Publications

Chiarella, C., Flaschel, P. & Semmler, W. 2012, Reconstructing Keynesian Macroeconomics Volume 1: Partial Perspectives, 1st, Routledge, USA.
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This book represents the first of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction. It questions in a radical way the evolution of Keynesian macroeconomics after World War II and focuses on the limitations of the traditional Keynesian approach until it fell apart in the early 1970s, as well as the inadequacy of the new consensus in macroeconomics that emerged from the Monetarist critique of Keynesianism. Professors Chiarella, Flaschel and Semmler investigate basic methodological issues, the pitfalls of the Rational Expectations School, important feedback channels in the tradition of Tobin?s work, and theories of the wage-price spiral and the evidences for them. The book uses primarily partial approaches, the integration of which will be the subject of subsequent volumes. With its focus on Keynesian propagation mechanisms, the research in this book provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. Reconstructing Keynesian Macroeconomics should be of interest to students and researchers who want to look at alternatives to the mainstream macrodynamics that emerged from the Monetarist critique of Keynesianism.

Blinman, P., King, M.T., Norman, R.P., Viney, R.C. & Stockler, M.R. 2012, 'Preferences for cancer treatments: an overview of methods and applications in oncology', Annals Of Oncology, vol. 23, no. 5, pp. 1104-1110.

Cheridito, P., Nikeghbali, A. & Platen, E. 2012, 'Processes of class Sigma, last passage times, and drawdowns', SIAM Journal on Financial Mathematics, vol. 3, pp. 280-303.

Dwyer, L., Kenzevic Cvelbar, L., Edwards, D.C. & Mihalic, T. 2012, 'Fashioning a destination tourism future: The case of Slovenia', Tourism Management, vol. 33, pp. 305-316.

Ignatieva, K. & Platen, E. 2012, 'Estimating the diffusion coefficient function for a diversified world stock index', Computational Statistics and Data Analysis, vol. 56, no. 6, pp. 1333-1349.

Jeon, Y., Luscombe, G., Chenoweth, L.L., Stein-Parbury, M.J., Brodaty, H., King, M.T. & Haas, M.R. 2012, 'Staff outcomes from the Caring for Aged Dementia Care REsident Study (CADRES): A cluster randomised trial', International Journal of Nursing Studies, vol. 49, pp. 508-518.

Johar, M. & Katayama, H. 2012, 'Quantile regression analysis of body mass and wages', Health Economics, vol. 21, no. 5, pp. 597-611.
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Louviere, J.J., Day, B., Bateman, I.J., Carson, R., Dupont, D.P., Morimoto, S., Wang, P.Z. & Scarpa, R. 2012, 'Ordering Effects and Choice Set Awareness in Repeat-Response Stated Preference Studies', Journal of Environmental Management, vol. 63, pp. 73-91.
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We present an experiment designed to investigate the presence and nature of ordering effects within repeat-response stated preference (SP) studies. Our experiment takes the form of a large sample, full-factorial, discrete choice SP exercise investigating preferences for tap water quality improvements. Our study simultaneously investigates a variety of different forms of position-dependent and precedent-dependent ordering effect in preferences for attributes and options and in response randomness. We also examine whether advanced disclosure of the choice tasks impacts on the probability of exhibiting ordering effects of those different types. We analyze our data both nonparametrically and parametrically and find robust evidence for ordering effects. We also find that the patterns of order effect in respondents? preferences are significantly changed but not eradicated by the advanced disclosure of choice tasks a finding that offers insights into the choice behaviors underpinning order effects.

Stavrunova, O., Yerokhin, O. 2012, 'Two-part fractional regression model for the demand for risky assets', Applied Economics, vol. 44, no. 1, pp. 21-26.
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Empirical studies of household portfolio choices are often interested in quantifying the effects of various covariates on the fraction of a household?s wealth invested in risky assets such as common stocks. The preferred econometric specification in these studies is the two-limit Tobit model, which can accommodate the fractional nature of the dependent variable. However, it is restrictive, because it assumes that the same data generating process determines both whether households participate in the stock market and the fraction of wealth invested in stocks. This article demonstrates that, in this setting, a two-part version of the fractional response model of Papke and Wooldridge (1996) constitutes an attractive alternative to Tobit by comparing the performance of the two models using data on portfolio choices of Australian households. We find that (1) the Tobit model is rejected by our data in favour of a two-part specification; and (2) marginal effects of covariates on the share of risky assets conditional on participation estimated from Tobit are confounded by the effects of these covariates on the participation decision.