| FINAL PROGRAMME |
| Thursday 29th May 2008 |
| 13:00-14:00, Registration at the Department of Economics |
| Parallel Session 1A: Economics of Integration |
| 14:00-16:00 (LECTURE ROOM: A2-2) |
| Chair: Aleksandra Zdzienicka-Durand (GATE CNRS) |
| EMU Enlargement: Do Real Exchange Rates Follow A Nonlinear Equilibrium Process?, Nikolaos Giannellis (University of Crete) and Athanasios Papadopoulos (University of Crete), Discussant: Aleksandra Zdzienicka-Durand |
| Monetary policy convergence among the new EU countries and the EMU, Minoas Koukouritakis (University of Crete) and Leo Michelis (Ryerson University), Discussant: Nikolaos Giannellis |
| Dynamics of structural shocks and the Euro adoption process, Aleksandra Zdzienicka-Durand (GATE CNRS), Discussant: Minoas Koukouritakis |
| Parallel Session 1B: Emerging Economies |
| 14:00-16:00 (LECTURE ROOM: A2-3) |
| Chair: Kosta Josifidis (University of Novi Sad) |
| Real Exchange Rate in Emerging Economies: The Role of Different Investment Margins, Jan Brŭha (Czech National Bank) and Jiří Podpiera (Czech National Bank), Discussant: Kosta Josifidis |
| Debt denomination and default risk in emerging markets, Inci Gumus (Sabanci University), Discussant: Ramona Jimborean |
| The structure of the monetary assets in transition economies, Gerard Duchene (ERUDITE, University of Paris Est), Ramona Jimborean (ERUDITE, University of Paris Est) and Boris Najman (University of Paris Est), Discussant: Inci Gumus |
| Real exchange rate appreciation in the transition economies, Kosta Josifidis (University of Novi Sad), Emilija Beker (University of Novi Sad) and Novica Supic (University of Novi Sad), Discussant: Jan Bruha |
| Parallel Session 1C: Financial Markets I |
| 14:00-16:00 (LECTURE ROOM: A3-2) |
| Chair: Jan Piplack (University of Maastricht) |
| A regime switching examination of the Gilt-Equity yield, Fivos Bekiris (Athens University of Economics and Business), and Petros Migiakis (Bank of Greece), Discussant: Jan Piplack |
| Detecting shift and pure contagion in East Asian equity markets: A Unified Approach, Thomas Flavin (National University of Ireland) and Ekaterini Panopoulou (University of Piraeus), Discussant: Georgios Kouretas |
| Switching volatility in emerging stock Markets: Evidence from the new EU Member countries, Manolis Syllignakis (Athens University of Economics and Business) and Georgios Kouretas (Athens University of Economics and Business), Discussant: Ekaterini Panopoulou. |
| Estimating and forecasting asset volatility and its volatility: A Markov-switching range model, Jan Piplack (University of Maastricht), Discussant: Fivos Bekiris |
| Parallel Session 1D: Prices and Inflation I |
| 14:00-16:00 (LECTURE ROOM: A3-3) |
| Chair: Alessandro Flamini (University of Keele) |
| Measuring competition in banking: A disequilibrium approach, John Goddard (Bangor University) and John O.S. Wilson (University of St Andrews), Discussant: Alessandro Flamini |
| Markups in the Euro area and the US over the period 1981-2004: a comparison of 50 sectors, Rebekka Christopoulou (ECB) and Philip Vermeulen (ECB), Discussant: John Goddard |
| News and sectoral comovement, Michael Lamla (ETH Zürich), Sarah Lein (ETH Zürich) and Jan-Egbert Sturm (ETH Zürich), Discussant: Philip Vermeulen |
| Central Bank preferences and distribution forecasts in a small open economy, Alessandro Flamini (University of Keele), Discussant: Michael Lamla |
| 16:00-16:30 Coffee Break |
| Parallel Session 2A: Economic Growth |
| 16:30-18:30 (LECTURE ROOM: A2-2) |
| Chair: Massimiliano La Marca (UNCTAD) |
| Productive base sustainability and global warming, Dimitra Vouvaki (University of Crete) and Anastasios Xepapadeas (Athens University of Economics and Business), Discussant: Evangelia Vourvachaki |
| Information and communication technologies in a multi-sector endogenous growth Model, Evangelia Vourvachaki (Centre for Economic Performance-LSE), Discussant: Dimitra Vouvaki |
| Growth, distribution and external imbalances sustainability in emerging economies, Massimiliano La Marca (UNCTAD), Discussant: Joseph Zeira |
| Parallel Session 2B: Macroeconomics I |
| 16:30-18:30 (LECTURE ROOM: A3-2) |
| Chair: Victoria Galsband (University of Zurich) |
| Terms of trade shocks and fiscal policy in a small open economy with credit constrained Consumers, Karlygash Kuralbayeva (University of Oxford), Discussant: Victoria Gaisband |
| Liquidity and economic fluctuations, Filippo Taddei (Collegio Carlo Alberto), Discussant: Karlygash Kuralbayeva |
| The Feldstein-Horioka fact, Domenico Giannone (ECB) and Lenza Michele (ECB), Discussant: Filippo Taddei |
| Consumption heterogeneity and long run risk, Victoria Galsband (University of Zürich) and Mathias Hoffmann (University of Zürich and CESifo), Discussant: Domenico Giannone |
| Parallel Session 2C: Finance and Macroeconomics I |
| 16:30-18:30 (LECTURE ROOM: A3-3) |
| Chair: Chenxiang Liu (10th University of Paris-Nanterre) |
| International financial adjustment: Evidence from the G6 countries, Roberto Cardarelli (IMF) and Panagiotis Konstantinou (University of Macedonia), Discussant: Chenxiang Liu |
| Rural finance reform in China, Chenxiang Liu (University of Paris-Nanterre X), Discussant: Konstantinou Panagiotis |
| The currency denomination of trade and price discrimination: The Euro after European Union expansion, Mark Witte (College of Charleston), Discussant: Jean-Pierre Allegret |
| 20:30, WELCOME RECEPTION AT THEARTEMIS PALACE HOTEL |
| Friday 30th May 2008 |
| Parallel Session 3A: Central Bank Independence |
| 09:00-11:00 (LECTURE ROOM: A2-2) |
| Chair: Jeroen Klomp (University of Groningen) |
| Determinants of central bank independence reforms, Sven-Olov Daunfeldt (HUI and University of Gävle), Jörgen Hellström (Umeå University) and Mats Landström (University of Gävle), Discussant: Tuysuz Sukriye |
| Do monetary policy transparency independence and credibility enhance macro-financial stability, Eleftherios Spyromitros ((BETA-THEME, Louis Pasteur University) and Tuysuz Sukriye (BETA-THEME, Louis Pasteur University), Discussant: Jeroen Klomp |
| Central bank independence and financial instability, Jeroen Klomp (University of Groningen), Discussant: Sven-Olov Daunfeldt |
| Parallel Session 3B: Exchange Rates Economics I |
| 09:00-11:00 (LECTURE ROOM: A2-3) |
| Chair: Glauco De Vita (Oxford Brooks University Business School) |
| Strong comovements of exchange rates: Theoretical and empirical cases when currencies become the same asset, Michael Kuehl (University of Goettingen), Discussant: Glauco De Vita |
| When countries do not do what they say: Systematic discrepancies between exchange rate regime announcements and de facto policies, Julia Bersch (Munich Graduate School of Economics and Ludwig-Maximilians-University Munich) and Ulrich Klueh (University Munich), Discussant: Michael Kuehl |
| Evidence on the impact of exchange rate regimes on Foreign Direct Investment flows, Andrew Abbott (University of Bath) and Glauco De Vita (Oxford Brooks University Business School), Discussant: Julia Bersch |
| Parallel Session 3C: Financial Markets II |
| 09:00-11:00 (LECTURE ROOM: A3-2) |
| Chair: Jean-Pierre Allegret (GATE-CNRS-LYON 2) |
| Market based CEO pay and stock price informativeness, Riccardo Calcagno (Tinbergen Institute and Vrije University) and Florian Heider (ECB), Discussant: Christian Grisse |
| International financial transmission: Emerging and mature markets, Guillermo Felices (Bank of England), Christian Grisse (University of Cambridge) and Jing Yang (Bank of England), Discussant: Riccardo Calcagno |
| A BVAR model for regional integration in Latin American countries, Jean-Pierre Allegret (University of Lyon) and Alain Sand (GATE-CNRS-LYON 2), Discussant: Mark Witte |
| Parallel Session 3D: Financial Crises |
| 09:00-11:00 (LECTURE ROOM: A3-3) |
| Chair: Bauer Christian (University of Wuerzburg) |
| A forewarning indicator system for financial crises: The case of six Central and Eastern European countries, Irene Andreou (GATE, CNRS), Gilles Dufrenot (GREQAM-CNRS), Sand-Zantman Alainand (GATE-CNRS-LYON 2), Aleksandra Zdzienicka (GATE CNRS), Discussant: Michael Bergman |
| Currency Crises and Monetary Policy in an Economy with Credit Constraints: The No Interest Parity Case, Michael Bergman (University of Copenhagen) and Shakill Hassan (University of Cape Town), Discussant: Irene Andreou |
| Does it pay to defend - The dynamics of currency crises, Christian Bauer (University of Bayreuth) and Bernhard Herz (University of Bayreuth), Discussant: Andrew Rose |
| 11:00-11:30, COFFEE BREAK |
| KEYNOTE SPEECH - THE ALPHA BANK PLENARY SESSION |
| 11:30-13:00 (Δ3 Amphitheatrte) |
| Chair: Emmanuel Petrakis (University of Crete) |
| Richard Rogerson (Arizona State University): Micro and Macro Elasticities in a Life Cycle Model with Taxes |
| 13:00-14:00 LUNCH BREAK |
| KEYNOTE SPEECH - THE MINISTRY OF EDUCATION AND RELIGIOUS AFFAIRS PLENARY SESSION |
| 14:00-15:30 (Δ3 Amphitheatrte) |
| Chair: Athanasios P. Papadopoulos (University of Crete) |
| George Tavlas (Bank of Greece) : The Two Faces of the Founding Fathers:An Optimum Currency Area Odyssey |
| 15:30-16:00 COFFEE BREAK |
| Session 4A: Finance and Macroeconomics II |
| 16:00-18:30 (LECTURE ROOM: A2-2) |
| Chair: Luis Opazo (Bank Central de Chile) |
| Real implications of financial linkages between Canada and the United States, Vladimir Klyuev (IMF), Discussant: Luis Opazo |
| Financial system dynamics: An econometric analysis of convergence, Angelos Antzoulatos (University of Pireus), Ekaterini Panopoulou (University of Pireus) and Chris Tsoumas (University of Pireus), Discussant: Ansgar Belke |
| Global Excess Liquidity and House Prices: A VAR Analysis for OECD Countries, Ansgar Belke (University of Duisburg-Essen and IZA Bonn) and Walter Orth (University of Duisburg-Essen), Discussant: Chris Tsoumas |
| The Backus-Smith puzzle: The role of expectations, Luis Anibal Opazo (Bank Central de Chile), Discussant: Vladimir Klyuev |
| Session 4B: Prices and Inflation II |
| 16:00-18:30 (LECTURE ROOM: A2-3) |
| Chair: Rudolf Zwiener (IMK Duesseldorf) |
| The role of media for consumers' inflation expectation formation, Michael Lamla (ETH Zürich) and Sarah Lein (ETH Zürich), Discussant: Rudolf Zwiener |
| Do exchange rate regimes matter for inflation persistence?, George Chouliarakis (University of Manchester) and Pahath-kumbure-gedara Harischandra (University of Manchester), Discussant: Ulrich Fritsche |
| Disagreement on inflation expectations in G7 countries, Joerg Doepke (University of Applied Sciences, Merseburg), Jonas Dovern (The Kiel Institute for the World Econom), Ulrich Fritsche (University of Hamburg and German Institute for Economic Research) and Jiri Stacalek (German Institute for Economic Research), Discussant: Sarah Lein |
| Driving forces behind the sectoral wage costs differentials in Europe, Camille Logeay (IMK Düsseldorf) and Rudolf Zwiener (IMK Düsseldorf), Discussant: Pahath-kumbure-gedara Harischandra |
| Session 4C: Macroeconomics II |
| 16:00-18:30 (LECTURE ROOM: A3-2 ) |
| Chair: Philip Lawler (Swansea University) |
| Fiscal policy and monetary integration: An update, Robert Vermeulen (University of Luxemburg), Bertrand Candelon (University of Maastricht) and Joan Muysken (University of Maastricht), Discussant: Philip Lawler |
| Countercyclical fiscal policy, simple rules and price dispersion, Eric Mayer (University of Würzburg) and Oliver Grimm (Center of Economic Research - ETH Zürich), Discussant: Giovanni Di Bartolomeo |
| Monetary policy, Rule of Thumb, consumers and external habits: An international comparison, Giovanni Di Bartolomeo (University of Teramo), Lorenza Rossi (University Cattolica del Sacro Cuore) and Massimiliano Tancini (University of Rome La Sapienza), Discussant: Eric Mayer |
| Optimal policy intervention and the social value of public information, Philip Lawler (Swansea University), Discussant: Robert Vermeulen |
| Saturday 31st May 2008 |
| Parallel Session 5A: Macroeconomics III |
| 09:00-11:00 (LECTURE ROOM: A2-3) |
| Chair: Milani Fabio (University of California Irvine) |
| The effect of house prices on household saving: The case of Italy, Riccardo Calcagno (Vrije University), Elsa Fornero (University of Turin and CeRP) and Marina Cristina Rossi (University of Rome "Tor Vergata" and CeRP), Discussant: Milani Fabio |
| The determinants of regional growth and convergence in China, India and Russia, Oleg Badunenko (German Institute for Economic Research) and Kiril Tochkov (Texas Christian University), Discussant: Ventura Luigi |
| International risk sharing: methodological issues and an empirical assessment, Eleonora Pierucci (Università di Roma "La Sapienza") and Luigi Ventura (Università di Roma "La Sapienza"), Discussant: Tochkov Kiril |
| The impact of foreign stock markets on macroeconomic dynamics in small open economies: A structural estimation, Fabio Milani (University of California, Irvine), Discussant: Calcagno Riccardo |
| Parallel Session 5B: Monetary and Fiscal Policy I |
| 09:00-11:00 (LECTURE ROOM: A2-2) |
| Chair: Marcelo Sãnchez (ECB) |
| Structural reforms in EMU and the role of monetary policy. A survey of the literature, Nadine Leiner-Killinger (ECB), Victor Lopez-Perez (ECB), Roger Stieger (ECB) and Giovanni Vitale (ECB), Discussant: Marcelo Sãnchez |
| What does South Korean inflation targeting target? Evidence from a small open economy model, Marcelo Sãnchez (ECB), Discussant: Rehim Kilic |
| Fiscal convergence, business cycle, volatility and growth, Davide Furceri (ECB and University of Palermo), Discussant: Roger Stieger |
| Parallel Session 5C: Exchange Rates Economics II |
| 09:00-11:00 (LECTURE ROOM: A3-2) |
| Chair: Frederick Wallace (University de Quintana Roo) |
| Do jumps mislead the FX market?, Jean-Yves Gnabo (CeReFim, Université de Namur), Jérôme Lahaye (CeReFim, Université de Namur), Sébastien Laurent (CeReFim, Université de Namur and CORE, Université Catholique de Louvain) and Christelle Lecourt (CeReFim, Université de Namur), Discussant: Frederick Wallace |
| Real Exchange rate dynamics and monetary integration in crisis-affected regions, John Beirne (Brunel University), Discussant: Dimitrios Sideris |
| International financial relations between Canada and the USA. A joint testing approach, Nikolaos Mylonidis (University of Ioannina) and Dimitrios Sideris (Bank of Greece and University of Ioannina), Discussant: John Beirne |
| Cointegration tests of Purchasing Power Parity, Frederick H. Wallace (Universidad de Quintana Roo), Discussant: Sébastien Laurent |
| 11:00-11:30, COFFEE BREAK |
| KEYNOTE SPEECH - THE EFG EUROBANK PLENARY SESSION |
| 11:30-13:00 (Δ3 Amphitheatrte) |
| Chair: George Kouretas (Athens University of Economics and Bussiness) |
| Andrew K. Rose (University of California, Berkeley): Why so Glum? The Meese-Rogoff Methodology Meets the Stock Market |
| 13:00-14:00, LUNCH BREAK |
| KEYNOTE SPEECH - THE PROBANK PLENARY SESSION |
| 14:00-15:30 (Δ3 Amphitheatrte) |
| Chair: Margarita Genius (University of Crete) |
| Joseph Zeira (Hebrew University of Jerusalem): Why and How Education Affects Economic Growth? |
| 15:30-16:00 COFFEE BREAK |
| Session 6A: Exchange rates Economics III |
| 16:00-18:00 (LECTURE ROOM: A2-3) |
| Chair: Rehim Kilic (Georgia Institute of Technology) |
| Aggregation is not the solution: The PPP puzzle strikes back, Lola Gadea (Universityof Zaragoza) and Laura Mayoral (Institute for Economic Analysis-CSIC) , Discussant: Maria Grydaki |
| Exchange rate volatility and output volatility: A theoretical approach, Maria Grydaki (University of Macedonia) and Stilianos Fountas (University of Macedonia), Discussant: Davide Furceri (University of Palermo and University of Illinois) |
| Nonlinear dynamics and persistence in PPP relation: Does controlling for nonlinearity solve the PPP puzzle? Rehim Kilic (Georgia Institute of Technology), Discussant: Liu Joy Hiu (University of Crete) |
| Session 6B: Monetary and Fiscal Policy II |
| 16:00-18:00 (LECTURE ROOM: A2-2) |
| Chair: Moise Sidiropoulos (Aristotle University of Thessaloniki and BETA) |
| The European Monetary Union, the UK and Norway: A macroeconomic experiment, I. McAvinchey (University of Aberdeen) and W.D. McCausland (University of Aberdeen), Discussant: Andreas Yannopoulos |
| A comparison of debt and primary-deficit constraints, Marcos Poplawski Ribeiro (CEPII, University of Amsterdam and Tinbergen Institute), Roel Beetsma (CEPR and Tinbergen Institute) and Andreas Schabert (University of Dortmund and Tinbergen Institute), Discussant: Nicola Acocella |
| Monetary union enlargement, fiscal policy and strategic wage setting, Moise Sidiropoulos (Aristotle University of Thessaloniki and BETA) and Blandine Zimmer (University Louis Pasteur and University of Siegen), Discussant: Karlygash Kuralbayeva |
| Session 6C: Macroeconomic Theory and Policy III |
| 16:00-18:00 (LECTURE ROOM: A3-2) |
| Chair: Markos Sanso-Navarro (University of Zaragoza) |
| Macroeconomic effects of migration in a new Keynesian framework, George Chortareas (University of Athens), Kostas Katirtzidis (University of Athens) and John Tsoukalas (University of Nottingham), Discussant: Constantina Kottaridi |
| Macroeconomic uncertainty, sociopolitical instability and public provision: Effects on private investment, Constantina Kottaridi (University of Peloponnese) and Monica Escaleras (Florida Atlantic University), Discussant: Markos Sanso-Navarro |
| The effects of foreign direct investment of the United Kingdom decision not to adopt the Euro, Markos Sanso-Navarro (University of Zaragoza), Discussant: Kostas Katirtzidis |
| Session 6D: Financial Markets III |
| 16:00-18:00 (LECTURE ROOM: A3-3 ) |
| Chair: Hans Manner (University of Maastricht) |
| The forecasting power of international yield curve linkages, Michele Modugno (ECB-Universite Libre de Bruxelles) and Kleopatra Nikolaou (Universite Libre de Bruxelles), Discussant: George Kouretas |
| The Global and regional factors in the volatility of emerging sovereign bond, Thanh Huong Dinh (University of Paris 12) and Duc Khuong Nguyen (ISC Paris School of Management), Discussant: Hans Manner |
| Testing for asset market linkages: A new approach based on Time-Varying Copulas, Hans Manner (Maastricht University) and Bertrand Candelon (Maastricht University), Discussant: Duc Khuong Nguyen |
| 18:30, SHORT EXCURSION AND DINNER AT A TRADITIONAL VILLAGE |