The Department of Economics at the University of Macau has made significant progress in publications in leading economics journals. Here, we present a collection of these papers, which cover different fields in economics, such as development economics, econometrics, experimental economics, financial economics, international economics, macroeconomics and microeconomics, representing the breadth of expertise in the department.

Strategic Responses to Personalized Pricing and Demand for Privacy: An Experiment
Games and Economic Behavior, 2024, vol. 148, 487-516
with Li Chen and Rustamdjan Hakimov
DOI: https://doi.org/10.1016/j.geb.2024.10.008

Estimating Time-varying Networks for High-dimensional Time Series
Journal of Econometrics, 2025, vol. 249, 105941
with Degui Li, Yu-Ning Li and Oliver Linton
DOI: https://doi.org/10.1016/j.jeconom.2024.105941

Dynamic Effects of Labor Income Taxation in an Unequal Schumpeterian Economy
European Economics Review, 2025, vol. 178, 105071
with Chih-Hsing Liao and Pietro Peretto
DOI: https://doi.org/10.1016/j.euroecorev.2025.105071

Export-Led Takeoff in a Schumpeterian Economy
Journal of International Economics, 2023, vol. 145, 103798
with Pietro Peretto and Rongxin Xu
DOI: https://doi.org/10.1016/j.jinteco.2023.103798

Innovation and Inequality from Stagnation to Growth
European Economic Review, 2023, vol. 160, 104615
with Pietro Peretto
DOI: https://doi.org/10.1016/j.euroecorev.2023.104615

Agricultural Revolution and Industrialization
Journal of Development Economics, 2022, vol. 158, 102887
with Pietro Peretto and Xilin Wang
DOI: https://doi.org/10.1016/j.jdeveco.2022.102887

Contests with Sequential Entry and Incomplete Information
Theoretical Economics, 2024, vol. 19, 705-742
with Qiang Fu, Zenan Wu and Yuxuan Zhu
DOI: https://doi.org/10.3982/TE5367

Speculation in Procurement Auctions
Journal of Economic Theory, 2023, vol. 212, 105692
DOI: https://doi.org/10.1016/j.jet.2023.105692

Overconfidence in Private Information Explains Biases in Professional Forecasts
Journal of Monetary Economics, 2025, forthcoming
with Klaus ADAM, Shihan XIE
DOI: https://doi.org/10.1016/j.jmoneco.2025.103839

Central Bank Communication and House Price Expectations
Journal of the European Economic Association, 2025, forthcoming
with Carola BINDER, Li TANG
DOI: https://doi.org/10.1093/jeea/jvaf042

Money and Imperfectly Competitive Credit
Journal of Economic Theory, 2025, vol. 228, 106050
with Allen Head, Timothy Kam, Guangqian Pan
DOI: https://doi.org/10.1016/j.jet.2025.106050

On a Pecuniary Externality of Competitive Banking through Goods Pricing Dispersion
European Economic Review, 2025, vol. 179, 105112
with Timothy Kam, Hyungsuk Lee, Junsang Lee 
DOI: https://doi.org/10.1016/j.euroecorev.2025.105112

The n-Player Hirshleifer Contest
Games and Economic Behavior, 2024, vol. 143, 300-320
with Christian Ewerhart
DOI: https://doi.org/10.1016/j.geb.2023.11.004

Financialization and Commodity Markets Serial Dependence
Management Science, 2024, vol. 70, 2122-2143
with Zhi Da, Ke Tang and Liyan Yang
DOI: https://doi.org/10.1287/mnsc.2023.4797

A Time-Varying Network for Cryptocurrencies
Journal of Business and Economic Statistics, 2024, vol. 42, 437-456
with Li Guo and Wolfgang Karl Härdle
DOI: https://doi.org/10.1080/07350015.2022.2146695

Regression-Adjusted Estimation of Quantile Treatment Effects under Covariate-Adaptive Randomizations
Journal of Econometrics, 2023, vol. 234, 758-776
with Liang Jiang, Peter C.B. Phillips and Yichong Zhang
DOI: https://doi.org/10.1016/j.jeconom.2022.08.010

Blocking Patents, Rent Protection and Economic Growth
Review of Economic Dynamics, 2024, vol. 52, 1-20
with Michael A. Klein
DOI: https://doi.org/10.1016/j.red.2023.11.003

An Efficient and Incentive-Compatible Dynamic Multi-Item Auction Under Budget Constraints
International Economic Review, 2025, forthcoming
with Jingsheng YU
DOI: https://doi.org/10.1111/iere.70017

Weak Identification of Long Memory with Implications for Volatility Modeling
Review of Financial Studies, 2025, vol. 38, 3117–3148
with Jia Li, Peter C B Phillips and Shuping Shi
DOI: https://doi.org/10.1093/rfs/hhaf022

Multivariate Stochastic Volatility Models based on Generalized Fisher Transformation
Journal of Econometrics, 2025, vol. 251, 106041
with Han Chen and Yijie Fei
DOI: https://doi.org/10.1016/j.jeconom.2025.106041

Deviance Information Criterion for Model Selection: Theoretical Justification and Applications
Journal of Econometrics, 2025, forthcoming
with Yong Li, Sushanta K. Mallick, Nianling Wang and Tao Zeng
DOI: https://doi.org/10.1016/j.jeconom.2025.105978

On the Spectral Density of Fractional Ornstein-Uhlenbeck Process
Journal of Econometrics, 2024, vol. 245, 105872
with Shuping Shi and Chen Zhang
DOI: https://doi.org/10.1016/j.jeconom.2024.105872

Robust Testing for Explosive Behavior with Strongly Dependent Errors
Journal of Econometrics, 2024, vol. 238, 105626
with Yiu Lim Lui and Peter C.B. Phillips
DOI: https://doi.org/10.1016/j.jeconom.2023.105626

A Panel Clustering Approach to Analysing Bubble Behaviour
International Economic Review, 2023, vol. 64, 1347-1395
with Yanbo Liu and Peter C. B. Phillips
DOI: https://doi.org/10.1111/iere.12647

Testing for Equal Average Forecast Accuracy in Possibly Unstable Environments
Journal of Business & Economic Statistics, 2025, vol. 43, 643-656
with David I. Harvey and Stephen J. Leybourne
DOI: https://doi.org/10.1080/07350015.2024.2418835