Apostolos Serletis
YOU?
Author Swipe
View article: On Measuring the Welfare Cost of Inflation
On Measuring the Welfare Cost of Inflation Open
This paper uses neoclassical monetary demand theory to measure the welfare cost of inflation. It uses the microeconomic‐ and aggregation‐theoretic approach to the demand for money, that integrates the demand for money with the demands for …
View article: Distance functions and the analysis of inefficiency
Distance functions and the analysis of inefficiency Open
Efficiency is a crucial factor in productivity growth and the optimal allocation of resources in the economy; therefore, measuring inefficiency is particularly important. This paper provides a comprehensive review of the latest development…
View article: The demand for money: the evidence from the different types of money
The demand for money: the evidence from the different types of money Open
This paper investigates the stability of the demand for money in the United States and provides a comparison among the simple-sum monetary aggregates, the original (non-credit-card-augmented) Divisia monetary aggregates, and the credit-aug…
View article: Oil Price Uncertainty and Consumer Sentiment in Advanced Economies
Oil Price Uncertainty and Consumer Sentiment in Advanced Economies Open
How does oil price uncertainty affect consumer sentiment in advanced economies? Is the response of consumer sentiment to exogenous positive and negative oil price shocks symmetric or asymmetric? Motivated to answer these questions, this pa…
View article: Money demand stability: New evidence from transfer entropy
Money demand stability: New evidence from transfer entropy Open
This paper revisits the empirical relationship between interest rates and money demand from a novel perspective, i.e., information theory. Particularly, we utilize the model-free transfer entropy to quantify the flow of information from in…
View article: Monetary policy in advanced and emerging economies
Monetary policy in advanced and emerging economies Open
We are motivated by central bank responses to the rise in inflation in the aftermath of the coronavirus pandemic and investigate monetary policy behavior in advanced and emerging economies. We speak to the debate on whether the conduct of …
View article: The credit card-augmented Divisia monetary aggregates: an analysis based on recurrence plots and visual boundary recurrence plots
The credit card-augmented Divisia monetary aggregates: an analysis based on recurrence plots and visual boundary recurrence plots Open
In this paper, we compare the dynamics of the growth rates of the original Divisia monetary aggregates, the credit card-augmented Divisia monetary aggregates, and the credit card-augmented Divisia inside monetary aggregates. This analysis …
View article: The credit-augmented Divisia aggregates and the monetary business cycle
The credit-augmented Divisia aggregates and the monetary business cycle Open
We follow Belongia and Ireland (2021) and investigate the role that the Center for Financial Stability credit card-augmented Divisia monetary aggregates could play in monetary policy and business cycle analysis. We use Bayesian methods to …
View article: A note on the neutrality of interest rates
A note on the neutrality of interest rates Open
We test the neutrality of nominal interest rates taking advantage of recent advances in quantitative financial history using the Schmelzing (2022) global nominal interest rate and inflation rate series (across eight centuries), for France,…
View article: Monetary policy and economic fluctuations
Monetary policy and economic fluctuations Open
We assess the responses of output and inflation to monetary policy shocks in the context of a Bayesian, monetary structural vector autoregressive model. We allow money supply and leverage measures to enter into the interest rate policy rul…
View article: Oil Prices and the Hydrocarbon Markets: A Review
Oil Prices and the Hydrocarbon Markets: A Review Open
In this paper, we review the literature that investigates the impact of oil price shocks on the selected hydrocarbon prices. First, we present the empirical studies that presume, due to the global nature of the crude oil market, that the w…
View article: A Primal Divisia Technical Change Index Based on the Output Distance Function
A Primal Divisia Technical Change Index Based on the Output Distance Function Open
We derive a primal Divisia technical change index based on the output distance function and further show the validity of this index from both economic and axiomatic points of view. In particular, we derive the primal Divisia technical chan…
View article: Oil prices and the natural gas liquids markets
Oil prices and the natural gas liquids markets Open
This paper investigates the impact of oil market structural shocks on the prices of natural gas liquids (NGLs), including ethane, propane, normal butane, isobutane, and natural gasoline, over the period from January 1985 to April 2020. To …
View article: Efficiency, Technical Change, and Returns to Scale in Large U.S. Banks: Panel Data Evidence from an Output Distance Function Satisfying Theoretical Regularity
Efficiency, Technical Change, and Returns to Scale in Large U.S. Banks: Panel Data Evidence from an Output Distance Function Satisfying Theoretical Regularity Open
This paper provides parametric estimates of technical change, efficiency change, economies of scale, and total factor productivity growth for large banks (those with assets in excess of $1 billion) in the United States, over the period fro…
View article: Oil Price Uncertainty, Globalization, and Total Factor Productivity: Evidence from the European Union
Oil Price Uncertainty, Globalization, and Total Factor Productivity: Evidence from the European Union Open
This paper uncovers linkages between oil price uncertainty, total factor productivity (TFP) growth, and critical indicators of knowledge production and spillovers. It contributes to the literature by investigating the effects of oil price …