The Economics Group produces world-class theoretical and applied research, with key areas of expertise including Industrial economics, Macroeconomic analysis and policy, and Statistical modelling using ‘big data’. Find out more about our researchers here.
Our group publishes in the top general economics journals, such as the American Economic Review, Econometrica, the Journal of Political Economy, the Review of Economic Studies, the Economic Journal, and the International Economic Review, as well as in top field journals, such as the Journal of Econometrics, the Journal of Money, Credit and Banking, the Journal of Development Economics, Games and Economic Behaviour, and the Journal of Industrial Economics, amongst others.
We have also built a strong international research network, with our staff collaborating with leading universities and research institutes, such as IESE Business School, KU Leuven, Toulouse School of Economics, LSE, UCL, University of Cambridge, Princeton University, University of Pennsylvania, and the Centre for Economic Policy Research (CEPR).
In addition, the group contributes to the solution of significant policy issues with high impact. This includes advice on trade policy, monetary policy and industrial policy in collaboration with local government, and national and international institutions such as the European Commission, the OECD, the Asian Development Bank and various central banks, including the Bank of England, ECB and National Bank of Belgium. The group has also contributed to pioneering reform of microfinance in India, transforming the lives of over 500,000 women; and contributing to the development of health policy in India.
The research output of our group is regularly summarised in non-technical notes known as Liverpool Economic Insights.
The group delivers specialist postgraduate and undergraduate programmes, including Economics PhD, MSc Economics, BSc Economics and BA Business Economics, as well as contributing to the School's general management programmes.
Find out more about our master's programme:
Selected publications 2021:
de Groot, O. (2021). A Financial Accelerator through Coordination Failure. The Economic Journal, 131(636), pp.1620-1642.
Dhyne, E., Konings, J., Van den bosch, J. and Vanormelingen, S. (2021). The Return on Information Technology: Who Benefits Most?. Information Systems Research, 32(1), pp.194-211.
Bu, R., Hadri, K. and Kristensen, D. (2021). Diffusion copulas: Identification and estimation. Journal of Econometrics, 221(2), pp.616-643.
Buraimo, B., Forrest, D., McHale, I. and Tena, J. (2021). Armchair fans: Modelling audience size for televised football matches. European Journal of Operational Research.
Buraimo, B., Migali, G. and Simmons, R. (2021). Impacts of the Great Recession on sport: evidence from English Football League attendance demand. Oxford Economic Papers.
Van Borm, H., Burn, I. and Baert, S. (2021). What Does a Job Candidate's Age Signal to Employers?. Labour Economics, 71, p.102003.
Lord, A., Cheang, C. and Dunning, R. (2021). Understanding the geography of affordable housing provided through land value capture: Evidence from England. Urban Studies, p.004209802199889.
Gizatulina, A. and Gorelkina, O. (2021). Selling “Money” on eBay: A field study of surplus division. Journal of Economic Behavior & Organization, 181, pp.19-38.
Gu, Y., Madio, L. and Reggiani, C. (2021). Data brokers co-opetition. Oxford Economic Papers.
Agenor, P. -R., Jackson, T., Kharroubi, E., Gambacorta, L., Lombardo, G., & Pereira da Silva, L. A. (2021). Assessing the Gains from International Macroprudential Policy Cooperation. Journal of Money, Credit and Banking, 53(7), pp.1819-1866.
Jackson, T. and Kotlikoff, L. (2021). Banks as Potentially Crooked Secret Keepers. Journal of Money, Credit and Banking, 53(7), pp.1593-1628.
Agenor, P. -R., Jackson, T., & Jia, P. (2021). Macroprudential policy coordination in a currency union. European Economic Review, 137, p.103791.
Jackson, T. and Pennacchi, G. (2021). How should governments create liquidity?. Journal of Monetary Economics, 118, pp.281-295.
Giuntella, O., Lonsky, J., Mazzonna, F. and Stella, L. (2021). Immigration policy and immigrants’ sleep. Evidence from DACA. Journal of Economic Behavior & Organization, 182, pp.1-12.
Lonsky, J. (2021). Does immigration decrease far-right popularity? Evidence from Finnish municipalities. Journal of Population Economics, 34(1), pp.97-139.
Bekes, G., Benito, G. R. G., Castellani, D., & Murakozy, B. (2021). Into the unknown: The extent and boldness of firms' international footprint. Global Strategy Journal, 11(3), pp.468-493.
de Nicola, F., Murakozy, B. and Tan, S. (2021). Spillovers from high growth firms: evidence from Hungary. Small Business Economics, 57(1), pp.127-150.
Liu, X., Liu, Y., Rao, Y. and Lu, F. (2021). A Unified test for the Intercept of a Predictive Regression Model*. Oxford Bulletin of Economics and Statistics, 83(2), pp.571-588.
Li, Y. and Rao, Y. (2021). A simple nearly unbiased estimator of cross‐covariances. Journal of Time Series Analysis, 42(2), pp.240-266.
Selected publications 2020:
Chu, C. A., Cozzi, G., Fan, H., Pan, S., & Zhang, M. (2020). Do Stronger Patents Stimulate or Stifle Innovation? The Crucial Role of Financial Development. Journal of Money, Credit and Banking, 52(5), 1305-1322.
Selected publications 2019:
A. Chu, G. Cozzi, H. Fan, S. Pan and M. Zhang (2019). “Do Stronger Patents Stimulate or Stifle Innovation? The Crucial Role of Financial Development”, Journal of Money, Credit and Banking, forthcoming
Chu, A., G. Cozzi, H. Fan, Y. Furukawa and C. Liao (2019). “Innovation and Inequality in a Monetary Schumpeterian Model with Heterogeneous Households and Firms”, Review of Economic Dynamics, forthcoming
Chu, A., Ching-Chong Lai and Chih-Hsing Liao (2019). “A Tale of Two Growth Engines: Interactive Effects of Monetary Policy and Intellectual Property Rights”, Journal of Money, Credit and Banking, forthcoming
Chu, A., Cozzi, G., Yuichi Furukawa and Chih-Hsing Liao (2019). “Inflation and Innovation in a Schumpeterian Economy with North-South Technology Transfer”, Journal of Money, Credit and Banking, forthcoming
Angus Chu and Guido Cozzi (2019). “Growth: Scale or Market-Size Effects?” Economics Letters, vol. 178, p. 13-17
Breemersch, K., Damijan J. and Konings, J. (2019). “Labor market polarization in advanced countries: impact of global value chains, technology, import competition from China and labor market institutions”, Industrial and Corporate Change, forthcoming
Selected publications 2018:
Suhonen N, Saastamoinen J, Kainulainen T, Forrest D (2018). “Is timing everything in horse betting? Bet amount, timing and bettors' returns in pari-mutuel wagering markets”, Economics Letters 173: 97-99
Konings J, Bijnens G (2018) . “Declining business dynamism in Belgium”, Small Business Economics
Chu, A. Kuan-Jen Chen and Ching-Chong Lai (2018). “Home Production and Small Open Economy Business Cycles”, Journal of Economic Dynamics and Control, , vol. 95, p. 110-135
Angus Chu. Zonglai Kou and Xueyue Liu (2018), “Labor Union and the Wealth-Income Ratio”, Economics Letters, vol. 167, p. 29-35
Working Papers 2021:
WP202118 "Housework and Well-being in Dual-Earner Work from Home Households" by Supriya Garikipati, Neha Hui and Uma Kambhampati
WP202117 "The Robustness of the 2SLS Mean Squared Error to Non-Normal Disturbances" by Garry DA Phillips and Gareth Liu-Evans
WP202116 "Unintended Consequences of Unemployment Insurance Benefits: The Role of Banks" by Yavuz Arslan, Ahmet Degerli and Gazi Kabas
WP202115 "Credit Supply Driven Boom-Bust Cycles" by Yavuz Arslan, Bulent Guler and Burhan Kuruscu
WP202114 "Higher Education Funding, Welfare and Inequality in Equilibrium" by Gustavo Mellior
WP202113 "Passive Search and Jobless Recoveries" by Alexey Gorn
WP202112 "A Toolkit for Computing Constrained Optimal Policy Projections (COPPs)" by Oliver de Groot, Falk Mazelis, Roberto Motto and Annukka Ristiniemi
WP202111 "Assessing the (De)Stabilizing Effects of Unemployment Benefit Extensions" by Alexey Gorn and Antonella Trigari
WP202110 "Forced to Play Too Many Matches? A Deep- Learning Assessment of Crowded Schedule" by Stefano Cabras, Marco Delogu and J.D. Tena
WP202109 "The Contribution of Jump Signs and Activity to Forecasting Stock Price Volatility" by Ruijun Bu, Rodrigo Hizmeri, Marwan Izzeldin, Anthony Murphy and Mike Tsionas
WP202108 "Culture, Collectivism and Empowerment:The Role of Feminist Ideologies in Women’s Work and Organization" by Punita Bhatt and Supriya Garikipati
WP202107 "What's the bleeding problem? Period Poverty, Information Failure and Consumer Preferences in the Global South" by Supriya Garikipati and Penelope A. Phillips-Howard
WP202106 "Improving the Estimation and Predictions of Small Time Series Models" by Gareth Liu-Evans
WP202105 "Emotions and Performance: A Quasi Natural Experiment from the FIFA world cup" by J.D. Tena and Jorge Tovar
WP202104 "Dominant Currency Dynamics: Evidence on Dollar-Invoicing from UK Exporters" by Meredith Crowley, Lu Han and Minkyu Son
WP202103 "SIR Economic Epidemiological Models with Disease Induced Mortality" by Aditya Goenka, Lin Liu and Manh-Hung Nguyen
WP202102 "Exclusive Data, Price Manipulation and Market Leadership" by Yiquan Gu, Leonardo Madio and Carlo Reggiani
WP202101 "Data Brokers Co-Opetition" by Yiquan Gu, Leonardo Madio and Carlo Reggiani by Aditya Goenka, Lin Liu and Manh-Hung Nguyen
Working Papers 2020:
WP202032 "A Natural Experiment on the Effect of Instruction Time and Quality: Lessons for the Covid-19 outbreak" by Ismael Sanz and J.D. Tena
WP202031 "What Makes the Ideal Profile of a New Manager in Times of Adversity? Evidence from Serie A" by Kaori Narita, J .D. Tena and Claudio Detotto
WP202030 "Formal sector enforcement and welfare" by Gareth Liu-Evans and Shalini Mitra
WP202029 "How Should Governments Create Liquidity?" by Timothy Jackson and George Pennacchi
WP202027 "Foreign Exchange Intervention and Financial Stability " by Pierre-Richard Agénor, Timothy P. Jackson and Luiz Pereira da Silva
WP202026 "Macroeconomic Effects of Government Spending Shocks: New Narrative Evidence from Canada" by Syed M. Hussain and Lin Liu
WP202025 "Modeling optimal quarantines under infectious disease related mortality" by Aditya Goenka, Lin Liu and Manh-Hung Nguyen
WP202024 "Applying a Bayesian Network to VaR Calculations " by Emma Apps
WP202023 "Assessing the Impact of Interlinkages on Value-at-Risk " by Emma Apps
WP202022 "Application of the Absorption Ratio to Illustrate Financial Connectedness and Interlinkages" by Emma Apps
WP202021 "Uniform and Lp Convergences of Nonparametric Estimation for Diffusion Models " by Ruijun Bu, Jihyun Kim and Bin Wang
WP202020 "Armchair fans: New insights into the demand for televised soccer" by Babatunde Buraimo, David Forrest, Ian G. McHale and J.D. Tena
WP202019 "Impacts of the Great recession on sport: Evidence from English Football League attendance demand" by Babatunde Buraimo, Giuseppe Migali and Rob Simmons
WP202018 "Gender Typicality and Sexual Minority Labor Market Differentials" by Ian Burn and Michael E. Martell
WP202017 "Does sport affect health and wellbeing or is it the other way around? A note on reverse causality in empirical applications" by Jing Guan and J.D. Tena
WP202016 "Leading the Fight Against the Pandemic: Does Gender ‘Really’ Matter? " by Supriya Garikipati and Uma Kambhampati
WP202015 "Asymmetric Information in Menstrual Health and Implications for Sustainability: Insights from India" by Supriya Garikipati
WP202014 "Feminist Ideologies at Work: Culture, Collectivism and Entrepreneurship among Poor Women in India" by Punita Bhatt and Supriya Garikipati
WP202013 "Who wins at the Chess Olympics? The role of resources and education capital" by David Forrest, J.D Tena and Carlos Varela-Quintana
WP202012 "Is gambling a tax on stupidity?" by Niko Suhonen, Jani Saastamoinen, David Forrest and Tuomo Kainulainen
WP202011 "Time to go? Head Coach Quits and Dismissals in Professional Football" by Alex Bryson, Babatunde Buraimo, Alex Farnell and Rob Simmons
WP202010 "Price-cost margins and fixed costs " by Filip Abraham, Yannick Bormans, Jozef Konings and Werner Roeger
WP202009 "Physical Activity, Leisure-Time, Cognition and Academic Grades : Connections and Causal Effects in Chinese Students" by Jing Guan and J.D. Tena
WP202008 "Impact of Family Planning Policy on Gender Inequality: Evidence from China " by Yining Geng
WP202007 "Invoicing and Pricing-to-market: Evidence on international pricing by UK exporters" by Giancarlo Corsetti, Meredith Crowley and Lu Han
WP202006 "Spectator Demand for the Sport of Kings" by Babatunde Buraimo, Neil Coster and David Forrest
WP202005 "Exploring Sustainability in Cultural Heritage Tourism Planning" by Urmila Jha-Thakur, Fatemeh Khosravi, Giamila Quattrone, Soumyen Bandyopadhyay, Ian Magedera and Supriya Garikipati
WP202004 "Market Intelligence Gathering and Money Demand" by Seon Tae Kim and Alessandro Marchesiani
WP202003 "What works for rural incomes under climate variability? Evidence from rural Vietnam" by Ilkwon Lee and Supriya Garikipati
WP202002 "Increasing Market Power in Slovenia: Role of Diverging Trends between Exporters " by Joze Damijan, Jozef Konings and Aigerim Yergabulova
WP202001 "Gender and quality at top economics journals " by Erin Hengel and Eunyoung Moon
Working Papers 2019:
WP201916 " Global v. Local Methods in the Analysis of Open-Economy Models with Incomplete " by Oliver de Groot, C. Bora Durdu and Enrique G. Mendoza
WP201915 "The Coase Theorem and alternative business models of festivals From failure to s" by Julia J. Hiscock and David E. Hojman
WP201914 "Exchange Rate Pass through after a Large Depreciation" by Anatoli Colicev, Joris Hoste and Jozef Konings
WP201913 "Optimal Capital Taxation" by Ping-ho Chen, Angus C. Chu, Hsun Chu and Ching-chong Lai
WP201912 "Effects of Minimum Wage on Automation and Innovation" by Angus C. Chu, Guido Cozzi, Yuichi Furukawa and Chih-Hsing Liao
WP201911 "Dynamic Effects of Patent Policies" by Angus C. Chu, Yuichi Furukawa, Sushanta Mallick, Pietro Peretto and Xilin Wang
WP201910 "Innovation and Inequality from Stagnation to Growth" by Angus C. Chu and Pietro Peretto
WP201909 "The Mutable Geography of Firms International Trade" by Lu Han
WP201908 "Microfinance in the Global South: Examining Evidence on Social Efficacy" by Ranjula Bali Swain and Supriya Garikipati
WP201907 "What's the bleeding problem? Policy and Attitudes towards Sustainable Menstrual Hygiene" by Supriya Garikipati and Penelope A. Phillips-Howard
WP201906 "One strike and you're out! The Master Lever's effect on senatorial policy-making" by Olga Gorelkina, Ionna Grypari and Erin Hengel
WP201905 "The Signalling Channel of Negative Interest Rates" by Oliver de Groot and Alexander Haas
WP201904 "Valuation Risk Revalued" by Oliver de Groot, Alexander W Richter and Nathanial A. Throckmorton
WP201903 "Informality and Bank Stability" by Gareth Lui-Evans and Shalini Mitra
WP 201902 "Exchange Rate Pass-through after a Large Depreciation" by Anatoli Colicev, Joris Hoste and Jozef Konings
WP 201901 "Women's progress after atrocity and Post traumatic growth" by David E. Hojman
Working Papers 2018:
WP 201812 "Persistent Misallocation and the Productivity Slowdown in EU by Shalini Mitra
WP 201811 "Does Foreign Aid Improve Gender Performance by Ranjula Bali Swain and Supriya Garikipati
WP 201810 "Evolutionary Equilibrium in Contests with Stochastic Participation by Yiquan Gu, Burkhard Hehenkamp, Wolfgang Leininger
WP 20189 "Social Pressure or Rational Reactions to Incentives?by Stefano Cabras J. James Reade J.D. Tena
WP 20188 "Estimating the Impact of Social Medical Insurance Schemes on Children’s Healthby Jing Guana and J.D. Tena
WP 20187 "Estimating the Effect of Physical Exercise on Juveniles’ Health Status by Jing Guan and J.D. Tena
WP 20186 "How Do Households Allocate Risk?" by Christoph Engel, Alexandra Fedorets and Olga Gorelkina
WP 20185 "Structural Change and the Problem of Phantom Break Locations" by Yao Rao and Brendan McCabe
WP 20184 "Diffusion Copulas Identification and Estimation" by Ruijun Bu, Kaddour Hadri and Dennis Kristensen
WP 20183 "A Multi-Factor Transformed Diffusion Model with Applications to VIX &VIX Futures" by Ruijun Bu, Fredj Jawadi, and Yuyi Li
WP 20182 "Collusion via Information Sharing and Optimal Auctions by Olga Gorelkina
WP 20181 “Declining Business Dynamism in Belgium” by Gert Bijnens and Jozef Konings