Nickolaos G. Tzeremes
Professor of Microeconomic Analysis
University of Thessaly, Department of Economics, Volos, Greece
| ORCiD | Scopus | Web of Science | Google Scholar |
Professor of Microeconomic Analysis
University of Thessaly, Department of Economics, Volos, Greece
| ORCiD | Scopus | Web of Science | Google Scholar |
Research Interests
| Efficiency & Productivity Analysis | Banking & Finance | Mathematical and Quantitative Methods |
Editorial Boards
2017- present | Associate Editor of ECONOMIC MODELLING, Elsevier BV
2019-present | Editorial Board Member of TOURISM ECONOMICS, SAGE Publications Ltd
2022-present | Associate Editor of INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, John Wiley & Sons Ltd
2023-present | Associate Editor of STUDIES IN MICROECONOMICS, SAGE Publications Ltd
2024-present | Associate Editor of ECONOMIC ANALYSIS & POLICY, Elsevier BV
2024-present | Associate Editor of JOURNAL OF ECONOMIC SURVEYS, John Wiley & Sons Ltd
Academic Appointments
2021-present | Professor of Microeconomic Analysis, Department of Economics, University of Thessaly, Volos, Greece.
2017-2021 | Associate Professor of Economic Analysis, Department of Economics, University of Thessaly, Volos, Greece.
2013-2017 | Assistant Professor of Economic Analysis, Department of Economics, University of Thessaly, Volos, Greece.
2009-2013 | Lecturer of Economic Analysis, Department of Economics, University of Thessaly, Volos, Greece.
Teaching
Microeconomic Analysis | Multinational Enterprises | Total Quality Management | Efficiency and Productivity Measurement
PhD supervision
Stavros Kourtzidis (completed, June 2015). Thesis title: “Construction and economic applications of two-stage DEA models” [Thesis].
Kleanthis Natsiopoulos (completed, December 2025). Thesis title: Computational Statistics and Econometrics: Economic Models and Applications in R-language" [Thesis].
Research with Real-World Impact
|Research cited in reports and studies produced by international organizations, governments, central banks and policy institutions. Click the organization name to access the policy report and “Cited paper” to access the referenced academic article. |
Regional Australia Institute / Australian Policy Online (AU) – Regional Productivity Solutions (Aug 2026) → cites “Productivity Slowdown and Regional Productivity Heterogeneity.” [Cited paper]
Australian Government Department of Climate Change, Energy, the Environment and Water – Australia’s Carbon Leakage Review Report (Feb 2026) → cites “ARDL Bounds Test for Cointegration: Replicating the Pesaran et al. (2001) Results for the UK Earnings Equation Using R.” [Cited paper]
Asian Development Bank Institute (ADBI) – Central Bank Digital Currency and Multidimensional Bank Stability Index: Does Monetary Policy Play a Moderating Role? (2025) → cites “Financial Stability, Competitiveness and Banks' Innovation Capacity: Evidence from the Global Financial Crisis.” [Cited paper] Pasted markdown
OECD – Forty Years of Productivity and Labour Market Resilience in European Regions (2024) → cites “The Role of Path-Dependence in the Resilience of EU Regions.” [Cited paper]
World Bank Group – Regional Convergence in Brazil (2024) → cites “Productivity Convergence and Divergence in Latin America.” [Cited paper]
CESIfo Institute (DE) – Quest for the General Effect Size of Finance on Growth: A Large Meta-Analysis of Worldwide Studies (Nov 2023) → cites “Revisiting the Impact of Financial Depth on Growth: A Semi-Parametric Approach.” [Cited paper]
Government of Finland – VALTO: Productivity-Promoting Policy Measures & Business-Sector Dynamics (Oct 2023) → cites “Productivity Efficiency and Firm Size: An Empirical Analysis of Foreign-Owned Companies.” [Cited paper]
UN Environment Programme – Inclusive Wealth Report 2023: Measuring Sustainability and Equity (Aug 2023) → cites “Does Doing ‘Good’ Always Translate into Doing ‘Well’? An Eco-Efficiency Perspective.” [Cited paper]
UNU-WIDER (FI) – Drivers of Services Sector Growth Acceleration in Developing Countries (Jun 2023) → cites “Bank Efficiency and Financial Centres: Does Geographical Location Matter?” [Cited paper]
Center for Indonesian Policy Studies (CIPS) – The Importance of Trade for MSEs in the Indonesian F&B Sector (Feb 2023) → cites “ARDL Bounds Test for Cointegration: Replicating the Pesaran et al. (2001) Results for the UK Earnings Equation Using R.” [Cited paper]
Fed Reserve Bank of St Louis (US) – An Analysis of the Literature on International Unconventional Monetary Policy (Jan 2023) → cites “The Effectiveness of Quantitative Easing: Evidence from Japan.” [Cited paper]
Central Bank of Nigeria – Effects of Central Bank Independence and Financial Stability on Inflation in Selected African Countries (Dec 2022) → cites “Financial Stability, Competitiveness and Banks' Innovation Capacity: Evidence from the Global Financial Crisis.” [Cited paper]
OECD (IGO) – The Pass-Through of the Monetary Policy Rate into Lending Rates in Mexico (Dec 2022) → cites “ARDL Bounds Test for Cointegration: Replicating the Pesaran et al. (2001) Results for the UK Earnings Equation Using R.” [Cited paper]
World Resources Institute (US) – Integration of an Energy Modeling Tool in a State’s Power Sector Planning Process: A Tamil Nadu Case Study (Nov 2022) → cites “A Non-Parametric Approach for Evaluating Long-Term Energy Policy Scenarios: An Application to the Greek Energy System.” [Cited paper]
Research Institute of Industrial Economics – IFN Sweden – To Be or Not to Be: The Entrepreneur in Neo-Schumpeterian Growth Theory (Sep 2022) → cites “Modeling the Effect of Competition on US Manufacturing Sectors’ Efficiency: An Order-m Frontier Analysis.” [Cited paper]
Government of Finland – VALTO: Misallocation of Labour and Capital in Finland’s Business Sector (May 2022) → cites “Productivity Efficiency and Firm Size: An Empirical Analysis of Foreign-Owned Companies.” [Cited paper]
Center for Social and Economic Research (CASE) (PL) – Economic Impact of the EU Eastern Enlargement on New Member States Revisited: The Role of Economic Institutions (Jul 2021) → cites “Economic Efficiency and Growth in the EU Enlargement.” [Cited paper]
UK Parliament – Meaningful Environmental and Social Governance Reporting for Net Zero (Apr 2021) → cites “Does Corporate Social Responsibility Impact Firms’ Innovation Capacity? The Indirect Link between Environmental & Social Practices and Firm Innovation.” [Cited paper]
Economic Research Forum (EG) – The Determinants of Defense Spending in the Gulf Region: Evidence from Seemingly Unrelated Regressions (Dec 2020) → cites “The Demand for Military Spending in Latin-American Countries.” [Cited paper]
IMF (IGO) – Twenty Years of Unconventional Monetary Policies: Lessons and Way Forward for the Bank of Japan (Nov 2020) → cites “The Effectiveness of Quantitative Easing: Evidence from Japan.” [Cited paper]
Joint Research Centre (EU) – Artificial Intelligence: Impact on Total Factor Productivity, E-Commerce & Fintech (Nov 2020) → cites “Bank Productivity Growth and Convergence in the European Union during the Financial Crisis.” [Cited paper]
Publications Office of the EU – Artificial Intelligence: Impact on Total Factor Productivity, E-Commerce & Fintech (Nov 2020) → cites “Bank Productivity Growth and Convergence in the European Union during the Financial Crisis.” [Cited paper]
Fed Reserve Bank of Dallas (US) – A Novel MIMIC-Style Model of European Bank Technical Efficiency and Productivity Growth (May 2020) → cites “Bank Productivity Growth and Convergence in the European Union during the Financial Crisis.” [Cited paper]
Health Research Board (IE) – Regional Health Organisations: An Evidence Review (Aug 2019) → cites “A Conditional Non-Parametric Analysis for Measuring the Efficiency of Regional Public Healthcare Delivery: An Application to Greek NHS Hospitals.” [Cited paper]
Ministry of Finance, Greece – Quarterly Bulletin (Dec 2018) → cites “Financial Stability, Competitiveness and Banks’ Innovation Capacity: Evidence from the Global Financial Crisis.” [Cited paper]
CESIfo Institute (DE) – Spotlight on Spatial Environmental Policy Spillovers: An Econometric Analysis of Wastewater Treatment in Mexico (Sep 2018) → cites “Public-Sector Transparency and Countries’ Environmental Performance: A Non-Parametric Analysis.” [Cited paper]
Swedish Institute for European Policy Studies (SIEPS) – Mapping the Quality of Government in Europe: An Analysis at the National and Regional Level within the EU Member States (2018) → cites “Regional Environmental Performance and Governance Quality: A Non-Parametric Analysis.” [Cited paper]
European Commission / European Economic and Social Committee (EU) – My Region, My Europe, Our Future: Seventh Report on Economic, Social and Territorial Cohesion (Oct 2017) → cites “Regional Environmental Performance and Governance Quality: A Non-Parametric Analysis.” [Cited paper]
National Council of the Slovak Republic – Final Reports (Oct 2017) → cites “A Unified Classification of Two-Stage DEA Models.” [Cited paper]
Central Bank of Nigeria – Economic and Financial Review, Volume 52, No. 2 (Jun 2014) → cites “Oil Consumption and Economic Efficiency: A Comparative Analysis of Advanced, Developing and Emerging Economies.” [Cited paper]
Recent Participation in International Conferences
Arsenopoulou M., Tzeremes N.G. (2026). Regional Production Frontiers and Human Capital Heterogeneity in Europe. 1st Piraeus International Economic Conference (PIEC), University of Piraeus, June 28 – 30, Spetses Island, Greece.
Natsiopoulos K., Tzeremes N. (2024). Comparative evaluation of open-source and proprietary software for ARDL, EC models, and bounds test for cointegration. 18th International Joint Conference on Computational and Financial Econometrics (CFE) and Computational and Methodological Statistics (CMStatistics). King's College London, U.K., 14-16 December.
Karagiannis G., Kourtzidis S., Tzeremes N.G. (2024). Including a Public Input in the Additive Two-Stage Network DEA Model: The Case of Quantitative Easing in Japan. 33rd European Conference on Operational Research (EURO 2024), Copenhagen, Denmark, 30 June – 3 July.
Karagiannis G., Kourtzidis S., Tzeremes N.G. (2024). Decomposition Weights and Stage Efficiencies in the Additive Network DEA Model with Shared Resources. 18th European Workshop on Efficiency and Productivity Analysis (EWEPA XVIII), Faro, Portugal, 18-21 June.
Karagiannis G., Kourtzidis S., Tzeremes N.G., Fifield S. (2023). Examination of Decomposition Weights in the Additive Two-Stage Network Data Envelopment Analysis Model: An Application to UK Investment Trusts. The North American Productivity Workshop (NAPW). June 12-15, University of Miami Business School, Miami, USA.
Karagiannis G., Kourtzidis S., Tzeremes N.G. (2023). A Generalised Additive Two-Stage Network DEA Model: The Case of an External Single Constant Input. DEA45: International Conference on Data Envelopment Analysis, Surrey Business School, University of Surrey, UK, September 4-6.
Kourtzidis S., Tzeremes N.G. (2022). Measuring Banking Performance in a Network DEA context: A General Weight Assurance Region Model. 17th European Workshop on Efficiency and Productivity Analysis (EWEPA XVII), Porto, Portugal, June 27-29.
Kounetas K., Polemis M.L., Tzeremes N.G. (2021). Measurement of eco-efficiency and convergence: Evidence from a non-parametric frontier analysis. The 12th North American Productivity Workshop (NAPW XII Virtual), June 07-11, University of Miami Business School, Miami, USA.
Kourtzidis S., Tzeremes N.G., Fifield S. (2020). A general weight assurance region model for fund performance evaluation: An application to UK investments trusts. The 11th North American Productivity Workshop (NAPW XI Virtual), June 8-12. University of Miami Business School, Miami, USA.
Cordero J.M., Diaz-Caro C., Tzeremes N.G. (2019). Assessing the performance of Spanish banks: An application of conditional efficiency measures with unobserved heterogeneity. European Workshop on Efficiency and Productivity Analysis (EWEPA 2019), 10-13 June , London, UK.
Kourtzidis S., Tzeremes N.G. (2019). Measuring bank performance using production trade-offs: A network DEA approach. European Workshop on Efficiency and Productivity Analysis (EWEPA 2019), 10-13 June , London, UK.
Kourtzidis S., Matousek R., Tzeremes N.G. (2018). Good and Bad outputs in bank performance modelling: A relational network DEA approach. The North American Productivity Workshop (NAPW X), University of Miami, Miami, USA, June 12-15.
He F., Matousek R., Tzeremes N.G. (2017). Education and its impact on innovation and performance: Evidence from banking industry. International Finance and Banking Society (IFABS)-Financial Innovation, Stability and Sustainable Growth, University of Nottingham Ningbo China & New York University (NYU), August 31-September 02, Shanghai, China.
Matousek R., Papadamou S., Tzeremes N.G. (2017). The transmission of quantitative easing to real economy and the importance of Bank lending channel: Evidence from Regional banks in Japan. International Finance and Banking Society (IFABS)-Towards an Integrated View of Financial Regulation: Key Lessons from the Crisis and Future Challenge, Saïd Business School, University of Oxford, July 15-17, Oxford, UK.
Cordero J.M., Diaz-Caro C., Pedraja-Chaparro F., Tzeremes N.G. (2017). A conditional directional distance function approach for measuring tax collection efficiency: Evidence from Spanish regional offices. 15th European Workshop on Efficiency and Productivity Analysis (EWEPA XV), 12 - 15 JUNE, 2017, LONDON. Organised by the Centre for Productivity and Performance (CPP) and the School of Business and Economics of Loughborough University, UK.
Degl'Innocenti M., Matousek R., Tzeremes N.G. (2016). The impact of financial centres' competitiveness on efficiency and convergence of the worldwide banking system. The North American Productivity Workshop (NAPW IX), Carleton University, june 15-18, Quebec City, Canada.
Mallick S., Matousek R., Rughoo A., Tzeremes N.G. (2016). Understanding behavioural differences in the indian banking sector: Efficiency and convergence. International Finance and Banking Society (IFABS)-Risk in Financial Markets and Institutions: New challenges, New solutions. Universitat Autonoma de Barcelona (UAB), Casa Convalescencia, Barcelona, Spain, June 01-03.
Bibliometric Recognition
Included in the Stanford–Elsevier science-wide database of top-cited scientists in Operations Research, with placement in the top 2% based on standardized citation-impact indicators for 2021, 2022, 2023 and 2025. [link].
Software
ARDL: R Package for Autoregressive Distributed Lag Models [Download]
Estimates ARDL and error-correction models, implements the Pesaran et al. bounds test for cointegration, and provides long-run multipliers and the cointegrating equation. The package was independently validated through replication of Pesaran et al. (2001) [doi:10.1002/jae.616] in Natsiopoulos and Tzeremes (2022) [doi:10.1002/jae.2919].
Selected Publications
Fukuyama, H., Kourtzidis, S. A., Matousek, R., & Tzeremes, N. G. (2026). Environmental efficiency under materials balance: A minimum-distance directional slack approach. European Journal of Operational Research. DOI · Article →
Pires, G., Wanke, P., Antunes, J., Tan, Y., & Tzeremes, N. G. (2026). Portfolio optimization with minimum assets and dividend yield constraints. Annals of Operations Research. DOI · Article →
Tsiapa, M., Tzeremes, P., & Tzeremes, N. G. (2025). Productivity slowdown and regional productivity heterogeneity. Journal of Productivity Analysis, 64(1), 23–41. Article →
Fukuyama, H., Matousek, R., & Tzeremes, N. G. (2024). A unified framework for nonperforming loan modeling in bank production: An application of data envelopment analysis. Omega, 126, 103063. Article →
Fukuyama, H., Matousek, R., & Tzeremes, N. G. (2024). A material balance approach for modelling banks’ production process with non-performing loans. Journal of the Operational Research Society, 75(9), 1726–1737. Article →
Fukuyama, H., Matousek, R., & Tzeremes, N. G. (2023). Estimating the degree of firms’ input market power via data envelopment analysis: Evidence from the global biotechnology and pharmaceutical industry. European Journal of Operational Research, 305, 946–960. Article →
Natsiopoulos, K., & Tzeremes, N. G. (2022). ARDL bounds test for cointegration: Replicating the Pesaran et al. (2001) results for the UK earnings equation using R. Journal of Applied Econometrics, 37(5), 1079–1090. Article →
Tsionas, M., & Tzeremes, N. G. (2022). The degree of internationalization and firm productivity: Empirical evidence from large multinationals. British Journal of Management, 33, 1969–1990. Article →
Fukuyama, H., Matousek, R., & Tzeremes, N. G. (2022). Minimum distance efficiency measure in bank production: A directional slack inefficiency approach. Journal of the Operational Research Society, 73(8), 1742–1754. Article →
Fukuyama, H., Matousek, R., & Tzeremes, N. G. (2022). Bank production with nonperforming loans: A minimum distance directional slack inefficiency approach. Omega, 113, 102706. Article →
Kourtzidis, S. A., Matousek, R., & Tzeremes, N. G. (2021). Modelling a multi-period production process: Evidence from the Japanese regional banks. European Journal of Operational Research, 294, 327–339. Article →
Kounetas, K., Polemis, M. L., & Tzeremes, N. G. (2021). Measurement of eco-efficiency and convergence: Evidence from a non-parametric frontier analysis. European Journal of Operational Research, 291(1), 365–378. Article →
Polemis, M. L., Stengos, T., & Tzeremes, N. G. (2020). Modeling the effect of competition on US manufacturing sectors’ efficiency: An order-m frontier analysis. Journal of Productivity Analysis, 54, 27–41. Article →
Cordero, J. M., Polo, C., & Tzeremes, N. G. (2020). Evaluating the efficiency of municipalities in the presence of unobserved heterogeneity. Journal of Productivity Analysis, 53(3), 377–390. Article →
Fukuyama, H., Matousek, R., & Tzeremes, N. G. (2020). A Nerlovian cost inefficiency two-stage DEA model for modelling banks’ production process: Evidence from the Turkish banking system. Omega, 95, 102198. Article →
Tzeremes, N. G. (2019). Technological change, technological catch-up and export orientation: Evidence from Latin American countries. Journal of Productivity Analysis, 52(1–3), 85–100. Article →
Degl’Innocenti, M., Matousek, R., & Tzeremes, N. G. (2019). The interconnections of academic research and universities’ “third mission”: Evidence from the UK. Research Policy, 48(9), 103793. Article →
Polemis, M., & Tzeremes, N. G. (2019). Competitive conditions and sectors’ productive efficiency: A conditional non-parametric frontier analysis. European Journal of Operational Research, 276(3), 1104–1118. Article →
Kourtzidis, S. A., Matousek, R., & Tzeremes, N. G. (2019). Productivity growth in network models: An application to banking during the financial crisis. Journal of the Operational Research Society, 70, 111–124. Article →
Grant, K., Matousek, R., Meyer, M., & Tzeremes, N. G. (2017). A research note on multinationality and firm performance: Nonparametric frontier analysis. International Journal of Operations & Production Management, 37(10), 1408–1424. Article →
Kevork, I., Pange, J., Tzeremes, P., & Tzeremes, N. G. (2017). Estimating Malmquist productivity indexes using probabilistic directional distances: An application to the European banking sector. European Journal of Operational Research, 261(3), 1125–1140. Article →
Degl’Innocenti, M., Kourtzidis, S. A., Sevic, Z., & Tzeremes, N. G. (2017). Bank productivity growth and convergence in the European Union during the financial crisis. Journal of Banking & Finance, 75, 184–199. Article →
Matousek, R., & Tzeremes, N. G. (2016). CEO compensation and bank efficiency: An application of conditional nonparametric frontiers. European Journal of Operational Research, 251(1), 264–273. Article →
Halkos, G. E., Tzeremes, N. G., & Kourtzidis, S. A. (2015). Weight assurance region in two-stage additive efficiency decomposition DEA model: An application to school data. Journal of the Operational Research Society, 66(4), 696–704. Article →
Tzeremes, N. G. (2015). Efficiency dynamics in Indian banking: A conditional directional distance approach. European Journal of Operational Research, 240(3), 807–818. Article →
Tzeremes, N. G. (2014). The effect of human capital on countries’ economic efficiency. Economics Letters, 124(1), 127–131. Article →
Halkos, G. E., & Tzeremes, N. G. (2013). A conditional directional distance function approach for measuring regional environmental efficiency: Evidence from UK regions. European Journal of Operational Research, 227(1), 182–189. Article →
Halkos, G. E., & Tzeremes, N. G. (2013). Estimating the degree of operating efficiency gains from a potential bank merger and acquisition: A DEA bootstrapped approach. Journal of Banking & Finance, 37(5), 1658–1668. Article →
ΙΣ ΧΣ ΝΙ ΚΑ
Χριστός Χριστιανοίς Χαρίζεται Χάριν
Τούτο το Σχήμα Δαίμονες Φρίττουσι
Εωσφόρος Επεσεν. Εύρωμεν Εδέμ
Ρητορικοτέρα Ρημάτων, Δακρύων Ροή
Θεού Θέα Θείον Θαύμα
Φως Χριστού Φαίνει Πάσι
Τόπος Κρανίου Παράδεισος Γέγονεν
Ἄξιόν ἐστιν ὡς ἀληθῶς, μακαρίζειν σε τὴν Θεοτόκον, τὴν ἀειμακάριστον καὶ παναμώμητον, καὶ Μητέρα τοῦ Θεοῦ ἡμῶν. Τὴν τιμιωτέραν τῶν Χερουβείμ, καὶ ἐνδοξοτέραν ἀσυγκρίτως τῶν Σεραφείμ, τὴν ἀδιαφθόρως, Θεὸν Λόγον τεκοῦσαν, τὴν ὄντως Θεοτόκον σὲ μεγαλύνομεν.