attitudes' by Dmitri V. Vinogradov, Michael J. Lamla, Yousef Makhlouf
2024-03. 'Prudential fiscal stimulus' by Alfred Duncan and Charles Nolan
2024-04. 'On the adaptation of the Lagrange formalism to continuous stochastic optimal control: A Lagrange-Chow redux' by Christian Oliver Ewald and Charles Nolan
2024-05. 'Quantitative Easing, Banks' Funding Costs, and Credit Line Prices' by Mario Cerrato and Shengfeng Mei. (Updated version 2025-03)
2024-06. 'Evolution in the aid delivery and aid effectiveness debate - A working paper' by Michael Tribe
2024-07. 'Who should not share? The merits of withholding unused vehicles' by Roman Zakharenko
2024-08. 'Lindahl meets Condorcet?' by Sayantan Ghosal and Lukasz Woźny
2024-09. 'Private equity buyouts & firm exporting in crisis periods: exploring a new channel' by Paul Lavery, Marina Spaliara and Holger Görg
2024-10. 'Central Bank Independence, Government Debt and the Re-Normalization of Interest Rates' by Tatiana Kirsanova, Campbell Leith and Ding Liu
2024-11. 'Equity versus Efficiency: Optimal Monetary and Fiscal Policy in a HANK Economy' by Vasileios Karaferis, Tatiana Kirsanova and Campbell Leith
2024-12. 'Monetary and Finacial Policy with Privately Optimal Risk Taking' by Alfred Duncan, João Pedro de Camargo Mainente and Charles Nolan
2024-13. 'Firm-level and Aggregate Effects of Corporate Payout Policy' by Stylianos Asimakopoulos, James Malley and Apostolis Philippopoulos
2023
2023-01. 'Selection, Patience, and Interest Rate' by Radoslaw (Radek) Stefanski and Alex Trew (previous version 2022-08)
2023-02. 'Signal-jamming in the Frequency Domani' by Bart Taub
2023-03. 'Foreign exchange order flow as a risk factor' by Craig Burnside, Mario Cerrato and Zhekai Zhang.
2023-04. 'Agreed and disagreed uncertainty' by Luca Gambetti, Dimitris Korobilis, John D. Tsoukalas and Francesco Zanetti.
2023-05. 'European firms, panic borrowing and credit lines drawdowns: What did we learn from the COVID-19 shock?' by Mario Cerrato, Hormoz Ramian and Shengfeng Mei.
2023-07. 'Monitoring multicountry macroeconomic risk' by Dimitris Korobilis and Maximilian Schöder.
2023-08. 'Adam Smith and the Bankers: Retrospect and Prospect' by Alfred Duncan and Charles Nolan.
2023-09. 'The Death and Life of Great British Citites' by Stephan Heblich, Dávid Krisztián Nagy, Alex Trew and Yanos Zylberberg.
2023-10. 'Stimulating Long-Term Growth and Welfare in the U.S.' by James Malley and Apostolis Philippopoulos
2022
2022-01 'Globalization of Capital Flows and the (In)Disciplining of Nations' by Arthur Blouin, Sayantan Ghosal and Sharun W. Mukand
2022-02 'Persistent States: lessons for Scottish devolution and independence' by Anton Muscatelli, Graeme Roy and Alex Trew
2022-03 'The Macroeconomic Effects of Funding U.S. Infrastructure' by James Malley and Apostolis Philippopoulos
2022-04 'International bank credit, nonbank lenders, and access to external financing' by Jose-Maria Serena, Marina-Eliza Spaliara and Serafeim Tsoukas
2022-05 'Asymptotic properties of Bayesian inference in linear regression with a structural break' by Kenichi Shimizu
2022-06 'Semiparametric Bayesian Estimation of Dynamic Discrete Choice Models' by Andriy Norets and Kenichi Shimizu
2022-07 'Default Risk and the Cross-section of UK Insurance Firms' by Mario Cerrato, Paolo Coccorese and Xuan Zhang
2022-08 'Selection, Patience and the Interest Rate' by Radoslaw (Radek) Stefanski and Alex Trew (updated version January 2023)
2022-09 'Private equity buyouts and firm exporting during the global financial crisis' by Paul Lavery and Marina-Eliza Spaliara
2022-10 'Expected Returns to Crime and Crime Location' by Nils Braakmann, Arnaud Chevalier and Tanya Wilson
2022-11 'Marriage Market Equilibrium with Matching on Latent Ability: Identification using a Compulsory Schooling Expansion' by Dan Anderberg, Jesper Bagger, V. Bhaskar and Tanya Wilson.
2022-12 'European firms, Panic Borrowing and Credit Lines Drawdowns: What did we learn from the COVID-19 Shock?' by Mario Cerrato, Hormoz Ramian, and Shengfeng Mei (updated version 2023-05)
2022-13 'Frequency-band estimation of the number of factors detecting the main business cycle shocks' by Marco Avarucci, Maddalena Cavicchioli, Mario Forni and Paolo Zaffaroni.
2022-14 'CFO Working Experience and Tax Avoidance' by Panagiotis Karavitis, Pantelis Kazakis and Tianyue Xu
2022-15 'Fighting for Growth: Labor scarcity and technological progress during the British industrial revolution' by Hans-Joachim Voth, Bruno Caprettini and Alex Trew.
2022-16 'The Financial Capability of the Youth in Greece' by Vasiliki A. Tzora, Nikolaos D. Philippas and Georgios A. Panos.
2022-17. 'Modelling Low-Frequency Covariability of Paleoclimatic Data' by Vasco J. Gabriel, Luis F. Martins and Anthoulla Phella