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Latest Advances in Mathematical Economics
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Latest Advances in Mathematical Economics

A special issue of Mathematics (ISSN 2227-7390). This special issue belongs to the section "E5: Financial Mathematics".

Deadline for manuscript submissions: 30 June 2025 | Viewed by 6552

Special Issue Editors

Dr. Kyriaki Tsilika

E-Mail Website
Guest Editor
Department of Economics, University of Thessaly, 28th Octovriou st. 78, 38333 Volos, Greece
Interests: computational mathematics; symbolic computations; computer algebra systems; data visualization; information visualization; graph theory; economic networks; mathematical education with new technologies
Prof. Dr. Stelios Kotsios

E-Mail Website
Guest Editor
Department of Economics, National and Kapodistrian University of Athens, Sofokleous 1, 10533 Athens, Greece
Interests: nonlinear systems; mathematical systems theory; dynamical economics
Dr. Loukas Zachilas

E-Mail Website
Guest Editor
Department of Economics, University of Thessaly, 28th Octovriou st. 78, 38333 Volos, Greece
Interests: nonlinear dynamical systems; economic dynamics; stability theory

Special Issue Information

Dear Colleagues,

The purpose of this Special Issue is to publish the work of mathematicians interested in studying a number of mathematical methods to represent theories and analyze problems in economics. Some of the potential topics of papers could be well-understood problems from a novel computer-aided perspective, whereas others could present new and challenging mathematical problems.

The potential topics including, but not limited to, the following will be considered for publication: 

  • Revisiting the research of classical economic problems, replication studies of established papers, and/or classical models; 
  • Solutions for differential and integral calculus, difference and differential equations, matrix algebra, and mathematical programming in new, innovative computational environments;
  • ICT tools for teaching mathematical economics courses and evaluating students’ theoretical and practical knowledge;
  • The recent results in graph theory for problems that represent and explain economic behavior, income, and wealth distribution;
  • Games theory;
  • Computational and algorithmic methods in economics;
  • The formation and analysis of input–output structures with matrix algebra formulations;
  • Topological issues answering open questions regarding the well-posedness of problems, and theorems on the existence of a solution, i.e., of a time-dependent equilibrium, and/or the uniqueness of a solution, i.e., of a stationary equilibrium.

Dr. Kyriaki Tsilika
Prof. Dr. Stelios Kotsios
Dr. Loukas Zachilas
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Mathematics is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • stability
  • convergence issues
  • analytical solutions
  • coefficient matrices
  • computational and algorithmic methods

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (3 papers)

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Research

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26 pages, 1624 KiB  
Article
Openness, Unionized Labor Markets, and Monetary Policy
by Xakousti Chrysanthopoulou, Evangelos Ioannidis and Moïse Sidiropoulos
Mathematics 2025, 13(7), 1181; https://doi.org/10.3390/math13071181 - 3 Apr 2025
Viewed by 385
Abstract
This paper extends the micro-founded DSGE open economy model by incorporating unionized labor markets. Unlike the standard framework with atomistic unions, large labor unions consider broader economic conditions and internalize the impact of their wage settlements on the aggregate economy. By emphasizing the [...] Read more.
This paper extends the micro-founded DSGE open economy model by incorporating unionized labor markets. Unlike the standard framework with atomistic unions, large labor unions consider broader economic conditions and internalize the impact of their wage settlements on the aggregate economy. By emphasizing the interplay between internal and external sources of economic distortions and monetary policy regimes, we demonstrate that the economy’s openness, the degree of wage-setting centralization, and different monetary policy regimes influence unions’ wage-setting behavior and macroeconomic outcomes. The analysis identifies three key effects—the monetary policy effect, the intertemporal substitution effect, and the open economy effect—that large unions internalize when adjusting their wage demands in response to policy actions and external conditions. This novel wage-based mechanism alters the New Keynesian Phillips curve, with implications for the conduct of monetary policy, particularly in shaping the economy’s response to shocks and equilibrium determinacy. The real effects of monetary policy shocks under different policy settings depend on large unions’ internalization effect. In a unionized labor market, the impact of monetary shocks on the real economy is amplified compared to the standard case with atomistic unions. Additionally, interactions among large unions, openness, and monetary policy regimes affect determinacy properties of equilibrium (i.e., uniqueness of the solution path) under various forms and timing of monetary policy rules. This paper offers new insights into how union coordination interacts with monetary policy regimes and trade openness to shape macroeconomic stability (uniqueness of rational expectations equilibrium) and the dynamic response of the economy to shocks. These findings enhance our understanding of monetary policy design in economies with strong large labor institutions and external trade exposure—an area that remains underexplored in the existing DSGE literature. Full article
(This article belongs to the Special Issue Latest Advances in Mathematical Economics)
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12 pages, 273 KiB  
Article
Feedback Control Techniques for a Discrete Dynamic Macroeconomic Model with Extra Taxation: An Algebraic Algorithmic Approach
by Stelios Kotsios
Mathematics 2023, 11(19), 4213; https://doi.org/10.3390/math11194213 - 9 Oct 2023
Viewed by 1109
Abstract
In this paper, a model matching feedback law design technique is applied to a macroeconomical model. We calculate, using computational algebra methodology, which paths of government expenditure and extra taxation will lead the system to a desired dynamic behavior. The solution is based [...] Read more.
In this paper, a model matching feedback law design technique is applied to a macroeconomical model. We calculate, using computational algebra methodology, which paths of government expenditure and extra taxation will lead the system to a desired dynamic behavior. The solution is based on algebraic methods and the development, in computer algebra software, of appropriate symbolic algorithms that produce a class of feedback laws as solutions. A method for solving a linear algebraic system of polynomials equations is provided, as well as its application to the feedback law design. Full article
(This article belongs to the Special Issue Latest Advances in Mathematical Economics)

Review

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21 pages, 14317 KiB  
Review
Exploring the Contributions to Mathematical Economics: A Bibliometric Analysis Using Bibliometrix and VOSviewer
by Kyriaki Tsilika
Mathematics 2023, 11(22), 4703; https://doi.org/10.3390/math11224703 - 20 Nov 2023
Cited by 12 | Viewed by 3757
Abstract
From Cournot, Walras, and Pareto’s research to what followed in the form of marginalist economics, chaos theory, agent-based modeling, game theory, and econophysics, the interpretation and analysis of economic systems have been carried out using a broad range of higher mathematics methods. The [...] Read more.
From Cournot, Walras, and Pareto’s research to what followed in the form of marginalist economics, chaos theory, agent-based modeling, game theory, and econophysics, the interpretation and analysis of economic systems have been carried out using a broad range of higher mathematics methods. The evolution of mathematical economics is associated with the most productive and influential authors, sources, and countries, as well as the identification of interactions between the authors and research topics. Bibliometric analysis provides journal-, author-, document-, and country-level metrics. In the present study, a bibliometric overview of mathematical economics came from a screening performed in September 2023, covering the timespan 1898–2023. About 6477 documents on mathematical economics were retrieved and extracted from the Scopus academic database for analysis. The Bibliometrix package in the statistical programming language R was employed to perform a bibliometric analysis of scientific literature and citation data indexed in the Scopus database. VOSviewer (version 1.6.19) was used for the visualization of similarities using several bibliometric techniques, including bibliographic coupling, co-citation, and co-occurrence of keywords. The analysis traced the most influential papers, keywords, countries, and journals among high-quality studies in mathematical economics. Full article
(This article belongs to the Special Issue Latest Advances in Mathematical Economics)
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