Published articles

View a select list of peer-reviewed articles published by Economic Policy Centre members.


Bloch, F., Fabrizi, S., & Lippert, S. (2022). Hiding and herding in market entry. Journal of Economic Theory, 206, 105568. 

Chen, Y., Phillips, P. C., & Shi, S. (2022). Common bubble detection in large dimensional financial systems. Journal of Financial Econometrics.

Duley, C., & Gai, P. (2022). Miscoordination, politics and populism. National Institute Economic Review, 259, 51–61

Fabrizi, S., Lippert, S., Pan, A., & Ryan, M. (2022). A theory of unanimous jury voting with an ambiguous likelihood. Theory and Decision, 93(3), 399–425.

Gai, P., & Tong, E. (2022). Information spillovers of US monetary policy. Journal of Macroeconomics, 72, 103401. 

Greenaway-McGrevy, R. (2022). Forecast Combination for VARs in large N and T panels. International Journal of Forecasting, 38(1), 142–164.

Hillas, J., & Samet, D. (2022). Non-Bayesian correlated equilibrium as an expression of non-bayesian rationality. Games and Economic Behavior, 135, 1–15.

Lieberman, O., & Phillips, P. C. B. (2022). Understanding temporal aggregation effects on kurtosis in financial indices. Journal of Econometrics, 227(1), 25–46.

Liu, Y., & Phillips, P. C. B. (2022). Robust inference with stochastic local unit root regressors inpredictive regressions. Journal of Econometrics.

Miao, K., Phillips, P. C. B., & Su, L. (2022). High-dimensional vars with common factors. Journal of Econometrics. 

Phillips, P. C. (2022). THE ECONOMETRIC THEORY AWARDS 2022. Econometric Theory, 38(2), 418–418. 

Phillips, P. C. B. (2022). ESTIMATION AND INFERENCE WITH NEAR UNIT ROOTS. Econometric Theory, 1–43.

Phillips, P. C. B., & Wang, Y. (2022). Functional coefficient panel modeling with communal smoothing covariates. Journal of Econometrics, 227(2), 371–407.

Phillips, P. C., & Wang, Y. (2022). LIMIT THEORY FOR LOCALLY FLAT FUNCTIONAL COEFFICIENT REGRESSION. Econometric Theory, 1–50. 

Zhang, Y., Qi, L., Lin, X., Pan, H., & Sharp, B. (2022). Synergistic effect of carbon ETS and carbon tax under China's peak emission target: A Dynamic CGE analysis. Science of The Total Environment, 825, 154076.


Berkman, H., & Malloch, H. (2021). Stock valuation during the COVID-19 pandemic: An explanation using option-based discount rates. Journal of Banking & Finance, 106386. 

Cho, J. S., Phillips, P. C., & Seo, J. (2021). PARAMETRIC CONDITIONAL MEAN INFERENCE WITH FUNCTIONAL DATA APPLIED TO LIFETIME INCOME CURVES. International Economic Review, 63(1), 391–456. 

El-Jahel, L., & MacCulloch, R. (2021). Its (not) the economy, stupid: New Zealand’s targeting of Gross National Happiness during the Coronavirus Crisis. Management Perspectives on the Covid-19 Crisis, 15–25. 

El-Jahel, L., & MacCulloch, R. (2021). Trading in the housing market: A model with transaction costs. Mathematical Social Sciences, 113, 89–96.

Fiorini, M., Sanfilippo, M., & Sundaram, A. (2021). Trade liberalization, roads and firm productivity. Journal of Development Economics, 153, 102712.

Greenaway-McGrevy, R. (2021). Mortality and fluctuations in macroeconomic activity in New Zealand. The New Zealand Medical Journal, 134(1533), 46–60.

Greenaway-McGrevy, R., & Phillips, P. C. (2021). House prices and affordability. New Zealand Economic Papers, 55(1), 1–6. 

Greenaway-McGrevy, R., & Sorensen, K. (2021). A spatial model averaging approach to measuring house prices. Journal of Spatial Econometrics, 2(1).

Greenaway-McGrevy, R., & Sorensen, K. (2021). A time-varying hedonic approach to quantifying the effects of loss aversion on house prices. Economic Modelling, 99, 105491. 

Hu, Z., Phillips, P. C. B., & Wang, Q. (2021). NONLINEAR COINTEGRATING POWER FUNCTION REGRESSION WITH ENDOGENEITY. Econometric Theory, 37(6), 1173–1213. 

Huang, W., Jin, S., Phillips, P. C. B., & Su, L. (2021). Nonstationary panel models with Latent Group structures and cross-section dependence. Journal of Econometrics, 221(1), 198–222. 

Jiang, L., Liu, X., Phillips, P. C. B., & Zhang, Y. (2021). Bootstrap inference for quantile treatment effects in randomized experiments with matched pairs. The Review of Economics and Statistics, 1–47. 

Kheifets, I. L., & Phillips, P. C. B. (2021). Fully modified least squares cointegrating parameter estimation in multicointegrated systems. Journal of Econometrics. 

Kyriacou, M., Phillips, P. C. B., & Rossi, F. (2021). CONTINUOUSLY UPDATED INDIRECT INFERENCE IN HETEROSKEDASTIC SPATIAL MODELS. Econometric Theory, 1–39. 

Lippert, S., & Tremewan, J. (2021). Pledge-and-review in the Laboratory. Games and Economic Behavior, 130, 179–195. 

Phillips, P. C. (2021). Pitfalls in bootstrapping spurious regression. Journal of Quantitative Economics, 19(S1), 163–217.            

Phillips, P. C. (2021). THE ECONOMETRIC THEORY AWARDS 2021. Econometric Theory, 37(2), 408–408. 

Phillips, P. C. (2021). TJALLIANG C. KOOPMANS ECONOMETRIC THEORY PRIZE 2018 – 2020. Econometric Theory, 37(4), 849–850. 

Phillips, P. C. B., & Wang, Y. (2021). When bias contributes to variance: True limit theory in functional coefficient cointegrating regression. Journal of Econometrics. 

Phillips, P. C., & Jin, S. (2021). BUSINESS CYCLES, TREND ELIMINATION, AND THE HP FILTER. International Economic Review, 62(2), 469–520. 

Shi, S., & Phillips, P. C. B. (2021). Diagnosing housing fever with an econometric thermometer. Journal of Economic Surveys. 


Davies, C., & Gai, P. (2020). The New Zealand financial cycle 1968–2017. New Zealand Economic Papers, 54 (1), 1-15.

Gai, P., Lou, E., & Wu, S. X. (2020). Targeted disclosure and monetary policy flexibility: A simple model. Economics Letters, 194.

Greenaway-McGrevy, R., Pacheco, G., & Sorensen, K. (2020). The effect of upzoning on house prices and redevelopment premiums in Auckland, New Zealand. Urban Studies.

Greenaway-McGrevy, R., & Haworth, C. (2020). Loss aversion in New Zealand housing. New Zealand Economic Papers, 54 (2), 138-160.


Ahnert, T., Anand, K., Gai, P., Chapman, J., & Strahan, P. (2019). Asset encumbrance, bank funding, and fragility. Review of Financial Studies, 32 (6), 2422-2455.

Anand, K., & Gai, P. (2019). The safe asset frontier. New Zealand Economic Papers.

De Haas, R., & Poelhekke, S. (2019). Mining matters: Natural resource extraction and firm-level constraints. Journal of International Economics, 117, 109-124.

Gai, P., & Kapadia, S. (2019). Networks and systemic risk in the financial system. Oxford Review of Economic Policy, 35 (4), 586-613.

Greenaway-McGrevy, R., & Hood, K. (2019). Aggregate effects and measuring regional dynamics. Papers in Regional Science 98 (5), 1955-+.

Greenaway-McGrevy, R. (2019). Multistep forecast selection for panel data. Econometric reviews, 39 (4), 373-406.

Greenaway-McGrevy, R. (2019). Asymptomatically Efficient Model Selection for Panel Data Forecasting, Econometric Theory 35 (4), 842-899.

Kamal, F., & Sundaram, A. (2019). Do institutions determine economic Geography? Evidence from the concentration of foreign suppliers. Journal of Urban Economics, 110, 89-101.

Poelhekke, S. (2019). How expensive should CO2 be? Fuel for the political debate on optimal climate policy. Heliyon, 5 (11).

Sheng, M., & Sharp, B. (2019). Commuter's Transport Mode Preferences and Social Network Effects in New Zealand. Journal of Transport, Economics and Policy, 53 (1), 19-46.


Greenaway-McGrevy, R., Mark, N., Sul, D. and J. Wu (2018). Identifying Exchange Rate Common Factor. International Economic Review, 59, 2193-2218.

Ma, C., Ren, Y., Zhang, Y. and B. Sharp (2018). The allocation of carbon emission quotas to five major power generation corporations in China. Journal of Cleaner Production, 189, 1-12.

Pan, A., Fabrizi, S. and S. Lippert (2018). Non-Congruent Views about Signal Precision in Collective Decisions. The B.E. Journal of Theoretical Economics, 18(2).

Sundaram, A., Edwards, L. and M. Sanfilippo (2018) Importing and firm export performance: New evidence from South Africa. South African Journal of Economics, 86(S1), 79-95.

Yang, W. and B. Sharp (2018). Spatial analysis of dairy yields response to intensive farming in New Zealand. China Agricultural Economic Review.


Dmitriev, A. (2017). Composite habits and international transmission of business cycles. Journal of Economic Dynamics and Control, 76, 1-34.

Fabrizi, S. and S. Lippert (2017). Corruption and the public display of wealth. Journal of Public Economic Theory, 19(4), 827-840.

Kao, T., Aoki, R. and J. Hillas (2017). Niche-product offering in the spokes model. Journal of Institutional and Theoretical Economics JITE.

Sundaram, A. and E. Lawrence (2017). Trade Liberalization and Reallocation of Production: An Analysis of Indian Manufacturing. Review of International Economics, 25(3), 677-693.

Sundaram, A., Hasan, R., Kapoor, N. and A. Mehta (2017). Labor Regulations, Employment and Wages: Evidence from India’s Apparel Sector. Asia Economic Policy Review, 12, 70-90.

Suomalainen, K., Wang, V. and B. Sharp (2017). Rooftop solar potential based on LiDAR data: Bottom-up assessment at neighbourhood level. Renewable Energy, 111, 463-475.

Yang, W. and B. Sharp (2017). Spatial dependence and determinants of dairy farmers’ adoption of best management practices for water protection in New Zealand. Environ Manage, 59(4), 594-603.


Berkman, H., Clement, R. and A. Zhang (2016). KiwiSaver risk indicators. New Zealand Economic Papers, 50:1, 71-87.

Bridgman, B. and R. Greenaway-McGrevy (2016). The fall (and rise) of Labour Share in New Zealand. New Zealand Economic Papers, 50(3), 1-22.

Chaudhuri, A., Paichayontvijit, T. and E. Sbai (2016). The Role of Framing, Inequity and History in a Corruption Game: Some Experimental Evidence. Games, 7(2), 13.

Greenaway-McGrevy, R. and K. Hood (2016). Worker migration or job creation? Persistent shocks and regional recoveries. Journal of Urban Economics, 96, 1-16.

Greenaway-McGrevy, R. and P. Phillips (2016). Hot Property in New Zealand: Empirical Evidence of Housing Bubbles in the Metropolitan Centres. New Zealand Economic Papers, 50(1), 88-113.

Fabrizi, S., Lippert, S., Puppe, C. and S. Rosenkranz (2016). Manufacturer suggested retail prices, loss aversion and competition. Journal of Economic Psychology, 53, 141-153.

Hillas, J. and M. Liu (2016). Correlated equilibria of two person repeated games with random signals. International Journal of Game Theory, 45(1-2), 137-153.

Sundaram, A. and F. Kamal (2016). Buyer-seller Relationships in International Trade: Do Your Neighbors Matter?. Journal of International Economics, 102, 128-140.

Suomalainen, K. and B. Sharp (2016). Electricity sector transformation in New Zealand: A sustainability assessment approach. Journal of Renewable and Sustainable Energy, 8(3).


Bloch, F., Fabrizi, S. and S. Lippert (2015). Learning and collusion in new markets with uncertain entry costs. Economic Theory, 58(2), 273-303.

Greenaway-McGrevy, R. (2015). Evaluating Independent Sample Forecasts in Panel Data. Journal of Multivariate Analysis, forthcoming.

Suomalainen, K., Pritchard, G., Sharp, B., Yuan, Z. and G. Zakeri (2015). Correlation analysis on wind and hydro resources with electricity demand and prices in New Zealand. Applied Energy, p.54.


Fabling, R. and A. Grimes (2014). The ‘Suite’ Smell of Success: Personnel Practices and Firm Performance. Industrial and Labor Relations Review, 67(4), 1095-1126.

Greenaway-McGrevy, R., Han, C. and D. Sul (2014). Estimation and Inference for Difference-in-Difference Regressions with Persistent Errors. Advances in Econometrics, 33, 281-302.

Hazledine, T. (2014). Searching for the sweet spot: The determinants of direct services from Canadian airports. Journal of Air Transport Management, 41, 50-55.

St John, S. (2014). What Has New Zealand's Retirement Policy Framework to Offer the International Debate. Policy Quarterly, 10(3).


Bergstrom, K., Grimes, A. and S. Stillman (2013). Does Selling State Silver Generate Private Gold? Neighbourhood Impacts of State House Sales. Urban Studies, 51(6), 1257-1273.

Dmitriev, A. and I. Roberts (2013). The cost of adjustment: On comovement between the trade balance and the terms of trade. Economic Modelling, 35, 689-700.

Dmitriev, A. (2013). Institutions and growth: evidence from estimation methods robust to weak instruments. Applied Economics, 45 (13), 1625-1635.

Fabrizi, S., Lippert, S., Norback, P. and L. Persson (2013). Venture capitalists and the patenting of innovations. Journal of Industrial Economics, 61(3), 623-659.


Fabrizi, S. and S. Lippert (2012). Due diligence, research joint ventures, and incentives to innovate. Journal of Institutional and Theoretical Economics, 168(4), 588-611.

St John, S. and M. Dale (2012). Evidence-based evaluation: Working for Families. Policy Quarterly, 8(1), 39-51.

Dmitriev, A. and I. Krznar (2012). Habit Persistence and International Comovements. Macroeconomic Dynamics, 16(S3), 312-330.

Dmitriev, A. and I. Roberts (2012). Wealth effects and countercyclical net exports. Applied Economics Letters, 19 (17), 1673-1677.

Dmitriev, A. and I. Roberts (2012). International business cycles with complete markets. Journal of Economic Dynamics and Control, 36(6), 862-875.


Spagnolo, G. and S. Lippert (2011). Networks of relations and word-of-mouth communication. Games and Economic Behavior, 72(1), 202-217.