Peer-reviewed papers
Dafermos, Y., Nikolaidi, M. (2022). “Assessing climate policies: an ecological stock-flow consistent perspective”, European Journal of Economics and Economic Policies: Intervention, 19 (3), pp. 338-356.
Dafermos, Y., Nikolaidi, M. (2021). “How can green differentiated capital requirements affect climate risks? A dynamic macrofinancial analysis”, Journal of Financial Stability, 54, 100871.
Obst, T., Onaran, Ö., Nikolaidi, M. (2020). “The effects of income distribution and fiscal policy on aggregate demand, investment and the budget balance: the case of Europe”, Cambridge Journal of Economics, 44 (6), pp. 1221-1243.
Dafermos, Y., Nikolaidi, M., Galanis, G. (2018). “Climate change, financial stability and monetary policy”, Ecological Economics, 152, pp. 219-234.
Nikolaidi, M., Stockhammer, E. (2017). “Minsky models: A structured survey”, Journal of Economic Surveys, 31 (5), pp. 1304-1331.
Nikolaidi, M. (2017). “Three decades of modelling Minsky: what we have learned and the way forward”, European Journal of Economics and Economic Policies: Intervention, 14 (2), 2017, pp. 222-237.
Dafermos, Y., Nikolaidi, M., Galanis, G. (2017). “A stock-flow-fund ecological macroeconomic model”, Ecological Economics 131, pp. 191-207.
Nikolaidi, M. (2014). “Margins of safety and instability in a macrodynamic model with Minskyan insights”, Structural Change and Economic Dynamics 31, pp. 1-16.
Argitis, G., Nikolaidi, M. (2014). “The financial fragility and the crisis of the Greek government sector”, International Review of Applied Economics 28 (3), pp. 274-292.
Working papers
Dafermos, Y., McConnell, A., Nikolaidi, M., Storm, S., Yanovski, B. (2024). “Macroeconomic modelling in the Anthropocene”, INET Working paper.
Dafermos, Y., Monserand, A., Nikolaidi, M. (2022). “Green public investment, consumption patterns and the ecological transition: a macroeconomic analysis”, SSRN paper.
Dafermos, Y., Nikolaidi, M. (2021). “How can green differentiated capital requirements affect climate risks? A dynamic macrofinancial analysis”, SSRN paper.
Dafermos, Y., Nikolaidi, M. (2019).“Fiscal policy and ecological sustainability: A post-Keynesian perspective”, PKES Working paper 1912.
Dafermos, Y., Nikolaidi, M., Galanis, G. (2017). “Climate change, financial stability and monetary policy”, PKSG Working paper 1712.
Nikolaidi, M., Stockhammer, E. (2017). “Minsky models: A structured survey”, PKSG Working paper 1706.
Obst, T., Onaran, Ö., Nikolaidi, M. (2017). “The effects of income distribution and fiscal policy on growth, investment and budget balance: the case of Europe”, PKSG Working paper 1703.
Dafermos, Y., Nikolaidi, M., Galanis, G. (2016). “A stock-flow-fund ecological macroeconomic model”, PKSG Working paper 1612.
Nikolaidi, M. (2015).“Securitisation, wage stagnation and financial fragility: a stock-flow consistent perspective”, Greenwich Papers in Political Economy, GPERC27, University of Greenwich.
Book chapters
Dafermos, Y., Nikolaidi, M. (2023). “Financing climate investment in the EU: the role of monetary and financial policies”, In: Cerniglia, F., Saraceno, F., Watt, A. (eds.), Financing Investment in Times of High Public Debt: 2023 European Public Investment Outlook, OpenBook Publishers, 157-168.
Nikolaidi, M. (2021). “Minsky's financial instability hypothesis”, pp. 22-44, in d'Apice, V., Ferri, G. (eds.) A Modern Guide to Financial Shocks, Edward Elgar, Cheltenham, UK and Northampton, MA [Manuscript available here].
Dafermos, Y., Nikolaidi, M. (2019). “Fiscal policy and ecological sustainability: A post-Keynesian perspective”, in Arestis P., Sawyer, M. (eds.) Frontiers of Heterodox Macroeconomics, Palgrave Macmillan, Basingstoke, pp. 277-322.
Briefs, reports and other publications
Dafermos, Y., Nikolaidi, M., Colesanti Senni, C. and von Jagow, A. (2024). “Macrofinancial causes and risks of deforestation, land conversion and water stress: analysing the role of central banks and financial supervisors through a stock-flow double materiality lens”, SOAS University of London; University of Greenwich; University of Zurich; Vienna University of Economics and Business.
Dafermos, Y., Gabor, D., Nikolaidi, M., Gogolewski, J., Vargas, M. (2023). “Broken promises: the ECB’s widening Paris gap”, SOAS University of London; University of Greenwich; University of the West of England; Greenpeace, July 2023.
Nikolaidi, M. (2022). “Macrofinancial policies for a green and caring economy”, Women's Budget Group, November 2022.
Dafermos, Y., Nikolaidi, M. (2022). “Greening capital requirements”, INSPIRE Central Banking Toolbox – Policy Briefing No. 8, London: Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science, October 2022.
Dafermos, Y., Gabor, D., Nikolaidi, M., van Lerven, F. and Vargas, M. (2022). “The ECB Paris Gap – Substantive but Treatable”, Greenpeace, September 2022.
Dafermos, Y., Gabor, D., Nikolaidi, M., van Lerven, F. (2022). “Greening collateral frameworks”, INSPIRE Central Banking Toolbox – Policy Briefing No. 7, London: Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science, August 2022.
Dafermos, Y., Gabor, D., Nikolaidi, M., van Lerven, F. (2022). “An environmental mandate, now what? Alternatives for greening the Bank of England's corporate bond purchases”, SOAS University of London; University of Greenwich; University of the West of England, January 2022.
Dafermos, Y., Gabor, D., Nikolaidi, M., Pawloff , A., van Lerven, F. (2021). “Greening the Eurosystem collateral framework: How to decarbonise the ECB's monetary policy”, New Economics Foundation, March 2021.
Dafermos, Y., Gabor, D., Nikolaidi, M., van Lerven, F. (2021). “Greening the UK financial system - a fit for purpose approach”, SUERF Policy Note No. 226, March 2021.
Dafermos, Y., Gabor, D., Nikolaidi, M., Pawloff, A. van Lerven, F. (2020). “Decarbonising is easy: Beyond market neutrality in the ECB's corporate QE”, New Economics Foundation, October 2020.
Dafermos, Y., Gabor, D., Nikolaidi, M., van Lerven, F. (2020). “Decarbonising the Bank of England's pandemic QE: 'Perfectly sensible'”, New Economics Foundation, August 2020.
Gabor, D., Dafermos, Y., Nikolaidi, M., Rice, P., van Lerven, F., Kerslake, R., Pettifor, A., Jacobs, M. (2019). “Finance and climate change: a progressive green finance strategy for the UK”, Report of the independent panel commissioned by Shadow Chancellor of the Exchequer John McDonnell MP.
Nikolaidi, M. (2019). “What would it mean to green the UK financial system?”, openDemocracy.
Nikolaidi, M. (2019). “Greening the UK financial system”, CommonWealth.
Dafermos, Y., Nikolaidi, M., Galanis, G. (2018). “Can green Quantitative Easing (QE) reduce global warming?”, Foundation for European Progressive Studies.
Dafermos, Y., Galanis, G.,Nikolaidi, M. (2015). “A new ecological macroeconomic model: analysing the interactions between the ecosystem, the financial system and the macroeconomy”, New Economics Foundation.
Nikolaidi, M. (2015). Review of: Hein E., Detzer D., and Dodig N., The Demise of Finance-dominated Capitalism: Explaining the Financial and Economic Crises, Cheltenham: Edward Elgar. In Economic Issues, 20 (2), pp. 98-100.
Argitis, G., Nikolaidi, M. (2014). Economic Crisis and Productive Restructuring in Greece: The Role of Manufacturing, Study 28, Observatory of Economic and Social Developments, Labour Institute, Greek General Confederation of Labour (in Greek).
Dafermos, Y., Nikolaidi, M. (2012). “How can the Greek trade balance improve?”, Policy Brief 5, Observatory of Economic and Social Developments, Labour Institute, Greek General Confederation of Labour (in Greek).
Argitis, G., Dafermos, Y., Nikolaidi, M. (2011). The Sovereign Debt Crisis in Greece: Causes and Prospects, Report 4, Observatory of Economic and Social Developments, Labour Institute, Greek General Confederation of Labour (in Greek).
Dafermos, Y., Nikolaidi, M. (2011). “The macroeconomic assumptions of the austerity programme in Greece: Are they realistic?”, Policy Brief 2, Observatory of Economic and Social Developments, Labour Institute, Greek General Confederation of Labour (in Greek).
Argitis, G., Nikolaidi, M. (2011). The Financial Position of the Greek Public Sector: Is it Sustainable?, Study 12, Observatory of Economic and Social Developments, Labour Institute, Greek General Confederation of Labour ( in Greek).
Funded projects
The ECB climate strategy and the corporate sector purchase programme, Funder: Greenpeace, 2022-2023 (in partnership with SOAS University of London and the University of the West of England).
Macrofinancial policies for a green and caring economy, Funder: Women's Budget Group, 2022.
The environmental effects of the ECB bond purchases, Funder: ClientEarth, 2022 (in partnership with SOAS University of London and the University of the West of England).
Climate change and central bank asset purchases, Funder: INSPIRE-ClimateWorks Foundation, 2020-2021 (in partnership with SOAS University of London, New Economics Foundation and the University of the West of England).
Central banking and climate change, Funder: New Economics Foundation, 2020-2021 (in partnership with SOAS University of London and the University of the West of England).
Greening the Eurosystem collateral framework, Funder: INSPIRE-ClimateWorks Foundation, 2019-2020 (in partnership with SOAS University of London, New Economics Foundation and the University of the West of England).
An investment and equality-led sustainable growth programme for Europe, University of Greenwich, Funder: Foundation for European Progressive Studies (FEPS), 2016-2017.
Modelling the interactions between the ecosystem, the financial system and the macroeconomy, Funder: Network for Social Change, 2014-2016 (in partnership with New Economics Foundation and the University of the West of England).