Economics

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 2020:

de Groot, O. (2020). A Financial Accelerator through Coordination Failure. The Economic Journal, forthcoming.

Konings, J., Dhyne, E., Van den bosch, J., & Vanormelingen, S. (2020). The Return on Information Technology: Who Benefits Most? Information Systems Research, forthcoming.

Karimov, S., & Konings, J. (2020). The start-up gap and jobs. Small Business Economics, forthcoming.

Bach, C. W., & Perea, A. (2020). Two definitions of correlated equilibrium. JOURNAL OF MATHEMATICAL ECONOMICS, 90, 12-24.

Bach, C. W., & Perea, A. (2020). Incomplete Information and Iterated Strict Dominance. Oxford Economics Papers, forthcoming.

Bach, C. W., & Perea, A. (2020). Generalized Nash equilibrium without common belief in rationality. Economics Letters, 186.

Bu, R., Hadri, K., & Kristensen, D. (2020). Diffusion Copulas: Identification and Estimation. Journal of Econometrics, forthcoming.

Assaf, A. G., Bu, R., & Tsionas, M. G. (2020). A Bayesian approach to continuous type principal-agent problems. European Journal of Operational Research, 280(3), 1188-1192.

Bu, R., Jawadi, F., & Li, Y. (2020). A Multi-Factor Transformed Diffusion Model with Applications to VIX and VIX Futures. Econometric Reviews, 39(1), 27-53.

Chu, C. -H. A., Fan, H., & Xilin, W. (2020). Status-seeking culture and development of capitalism. Journal of Economic Behavior and Organization, forthcoming.

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.

Chu, A. C., Kou, Z., & Wang, X. (2020). Effects of patents on the transition from stagnation to growth. Journal of Population Economics, 33(2), 395-411.

Chu, C. -H. A., Cozzi, G., Fan, H., & Furukawa, Y. (2020). Inflation, Unemployment and Economic Growth in a Schumpeterian Economy. Scandinavian Journal of Economics, forthcoming.

Gorn, A. (2020). The role of headhunters in wage inequality: It's all about matching. Review of Economic Dynamics, forthcoming.

Gu, Y., & Wenzel, T. (2020). Curbing obfuscation: Empower consumers or regulate firms?. International Journal of Industrial Organization, 70.

Crowley, M. A., Exton, O., & Han, L. (2020). The Looming Threat of Tariff Hikes: Entry into Exporting under Trade Agreement Renegotiation. AEA PAPERS AND PROCEEDINGS, 110, 547-551.

Liu, L., & Goenka, A. (2020). Infectious Diseases, Human Capital and Economic Growth. Economic Theory, 70(1), 1-47.

Li, Y., & Rao, Y. (2020). A Simple Nearly Unbiased Estimator of Cross-Covariances. Journal of Time Series Analysis, forthcoming.

Liu, X., Liu, Y., Rao, Y., & Lu, F. (2020). A unified Test for the Intercept of a Predictive Regression Model. Oxford Bulletin of Economics and Statistics, forthcoming.

Tena Horrillo, J. D. D., Forrest, D., McHale, I., & Buraimo, B. (2020). UNSCRIPTED DRAMA: SOCCER AUDIENCE RESPONSE TO SUSPENSE, SURPRISE AND SHOCK. Economic Inquiry, 58(2), 881-896.

Selected publications 2019:

Amiti M, Itskhoki O, Konings J (2019). “International Shocks, Variable Markups and Domestic Prices”, Review of Economic Studies, forthcoming.

Jawadi F, Bu R, Li Y (2019). “A Multi-Factor Transformed Diffusion Model with Applications to VIX and VIX Futures” Econometric Reviews, forthcoming

Bu R, Fu X, Jawadi F (2019). “Does the Volatility of Volatility Risk Forecast Future Stock Returns?”  Journal of International Financial Markets, Institutions and Money, forthcoming.

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

Corona F, Forrest D, Tena JD, Wiper M (2019).  “Bayesian forecasting of UEFA Champions League under alternative seeding regimesInternational”, Journal of Forecasting, forthcoming.

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:

de Groot O, Richter AW, Throckmorton NA (2018). “Uncertainty Shocks in a Model of Effective Demand: Comment”.  Econometrica 86(4):1513-1526

Buraimo B, Tena JD, de la Piedra JD (2018) . “Attendance demand in a developing football market: the case of the Peruvian first division”,  European Sport Management Quarterly

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

Lord A, Gu Y (2018).  “Can the market be tamed? A thought experiment on the value(s) of planning”,  Environment and Planning A: Economy and Space, 0308518X1878460.

Konings J, Bijnens G (2018) . “Declining business dynamism in Belgium”, Small Business Economics

Goos M, Konings J, Vandeweyer M (2018). “Local high-tech job multipliers in Europe”, Industrial and Corporate Change 27(4):639-655 01 

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 and Guido Cozzi (2018). “Effects of Patents versus R&D Subsidies on Income Inequality”, Review of Economic Dynamics, vol. 29, p. 68-84

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:

WP202113 "Passive Search and Jobless Recoveries" by Alexey Gorn

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

Research Impact:
• Enhancing the livelihoods of women in rural India
• Promoting 'informed choice' in India's Menstrual Hygiene Management policy