Working Papers

cef.up publishes a Working Papers series aimed at disseminating work-in-progress by its researchers. Ahead of publication, the paper is, as a rule, presented at a WiP Seminar.


This series, launched in October 2009, continues the CETE Discussion Papers (Archive) series previously published by CETE.


cef.up Working Papers are currently in RePEc database.



WP 2017-01
Juha Kilponen and Fabio Verona
Testing the Q theory of investment in the frequency domain
March 2017


WP 2016-05
Fabio Verona
Time-frequency characterization of the U.S. financial cycle
May 2016

WP 2016-04
Artur Aiguzhinov, Ana Paula Serra, and Carlos Soares
Are rankings of financial analysts useful to investors?
January 2016 


WP 2016-03
José Jorge and Joana Rocha
Financial Intermediation in Economies with Investment Complementarities
January 2016

WP 2016-02
José Jorge 
The Shape of Regulation to Come
January 2016

WP 2016-01
José Jorge
Sovereign Ratings and Investor Behavior
January 2016


WP 2015-04
Hugo Figueiredo, Luis Delfim Santos, Pilar González, and António Figueiredo
Job Polarisation and Wage Inequality in Portugal
December 2015 


WP 2015-03
Pedro Mazeda Gil, André Almeida, and Sofia B.S.D. Castro
Flexible Transitional Dynamics in a Non-Scale Fully Endogenous Growth Model
(published in: Oxford Economic Papers under the title “Rich Transitional Dynamics, Physical Capital and Technology Intensity)  

June 2015 


WP 2015-02
Vera Rocha, Mirjam van Praag, and Anabela Carneiro
Deviating from the Benchmarks: Human Capital Inputs and the Survival of new Startups
June 2015 


WP 2015-01
Kevin S. Nell and Maria M. De Mello
Testing Capital Accumulation-Driven Growth Models in a Multiple-Regime Framework: Evidence from South Africa
April 2015


WP 2014-05
Kevin S. Nell and A.P. Thirlwall
Explaining Differences in the Productivity of Capital Across Countries in the Context of
‘New’ Growth Theory
November 2014 


WP 2014-04
Luís Aguiar-Conraria, Manuel M. F. Martins, and Maria Joana Soares
Estimating the Taylor Rule in the Time-Frequency Domain*
April 2016
*This is a revised and extended version of the working paper entitled "Analyzing the Taylor Rule with Wavelet Lenses", October 2014. 


WP 2014-03
Luis Delfim Santos and Isabel Martins
Intra-urban disparities in the quality of life in the city of Porto: a spatial analysis contribution
October 2014


WP 2014-02
Fabio Verona, Manuel M. F. Martins, and Inês Drumond
Financial Shocks and Optimal Monetary Policy Rules
July 2014


WP 2013-13
Kevin S. Nell
A Total Factor Productivity-Capital Accumulation Hypothesis of India’s Growth Transitions
July 2013


WP 2013-12
Vera Rocha, Anabela Carneiro, and Celeste Amorim Varum
Serial entrepreneurship, learning by doing and self-selection
(published in: International Journal of Industrial Organization)
July 2013


WP 2013-11
Vera Alves and Rosa Forte
A Cournot model for analysing the effects of an open skies agreement
June 2013


WP 2013-10
Vera Rocha, Anabela Carneiro, and Celeste Amorim Varum
Entrepreneurship Dynamics: Entry Routes, Business-Owner’s Persistence and Exit Modes
(published in: Small Business Economics under the title “Entry and Exit Dynamics of Nascent Business Owners”)
June 2013


WP 2013-09
João Adelino Ribeiro, Paulo Jorge Pereira, and Elísio Brandão
Volume Uncertainty in Construction Projects: a Real Options Approach
May 2013

WP 2013-08
João Adelino Ribeiro, Paulo Jorge Pereira, and Elísio Brandão
A Two-Factor Uncertainty Model to Determine the Optimal Contractual Penalty for a Build-Own-Transfer Project
May 2013

Elvira Silva and Alfons Oude Lansink
Dynamic Efficiency Measurement: A Directional Distance Function Approach
May 2013

WP 2013-06
Fabio Verona and Maik H. Wolters
Sticky Information Models in Dynare
April 2013

WP 2013-05
M. Alper Çenesiz and Luís Guimarães
Sticky Price Models, Durable Goods, and Real Wage Rigidities
April 2013

WP 2013-04
Elena Sochirca, Óscar Afonso, and Sandra Silva
Effects of political rivalry on public educational investments and income inequality: evidence from empirical data
February 2013


WP 2013-03
Nuno Torres, Óscar Afonso, and Isabel Soares
Manufacturing skill-biased wage inequality, natural resources and institutions
February 2013


WP 2013-02
Nuno Torres, Óscar Afonso, and Isabel Soares
A survey of literature on the resource curse: critical analysis of the main explanations, empirical tests and resource proxies
February 2013


WP 2013-01
Argentino Pessoa
Structural and technological change in the European periphery: The case of Portugal
February 2013


WP 2012-04
Pedro Neves, Sandra Silva, and Óscar Afonso
A Meta-Analytic Assessment of the Effects of Inequality on Growth
December 2012


WP 2012-03
António Miguel Martins and Ana Paula Serra
Real Estate Market Risk in Bank Stock Returns: Evidence for 15 European Countries
May 2012


WP 2012-02
Anabela Carneiro and José Varejão
Establishment Turnover and the Evolution of Wage Inequality
May 2012


WP 2012-01
João Adelino Ribeiro, Paulo Jorge Pereira, and Elísio Brandão
Reaching an Optimal Mark-Up Bid through the Valuation of the Option to Sign the Contract by the Successful Bidder
May 2012
Revised version: May 2013


WP 2011-07
Nuno Soares and Andrew W. Stark
Is there an accruals or a cash flow anomaly in UK stock returns?
December 2011


WP 2011-06
Miguel Viegas and Ana Paula Ribeiro
Assessing welfare impacts of some debt-consolidation episodes in the European Union
October 2011


WP 2011-05
Luís Aguiar-Conraria, Manuel M. F. Martins and Maria Joana Soares
Synchronization of Economic Sentiment Cycles in the Euro Area: A Time-frequency Analysis
(published in: Journal of Common Market Studies)
October 2011


WP 2011-04
Carlos Miguel Silva and Ana Paula Ribeiro
The Impacts of Structural Changes in the Labor Market: a Comparative Statics Analysis Using Heterogeneous-agent Framework
July 2011


WP 2011-03
Miguel Viegas and Ana Paula Ribeiro
Welfare-improving Government Behaviour and Inequality - Inspection Using a Heterogeneous-agent Model
June 2011


WP 2011-02
Fabio Verona
Lumpy Investment in Sticky Information General Equilibrium
June 2011


WP 2011-01
Fabio Verona, Manuel M. F. Martins, and Inês Drumond
Monetary Policy Shocks in a DSGE Model with a Shadow Banking System
February 2011
Revised version June 2012: (Un)anticipated Monetary Policy in a DSGE Model with a Shadow Banking System
(forthcoming in: International Journal of Central Banking)


WP 2010-04
Luís Aguiar-Conraria, Manuel M. F. Martins, and Maria Joana Soares
The Yield Curve and the Macro-economy across Time and Frequencies
July 2010
Revised version: May 2012
(published in: Journal of Economic Dynamics and Control)


WP 2010-03
Celsa Machado and Ana Paula Ribeiro
Monetary and Fiscal Policy Interactions in a Monetary Union with Country-size Asymmetry
July 2010


WP 2010-02
Stephen G. Donald, Natércia Fortuna and Vladas Pipiras
On Rank Estimation in Semidefinite Matrices
April 2010


WP 2010-01
Cristina Barbot
Competition in Complementary Goods: Airport Handling Markets and Council Directive 96/67/EC
(published as Opening Groundhandling Markets to Competition: Effects on Welfare in: Transportation Science)
February 2010


WP 2009-02
Anabela Carneiro, Paulo Guimarães and Pedro Portugal
Real Wages and the Business Cycle: Accounting for Worker and Firm Heterogeneity
November 2009
(Published in: American Economic Journal: Macroeconomics)


WP 2009-01
Maria M. de Mello
The Role of Cointegration in the Forecast Accuracy of VAR Models
October 2009