FINAL CONFERENCE PROGRAMME

 

SESSIONS

 

Thursday 25th  May 2006

 

13:00-14:00, Registration at the Department of Economics

 

 

Parallel Session 1A: Empirical Macroeconomics I

 

14:00-16:00 (LECTURE ROOM:  A1-2)

 

Chair: Theodore Panagiotidis

• An Investigation of The Sustainability of The Indian Current  Account, Mark J. Holmes, Waikato University Management School, Theodore Panagiotidis, Loughborough University  and Abhijit Sharma, Imperial College, Discussant: Mark J. Holmes

• Exchange rate transmission at industry level: A tale of two policy regimes in India, Sushanta Mallick, Loughborough University  and Helena Marques, Loughborough University, Discussant: Christian Richter 

• Investigating European Business Cycles: Is there Convergence towards a Single European Business Cycle? Andrew Hughes Hallett, Vanderbilt University and CEPR and Christian Richter, Loughborough University , Discussant: Theodore Panagiotidis

• Sustainability and Asymmetric Adjustment: Some New Evidence Concerning The Behaviour of the US Current Account, Mark J. Holmes, Waikato University Management School and Theodore Panagiotidis, Loughborough University, Discussant: Helena Marques

 

 

Parallel Session 1B: International Finance and Parity Relations

 

14:00-16:00 (LECTURE ROOM:  A2-2)

 

Chair: Roman Kräussl

• Another look at long-horizon uncovered interest parity, Antonio Montañés, Universidad de Zaragoza and Marcos Sanso-Navarro, Universidad de Zaragoza , Discussant: Roman Kräussl

• The Triple-Parity Law, Jean-Christian Lambelet, University of Lausanne and Alexander Mihailov, University of Essex, Discussant: Lola Gadea

• The Persistence of Real Exchange Rate and the PPP puzzle, Lola Gadea, University of Zaragoza, Laura Mayoral, Universitat Pompeu Fabra and Marcela Sabate, University of Zaragoza, Discussant: Antonio Montañés

• Revisiting The Home Bias Puzzle: Downside Equity Risk, Rachel A. Campbell, Maastricht University and Roman Kräussl, Free University of Amsterdam, Discussant: Alexander Mihailov

 

 

Parallel Session 1C: Macroeconomic Theory and Policy I

 

14:00-16:00 (LECTURE ROOM:   A2-3)

 

Chair: Istvan  Konya

• The New Keynesian Phillips Curve and the Role of Expectations: Evidence from the Ifo World Economic Survey, Steffen Henzel, Ifo Institute for Economic Research  and Timo Wollmershäauser, Ifo Institute for Economic Research, Discussant: Istvan  Konya

• Social Costs of Consumer Impatience in a Catching-up Economy, Péter Benczúr, András Simon and Viktor Várpalotai, Discussant: Inmaculada Martinez-Zarzoso

• Worldwide Regional Trading Agreements: Dynamic Panel Data Evidence from the Gravity Model, Inmaculada Martinez-Zarzoso, Universidad Jaume I and Instituto de Economía Internacional and Nickolas Horsewood, University of  Birmingham, Discussant: Viktor Várpalotai

• Economic Development, Exchange Rates, and the Structure of Trade, Istvan  Konya, Magyar Nemzeti Bank and Central European University, Discussant: Steffen Henzel

 

 

16:00-16:30 Coffee Break

 

 

Parallel Session 2A: Financial Economics I

 

16:30-18:30 (LECTURE ROOM:   A1-2)

 

Chair: Angelos Kanas

• What drives money market rates? Szabolcs Sebestyén , University of Alicante, Discussant: Angelos Kanas

• Time-Varying Adverse Selection in Credit Markets, Chris Yung, University of Colorado, Discussant: Christos Floros

• The use of GARCH models for the calculation of Minimum Capital Risk Requirements: International Evidence, Christos Floros, University of Portsmouth, Discussant: Szabolcs Sebestyén

• Is the causality from real stock returns to real activity regime-dependent? Angelos Kanas, University of Crete and Nikolaos Giannellis, University of Crete, Discussant: Chris Yung

 

 

Parallel Session 2B: Macroeconomic Models I

 

16:30-18:30 (LECTURE ROOM:  A2-2 )

 

Chair: Ian D. McAvinchey

• An OLG-Model with a Leontief Production Function and the Golden Rule of Accumulation, G. Carlie Geerdink, University of Twente and Peter J. Stauvermann, University of Twente, Discussant: Ian D. McAvinchey

• Inflation Targeting in Presence of Balassa-Samuelson-type Productivity Shocks, Igor Masten, University of Ljubljana, Discussant: Raphael Espinoza

• The Macroeconomics of Inflow Controls when Assets are Imperfect Substitutes, Raphael Espinoza, University of Oxford, Discussant: G. Carlie Geerdink

• Macro economic stability, equities, and real estate : a dynamic model for the UK, Ian D. McAvinchey, University of Aberdeen, Discussant: Igor Masten

 

 

Parallel Session 2C: Monetary Theory and Policy I

 

16:30-18:30 (LECTURE ROOM:  A2-3 )

 

Chair: Øyvind Eitrheim

• Monetary Conservatism and Fiscal Coordination in a Monetary Union, Nicola  Acocella, University of Rome I, Discussant: Øyvind Eitrheim

• Financial Systems and the Cost Channel Transmission of Monetary Policy Shocks, Johann Scharler, Oesterreichische Nationalbank and Sylvia Kaufmann, Oesterreichische Nationalbank, Discussant: Claudia Kwapil

• Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability, Claudia Kwapil, Oesterreichische Nationalbank and Johann Scharler, Oesterreichische Nationalbank, Discussant: Nicola  Acocella

• Price stability is the norm. What distinguishes the abnormal?, Øyvind Eitrheim, Norges Bank, Jan F. Qvigstad, Norges Bank and Øystein Bieltvedt Skeie, Ministry of Finance, Discussant: Johann Scharler

 

 

Session 2D: Exchange Rate Economics I

 

16:30-18:30 (LECTURE ROOM: Multimedia Room )

 

Chair: Christian Mueller

• Exchange-rate pass-through at the product level, Guillaume Gaulier, CEPII, Amina Lahrèche-Révil, CEPII and Isabelle Méjean, EUREQua, CREST-LMA, and CEPII, Discussant: Christian Mäuller

• The role of exchange rate flexibility, budget institutions and political business cycles in the CEECs' fiscal performance, Vanneste Jacques, University of Antwerp, Van Poeck André, University of Antwerp, Veiner Maret, University of Antwerp, Discussant: Guillaume Gaulier

• A Median Approach to the Determination of Exchange Rates, Christian Müller, Swiss Institute for Business Cycle Research (KOF) at the Swiss Federal Institute of Technology Zäurich (ETHZ), Discussant: Vanneste Jacques
   

 

20:30, WELCOME RECEPTION AT THEARTEMIS PALACE HOTEL

 

 

Friday 26th May 2006

 

Parallel Session 3A: European Union Economics I

 

09:00-11:00  (LECTURE ROOM:   A1-2)

 

Chair: David-Jan Jansen

• Monetary and fiscal policy interaction in the euro-area with different assumptions on the Phillips curve, Peter Bofinger, Universität Wurzburg and CEPR and Eric Mayer, Universität Wurzburg, Discussant: Alexandros Kontonikas

• The Euro and Inflation Uncertainty in the EMU, Guglielmo Maria Caporale, Brunel University, London and Alexandros Kontonikas, University of Glasgow, Discussant: Wolff Guntram

• Foreign Direct Investment in the Enlarged EU: Do taxes matter and to what extent? Guntram Wolff, Deutsche Bundesbank, Discussant: David-Jan Jansen

• Is a word to the wise indeed enough? ECB statements and the predictability of interest rate decisions, David-Jan Jansen, De Nederlandsche Bank and Jakob De Haan, University of Groningen, Discussant: Eric Mayer

 

 

Parallel Session 3B: Foreign Exchange and Parity Relations

 

09:00-11:00 (LECTURE ROOM:  A2-2)

 

Chair:  Zisimos  Koustas

• Central bank foreign exchange market interventions, exchange rate fundamentals, Erik Post, Uppsala University, Discussant: Michael G. Arghyrou

• Estimating the Equilibrium Effective Exchange Rate for the potential EMU members. Is there any threat for the stability of Euro?: Evidence from selected EU new comers, Nikolaos Giannellis, University of Crete and Athanasios P. Papadopoulos, University of Crete, Discussant: Zisimos  Koustas

• The Costs of Abolishing National Currencies: Lessons from Greece for newly-accession EU countries, Michael G. Arghyrou, Cardiff Business School, Discussant: Athanasios P. Papadopoulos

• Policy-Induced Mean Reversion in the Real Interest Rate? Zisimos  Koustas, Brock University and Jean-Francois Lamarche, Brock University, Discussant: Erik Post

 

 

Parallel Session 3C: Development and Growth

 

09:00-11:00 (LECTURE ROOM:  A2-3)

 

Chair:  Jan Przystupa

• Economic integration, common monetary policy and economic growth, Marcos Sanso and Marcos Sanso-Navarro, Universidad de Zaragoza, Discussant: Jan Przystupa

• Looking for an Optimal Monetary Policy Rule: The Case of Poland under IT Framework, Jan Przystupa, National Bank of Poland and Ewa Wróbel, National Bank of Poland , Discussant: Fabio Sdogati

• Effects of international fragmentation of production on the comparative advantage and the income of countries, Salvatore Baldone, Politecnico di Milano, Fabio Sdogati, Politecnico di Milano and Lucia Tajoli, Politecnico di Milano , Discussant: Marcos Sanso-Navarro

 

 

Parallel Session 3D: Financial Economics II

 

09:00-11:00  (LECTURE ROOM:   Multimedia Room)

 

Chair: Georgios P. Kouretas

• Do Central Banks Interventions Bring Noise on the Market? Jean-Yves Gnabo, Universiy of Namur, Christelle Lecourt, Universiy of Namur and Sebastien Laurent, CeReFiM, FUNDP, University of Namur, Discussant: Margarita Genious

• Testing the Expectations Hypothesis for the UK Term Structure, Erdenebat Bataa, University of Manchester, Dong Heon Kim, University of Manchester and Denise R Osborn, University of Manchester, Discussant: Jean-Yves Gnabo

• Common Stochastic Trends among the Cyprus Stock Exchange and the ASE, LSE and NYSE, Eleni Constantinou, The Philips College, Avo Kazandjian, The Philips College, Georgios P. Kouretas, University of Crete and Vera Tahmazian, The Philips College, Discussant: Erdenebat Bataa

 

 

11:00-11:30, COFFEE BREAK

 

 

INVITED LECTURE - THE MINISTRY OF EDUCATION AND RELIGIOUS AFFAIRS PLENARY SESSION

 

11:30-13:00

 

Chair: Anastasios Xepapadeas

Harris Dellas (University of Bern) : On the New Keynesian model

 

 

13:00-14:00 LUNCH BREAK

 

 

INVITED LECTURE - THE ALPHA BANK  PLENARY SESSION

 

14:00-15:30

 

Chair: Angelos Kanas

Graciela Kaminsky (George Washington University): International Financial Integration

 

 

15:30-16:00 COFFEE BREAK

 

 

Session 4A: Macroeconomic Models II

 

16:00-18:00 (LECTURE ROOM:  A1-2 )

 

Chair: Huw David Dixon

• Entrance and Fiscal Policies in a Monetary Union. A Theoretical Analysis, Angeliki Theophilopoulou, Discussant: Huw Dixon

• Savings and Investment Correlations in Response to Monetary Policy Shocks: New Insights into the Feldstein-Horioka Puzzle? Caroline Schmidt, Swiss Institute for Business Cycle Research, Discussant: Fuad Hasanov

• Is There a Black Hole of Graft?  Fuad Hasanov, Oakland University and Nivedita Mukherji, Oakland University, Discussant: Angeliki Theophilo-poulou

• Understanding Inflation Persistence: a comparison of different Models, Huw Dixon, University of York and Engin Kara, University of York , Discussant: Caroline Schmidt

 

 

Session 4B: Financial Economics III

 

16:00-18:00 (LECTURE ROOM:  Multimedia Room )

 

Chair: Kerstin Bernoth

• Debt restructuring with multiple creditors: relying on the information of others, Paolo Garella, Discussant: Konstantinos Drakos

• Risk Averse International Investors, Wealth Effects and Sovereign Risk, Sandra Valentina Lizarazo,  Duke University, Discussant: Kerstin Bernoth

• Investment Sensitivity to Conditional Uncertainty: Nesting Alternative Theoretical Specifications, Konstantinos Drakos, University of Patras and Eleftherios Goulas, University of Patras, Discussant: Paolo Garella

• Fool the markets? Creative accounting, fiscal institutions and sovereign risk premia, Kerstin Bernoth, De Nederlandsche Bank  and Guntram Wolff, Deutsche Bundesbank, Discussant: Sandra Valentina Lizarazo

 

 

Parallel Session 4C: European Union Economics II

 

16:00-18:00 (LECTURE ROOM:   A2-2)

 

Chair: Leo Michelis

• European inflation expectations dynamics,  Jorg Dopke, Deutsche Bundesbank, Jonas Dovern, Kiel Institute for World Economics (IfW), Ulrich Fritsche, German Institute for Economic Research (DIW) and Jirka Slacalek, German Institute for Economic Research (DIW), Discussant: Minoas Koukouritakis

• Would Fiscal Authorities in the EMU prefer to coordinate? Montserrat Ferré Carracedo, Universitat Rovira i Virgili, Discussant: Davide Furceri

• Business Cycle Synchronization in the EMU, Davide Furceri,  University of Illinois at Chicago and Georgios Karras, University of Illinois at Chicago, Discussant: Montserrat Ferré Carracedo

• The Term Structure of Interest Rates in the European Union, Minoas Koukouritakis (University of Crete) and Leo Michelis (Ryerson University) Discussant: Ulrich Fritsche

 

 

Session 4D: Foreign Exchange Markets

 

16:00-18:00 (LECTURE ROOM: A2-3)

 

Chair: Jean-Yves Gnabo

• Announcement Effects on Exchange Rate Movements: Continuity as a Selection Criteria Among the REE,  Mikael  Bask, Bank of Finland, Discussant: Ansgar Belke

• Structural Reforms and the Exchange Rate Regime: A Panel Analysis for the World versus OECD Countries, Ansgar Belke, University of Hohenheim, Bernhard Herz, University of Bayreuth and Lukas Vogel, University of Bayreuth, Discussant: Jean-Yves Gnabo

• Central Banks' Interventions Strategies and the Effects on Realised: A preliminary study from the Bank of Japan, Jean-Yves Gnabo, Universiy of Namur and Jerome Teiletche, IXIS-CIB and University of Bordeaux Montesquieu, Discussant: Mikael  Bask

   

 

Saturday 27th May 2006

 

Parallel Session 5A: Developing and Emerging Markets I

 

09:00-11:00 (LECTURE ROOM:  Multimedia Room)

 

Chair: Gorgodze Otar

• A Currency Union in East Asia: Measuring the Business Cycle Synchronisation, Grace H.Y. Lee, HELP University College and M. Azali, Universiti Putra Malaysia, Discussant: Yongfu Huang

• The Economic Determinants of the Brazilian Term Structure of Interest Rates, Rodrigo Sekkel, Secretaria de Política Econômica – Ministério da Fazenda and Denisard Alves, Universidade de São Paulo – FEA/USP , Discussant: Grace H.Y. Lee

• What determines financial development?, Yongfu Huang, University of Bristol, Discussant: Rodrigo Sekkel

 

 

Parallel Session 5B: Macroeconomic Theory and Policy II

 

09:00-11:00 (LECTURE ROOM:   A1-2)

Chair: Samuel Reynard

• Interest Rates and Currency Prices in a Two-Country Strategic Market Game Model, Konstantinos Papadopoulos, Aristotle University, Discussant: Samuel Reynard

• The Costs of Increasing Transparency, Maria Demertzis, De Nederlandsche Bank and University of Amsterdam and Marco Hoeberichts, De Nederlandsche Bank and University of Amsterdam, Discussant: Friederike Käohler

• Government Debt and Sudden Stops: A coordination game, Friederike Käohler, Munich Graduate School of Economics, Discussant: Konstantinos Papadopoulos

• Money and the Great Disinflation,  Samuel Reynard, Swiss National Bank, Discussant: Marco Hoeberichts

 

 

Parallel Session 5C: Macroeconomic Theory and Policy III

 

09:00-11:00 (LECTURE ROOM:  A2-2)

 

Chair: Moise Sidiropoulos

• A New Theory of Income Distribution and a New Microeconomic Foundation of Factor Income, G. Carlie Geerdink, University of Twente and Peter J. Stauvermann, University of Twente , Discussant: Giuseppe Diana

• A Neokeynesian Balance of Payment Model. Study Case on Romanian Economy, Mihai Roman, Academy of Economic Studies and Dumitru Marin, Academy of Economic Studies , Discussant: Peter J. Stauvermann

• Does model uncertainty lead to more conservative central bankers? Giuseppe Diana, University Louis Pasteur and Moise Sidiropoulos, Aristotle University, Discussant: Paul Hiebert

• Household saving in selected industrialised countries and its relationship with valuation of asset holdings, Paul Hiebert, European Central Bank, Discussant: Mihai Roman

 

 

Session 5D: Monetary Policy and Transmission Mechanism

 

09:00-11:00 (LECTURE ROOM:   A2-3)

 

Chair: Kai Leitemo

• The narrative approach for the identification of monetary policy shocks in small open economies, Eleni  Angelopoulou, Athens University of Economics and Business, Discussant: Ioannis Aggelis

• How Effective and Symmetric is the Transmission Mechanism of Monetary Policy for Retail Interest Rates in a Common Currency Area? The Case of European Monetary Union, Ioannis Aggelis, University of Leeds, Discussant: Katrin Ullrich

• Introducing Instruments of Central Bank Accountability in a Monetary Union, Katrin Ullrich, Centre for European Economic Research, Discussant: Kai Leitemo

• Monetary policy and model uncertainty in a small open economy, Richard Dennis, Federal Reserve Bank of San Francisco, Kai Leitemo, Norwegian School of Management and Ulf Soderstrom, Bocconi University and CEPR, Discussant: Eleni  Angelopoulou

 

 

11:00-11:30, COFFEE BREAK

 

 

INVITED LECTURE  - THE UNIVERSITY OF CRETE PLENARY SESSION

 

11:30-13:00

 

Chair: George Kouretas

Charles Wyplosz (University of Geneva), A Common Pool Theory of Deficit Bias Correction.

Signe Krogstrup and Charles Wyplosz

 

 

13:00-14:00, LUNCH BREAK

 

 

KEYNOTE SPEECH – THE BANK OF GREECE PLENARY SESSION

 

14:00-15:30

 

Chair: Athanasios Papadopoulos

Barry Eichengreen (University of California, Berkeley), Globalization and Democracy

 

 

15:30-16:00 COFFEE BREAK

 

 

Session 6A: Developing and Emerging Markets II

 

16:00-18:00 (LECTURE ROOM:  A1-2)

 

Chair: Cécile Couharde

• Exchange Rate Regimes and Misalignments in Emerging Countries, Virginie Coudert, Bank of France, CEPII and University of Paris 13 and Cécile Couharde, Bank of France, Discussant: George Kouretas

• Cointegration, causality and domestic portfolio diversification in the Cyprus Stock Exchange, Eleni Constantinou, Phillips College, Avo Kazandjian, Phillips College, Georgios P. Kouretas, University of Crete and Vera Tahmazian, Phillips College, Discussant: Oya Pinar Ardic

• The Gap Between The Rich and The Poor: Patterns of Heterogeneity in the Cross Country Data, Oya Pinar Ardic, Bogazici University, Discussant: Cécile Couharde

 

Session 6B: Financial Economics III

 

16:00-18:00 (LECTURE ROOM:  A2-2)

 

Chair: D. A. Georgoutsos

• Value-at-Risk for long and short trading positions: The case of the Athens Stock Exchange, Panayiotis F. Diamandis, Athens University of Economics and Business, G.P.Kouretas, University of Crete and Leonidas Zarangas, Technological Educational Institute of Epirus, Discussant: D.A.Georgoutsos  

• Determinants of Turkish Sovereign Spreads: Fundamentals and Global Liquidity, C. Emre Alper, Bogazici University and Burcu Cigerli, Bogazici University, Discussant: Panayiotis F. Diamandis

• Estimating The Correlation Of International Equity Markets With Multivariate Extreme and GARCH Models, S. D. Bekiros, Athens University of Economics and Business and D.A.Georgoutsos, Athens University of Economics and Business, Discussant: C. Emre Alper

 

 

Parallel Session 6C: Macroeconomic Theory and Policy IV

 

16:00-18:00 (LECTURE ROOM:   Multimedia Room)

 

Chair: Bernhard Herz

• Monetary Policy under Rule of Thumb Consumers and External Habits: An International Comparison, Giovanni Di Bartolomeo, University of Rome I, Discussant: Bernhard Herz

• Sustainability of Swiss Fiscal Policy, Gebhard Kirchgässner, University of St. Gallen, SIAW-HSG, CESifo, and Leopoldina and Silika Prohl, University of St. Gallen, SIAW-HSG, Discussant: Carlos A. Ibarra

• Monetary policy and macroeconomic performance in Chile and Mexico, Carlos A. Ibarra, Universidad de las Americas , Discussant: Silika Prohl

• Fiscal stabilization in a small Open Economy, Bernhard Herz, University of Bayreuth, Werner Roeger, European Commission, DG Economic and Financial Affairs and Lukas Vogel, University of Bayreuth, Discussant: Giovanni Di Bartolomeo
   

 

Parallel Session 6D: Trade Production and the Environment

 

16:00-18:00 (LECTURE ROOM:  A2-3)

 

Chair: Anastasios Xepapadeas

• Where is China’s Place in the World Economy: Lessons from a Gravity Model, Matthieu Bussière, ECB and Bernd Schnatz ECB, Discussant: Evangelos Tzouvelekas

• Trade effects, gravity models and EU/EMU, Dora Kosma, Bank of Greece Tasos Anastasatos, Bank of Greece Pavlos Petroulas, Bank of Greece , Discussant: Marc Piazolo

• The World Trade System: A Classroom Experiment, Marc Piazolo, University of Applied Sciences Kaiserslautern , Discussant: Bernd Schnatz

• Total Factor Productivity and the Environment: A Case for Green Growth Accounting, Evangelos Tzouvelekas, University of Crete, Dimitra Vouvaki, University of Crete, Anastasios Xepapadeas, University of Crete , Discussant: Dora Kosma

 

18:30, SHORT EXCURSION AND DINNER AT A TRADITIONAL VILLAGE