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 2018-06
Kevin S. Nell
Conditional Divergence in the Post-1989 Globalisation Period
October 2018


WP 2018-05
José Jorge
Financial System Architecture and Systematic Risk
June 2018


WP 2018-04
Tiago Neves Sequeira, Pedro Mazeda Gil, and Óscar Afonso
Endogenous Growth and Entropy
June 2018

Published in the Journal of Behavior & Organization


WP 2018-03
M. Alper Çenesiz and Luís Guimarães
Income Effects and the Cyclicality of Job Search Effort
May 2018


WP 2018-02
Gustavo Iglésias and Pedro Mazeda Gil
Endogenous Growth and Real Effects of Monetary Policy: R&D and Physical Capital Complementarities in a Cash-in-Advance Economy
April 2018


WP 2018-01
José Jorge and Joana Rocha
Agglomeration and Industry Spillover Effects in the Aftermath of a Credit Shock
February 2018


WP 2017-03
Pedro Brinca, Miguel H. Ferreira, Francesco Franco, Hans A. Holter, and Laurence Malafry
Fiscal Consolidation Programs and Income Inequality
November 2017


WP 2017-02
Gonçalo Faria and Fabio Verona
Forecasting stock market returns by summing the frequency-decomposed parts
November 2017


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.

Forthcoming in the  Journal of Macroeconomics


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

Published as  Financial shocks, financial stability, and optimal Taylor rules in the Journal of Macroeconomics (2017), Vol. 54, Part B, December 2017, pp. 187-207


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; Revised in November 2017

Forthcoming in the Journal of Money, Credit and Banking


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