My Favourite Works
The following papers are indicative of my research trajectory, as well as of meaningful collaborations with outstanding colleagues and co-authors. Rather than a comprehensive list, they reflect the evolution of my thinking, from foundational work to more recent contributions in Economic Science.
1. Tsionas, E.G., Izzeldin, M. & Michaelides, P.G., 2019, "Multivariate stochastic volatility with large and moderate shocks," Journal of the Royal Statistical Society , vol. 182(3), 887-917 [ABS-4].
Reason: This is a technically demanding work, reflecting our core interest in rigorous statistical and econometric modelling, under complex volatility structures.
2. Michaelides, P. G., Vouldis, A.T. & Tsionas, E.G., 2010, "Globally flexible functional forms: The neural distance function," European Journal of Operational Research, Elsevier, vol. 206(2), pages 456-469, October [ABS-4].
Reason: One of the earliest attempts to introduce Artificial Neural Networks (ΑΝΝ) into Economics to solve a vexing problem, one decade before AI became mainstream in the field.
3. Michaelides, P.G., Tsionas, E.G., Vouldis, A. & Konstantakis, K.N., 2015, "Global approximation to arbitrary cost functions: A Bayesian approach with application to US banking," European Journal of Operational Research, Vol. 241(1), 148-160 [ABS-4].
Reason: A natural progression toward Bayesian and globally flexible modelling, strengthening our work at the intersection of econometrics and applied economic theory.
4. Michaelides, P.G. & Tsionas, E.G. & Konstantakis, K.N., 2018, "Debt dynamics in Europe: A Network General Equilibrium GVAR approach," Journal of Economic Dynamics and Control, Elsevier, vol. 93(C), pp. 175-202 [ABS-3].
Reason: A step toward modelling systemic interactions, capturing cross-country dynamics through a network-based general equilibrium perspective.
5. Michaelides, P.G. & Tsionas, E.G. & Konstantakis, K.N., 2016, "Non-linearities in financial bubbles: Theory and Bayesian evidence from S&P500," Journal of Financial Stability, Elsevier, vol. 24(C), pp. 61-70 [ABS-3].
Reason: An effort to move beyond linear frameworks in finance, combining Bayesian methods and AI to detect and date financial bubbles.
6. Chasiotis, I., Konstantios, D., Konstantios, S., Michaelides, P.G., 2025, Does the composition of the payout mix affect firms' market longevity?, Financial Review, https://doi.org/10.1111/fire.70025 [ABS-3].
Reason: This work reflects our engagement with core questions in corporate finance, examining how payout structures shape firm longevity and market dynamics.
7. Michaelides, P.G. & Milios, J.G. 2009, "Joseph Schumpeter and the German Historical School," Cambridge Journal of Economics, Oxford University Press, vol. 33(3), pages 495-516, May [ABS-3].
Reason: This paper, in an elite Journal, marked a turning point in my research, positioning my work within the tradition of Political Economy and shaping much of my subsequent thinking.
8. Kotsompolis, G., Prelorentzos, A.G.-N., Xidonas, P., Konstantakis, K.N. & Michaelides P.G., 2025, European financial markets, energy returns and geopolitical risk: A frequency domain spectral analysis, Energy Economics, 108856 [ABS-3].
Reason: An extension of my interests in Economic Science, linking recent geopolitical risk with financial markets using frequency-domain methods. 9. Daglis, T., Konstantakis, K. N., Xidonas, P., Michaelides, P. & Samitas, A., 2024, Solar Weather Dynamics and the US Economy: A Comprehensive GVAR Perspective. Review of Quantitative Finance and Accounting, 63, 955–977 [ABS-3].
Reason: This work developed an idea that initially met with skepticism, i.e. that solar activity can influence financial and macroeconomic dynamics, and translated it into a rigorous empirical framework using GVAR modelling.
10. Konstantakis, K.N., Soklis, G. & Michaelides, P.G., 2017, "Tourism expenditures and crisis transmission: A general equilibrium GVAR analysis with network theory," Annals of Tourism Research, Vol. 66, 74-94 [ABS-4].
Reason: An application of our modelling approach to a real-world policy domain, showing how crisis transmission mechanisms operate within the tourism sector.