CEAR DIRECTOR

Prof. Salisu Afees

Email:
aa.salisu@cear.org.ng,  adebare1@yahoo.com, 
afees.salisu@up.ac.za,  afees.salisu@jhu.edu.ng

Personal Research links:

  1. Google Scholar
  2. ResearchGate
  3. IDEAS/ RePEC
  4. ORCID
  5. Scopus ID

Professor Afees Salisu

Professor Afees Salisu, PhD, currently serves as the Director of the Centre for Econometrics and Applied Research (CEAR) in Ibadan, Nigeria. He holds esteemed positions as an Extraordinary Professor of Economics at the University of Pretoria, a University Professor and Doctoral Advisor at the Global Humanistic University and an Adjunct Professor at the James Hope University, Lagos, Nigeria. His academic journey includes stints at the University College London, the University of Ibadan, and Olabisi Onabanjo University. Professor Salisu’s expertise has been acknowledged globally, with him being ranked among the top 1% in Nigeria and Africa (Top 1%). His recent accolades include the 2024 top-cited scholar award, spanning various disciplines from pure sciences to social sciences and humanities and also top-cited scholar by Wiley, a prominent publisher of scientific findings (Top Viewed Article Wiley and Top Cited Article Wiley). His research areas encompass Applied Econometrics, Energy Economics, Financial Economics, Monetary Economics, and International Finance. He has authored books on Applied Econometrics and Macroeconomics and is a highly cited author in numerous prestigious international academic journals.

His articles have prominently featured in ABS-3 and ABDC A*/A journals in economics and finance, including but not limited to the Energy Economics, Journal of Empirical Finance, Journal of Macroeconomics, the European Journal of Finance,  Computational Statistics and Data Analyses, Journal of Real Estate Finance and Economics, Review of Quantitative Finance and Accounting, Journal of Commodity Markets, International Review of Financial Analysis, International Journal of Finance & Economics, International Review of Economics and Finance, Journal of Forecasting, Economic Modelling, Finance Research Letters, Journal of Behavioral and Experimental Economics, International Migration, Energy Policy, Global Finance Journal, International Review of Finance, and Energy, among others.

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Professor Salisu’s expertise extends beyond academia; he is a regular consultant for various local, regional, and international institutions. He has previously provided consulting services for the Central Bank of Nigeria (CBN), the Federal Ministry of Finance (FMF, Nigeria), the Nigerian Deposit Insurance Corporation (NDIC), the West African Institute for Financial and Economic Management (WAIFEM), the West African Monetary Institute (WAMI), the West African Monetary Agency (WAMA), the African Economic Research Consortium (AERC), the African Development Bank, Afreximbank, the Partnership for Economic Policy (PEP), the World Bank, and GIZ, Germany.

Currently, he serves as a Subject Editor, Emerging Markets Finance & Trade [SSCI-Scopus Q1] [Editorial Board]; Editor, Humanities and Social Sciences Communications [SSCI-Scopus Q1] [Editorial Board]; Editor, Scientific African [Economics & Business Section, Scopus Q1] [Editorial Board]; Managing Editor, Energy Research Letters [Scopus Q2] [Editorial Board], and he has been a guest editor and advisory board member for several recognized journals.

Professor Salisu’s commitment to the next generation of economists is evident in his role as a mentor to PhD scholars in Nigeria and internationally. His collaborative publications with many of them are a testament to his dedication and the impact of his guidance.

Professor Salisu’s innovative spirit is evident in his ground-breaking research on high-frequency indices related to economic policy uncertainty and geopolitical risks in Nigeria [EPU_ GPR]. His plans to expand this work to other emerging economies in Africa reflect his forward-thinking approach and the potential impact of his research. Additionally, he has developed an index for climate-induced migration uncertainty [Climate], which helps monitor how climate change has intensified fears of migration worldwide. This contribution highlights Professor Salisu’s ability to make significant contributions to knowledge that extend beyond a single country.

Some Selected Journal Articles

  1. Salisu, A.A., Ogbonna, A.E., Gupta, R., Bouri, E. (2025). Forecasting Spot and Futures Price Volatility of Agricultural Commodities: The Role of Climate-Related Migration Uncertainty. Research in International Business and Finance, https://doi.org/10.1016/j.ribaf.2025.103133.
  2. Salisu, A. A., Olaniran, A. O., & Vo, X. V. (2025). Geopolitical risk, climate risk and financial innovation in the energy market. Energy, 315, 134365.
  3. Salisu, A. A., Ogbonna, A. E., & Vo, X. V. (2025). Climate risks and the REITs market. International Journal of Finance & Economics, 30(2), 1632-1648.
  4. Salisu, A., Isah, K. O., & Ogbonna, A. E. (2025). Sectoral Corporate Profits and Long‐Run Stock Return Volatility in the United States: A GARCH‐MIDAS Approach. Journal of Forecasting, 44(2), 623-634.
  5. Salisu, S., & Salisu, A. (2025). A new index for climate‐induced migration uncertainty. International Migration, 63(1), e13384.
  6. Salisu, A. A., Muhammad, R. A., & Saliu, M. O. (2024). Migration and inflation nexus under high and low interest rate environments: Some panel data evidence. International Migration, 62(6), 59-77.
  7. Salisu, A. A., Isah, K., & Oloko, T. O. (2024). Technology shocks and crude oil market connection: The role of climate change. Energy Economics, 130, 107325.
  8. Salisu, A. A., Demirer, R., & Gupta, R. (2024). Technological shocks and stock market volatility over a century. Journal of Empirical Finance, 79, 101561.
  9. Salisu, A. A., Gupta, R., Cepni, O., & Caraiani, P. (2024). Oil shocks and state-level stock market volatility of the United States: a GARCH-MIDAS approach. Review of Quantitative Finance and Accounting, 63(4), 1473-1510.
  10. Salisu, A. A., Akinsomi, O., Ametefe, F. K., & Hammed, Y. S. (2024). Gold market volatility and REITs’ returns during tranquil and turbulent episodes. International Review of Financial Analysis, 95, 103348.
  11. Salisu, A. A., Ogbonna, A. E., Gupta, R., & Ji, Q. (2024). Energy market uncertainties and exchange rate volatility: A GARCH-MIDAS approach. Finance Research Letters, 67, 105847.
  12. Gupta, R., Nel, J., Salisu, A. A., & Ji, Q. (2023). Predictability of economic slowdowns in advanced countries over eight centuries: The role of climate risks. Finance Research Letters, 54, 103795.
  13. Tumala, M. M., Salisu, A., & Nmadu, Y. B. (2023). Climate change and fossil fuel prices: A GARCH-MIDAS analysis. Energy Economics, 124, 106792.
  14. Salisu, A. A., Gupta, R., & Ogbonna, A. E. (2023). Tail risks and forecastability of stock returns of advanced economies: evidence from centuries of data. The European Journal of Finance, 29(4), 466-481.
  15. Salisu, A. A., & Sikiru, A. A. (2023). Stock returns and interest rate differential in high and low interest rate environments. International Journal of Finance & Economics, 28(2), 1713-1728.
  16. Sikiru, A. A., & Salisu, A. A. (2023). Hedging against risks associated with travel and tourism stocks during COVID‐19 pandemic: The role of gold. International Journal of Finance & Economics, 28(2), 1872-1882.
  17. Salisu, A. A., Demirer, R., & Gupta, R. (2023). Policy uncertainty and stock market volatility revisited: The predictive role of signal quality. Journal of Forecasting, 42(8), 2307-2321.
  18. Salisu, A. A., Omoke, P. C., & Sikiru, A. A. (2023). Geopolitical risk and global financial cycle: Some forecasting experiments. Journal of Forecasting, 42(1), 3-16.
  19. Salisu, A. A., Pierdzioch, C., Gupta, R., & Van Eyden, R. (2023). Climate risks and US stock‐market tail risks: A forecasting experiment using over a century of data. International Review of Finance, 23(2), 228-244.
  20. Salisu, A. A., Ogbonna, A. E., & Vo, X. V. (2023). Oil tail risks and the realized variance of consumer prices in advanced economies. Resources Policy, 83, 103755.
  21. Salisu, A. A., Olaniran, A., & Lasisi, L. (2023). Climate risk and gold. Resources Policy, 82, 103494.
  22. Salisu, A. A., Ndako, U. B., & Vo, X. V. (2023). Transition risk, physical risk, and the realized volatility of oil and natural gas prices. Resources Policy, 81, 103383.
  23. Salisu, A. A., Ndako, U. B., & Vo, X. V. (2023). Oil price and the Bitcoin market. Resources Policy, 82, 103437.
  24. Salisu, A. A., Adediran, I., Omoke, P. C., & Tchankam, J. P. (2023). Gold and tail risks. Resources Policy, 80, 103154.
  25. Salisu, A. A., Gupta, R., Bouri, E., & Ji, Q. (2022). Mixed‐frequency forecasting of crude oil volatility based on the information content of global economic conditions. Journal of Forecasting, 41(1), 134-157.
  26. Salisu, A. A., Gupta, R., Ogbonna, A. E., & Wohar, M. E. (2022). Uncertainty and predictability of real housing returns in the United Kingdom: a regional analysis. Journal of Forecasting, 41(7), 1525-1556.
  27. Salisu, A. A., & Shaik, M. (2022). Islamic Stock indices and COVID-19 pandemic. International Review of Economics & Finance, 80, 282-293.
  28. Salisu, A. A., Cuñado, J., & Gupta, R. (2022). Geopolitical risks and historical exchange rate volatility of the BRICS. International Review of Economics & Finance, 77, 179-190.
  29. Salisu, A. A., Isah, K., & Ogbonnaya‐Orji, N. (2022). A firm level analysis of asymmetric response of US stock returns to exchange rate movements. International Journal of Finance & Economics,27(1), 1220-1239.
  30. Salisu, A. A., Gupta, R., & Ogbonna, A. E. (2022). A moving average heterogeneous autoregressive model for forecasting the realized volatility of the US stock market: Evidence from over a century of data. International Journal of Finance & Economics, 27(1), 384-400.
  31. Salisu, A. A., Raheem, I. D., & Eigbiremolen, G. O. (2022). The behaviour of US stocks to financial and health risks. International Journal of Finance & Economics, 27(4), 4607-4618.
  32. Salisu, A. A., Pierdzioch, C., Gupta, R., & Gabauer, D. (2022). Forecasting stock-market tail risk and connectedness in advanced economies over a century: The role of gold-to-silver and gold-to-platinum price ratios. International Review of Financial Analysis, 83, 102300.
  33. Gupta, R., Marfatia, H. A., Pierdzioch, C., & Salisu, A. A. (2022). Machine learning predictions of housing market synchronization across US states: the role of uncertainty. The Journal of Real Estate Finance and Economics, 64(4), 523-545.
  34. Salisu, A. A., Lasisi, L., & Tchankam, J. P. (2022). Historical geopolitical risk and the behaviour of stock returns in advanced economies. The European Journal of Finance, 28(9), 889-906.
  35. Salisu, A. A., Olaniran, A., & Tchankam, J. P. (2022). Oil tail risk and the tail risk of the US Dollar exchange rates. Energy Economics, 109, 105960.
  36. Salisu, A. A., Gupta, R., & Demirer, R. (2022). Global financial cycle and the predictability of oil market volatility: Evidence from a GARCH-MIDAS model. Energy Economics, 108, 105934.
  37. Salisu, A. A., Gupta, R., & Kim, W. J. (2022). Exchange rate predictability with nine alternative models for BRICS countries. Journal of Macroeconomics, 71, 103374.
  38. Salisu, A. A., Ayinde, T. O., Gupta, R., & Wohar, M. E. (2022). Global evidence of the COVID-19 shock on real equity prices and real exchange rates: A counterfactual analysis with a threshold-augmented GVAR model. Finance Research Letters, 47, 102519.
  39. Salisu, A. A., Pierdzioch, C., & Gupta, R. (2022). Oil tail risks and the forecastability of the realized variance of oil-price: Evidence from over 150 years of data. Finance Research Letters, 46, 102378.
  40. Sheng, X., Gupta, R., Salisu, A. A., & Bouri, E. (2022). OPEC news and exchange rate forecasting using dynamic Bayesian learning. Finance Research Letters, 45, 102125.
  41. Salisu, A. A., & Tchankam, J. P. (2022). US Stock return predictability with high dimensional models. Finance Research Letters, 45, 102194.
  42. Salisu, A. A., Demirer, R., & Gupta, R. (2022). Financial turbulence, systemic risk and the predictability of stock market volatility. Global Finance Journal, 52, 100699.
  43. Salisu, A. A., & Ogbonna, A. E. (2022). The return volatility of cryptocurrencies during the COVID-19 pandemic: Assessing the news effect. Global Finance Journal, 54, 100641.
  44. Gupta, R., Pierdzioch, C., & Salisu, A. A. (2022). Oil-price uncertainty and the UK unemployment rate: A forecasting experiment with random forests using 150 years of data. Resources Policy, 77, 102662.
  45. Salisu, A. A., Gupta, R., Karmakar, S., & Das, S. (2022). Forecasting output growth of advanced economies over eight centuries: The role of gold market volatility as a proxy of global uncertainty. Resources Policy, 75, 102527.
  46. Salisu, A. A., Gupta, R., Nel, J., & Bouri, E. (2022). The (Asymmetric) effect of El Niño and La Niña on gold and silver prices in a GVAR model. Resources Policy, 78, 102897.
  47. Salisu, A. A., Gupta, R., & Ji, Q. (2022). Forecasting oil prices over 150 years: The role of tail risks. Resources Policy, 75, 102508.
  48. Salisu, A. A., Vo, X. V., & Lawal, A. (2021). Hedging oil price risk with gold during COVID-19 pandemic. Resources Policy, 70, 101897.
  49. Salisu, A. A., & Gupta, R. (2021). Oil shocks and stock market volatility of the BRICS: A GARCH-MIDAS approach. Global Finance Journal, 48, 100546.
  50. Salisu, A. A., Pierdzioch, C., & Gupta, R. (2021). Geopolitical risk and forecastability of tail risk in the oil market: Evidence from over a century of monthly data. Energy, 235, 121333.
  51. Salisu, A. A., & Vo, X. V. (2021). Firm-specific news and the predictability of Consumer stocks in Vietnam. Finance Research Letters, 41, 101801.
  52. Salisu, A. A., & Vo, X. V. (2021). The behavior of exchange rate and stock returns in high and low interest rate environments. International Review of Economics & Finance, 74, 138-149.
  53. Salisu, A. A., Akanni, L. O., & Vo, X. V. (2021). Volatility spillovers and hedging effectiveness between health and tourism stocks: Empirical evidence from the US. International Review of Economics & Finance, 74, 150-159.
  54. Salisu, A. A., Swaray, R., & Sa’id, H. (2021). Improving forecasting accuracy of the Phillips curve in OECD countries: The role of commodity prices. International Journal of Finance & Economics,26(2), 2946-2975.
  55. Salisu, A. A., Raheem, I. D., & Vo, X. V. (2021). Assessing the safe haven property of the gold market during COVID-19 pandemic. International Review of Financial Analysis, 74, 101666.
  56. Salisu, A. A., Gupta, R., & Ogbonna, A. E. (2021). Point and density forecasting of macroeconomic and financial uncertainties of the USA. Journal of Forecasting, 40(4), 700-707.
  57. Salisu, A. A., Cuñado, J., Isah, K., & Gupta, R. (2021). Stock markets and exchange rate behavior of the BRICS. Journal of Forecasting, 40(8), 1581-1595.
  58. Salisu, A. A., Ogbonna, A. E., & Adediran, I. (2021). Stock‐induced Google trends and the predictability of sectoral stock returns. Journal of Forecasting, 40(2), 327-345.
  59. Tule, M. K., Salisu, A. A., & Ebuh, G. U. (2020). A test for inflation persistence in Nigeria using fractional integration & fractional cointegration techniques. Economic Modelling, 87, 225-237.
  60. Salisu, A. A., & Adediran, I. (2020). Gold as a hedge against oil shocks: Evidence from new datasets for oil shocks. Resources Policy, 66, 101606.
  61. Salisu, A. A., Ogbonna, A. E., & Adewuyi, A. (2020). Google trends and the predictability of precious metals. Resources Policy, 65, 101542.
  62. Salisu, A. A., Raheem, I. D., & Ndako, U. B. (2020). The inflation hedging properties of gold, stocks and real estate: A comparative analysis. Resources Policy, 66, 101605.
  63. Salisu, A. A., Ebuh, G. U., & Usman, N. (2020). Revisiting oil-stock nexus during COVID-19 pandemic: Some preliminary results. International Review of Economics & Finance, 69, 280-294.
  64. Holland, Q. C. P., Liu, B., Roca, E., & Salisu, A. A. (2020). Mortgage asymmetric pricing, cash rate and international funding cost: Australian evidence. International Review of Economics & Finance,65, 46-68.
  65. Salisu, A. A., & Vo, X. V. (2020). Predicting stock returns in the presence of COVID-19 pandemic: The role of health news. International Review of Financial Analysis, 71, 101546.
  66. Salisu, A. A., Akanni, L., & Raheem, I. (2020). The COVID-19 global fear index and the predictability of commodity price returns. Journal of Behavioral And Experimental Finance, 27, 100383.
  67. Salisu, A. A., Ndako, U. B., & Akanni, L. O. (2020). New evidence for the inflation hedging potential of US stock returns. Finance Research Letters, 37, 101384.
  68. Yakubu, J., Salisu, A. A., Musa, A., Omosola, A., Belonwu, M., & Isah, K. (2020). The transmission of monetary policy in emerging economies during tranquil and turbulent periods. Finance Research Letters, 35, 101295.
  69. Salisu, A. A., Isah, K. O., & Raheem, I. D. (2019). Testing the predictability of commodity prices in stock returns of G7 countries: Evidence from a new approach. Resources Policy, 64, 101520.
  70. Salisu, A. A., & Adediran, I. A. (2019). Assessing the inflation hedging potential of coal and iron ore in Australia. Resources Policy, 63, 101410.
  71. Salisu, A. A., Ndako, U. B., & Oloko, T. F. (2019). Assessing the inflation hedging of gold and palladium in OECD countries. Resources Policy, 62, 357-377.
  72. Salisu, A. A., Adekunle, W., Alimi, W. A., & Emmanuel, Z. (2019). Predicting exchange rate with commodity prices: New evidence from Westerlund and Narayan (2015) estimator with structural breaks and asymmetries. Resources Policy, 62, 33-56.
  73. Salisu, A. A. (2019). United we stand, divided we fall: a PANICCA test evidence for stock exchanges in OECD. Finance Research Letters, 28, 343-347.
  74. Salisu, A. A., & Ogbonna, A. E. (2019). Another look at the energy-growth nexus: New insights from MIDAS regressions. Energy, 174, 69-84.
  75. Tule, M. K., Salisu, A. A., & Chiemeke, C. C. (2019). Can agricultural commodity prices predict Nigeria’s inflation? Journal of Commodity Markets, 16, 100087.
  76. Salisu, A. A., Swaray, R., & Adediran, I. A. (2019). Can urban coffee consumption help predict US inflation? Journal of Forecasting, 38(7), 649-668.
  77. Salisu, A. A., Raheem, I. D., & Ndako, U. B. (2019). A sectoral analysis of asymmetric nexus between oil price and stock returns. International Review of Economics & Finance, 61, 241-259.
  78. Salisu, A. A., Swaray, R., & Oloko, T. F. (2019). Improving the predictability of the oil–US stock nexus: The role of macroeconomic variables. Economic Modelling, 76, 153-171.
  79. Swaray, R., & Salisu, A. A. (2018). A firm-level analysis of the upstream-downstream dichotomy in the oil-stock nexus. Global Finance Journal, 37, 199-218.
  80. Salisu, A. A., & Ndako, U. B. (2018). Modelling stock price–exchange rate nexus in OECD countries: A new perspective. Economic modelling, 74, 105-123.
  81. Salisu, A. A., & Isah, K. O. (2018). Predicting US inflation: Evidence from a new approach. Economic Modelling, 71, 134-158.
  82. Salisu, A. A., Ademuyiwa, I., & Isah, K. O. (2018). Revisiting the forecasting accuracy of Phillips curve: the role of oil price. Energy Economics, 70, 334-356.
  83. Salisu, A. A., Isah, K. O., Oyewole, O. J., & Akanni, L. O. (2017). Modelling oil price-inflation nexus: The role of asymmetries. Energy, 125, 97-106.
  84. Salisu, A. A., & Isah, K. O. (2017). Revisiting the oil price and stock market nexus: A nonlinear Panel ARDL approach. Economic Modelling, 66, 258-271.
  85. Salisu, A. A., & Adeleke, A. I. (2016). Further application of Narayan and Liu (2015) unit root model for trending time series. Economic Modelling, 55, 305-314.
  86. Salisu, A. A., & Oloko, T. F. (2015). Modeling oil price–US stock nexus: A VARMA–BEKK–AGARCH approach. Energy Economics, 50, 1-12.
  87. Kouassi, E., Mougoué, M., Sango, J., Brou, J. B., Amba, C. M., & Salisu, A. A. (2014). Testing for heteroskedasticity and spatial correlation in a two way random effects model. Computational Statistics & Data Analysis, 70, 153-171.
  88. Salisu, A. A., & Fasanya, I. O. (2013). Modelling oil price volatility with structural breaks. Energy policy, 52, 554-562.
  89. Salisu, A. A., & Mobolaji, H. (2013). Modeling returns and volatility transmission between oil price and US–Nigeria exchange rate. Energy Economics, 39, 169-176.