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Economics professor honoured


By Caitlyn Spencer

Apostolos Serletis, Professor of Economics, won one of four inaugural Distinguished Research Awards from the Faculty of Arts. Serletis has been with the economics department since 1984, and has won numerous awards for his research on monetary policy issues.

Serletis, along with colleagues in the Departments of English, Geography, History, and Germanic, Slavic, and East Asian Studies, won the award in recognition of his exceptional research in the past year.

Serletis’s fields of interest include macroeconometrics, monetary and financial economics, and nonlinear and complex dynamics.

He is an associate editor for Energy Economics and Macroeconomic Dynamics, and on the editorial board of the Journal of Economic Studies and Journal of Economic Asymmetries. To date, Serletis has nearly 200 academic articles and seven scholarly books to his name.

In 2010 he co-wrote a paper with John Elder of Colorado State University, exploring how uncertainty about oil prices affects the economy.

Serletis and Elder found that oil price uncertainty had the most dramatic effects on durables consumption and fixed investment.

They discovered that not only did uncertainty about oil prices depress investment, but also that volatility in oil prices also has a negative effect on investment, consumption, and aggregate output.

Currently, oil volatility is on the wane, but in the wake of the Global Financial Crisis, volatility has been a problem for the economy, as fluctuating prices discourage investment.

In recent years, Serletis has focused in particular on issues related to the global financial crisis.

“There are many things we need to worry about,” he explains. “What happens to bank reserves? Should central banks be targeting inflation rate or price level? What effects do oil prices have on our economy? Is that relationship linear and symmetrical, or not? These are some of the issues I look at.”