Primarily I am grateful to The University of Birmingham that gave me the chance to do research on... more Primarily I am grateful to The University of Birmingham that gave me the chance to do research on an intriguing subject, and provided not only high-class scientific support, but also a vital broader social and recreational environment. I would also like to thank the Department of Economics for generously hosting my PhD research. I am extremely grateful to my supervisors Somnath Sen and Richard Barrett who were more of an academic family than scientific advisors. They showed confidence and highly-educated and humane judgement on my work especially when the progress seemed controversial, and also spent a great lot of their precious time to prove their stand. I, thus, need to admit that I owe this work to them and their caring families. I would, also, like to address a very special thanks to David Kelsey and his family, who not only helped me with his highly professional attitude to delve into the very demanding area of Decision Theory under Knightian Uncertainty during the first years of my PhD studies but also taught me, in his unpretentious way, how to do research and how to evaluate what best to extract from it. I am also particularly grateful to Indra Ray, John Fender and Facundo Albornoz-Crespo for their generous and valuable academic support, as well as to Marco Barassi, and Matthew Cole, for being great to work for teaching the tutorials to their courses. Willy Spanjers and Wei Pang have always been apt to give me their help for which I am very thankful.
After the recent economic turmoil, besides the severe recession that hit most European Union (EU)... more After the recent economic turmoil, besides the severe recession that hit most European Union (EU) countries, and the resulting downward trend in inflation, foreign direct investment (FDI) levels in certain EU countries have bounced back. Hence, we evaluate the effect of deflation on intra-Eurozone FDI. Even though deflation tends to cause a negative effect on investment, low production cost opportunities may arise, thus attracting inward FDI. Using panel data that span from 2003 to 2015, we initially estimate an FDI equation that incorporates deflation as a pre-determined variable and, consequently, a two-equation model that treats both FDI and deflation as endogenous variables. Our results suggest that deflation in periphery Eurozone countries does not deter FDI flows from core to periphery Eurozone countries.
Central banks, in executing monetary policy, while pursuing traditional objectives, such as the c... more Central banks, in executing monetary policy, while pursuing traditional objectives, such as the control of inflation, may try also to promote financial stability. In this paper, we explore a simple monetary policy game played between the central bank and the financial sector. The central bank can be of two types, one traditional and the other concerned with controlling the financial markets; however, the financial sector is unsure which, due to incomplete information. The conclusion of the paper is that for small shocks to inflation there is a pooling equilibrium, whereas for larger shocks there is separation. In the latter case, central bank concern for the stability of the financial sector is outed. We conclude by relating our results to the recent worldwide financial crisis.
Primarily I am grateful to The University of Birmingham that gave me the chance to do research on... more Primarily I am grateful to The University of Birmingham that gave me the chance to do research on an intriguing subject, and provided not only high-class scientific support, but also a vital broader social and recreational environment. I would also like to thank the Department of Economics for generously hosting my PhD research. I am extremely grateful to my supervisors Somnath Sen and Richard Barrett who were more of an academic family than scientific advisors. They showed confidence and highly-educated and humane judgement on my work especially when the progress seemed controversial, and also spent a great lot of their precious time to prove their stand. I, thus, need to admit that I owe this work to them and their caring families. I would, also, like to address a very special thanks to David Kelsey and his family, who not only helped me with his highly professional attitude to delve into the very demanding area of Decision Theory under Knightian Uncertainty during the first years of my PhD studies but also taught me, in his unpretentious way, how to do research and how to evaluate what best to extract from it. I am also particularly grateful to Indra Ray, John Fender and Facundo Albornoz-Crespo for their generous and valuable academic support, as well as to Marco Barassi, and Matthew Cole, for being great to work for teaching the tutorials to their courses. Willy Spanjers and Wei Pang have always been apt to give me their help for which I am very thankful.
Central banks, in executing monetary policy, while pursuing traditional objectives, such as the c... more Central banks, in executing monetary policy, while pursuing traditional objectives, such as the control of inflation, may try also to promote financial stability. In this paper, we explore a simple monetary policy game played between the central bank and the financial sector. The ...
We evaluate monetary policy which is conducted in a way that addresses financial stability as an ... more We evaluate monetary policy which is conducted in a way that addresses financial stability as an explicit monetary policy objective using a simple game theoretic model analysing the strategic interaction between a central bank and a financial sector. The extant literature in favour of "lean-against-the-wind" (LATW) monetary policy calls for more flexibility and the use of longer policy-horizons. We, therefore, assess monetary policy under discretion and under commitment to an instrument rule. Our analysis supports that rule-based LATW monetary policy outperforms the discretionary equivalent, in terms of controlling inflation, anchoring inflation expectations to the central bank's inflation target and enhancing financial sector profitability. Under substantial risks to financial stability, we conclude that rule-based LATW monetary policy induces the financial sector to impose more prudence on its operation.
The debate concerning central banks’ response to potential asset price bubbles initially referred... more The debate concerning central banks’ response to potential asset price bubbles initially referred to whether monetary policy should respond at a level over and above the one warranted by the objectives of inflation and output gap stability, trying to slow the growth of perceived asset price bubbles, so as to minimise the adverse effects when the latter burst (the ‘lean-against-the-wind’ -LATW- view). Alternatively, it argued whether it should respond to declines in asset prices only after the bubble bursts (often termed as conventional or ‘cleaning-up’ view), in order to stabilise both output and inflation. The article reviews the shift in the monetary policy literature addressing the above debate in the aftermath of the global financial crisis, and demonstrates that this shift has been in favour of the LATW view. In particular, we contend that the pre-crisis conventional view has incorporated elements of the opposing view, in that it addresses financial frictions in the models of t...
data of body composition showed higher levels of ECW (p ¼ 0048) or extracellular water and lean m... more data of body composition showed higher levels of ECW (p ¼ 0048) or extracellular water and lean mass values LTI kg / m2 strongly reduced (p ¼ 0.005). Our malnourished patients were taking significantly low amounts of proteins (p ¼ 0.036) and Kilo Calories (kcal) (p ¼ 0.061). Concomitantly, BIA analysis showed in these patients lower levels of LTI (p ¼ 0.020) and FTI (p ¼ 0.033), as well as BMI (p ¼ 0.033 5). Besides analyzing blood tests, subjects with a lower MIS-score showed significantly lower levels of CRP (p ¼ 0.01) and higher serum albumin. CONCLUSIONS: Our results demonstrated that the percentage of our malnourished patients was rather high, about 72% showed signs of malnutrition and 58% of our patients showed signs and symptoms of "MIA" syndrome. Therefore in hemodialysis patients the early nutritional counseling and nutritional monitoring in time, could enables rapid diagnosis of MIA syndrome and it could prevent the complications related to protein-energy malnutrition and it could reduce the risk of hospitalization.
Primarily I am grateful to The University of Birmingham that gave me the chance to do research on... more Primarily I am grateful to The University of Birmingham that gave me the chance to do research on an intriguing subject, and provided not only high-class scientific support, but also a vital broader social and recreational environment. I would also like to thank the Department of Economics for generously hosting my PhD research. I am extremely grateful to my supervisors Somnath Sen and Richard Barrett who were more of an academic family than scientific advisors. They showed confidence and highly-educated and humane judgement on my work especially when the progress seemed controversial, and also spent a great lot of their precious time to prove their stand. I, thus, need to admit that I owe this work to them and their caring families. I would, also, like to address a very special thanks to David Kelsey and his family, who not only helped me with his highly professional attitude to delve into the very demanding area of Decision Theory under Knightian Uncertainty during the first years of my PhD studies but also taught me, in his unpretentious way, how to do research and how to evaluate what best to extract from it. I am also particularly grateful to Indra Ray, John Fender and Facundo Albornoz-Crespo for their generous and valuable academic support, as well as to Marco Barassi, and Matthew Cole, for being great to work for teaching the tutorials to their courses. Willy Spanjers and Wei Pang have always been apt to give me their help for which I am very thankful.
After the recent economic turmoil, besides the severe recession that hit most European Union (EU)... more After the recent economic turmoil, besides the severe recession that hit most European Union (EU) countries, and the resulting downward trend in inflation, foreign direct investment (FDI) levels in certain EU countries have bounced back. Hence, we evaluate the effect of deflation on intra-Eurozone FDI. Even though deflation tends to cause a negative effect on investment, low production cost opportunities may arise, thus attracting inward FDI. Using panel data that span from 2003 to 2015, we initially estimate an FDI equation that incorporates deflation as a pre-determined variable and, consequently, a two-equation model that treats both FDI and deflation as endogenous variables. Our results suggest that deflation in periphery Eurozone countries does not deter FDI flows from core to periphery Eurozone countries.
Central banks, in executing monetary policy, while pursuing traditional objectives, such as the c... more Central banks, in executing monetary policy, while pursuing traditional objectives, such as the control of inflation, may try also to promote financial stability. In this paper, we explore a simple monetary policy game played between the central bank and the financial sector. The central bank can be of two types, one traditional and the other concerned with controlling the financial markets; however, the financial sector is unsure which, due to incomplete information. The conclusion of the paper is that for small shocks to inflation there is a pooling equilibrium, whereas for larger shocks there is separation. In the latter case, central bank concern for the stability of the financial sector is outed. We conclude by relating our results to the recent worldwide financial crisis.
Primarily I am grateful to The University of Birmingham that gave me the chance to do research on... more Primarily I am grateful to The University of Birmingham that gave me the chance to do research on an intriguing subject, and provided not only high-class scientific support, but also a vital broader social and recreational environment. I would also like to thank the Department of Economics for generously hosting my PhD research. I am extremely grateful to my supervisors Somnath Sen and Richard Barrett who were more of an academic family than scientific advisors. They showed confidence and highly-educated and humane judgement on my work especially when the progress seemed controversial, and also spent a great lot of their precious time to prove their stand. I, thus, need to admit that I owe this work to them and their caring families. I would, also, like to address a very special thanks to David Kelsey and his family, who not only helped me with his highly professional attitude to delve into the very demanding area of Decision Theory under Knightian Uncertainty during the first years of my PhD studies but also taught me, in his unpretentious way, how to do research and how to evaluate what best to extract from it. I am also particularly grateful to Indra Ray, John Fender and Facundo Albornoz-Crespo for their generous and valuable academic support, as well as to Marco Barassi, and Matthew Cole, for being great to work for teaching the tutorials to their courses. Willy Spanjers and Wei Pang have always been apt to give me their help for which I am very thankful.
Central banks, in executing monetary policy, while pursuing traditional objectives, such as the c... more Central banks, in executing monetary policy, while pursuing traditional objectives, such as the control of inflation, may try also to promote financial stability. In this paper, we explore a simple monetary policy game played between the central bank and the financial sector. The ...
We evaluate monetary policy which is conducted in a way that addresses financial stability as an ... more We evaluate monetary policy which is conducted in a way that addresses financial stability as an explicit monetary policy objective using a simple game theoretic model analysing the strategic interaction between a central bank and a financial sector. The extant literature in favour of "lean-against-the-wind" (LATW) monetary policy calls for more flexibility and the use of longer policy-horizons. We, therefore, assess monetary policy under discretion and under commitment to an instrument rule. Our analysis supports that rule-based LATW monetary policy outperforms the discretionary equivalent, in terms of controlling inflation, anchoring inflation expectations to the central bank's inflation target and enhancing financial sector profitability. Under substantial risks to financial stability, we conclude that rule-based LATW monetary policy induces the financial sector to impose more prudence on its operation.
The debate concerning central banks’ response to potential asset price bubbles initially referred... more The debate concerning central banks’ response to potential asset price bubbles initially referred to whether monetary policy should respond at a level over and above the one warranted by the objectives of inflation and output gap stability, trying to slow the growth of perceived asset price bubbles, so as to minimise the adverse effects when the latter burst (the ‘lean-against-the-wind’ -LATW- view). Alternatively, it argued whether it should respond to declines in asset prices only after the bubble bursts (often termed as conventional or ‘cleaning-up’ view), in order to stabilise both output and inflation. The article reviews the shift in the monetary policy literature addressing the above debate in the aftermath of the global financial crisis, and demonstrates that this shift has been in favour of the LATW view. In particular, we contend that the pre-crisis conventional view has incorporated elements of the opposing view, in that it addresses financial frictions in the models of t...
data of body composition showed higher levels of ECW (p ¼ 0048) or extracellular water and lean m... more data of body composition showed higher levels of ECW (p ¼ 0048) or extracellular water and lean mass values LTI kg / m2 strongly reduced (p ¼ 0.005). Our malnourished patients were taking significantly low amounts of proteins (p ¼ 0.036) and Kilo Calories (kcal) (p ¼ 0.061). Concomitantly, BIA analysis showed in these patients lower levels of LTI (p ¼ 0.020) and FTI (p ¼ 0.033), as well as BMI (p ¼ 0.033 5). Besides analyzing blood tests, subjects with a lower MIS-score showed significantly lower levels of CRP (p ¼ 0.01) and higher serum albumin. CONCLUSIONS: Our results demonstrated that the percentage of our malnourished patients was rather high, about 72% showed signs of malnutrition and 58% of our patients showed signs and symptoms of "MIA" syndrome. Therefore in hemodialysis patients the early nutritional counseling and nutritional monitoring in time, could enables rapid diagnosis of MIA syndrome and it could prevent the complications related to protein-energy malnutrition and it could reduce the risk of hospitalization.
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Papers by Ioanna Kokores