Apostolos (Paul) Serletis

Department of Economics 
The University of Calgary

Telephone: (403) 220 - 4092
Facsimile: (403) 282 - 5262

Welcome to my web page. It exists solely for the purpose of providing information about my academic work and interests.


Research Interests:



Monetary and Financial Economics

Nonlinear and Complex Dynamics





Divisia Aggregation and Substitutability Among Monetary Assets. Journal of Money, Credit and Banking 18, 430-446 (with A. Leslie Robb).


The Demand for Divisia M1, M2, and M3 in the United States. Journal of Macroeconomics 9, 567-591.

On the Demand for Money in the United States. Empirical Economics 12, 249-255.

Monetary Asset Separability Tests. In William A. Barnett and Kenneth Singleton (eds.), New Approaches to Monetary Economics, pp. 169-182 . Cambridge: Cambridge University Press.


New Tests of the Theory of Optimal Seigniorage. Economics Letters 27, 361-365.

The Empirical Relationship between Money, Prices and Income Revisited. Journal of Business and Economic Statistics 6, 351-358.

Translog Flexible Functional Forms and Substitutability of Monetary Assets. Journal of Business and Economic Statistics 6, 59-67.

A Financial Theory of the Financial Firm. Journal of Quantitative Economics 4, 201-212 (with Subal Kumbhakar).

The Low-Frequency Relationship between Money, Prices, and Income. Applied Economics 20, 877-887 (with Frank J. Atkins).


Velocity and the Growth of Money in the United States, 1970-1985. Journal of Macroeconomics 11, 323-332 (with Douglas Fisher).

Long Term Trends in  Canadian Economic Development. Economic Notes, 362-375 (with Panos C. Afxentiou).

Money and the Economy. In 9th World Congress of the International Economic Association, Congress Proceedings, Vol. 2, pp. 261-280. The Athens Graduate School of Economics and Business Science, Athens Greece.


A Dispersion-Dependency Diagnostic Test for Aggregation Error: With Applications to Monetary Economics and Income Distribution. Journal of Econometrics 43, 5-34 (with William A. Barnett). Reprinted in William A. Barnett and Apostolos Serletis (eds.), The Theory of Monetary Aggregation, pp. . Amsterdam: North-Holland (forthcoming).

Market Efficiency and Cointegration: An Application to Petroleum Markets. The Review of Futures Markets 9, 372-380 (with David Banack).

KLEM Substitutability: A Dynamic Flexible Demand System. Applied Economics 22, 275-283 (with Subal Kumbhakar).

Velocity Effects of Anticipated and Unanticipated Money Growth and its Variability. Applied Economics 22, 775-783.


The Demand for Divisia Money in the United States: A Dynamic Flexible Demand System. Journal of Money, Credit and Banking 23, 35-52.

Modeling the Demand for Consumption Goods and Liquid Assets. Journal of Macroeconomics 13, 435-457.

Rational Expectations, Risk and Efficiency in Energy Futures Markets. Energy Economics 13, 111-115.

Informational Efficiency of Commodity Futures Prices. Applied Financial Economics 1, 185-192 (with David Scowcroft).

A Time Series Analysis of the Relationship Between Government Expenditure and GDP in Canada. Public Finance Quarterly 19, 316-333 (with Panos C. Afxentiou).

Exports and GNP Causality in the Industrial Countries: 1950-1985. Kyklos 44, 167-179 (with Panos C. Afxentiou).

Exports in the Canadian Economic Development: 1926-1983. Economic Notes 20, 354-366 (with Panos C. Afxentiou).

International Evidence on Income and Government Expenditure Causality: A Test of Development Economics. KEIO Economic Studies 28, 29-42 (with Panos C. Afxentiou).

The Post-War Aggregate Production Function in Canada: 1946-1988. Economia Internazionale, 168-175 (with Panos C. Afxentiou).


Consumer Theory and the Demand for Money. Journal of Economic Literature 30, 2086-2119 (with William A. Barnett and Douglas Fisher). Reprinted in William A. Barnett and Apostolos Serletis (eds.), The Theory of Monetary Aggregation, pp. . Amsterdam: North-Holland (forthcoming), and in David Laidler (ed.), The Foundations of Monetary Economics, pp. . Aldershot, U.K.: Edward Elgar (forthcoming).

The Random Walk in Canadian Output. Canadian Journal of Economics 25, 392-406.

Export Growth and Canadian Economic Development. Journal of Development Economics 38, 133-145.

Output Trends in EC Countries and the Implications for Transition to Monetary Union. Economics Letters 40, 211-216 (with Thomas Krichel).

Maturity Effects in Energy Futures. Energy Economics 14, 150-157.

Unit Root Behavior in Energy Futures Prices. The Energy Journal 13, 119-128.

Canadian Economic Growth, 1870 1985. Greek Economic Review 14, 251-264 (with Panos C. Afxentiou).

Openess in the Canadian Economy: 1870 1988. Applied Economics 24, 1191-1198 (with Panos C. Afxentiou).

Modeling the Relationship Between Output and Government Expenditures in Canada. KEIO Economic Studies 29, 17-43 (with Panos C. Afxentiou).

Commentary. In Monetary Seminar [a seminar sponsored by the Bank of Canada, May 7-9, 1990], pp. 115-118. Bank of Canada.


The Role of Money in Canada. Journal of Macroeconomics 15, 91-107 (with Martin  King).

Money and Stock Prices in the United States. Applied Financial Economics 3, 51-54.

International Capital Mobility and the Long Run Investment and Saving in Canada. Economia Internazionale, 147-167 (with Panos C. Afxentiou).


Testing the Long-Run Implications of the Neoclassical Growth Model for Canada. Journal of Macroeconomics 16, 329-346.

Maximum Likelihood Cointegration Tests of Purchasing Power Parity: Evidence from Seventeen OECD Countries. Weltwirtschaftliches Archiv 130, 476-493.

A Cointegration Analysis of Petroleum Futures Prices. Energy Economics 16, 93-97.

Business Cycles and the Behavior of Energy Prices. The Energy Journal 15, 125-134 (with Vaughn Hulleman).

International Evidence on Breaking Trend Functions in Macroeconomic Variables. Applied Economics 26, 175-179.

Common Stochastic Trends in a System of East European Black-Market Exchange Rates. Applied Financial Economics 4, 23-31.

Breaking Trend Functions in the Velocity of Money:  Evidence from the United States and Canada. North American Journal of Economics and Finance 5, 201-208.

Deterministic Trends and Money-Output Causality. Applied Financial Economics 4, 143-147 (with Martin King).

Economic and Monetary Union in Europe: Progress and Prospects. In Gretchen M. MacMillan (ed.), The European Community, Canada and 1992, pp. 77-90 . The Faculty of Social Sciences, The University of Calgary.


Random Walks, Breaking Trend Functions, and the Chaotic Structure of the Velocity of Money. Journal of Business and Economic Statistics 13, 453-458.

The Impact of International Indebtedness on the Import-Export Sectors of Developing Countries. International Economic Journal 9, 73-87 (with Panos C. Afxentiou).

International Evidence on the Long-Run Implications of the Neoclassical Growth Model. Applied Economics 27, 205-210 (with T. Krichel).


International Evidence on the Cyclical Behavior of Inflation. Economics Letters 51, 205-212.

Empirical Evidence on the Long-Run Neutrality Hypothesis Using Low-Frequency International Data. Economics Letters 50, 323-327 (with David Krause).

Government Activities and Tests of the Long-Run Implications of the Neoclassical Growth Model for Canada. Canadian Journal of Economics 29, 635-642.

Is There Chaos in Economic Time Series? Canadian Journal of Economics 29, S210-S212.

Permanent and Temporary Components of Canadian Stock Prices. Applied Financial Economics 6, 259-269 (with Murray  Sondergard).

Testing for Deterministic Nonlinear Dependence in the Australian Dollar-U.S. Dollar Exchange Rate Series. Applied Economics Letters 3, 267-269 (with Paul Dormaar).

Nominal Stylized Facts of U.S. Business Cycles. The Federal Reserve Bank of St. Louis Review 78, 49-54 (with David Krause).

The Sensitivity of Empirical Studies to Alternative Measures of the Monetary Base and Reserves. The Federal Reserve Bank of St. Louis Review 78, 51-69 (with Michael Dueker).

Some Evidence on the Neutrality of Money in Canada: A Comparison between Simple Sum and Divisia Money Measures. International Review of Comparative Public Policy 8, 179-197 (with James R.C. Brown).

Foreign Indebtedness in Low- and Middle-Income Countries. Social and Economic Studies 45, 133-159 (with Panos C. Afxentiou).

Growth and Foreign Indebtedness in Developing Countries: An Empirical Study Using Long-Term Cross-Country Data. The Journal of Developing Areas 31, 25-40 (with Panos C. Afxentiou).

Government Expenditures in the European Union: Do They Converge or Follow Wagner's Law? International Economic Journal 3, 33-47 (with Panos C. Afxentiou).

The GNP-Indebtedness Relationship in Developing Countries. Rivista Internazionale di Scienze Economiche e Commerciali 43, 175-190 (with Panos C. Afxentiou).

Chaos and Nonlinear Dynamics in Futures Markets. In William  A. Barnett, Alan P. Kirman, and Mark Salmon (eds.), Nonlinear Dynamics and Economics, pp. 113-132. Cambridge: Cambridge University Press (with Paul Dormaar).

Money Aspects of North American Economies. In Christos C. Paraskevopoulos, Ricardo Grinspun, and George E. Eaton (eds.), Economic Integration in the Americas, pp. 34-39. Aldershot, U.K.: Edward Elgar (with David Krause).

Convergence Issues in the Emerging European Economic and Monetary Union. In Christos C. Paraskevopoulos, Ricardo Grinspun, and Theodore Georgakopoulos (eds.), Economic Integration and Public Policy in the European Union, pp. 79-89. Aldershot, U.K.:Edward Elgar (with Panos C. Afxentiou).


Resolving the Liquidity Puzzle. Macroeconomic Dynamics 1, 720-739 (with Victor Chwee).

Breaking Trend Functions in Real Exchange Rates: Evidence From Seventeen OECD Countries. Journal of Macroeconomics 19, 781-802 (with Grigorios Zimonopoulos).

Is There an East-West Split in North-American Natural Gas Markets? The Energy Journal 18, 47-62.

Common Stochastic Trends and Convergence in EU Stock Markets. The Manchester School, 44-57 (with Martin King).

Convergence and Labour Mobility in the European Union. Economic  Notes 26, 11-34 (with Panos C. Afxentiou).

Chaos in East European Black Market Exchange Rates. Research in Economics 51, 359-385 (with Periklis Gogas).

Policy Implications of Canadian Budget Deficits. Rivista Internazionale di Scienze Economiche e Commerciali 44, 75-96 (with Panos C. Afxentiou).

Index Numbers. In David Glasner (ed.), Business Cycles and Depressions: An Encyclopedia, pp. 323-325. New York: Garland Publishing.


The Cyclical Behavior of Monthly NYMEX Energy Prices. Energy Economics 20, 265-271 (with Todd Kemp).

International Evidence on the Neutrality of Money. Journal of Money, Credit and Banking 30, 1-25 (with Zisimos Koustas).

Electoral and Partisan Cycle Regularities in Canada. Canadian Journal of Economics 31, 28-46 (with Panos C. Afxentiou).

Electoral and Partisan Cycle Regularities: A Cointegration Test. Journal of Policy Modeling 20, 119-140 (with Andreas Andrikopoulos and Kyprianos Prodromidis).

Monetary Aggregation, Rational Expectations, and the Demand for Money in the United States. North American Journal of Economics and Finance 9, 1-13 (with Douglas Fisher and Adrian Fleissig).



On the Fisher Effect. Journal of Monetary Economics 44, 105-130 (with Zisimos Koustas).

On the Gibson Paradox. Review of International Economics 7, 117-125 (with George Zestos).

The Message in North American Energy Prices. Energy Economics 21, 471-483 (with John Herbert).

The North American Natural Gas Liquids Markets are Chaotic. The Energy Journal 20, 83-103 (with Periklis Gogas).

International Evidence on the Tax- and Revenue-Smoothing Hypotheses. Oxford Economic Papers 51, 387-396 (with Richard Schorn).

Testing for Government Spending Convergence Across Canadian Provinces. Public Finance Review 27, 434-456 (with Panos C. Afxentiou).

The Foreign Indebtedness of Moderately and Severely-Indebted Developing Countries. The South African Journal of Economics 67, 95-110 (with Panos C. Afxentiou).



Martingales, Non-Linearity, and Chaos. Journal of Economic Dynamics and Control, (with William A. Barnett).

Monetary Aggregation and Monetary Policy [invited paper]. In Money, Monetary Policy and Transmission Mechanisms, Bank of Canada, (with Terence E. Molik).

Convergence Across Canadian Provinces. Canadian Journal of Regional Sciences, (with Panos C. Afxentiou).

Output Growth and the Variability of Exports and Imports Growth: International Evidence from Granger Causality Tests. Developing Economies, (with Panos C. Afxentiou).

The Demand for Money: Theoretical and Empirical Approaches. Kluwer Academic Publishers.

The Theory of Monetary Aggregation (ed.). Amsterdam: North-Holland, (with William A. Barnett). This book is under contract for the North-Holland monograph series, Contributions to Economic Analysis, which is edited by D. W. Jorgenson, J. J. Laffont, and T. Persson,

The Economics of Money, Banking, and Financial Markets: First Canadian Edition. Addison Wesley Longman, (with Frederic Mishkin and Patrick Crowley).


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