My Research Interest:


Monetary Policy, Central Banking, Macroeconomic Theory, Time-Series Analysis, Applied Macroeconomics, Financial Economics






“The Regional Transmission of UK Monetary Policy”, (With S. Dow), 2006, Regional Studies (forthcoming).


Optimal Monetary Policy and Asset Price Misalignments”, (with A. Kontonikas), 2006, Scottish Journal of Political Economy, 53, pp. 636-654.


“Inflation Persistence and Credibility in Turkey during the Nineties” (with O. Napolitano), 2003, Applied Economic Letters, Vol. 10, N.10, pp.647-650.


Has Monetary Policy Reacted to Asset Price Movements? Evidence from the UK”. (with A. Kontonikas), 2003, Ekonomia, Vol. 7, N. 1.




Working Papers


Unit Roots in Inflation and Aggregation Bias” (with J. Byrne and A. Kontonikas). University of Glasgow Discussion Paper 2007-07.


Monetary Policy Shocks and Stock Returns: Evidence from the British Market” (with A. Gregoriou, R. MacDonald, A. Kontonikas). University of Glasgow Discussion Paper 2006-15.


Stock returns and inflation: the impact of inflation targeting” (with A. Kontonikas and N. Spagnolo). University of Glasgow Discussion Paper 2005-11.


Demographic Change and the Housing Market: Evidence from a Comparison of Scotland and England” (with E. Levin and R. Wright). SHEFRN Discussion paper 1-2006.


Financial Condition Index and Interest Rate Settings: a Comparative Analysis” (with O. Napolitano)


“Monetary Policy Behavior and the Market Sentiment in 1992 currency crises: the Italian case” (with R. Canale and O. Napolitano)


Optimal Monetary Policy with Wealth Effects”, (with A. Kontonikas), University of Glasgow Discussion Paper 2005-09.


“The Scale of The Presence of Informal Financial Markets: Challenges for Economic Policy Management in Africa” (with N. Sephuma)




Other publications and work in progress


S Dow, M Klaes and A Montagnoli, “Monetary Policy by Signal”, in D G Mayes and J Toporowski (eds), Open Market Operations and the Financial Markets. London: Routledge. (forthcoming)


“Demographic Change and the Scottish Housing Market” (with E.J. Levin and R. E. Wright), June 2004, Scottish Economic Policy Network


“On the relation between Credit and Asset Prices” (with A. Kontonikas and T. Panagiotidis), May 2004.