| Final Programme and Presentations |
| Thursday, May 27th, 2010 |
| 13:00-14:00: Registration at the Department of Economics |
| Parallel Session 1A: Bond and Stock Markets I |
| 14:00-16:00 (Lecture Room: A 2-2 ) |
| Chair: Michael Paetz |
| The Role of Bond Finance in Firms' Survival during the Asian Crisis, Serafeim Tsoukas (University of Nottingham) and Marina-Eliza Spaliara (Loughborough University). |
| Discussant: Michael Paetz |
| Structural Breaks and the Term Structure of Interest Rates in the European Union, Minoas Koukouritakis (University of Crete), and Leo Michelis (Ryerson University). |
| Discussant: Burcu Erdogan |
| Credit Crunch in Germany, Novelty or Reality?, Burcu Erdogan (DIW Berlin) and Charlotte Senftleben (DIW Berlin). |
| Discussant: Manthos Delis |
| Stock Market Wealth Effects in an Estimated DSGE Model for Hong Kong, Michael Paetz (Hamburg University), Michael Funke (Hamburg University), and Ernest Pytlarczyk (BRE Bank SA). |
| Discussant: Serafeim Tsoukas |
| Parallel Session 1B: Economic Growth and Development I |
| 14:00-16:00 (Lecture Room: A 2-3 ) |
| Chair: Styliani Christodoulopoulou |
| Convergence of Real per Capita GDP within COMESA Countries: A Panel Unit Root Evidence, Jean - Francois Hoarau (University of La Reunion), Amelie Charles (Audencia Nantes), and Olivier Darne (University of Nantes). |
| Discussant: Styliani Christodoulopoulou |
| Are Particular Industries More Likey to Succeed? A Comparative Analysis of VC Investment in the U.S. and Europe, Roman Kraeussl (VU University Amsterdam) and Stefan Krause (Banque de France). |
| Discussant: Gui Pedro de Mendonca |
| The Macrodynamics of Growing Open Economies under Financial Convex Adjustment Costs: Critical Dynamical Thresholds and Endogenous Cycles, Gui Pedro de Mendonca (University of Warwick). |
| Discussant: Stefan Krause |
| The Effects of Multilateral Trade Liberalization on the Extensive and the Intensive Margins of Trade, Styliani Christodoulopoulou (University of Essex). |
| Discussant: Jean-Francois Hoarau |
| Parallel Session 1C: Financial Markets I |
| 14:00-16:00 (Lecture Room: A 3-2 ) |
| Chair: Michal Brzozowski |
| How Do Alphas and Betas Move? Uncertainty, Learning and Time Variation in Risk Loadings, Carmine Trecroci (University of Brescia). |
| Discussant: Michal Brzozowski |
| Emergence of a New Regulation: Informational Disclosure Modalities in the Hedge Fund Opacity World, Sandra Rigot (University of Paris West Nanterre La Defence) and Yamina Tadjeddine (University of Paris West Nanterre La Defence). |
| Discussant: Olaf Posch |
| Risk Premia in General Equilibrium, Olaf Posch (Aarhus University). |
| Discussant: Sandra Rigot |
| Financial Development as a Shield against Growth-Abating Effects of Volatility, Michal Brzozowski (University of Warsaw). |
| Discussant: Carmine Trecroci |
| 16:00-16:30: Coffee break |
| Parallel Session 2A: Fiscal Policy and Inflation I |
| 16:30-18:30 (Lecture Room: A 2-2 ) |
| Chair: Massimo Giuliodori |
| Time-Varying Effects of Fiscal Policy in the Euro Area, Markus Kirchner (University of Amsterdam), Jacopo Cimadomo (European Central Bank), and Sebastian Hauptmeier (European Central Bank). |
| Discussant: Daphne Momferatou |
| Short-Term Inflation Projections: a Bayesian VAR Approach, Domenico Giannone (Université Libre de Bruxelles, Brussels), Michele Lenza (European Central Bank), Daphne Momferatou (European Central Bank), and Luca Onorante (European Central Bank). |
| Discussant: Jacopo Cimadomo |
| Inflation and Inflation Uncertainty in the Euro Area, Luca Onorante (European Central Bank), Caporale Guglielmo Maria (Brunel University, London), and Paesani Paolo (University of Rome Tor Vergata). |
| Discussant: Massimo Giuliodori |
| Discretionary Fiscal Policy: Review and Estimates for the EU, Massimo Giuliodori (University of Amsterdam) and Roel Beetsma (University of Amsterdam). |
| Discussant: Luca Onorante |
| Parallel Session 2B: Financial Markets II |
| 16:30-18:30 (Lecture Room: A 2-3 ) |
| Chair: Minqiang Li |
| Firms and the global crisis: French exports in the turmoil, Jean-Charles Bricongne (Banque de France), Lionel Fontagne (Banque de France), Guillaume Gaulier (Banque de France), Daria Taglioni (European Central Bank and Graduate Institute, Geneva), and Vincent Vicard (University Paris 1 and Banque de France) |
| Discussant: Minqiang Li |
| Bank Competition and International Financial Integration: Evidence Using a New Index, Gurnain Kaur Pasricha (Bank of Canada). |
| Discussant: Maksim Belitski |
| Global Financial Risks, Country Size, Dominant Effects: Is there a Link?, Maksim Belitski (University of Leicester). |
| Discussant: Henrique S. Basso |
| A New Look at the Continuous-Time Dynamics of International Volatility Indices amid the Recent Market Turmoil, Minqiang Li (Georgia Institute of Technology). |
| Discussant: Daria Taglioni |
| Parallel Session 2C: Exchange Rate Economics I |
| 16:30-18:30 (Lecture Room: A 3-2 ) |
| Chair: Alejandro Perez-Laborda |
| The Impact of Fixed Exchange Rates on Fiscal Discipline, Makram El-Shagi (Halle Institute of Economic Research and University of Mannheim). |
| Discussant: Alejandro Perez-Laborda |
| Managing Exchange Rate Fluctuations in Inflation Targeting Framework – Experiences of Serbia and Selected Transition Economies, Kostas Josifidis (University of Novi Sad), Jean-Pierre Allegret (École Normale Supérieure), and Emilija Beker Pucar (University of Novi Sad). |
| Discussant: Roberta Colavecchio |
| The Carry Trade and the Adjustment of the Japanese Yen: Evidence from a Markov-Switching Vector Autoregression Model, Roberta Colavecchio (DIW Berlin). |
| Discussant: Emilija Beker Pucar |
| Is Exchange Rate - Customer Order Flow Relationship Linear? Evidence from the Hungarian FX Market, Yuliya Lovcha (University of Alicante) and Alejandro Perez-Laborda (University of Alicante). |
| Discussant: Makram El-Shagi |
| 20:30: Welcome Reception and Gala Dinner at THEARTEMIS PALACE HOTEL |
| Friday, May 28th, 2010 |
| Parallel Session 3A: Journal of Banking and Finance I |
| 9:00-11:00 (Lecture Room: A 2-2 ) |
| Chair: Iqbal Mathur (Southern Illinois University) |
| Can Pure Play Internet Banking Survive the Credit Crisis? Ivo Arnold (Erasmus School of Economics) and Saskia van Ewijk (Nyenrode Business University). |
| Discussant: Dominik Maltritz |
| Towards a more Accurate Measure of Foreign Entry and its Impact on Domestic Banking Performance: a Case of China, Ying Xu (The Australian National University). |
| Discussant: Ana Lozano-Vivas |
| Financial Euroization: The Role of Foreign-Owned Banks and Interest Rates, Henrique S. Basso (Uppsala University), Oscar Calvo-Gonzalez (European Central Bank), and Marius Jurgilas (University of Connecticut). |
| Discussant: Juergen von Hagen |
| Interest Rates and Bank Risk-Taking, Manthos Delis (University of Ioannina) and Georgios P. Kouretas (Athens University of Economics and Business). |
| Discussant: Iqbal Mathur |
| Parallel Session 3B: Macroeconometrics |
| 9:00-11:00 (Lecture Room: A 2-3 ) |
| Chair: Dimitrios D. Thomakos |
| Using Subspace Algorithm Cointegration Analysis for Structural Estimation, Thomas Haertel (University of Hamburg). |
| Discussant: Dimitrios D. Thomakos |
| Broken Trend Stationarity of Hours Worked, Marcos Sanso-Navarro (University of Zaragoza). |
| Discussant: Raphael N. Markellos |
| Interest Rate Volatility and Risk Management: Evidence from CBOE Treasury Options, Raphael N. Markellos (Athens University of Economics and Business) and Dimitris Psychoyios (University of Manchester). |
| Discussant: Marcos Sanso-Navarro |
| Multivariate NoVaS and Inference on Conditional Correlations, Dimitrios D. Thomakos (University of Peloponnese) and Dimitris N. Politis (University of California San Diego). |
| Discussant: Thomas Haertel |
| Parallel Session 3C: Financial Markets III |
| 9:00-11:00 (Lecture Room: A 3-2 ) |
| Chair: Nicos Koussis |
| Hedge Funds and the US Real Estate Bubble: Evidence from NYSE Real Estate Firms, Gikas Hardouvelis (University of Piraeus) and Theodoros Stamatiou (University of Piraeus). |
| Discussant: Nicos Koussis |
| The Market Price of Risk of the Volatility Term, George Dotsis (University of Essex). |
| Discussant: Bo Larsson |
| Targeting Risk Lovers? Incentives for Voluntary Pension Savings with Heterogeneous Risk Preferences, Bo Larsson (Dalarna University College) and Jenny Säve-Söderbergh (Stockholm University). |
| Discussant: George Dotsis |
| Investment Options with Debt Financing Constraints and Differential Beliefs, Nicos Koussis (Frederick University Cyprus) and Spiros Martzoukos (University of Cyprus). |
| Discussant: Theodoros Stamatiou |
| Parallel Session 3D: Bond and Stock Markets II |
| 9:00-11:00 (Lecture Room: A 3-3 ) |
| Chair: Dimitris A. Georgoutsos |
| Testing Stock Market Convergence: A Non-Linear Factor Approach, Vladimir Kuzin (DIW Berlin), Burcu Erdogan (DIW Berlin), and Guglielmo Maria Caporale (Brunel University). |
| Discussant: Bang Nam Jeon |
| Stock Price Responses to Unemployment News: State Dependence and the Effect of Cyclicality, Dieter Hess (University of Cologne) and Georg Bestelmeyer (University of Cologne). |
| Discussant: Nikolaos Vlastakis |
| Information Demand and Stock Market Volatility, Nikolaos Vlastakis (Athens University of Economics and Business) and Raphael N. Markellos (Athens University of Economics and Business). |
| Discussant: Georg Bestelmeyer |
| European Sovereign Bond Spreads: Monetary Unification, Market Conditions and Financial Integration, Dimitris A. Georgoutsos (Athens University of Economics and Business) and Petros M. Migiakis (Bank of Greece). |
| Discussant: Vladimir Kuzin |
| 11:00-11:30: Coffee break |
| KEYNOTE SPEECH - THE UNIVERSITY OF CRETE PLENARY SESSION |
| 11:30-13:00 (Alexandropoulos Amphitheatre) |
| Chair: Dimitris A. Georgoutsos (Athens University of Economics and Business) |
| George M. Constantinides (The University of Chicago Booth School of Business): |
| The Predictability of Returns with Regime Shifts in Consumption and Dividend Growth |
| 13:00-14:00: Lunch |
| KEYNOTE SPEECH - THE MINISTRY OF EDUCATION, LIFELONG LEARNING AND RELIGIOUS AFFAIRS PLENARY SESSION |
| 14:00-15:30 (Alexandropoulos Amphitheatre) |
| Chair: Athanasios P. Papadopoulos (University of Crete) |
| Jürgen von Hagen (University of Bonn): |
| Financial Development, Financial Integration, and International Capital Flows |
| 15:30-16:00: Coffee break |
| Parallel Session 4A: Financial Markets IV |
| 16:00-18:00 (Lecture Room: A 2-2 ) |
| Chair: Marianthi Anastasatou |
| Off-Balance Sheet Activity under Adverse Selection: The European Experience, Miguel A. Duran (University of Malaga) and Ana Lozano-Vivas (University of Malaga). |
| Discussant: Marianthi Anastasatou |
| Knowing Finance or Knowing Those Who Know It? The Interrelation Between Financial Literacy and Investment Choices, Riccardo Calcagno (VU University Amsterdam, Tinbergen Institute and CERP) and Chiara Monticone (University of Torino and CERP). |
| Discussant: Leo de Haan |
| Momentum or Contrarian Investment Strategies: Evidence from Dutch Institutional Investors, Leo de Haan (De Nederlandsche Bank) and Jan Kakes (De Nederlandsche Bank). |
| Discussant: Riccardo Calcagno |
| Financial Development, Openness and Competition in the Euro Area and the US, Marianthi Anastasatou (University of Bristol) and Philip Vermeulen (European Central Bank). |
| Discussant: Miguel A. Duran |
| Parallel Session 4B: Monetary Theory and Policy I |
| 16:00-18:00 (Lecture Room: A 2-3 ) |
| Chair: Dimitrios Sideris |
| Optimal Monetary Policy and Equilibrium Determinacy with Liquidity Constrained Households and Sticky Wages, Guido Ascari (University of Pavia and Kiel IFW), Andrea Colciago (University of Milano-Bicocca), and Lorenza Rossi (University of Pavia). |
| Discussant: Dimitrios Sideris |
| Money, Credit, Monetary Policy and the Business Cycle in the Euro Area, Domenico Giannone (Université Libre de Bruxelles), Michele Lenza (European Central Bank), and Lucrezia Reichlin (London Business School). |
| Discussant: Janne Aijo |
| The Fed’s Policy Decisions and Implied Volatility, Sami Vahamaa (University of Vaasa) and Janne Aijo (University of Vaasa). |
| Discussant: Michele Lenza |
| The Western Balkans on the Road to the EU: An Assessment of their Integration with the Eurozone using the Generalized Purchasing Power Parity Approach, Dimitrios Sideris (Bank of Greece). |
| Discussant: Andrea Colciago |
| Parallel Session 4C: Economic Growth and Development II |
| 16:00-18:00 (Lecture Room: A 3-2 ) |
| Chair: Rafael Gonzalez-Val |
| Characterising the Disaggregate Effects of Recessions, Aikaterini Effraimia Karadimitropoulou (University of Kent) and Miguel Leon-Ledesma (University of Kent). |
| Discussant: Rafael Gonzalez-Val |
| Cross-country Differences in the Effects of Oil Shocks, Ine Van Robays (Ghent University) and Gert Peersman (Ghent University). |
| Discussant: Tiago Cavalcanti |
| The Welfare Gains of Financial Liberalization: Capital Accumulation and Idiosyncratic Risks, Antonio Antunes (Banco de Portugal) and Tiago Cavalcanti (University of Cambridge). |
| Discussant: Ine Van Robays |
| First Nature vs. Second Nature Causes: Industry Location and Growth in the Presence of an Open-Access Renewable Resource, Rafael Gonzalez-Val (University of Zaragoza) and Fernando Pueyo (University of Zaragoza). |
| Discussant: Aikaterini Effraimia Karadimitropoulou |
| Parallel Session 4D: Macroeconomic Theory and Policy I |
| 16:00-18:00 (Lecture Room: A 3-3 ) |
| Chair: Nicola Acocella |
| (Un)Predictability and Macroeconomic Stability, Antonello D'Agostino (Central Bank of Ireland), Domenico Giannone (Université Libre de Bruxelles), and Paolo Surico (London Business School). |
| Discussant: Nicola Acocella |
| The Myth of Decoupling, Sébastien Wälti (Swiss National Bank). |
| Discussant: Lilia Cavallari |
| Firms Entry, Monetary Policy and the International Business Cycle, Lilia Cavallari (University of Rome III). |
| Discussant: Sébastien Wälti |
| Policy and Controllability under Rational Expectations, Nicola Acocella (Sapienza University of Rome). |
| Discussant: Antonello D'Agostino |
| Saturday, May 29th, 2010 |
| Parallel Session 5A: Journal of Banking and Finance II |
| 9:00-11:00 (Lecture Room: A 2-2 ) |
| Chair: Terri Mathur Sorger (Journal of Banking and Finance) |
| The Term Structure of Banking Crisis Risk in the United States: A Market Data Based Compound Option Approach, Alexander Karmann (TU Dresden), Stefan Eichler (TU Dresden), and Dominik Maltritz (TU Dresden). |
| Discussant: George M. Constantinides |
| Are Foreign Banks more Profitable than Domestic Banks? Home- and Host-Country Effects of Banking Market Structure, Governance, and Supervision, Sheng-Hung Chen (Nan Hua University) and Chien-Chang Liao (Nan Hua University). |
| Discussant: Christopher M. James |
| Do Foreign Banks Increase Competition? Evidence from Emerging Asian and Latin American Banking Markets, Bang Nam Jeon (Drexel University), Maria P. Olivero (Drexel University), and Ji Wu (Penn State University). |
| Discussant: Kerstin Bernoth |
| Forecasting the Fragility of the Banking and Insurance Sector, Kerstin Bernoth (DIW Berlin) and Andreas Pick (Erasmus University Rotterdam). |
| Discussant: Gurnain Kaur Pasricha |
| Parallel Session 5B: Exchange Rate Economics II |
| 9:00-11:00 (Lecture Room: A 2-3 ) |
| Chair: Nikolaos Giannellis |
| Analyzing Aggregate Real Exchange Rate Persistence through the Lens of Sectoral Data, Laura Mayoral (Institute for Economic Analysis CSIC) and Lola Gadea (University of Zaragoza). |
| Discussant: Nikolaos Giannelis |
| Inflation and Exchange Rate Regimes: Evidence from MENA Countries, Darine Ghanem (University Montpellier 1). |
| Discussant: Konstantinos Mavromatis |
| Nonlinearities in the Real Exchange Rates and Monetary Policy: Interest Rate Rules Reconsidered, Konstantinos Mavromatis (University of Warwick). |
| Discussant: Darine Ghanem |
| From the Cyprus Pound to the Euro: How Close to the Equilibrium is the Parity?, Nikolaos Giannelis (University of Ioannina), and Georgios P. Kouretas (Athens University of Economics and Business). |
| Discussant: Laura Mayoral |
| Parallel Session 5C: Macroeconomic Theory and Policy II |
| 9:00-11:00 (Lecture Room: A 3-2 ) |
| Chair: Yannis Dafermos |
| Reduction of Employment Protection in Europe: A Comparative Fuzzy-Set Analysis, Anja Rohwer (IFO Insitute for Economic Research) and Wolfgang Ochel (IFO Instiute for Economic Research). |
| Discussant: Yannis Dafermos |
| Assessing the Real-Time Informational Content of Macroeconomic Data Releases for Now/Forecasting GDP: Evidence for Switzerland, Boriss Siliverstovs (KOF ETH Zurich) and Konstantin Kholodilin (DIW Berlin). |
| Discussant: Yao Yao |
| Measuring Income Risk in German Labour Market, Yao Yao (University of Mannheim) and Krebs Tom (University of Mannheim). |
| Discussant: Boriss Siliverstovs |
| The NAIRU, Interest Rate and Finance, Yannis Dafermos (National and Kapodistrian University of Athens). |
| Discussant: Anja Rohwer |
| 11:00-11:30: Coffee break |
| KEYNOTE SPEECH - THE BANK OF GREECE PLENARY SESSION |
| 11:30-13:00 (Alexandropoulos Amphitheatre) |
| Chair: Andreas Yannopoulos (University of Crete) |
| William A. Barnett (University of Kansas): |
| Getting It Wrong: How Faulty Monetary Statistics Undermine the Fed. |
| 13:00-14:00: Lunch |
| KEYNOTE SPEECH - THE EFG EUROBANK PLENARY SESSION |
| 14:00-15:30 (Alexandropoulos Amphitheatre) |
| Chair: Georgios P. Kouretas (Athens University of Economics and Business) |
| Christopher M. James (University of Florida): |
| Lines of Credit and Corporate Liquidity Management |
| 15:30-16:00: Coffee break |
| Parallel Session 6A: Monetary Theory and Policy II |
| 16:00-18:00 (Lecture Room: A 2-2 ) |
| Chair: Stephen G. Hall |
| A Friedman-Tobin Approach to Euro-Area Money Demand, Stephen G. Hall (Leicester University, Bank of Greece and NIESR), George Hondroyiannis (Bank of Greece and Harokopio University), P.A.V.B. Swamy (Federal Reserve Board), and George S. Tavlas (Bank of Greece). |
| Discussant: Athanasios P. Papadopoulos |
| Central Bank Independence and Conservatism: Substitutes or Strategic Complements? Blandine Zimmer (Large - IEP Strasbourg) and Carsten Hefeker (University of Siegen). |
| Discussant: Andrzej Torój |
| Adjustment Capacity in a Monetary Union: a DSGE Evaluation of Poland and Slovakia, Andrzej Torój (Ministry of Finance, Poland). |
| Discussant: Blandine Zimmer |
| Bureaucratic Corruption and the Dynamic Interaction between Monetary and Fiscal Policy, Ourania Dimakou (SOAS, University of London). |
| Discussant Sheng-Hung Chen |
| Parallel Session 6B: Fiscal Policy and Inflation II |
| 16:00-18:00 (Lecture Room: A 2-3 ) |
| Chair: Rolf Scheufele |
| Fiscal Policy under Balanced Budget and Indeterminacy: A New Keynesian Perspective, Giovanni Di Bartolomeo (Univerity of Teramo) and Marco Manzo (Ministry of Economy, Italy). |
| Discussant: Rolf Scheufele |
| Economic Growth, Inflation and Oil Shocks: Are the 1970s Coming Back?, Ana Gomez-Loscos (Fundear and University of Zaragoza), M. Dolores Gadea (University of Zaragoza), and Antonio Montañes (University of Zaragoza). |
| Discussant: Joanna Siwinska-Gorzelak |
| The Impact of Fiscal Rules on Fiscal Policy Volatility, Michal Brzozowski (University of Warsaw) and Joanna Siwinska-Gorzelak (University of Warsaw). |
| Discussant: Ana Gomez-Loscos |
| Does the Cost Channel Matter for Inflation Dynamics? An Identification Robust Structural Analysis for the US and the Euro Area, Rolf Scheufele (Halle Institute for Economic Research). |
| Discussant: Giovanni Di Bartolomeo |
| Parallel Session 6C: Macroeconomic Theory and Policy III |
| 16:00-18:00 (Lecture Room: A 3-2 ) |
| Chair: Roswitha M. King |
| Disinflation in a DSGE Perspective: Sacrifice Ratio or Welfare Gain Ratio?, Guido Ascari (University of Pavia and Kiel IFW) and Tiziano Ropele (Bank of Italy). |
| Discussant: Roswitha M. King |
| The Size of the U.S.A. Shadow Economy: A Structural Equation Approach, Adriana AnaMaria Alexandru (University of Economics, Romania), Ion Dobre (University of Economics, Romania), and Catalin Corneliu Ghinararu (National Scientific Institute, Romania). |
| Discussant: Balint Herczeg |
| How does the Presence of Households' Foreign Currency Denominated Debt Influence the Transmission of Monetary Policy?, Balint Herczeg (University of Debrecen). |
| Discussant: Adriana AnaMaria Alexandru |
| Balassa-Samuelson: Still haven't Found what we're Looking for?, Trond-Arne -. Borgersen (Oestfold University College) and Roswitha M. King (Oestfold University College). |
| Discussant: Guido Ascari |
| 18:30: SHORT EXCURSION AND DINNER AT A TRADITIONAL VILLAGE |