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Past News

Postgraduate Taught:

Postgraduate Research:

• Richard Agenor will be presenting a series of 4 lectures with the following title "Banking Crises: Causes, Evidence, and Regulatory Response." These two hour lectures are timetabled to take place at 12 noon on the four days starting Monday 23rd March and ending on the 27th March 2009.
• In January 2009, the paper "Strategies of Survival in Dynamic Asset Market Games" by Rabah Amir, Igor Evstigneev and Le Xu (Research Paper No. 08-41, Swiss Finance Institute, December 2008) was listed on SSRN's Top Ten download list for the subject "Econometric & Statistical Methods - Special Topics"
• Doctoral Conference: This year's Economics PhD-Student Conference took place on 6 & 7 May 2008.

Research:

Research Assessment Exercise 2008:

The results of the 2008 Research Assessment Exercise (RAE2008), confirm that we are in the top 10 of UK Economics Departments with international recognition for the quality of ALL our research activity. Of this:

• 80% achieved the highest standards of international excellence (3*/4*)
• 25% is world-leading (4*).

The research activity of 41 of Manchester's economists (38 within the Discipline Area) was submitted to RAE2008, including staff entered under the Development Studies or Business & Management submission, where 65% of the research activity was judged 3*/4*. In total, 90% of the research eligible staff were entered.

The RAE2008, summarises the percentage of research activity in each of 5 bands (4*, 3*, 2*, 1* & Unclassified) where:

• 4* describes work demonstrating levels of originality, significance and rigour which are comparable to the best work in the field or sub-field; i.e., world leading.
• 3* describes work demonstrating international standards of excellence in terms of originality, significance and rigour.
• 2* describes work demonstrating quality that is internationally recognised in terms of originality, significance and rigour.
• 1* describes work demonstrating quality that is nationally recognised in terms of originality, significance and rigour.
• Unclassified describes work falling below the standard of nationally recognised work, or failing to meet the definition of research, as set by the RAE.

The Research Quality Profile for Economics research at Manchester is:

• 4*: 25%
• 3*: 55%
• 2*: 20%

Publications:

July-September 2009

• Martyn Andrews, Lutz Bellmann, Thorsten Schank and Richard Upward, "The Takeover and Selection Effects of Foreign Ownership in Germany: An Analysis Using Linked Employer-emplyee Data", Review of World Economics (Vol. 145, July 2009, 293-317).
• Ken Clark and Stephen Drinkwater "Patterns of Ethnic Self-employment in Time and Space: Evidence from British Census Microdata," Small Business Economics (On-line publication: 2008/9).
• Igor Evstigneev, M.A.H. Dempster and K.R. Schenk-Hoppé "Volatility-induced financial growth", Quantitative Finance, 7 (2007), 151-160, has been reprinted in the Handbook Quantitative Fund Management, Chapman and Hall, 2009, 67-84.
• Katsushi Imai "Does the Employment Guarantee Scheme Stabilise Household Incomes in Rural India? (with P. Scandizzo and R. Gaiha), Applied Economics Letters (Vol. 16, August 2009, 1221-1225).
• Kyriakos Neanidis "Aid Effectiveness: The Role of the Local Elite" (jointly with Luis Angeles) Journal of Development Economics (Vol. 90, September 2009, 120-134).
• Johannes Sauer "Free-Riding on Rent Seeking - An Empirical Analysis," (with Hartley W. Furtan and Maria Skovager Jensen) Public Choice (Vol. 140, September 2009, 479-500).
• Ada Wossink "A Technique for Assessing Environmental Impact Risks of Agricultural Systems," (jointly with Olha Sydorovych, Charlie Raczkowsky, Nancy Creamer, Shuijin Hu, Melissa Bell, Cong Tu, is forthcoming in Renewable Agriculture and Food Systems (Vol. 24, Sepember 2009, 234-243).

April-June 2009

• Pierre-Richard Agénor, "Infrastructure Investment and Maintenance Expenditure: Optimal Allocation Rules in a Growing Economy," is forthcoming in Journal of Public Economic Theory (Vol. 11, April 2009, 233-250)
• Michele Berardi, "Learning in a Credit Economy", joint work with Tiziana Assenza (Catholic University of Milan), is forthcoming in the Journal of Economic Dynamics and Control (Vol. 33, May 2009, 1159-1169).
• Chris Birchenhall, "Consumer Heterogeneity and the Development of Environmentally Friendly Technologies" (with Paul Windrum and Tommaso Ciarli) Technological Forecasting and Social Change (Vol 76, May 2009, 533-551).
• Chris Birchenhall, "Environmental Impact, Quality, and Price: Consumer Trade-offs and the Development of Environmentally Friendly Technologies," (with Paul Windrum and Tommaso Ciarli) Technological Forecasting and Social Change (Vol. 76, May 2009, 552-566).
• Ken Clark and Stephen Drinkwater "Immigrant Self-Employment Adjustment: Ethnic Groups in the UK," International Journal of Manpower (Vol. 30, 2009 , 163-175).
• Reyer Gerlagh "The Economics of Geological CO2 Storage and Leakage," (with Bob Van der Zwaan) Climatic Change (Vol. 93, April 2009, 285-309).
• Katsushi Imai, Pasquale Scandizzo and Raghav Gaiha "Option Values, Switches and Wages - An Analysis of the Employment Guarantee Scheme in India" forthcoming in Review of Development Economics (Vol. 13, May 2009, 248-263).
• Katsushi Imai, Savings, Risk-coping and Poverty Dynamics in Developing Countries: Evidence from India and Kenya, Saarbrücken, VDM Publishing House, May 2009 (ISBN:978-3-639-15990-5, 228 pages).
• Paul Madden "Inequality in the Relative Differential Sense with Continuous Distributions," jointly with Zhengli Gu, Journal of Economic Inequality (Vol. 7, June 2009, 179-187).
• Chris Orme and Andreea Halunga "First Order Asymptotic Theory for Misspecification Tests of GARCH Models," Econometric Theory (Vol. 25, April 2009, 364-410).
• Alejandro Saporiti "Strategy-proofness and Single-crossing," Theoretical Economics (Vol 4, June 2009, 127-163).
• Johannes Sauer "Organic Farming in Scandinavia - Productivity and Market Exit," (with Tim Park) Ecological Economics (Vol. 68, June 2009, 2243-2254).
• Horst Zank "Parametric Weighting Functions," jointly authored with Enrico Diecidue (INSEAD) and Ulrich Schmidt (University of Kiel), Journal of Economic Theory (Vol. 144, May 2009, 1102-1118).
• Horst Zank "Additive Utility in Prospect Theory," jointly authored with Han Bleichrodt (Erasmus University Rotterdam) and Ulrich Schmidt (University of Kiel), Management Science (Vol. 55, May 2009, 863-873).

January-March 2009

• Michele Berardi, "Monetary Policy with Heterogeneous and Misspecified  Expectations", Journal of Money, Credit, and Banking. (Vol 41, February 2009, 79-100).
• Ken Clark Joanne K. Lindley "Immigrant Assimilation Pre and Post Labour Market Entry: Evidence from the UK Labour Force Survey," Journal of Population Economics (Vol. 22, January 2009, 175-198).
• Igor Evstigneev and Michael Taksar " Dynamic Interaction Models of Economic Equilibrium," Journal of Economic Dynamics and Control (Vol. 33, January 2009, 166-182)
• Reyer Gerlagh, Snorre Kverndokk and Knut Einar Rosendahl "Optimal Timing of Climate Change Policy; Interaction between Carbon Taxes and Innovation Externalities," Environmental and Resource Economics (Vol. 43, February 2009, 369-390).
• Leonidas Koutsougeras "Convergence of Strategic Behavior to Price Taking ," Games and Economic Behavior (Vol. 65, January 2009, 234-241).
• Dan Rigby and Mike Burton "Hurdle And Latent Class Approaches to Non-Participation in Choice Models," Environmental and Resource Economics (Vol. 42, February 2009, 211-226).
• Dan Rigby, Balcombe, K, and Mike Burton "Mixed Logit Model Performance and Distributional Assumptions: Preferences and GM foods," Environmental and Resource Economics (Vol. 42, March 2009, 279-295).
• Horst Zank and Ulrich Schmidt "A Simple Model of Cumulative Prospect Theory," Journal of Mathematical Economics (Vol. 45, March 2009, 308-319).

October-December 2008

• Pierre-Richard Agénor " Health and Infrastructure in a Model of Endogenous Growth ," Journal of Macroeconomics (Vol. 30, December 2008, 1407-1422).
• Ken Clark and Stephen Drinkwater "The Labour Market Performance of Recent Migrants," Oxford Review of Economic Policy (Vol. 24, Autumn 2008, 496-517).
• Roger Hartley and Alex Dickson "The Strategic Marshallian Cross," Games and Economic Behavior (Volume 64, November 2008, Pages 514-532).
• Dan Rigby and Anton Nahman "Valuing Blue Flag Status And Estuarine Water Quality In Margate, South Africa," South African Journal of Economics (Vol. 76, December 2008, 721-737).
• Alejandro Saporiti and Jorge M. Streb "Separation of Powers and Political Budget Cycles," Public Choice (Vol. 137, October 2008, 329-345).

July-September 2008

• Keith Blackburn and Dimitrios Varvarigos "Human Capital Accumulation and Output Growth in a Stochastic Environment," Economic Theory (Vol. 36, September 2008, 435-452).
• George Bratsiotis and Baochun Peng " Social Interaction and Effort in a Success-at-work Augmented Utility Model ," Journal of Socio-Economics (Vol. 37, August 2008, 1309-1318).
• Alastair Hall, Atsushi Inoue and Chang Mock Shin "Entropy Based Moment Selection in the Presence of Weak Identification," Econometric Reviews (Vol. 27, July 2008, 398 - 427).
• Stefan Lutz, Oleksandr Talavera, and Sang-Min Park "Effects of Foreign Presence in a Transition Economy: Regional and Industrywide Investments and Firm-Level Exports in Ukrainian Manufacturing," Emerging Markets Finance and Trade ( Vol. 44, September–October 2008, 82–98).
• Ada Wossink and Olha Sydorovych " The Meaning of Agricultural Sustainability: Evidence from a Conjoint Choice Survey, " Agricultural Systems (Vol. 98, July 2008, 10-20).
• Alejandro Saporiti "Existence and Uniqueness of Nash Equilibrium in Electoral Competition Games: The Hybrid Case," Journal of Public Economic Theory (Vol. 10, September 2008, 827-857) .

April-June 2008

• Pierre-Richard Agénor, Nihal Bayraktar and Karim El Aynaoui "Roads Out of Poverty? Assessing the Links Between Aid, Public Investment, Growth, and Poverty Reduction," Journal of Development Economics (Vol. 86, June 2008, 277-295).
• George Bratsiotis "Influential Price and Wage Setters, Monetary Policy and Real Effects," European Journal of Political Economy (Volume 24, June 2008, Pages 503-517).
• Edmund Amann and Werner Baer "Neo-liberalism and Market Concentration in Brazil: The Emergence of a Contradiction?" Quarterly Review of Economics and Finance (Vol. 48, May 2008, 252-262).
• Igor Evstigneev, Thorsten Hens and Klaus Schenk-Hoppé "Globally Evolutionarily Stable Portfolio Rules," Journal of Economic Theory (Vol. 140, May 2008, 197-228).
• Paul Madden and Leo Kaas (2008) " Holdup in Oligopsonistic Labour Markets - A New Role for the Minimum Wage," Labour Economics (Vol. 15, June 2008, 334-349).
• Denise Osborn, Chengsi Zhang and Dong Heon Kim "The New Keynesian Phillips Curve: From Sticky Inflation to Sticky Prices," Journal of Money, Credit and Banking (Vol. 40, June 2008, 667-699).

January-March 2008

• Pierre-Richard Agénor, Joshua Aizenman, Alexander W. Hoffmaister "External Shocks, Bank Lending Spreads, and Output Fluctuations," Review of International Economics (Vol. 16, February 2008, 1-20).
• Ralf Becker and Adam E. Clements ( 2008) " Are Combination Forecasts of S&P 500 Volatility Statistically Superior?" International Journal of Forecasting (Vol. 24, January-March 2008, 122-133).
• Reyer Gerlagh (2008) "A Climate-change Policy Induced Shift from Innovations in Carbon-energy Production to Carbon-energy Savings ," Energy Economics (Vol. 30, March 2008, 425-448).
• Leonidas Koutsougeras and Nicholas Ziros (2008) "A Three Way Equivalence," Journal of Economic Theory (Vol. 139, March 2008, 380-391).
• Denise Osborn, Antonio Matas-Mir, and Marco J. Lombardi "The Effect of Seasonal Adjustment on the Properties of Business Cycle Regimes," Journal of Applied Econometrics (Vol. 23, March 2008, 257-278)
• Horst Zank and Ulrich Schmidt (2008) "Risk Aversion in Cumulative Prospect Theory," Management Science (Vol. 54, 208-216).