 University of Crete |
8th International Conference
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 Dept. of Economics, Rethymno, Crete |
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Conference Programme |
| Thursday 27 May | 12:00-14:00 | Registration at the Department of Economics, University of Crete |
| 14:00-16:00 |
Parallel Session 1A : MACROECONOMIC THEORY Lecture Room : Δ1-A Chair: Moise Sidiropoulos |
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Duncan, R. (Central Bank of Chile) The Harberger-Laursen-Metzler Effect Revisited: An Indirect-Utility-Function Application Discussant: Moise Sidiropoulos |
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Komulainen Tuomas (Bank of Finland and BOFIT) Borrowing and Balance-of-Payments Crises Discussant: Duncan, R. |
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Meixing Dai and Moise Sidiropoulos (University Louis Pasteur of Strasbourg and
BETA) Inflation targeting, capital mobility and macroeconomic stability Discussant: Ishikawa, T. |
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| 14:00-16:00 |
Parallel Session 1B : REAL EXCHANGE RATES Lecture Room : Δ2-A Chair: Fischer, C. |
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Ahmad Zubaidi Baharumshah (University of Putra), Raj Aggrawal (Kent State University)
and Chan Tze Hwa (University of Putra Malaysia) Mean Reversion of real Asian Exchange Rates Before and after the 1997 Crises: New Evidence Discussant: Fischer, C. |
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Osbat, Chiara (European University Institute) An I(2) cointegration analysis of purchasing power parity between the euro area Discussant: Ahmad Zubaidi Baharumshah |
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Fischer, C. (Deutsche Bundesbank) PPP: a Disaggregated View Discussant: Osbat, Chiara |
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| 14:00-16:00 |
Parallel Session 1C : FINANCIAL ECONOMICS I Lecture Room : Δ2-B Chair: Kevin James Daly |
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Calmes Christian (University of Quebec, Bank of Canada) Financial market imperfection, overinvestment and speculative precaution Discussant: Vardas Giannis |
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Belke, A., (University of Hohenheim) Geisslreither, K., (University of Hohenheim)
Gros, D. (Centre for European Policy Studies) Is There A Volatility Trade-off in the Southern Cone? Discussant: Kevin James Daly |
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Vardas Giannis, (University of Crete) and Anastasios Xepapadeas (University of
Crete) Uncertainty Aversion, robust control and asset holdings Discussant: Calmes Christian |
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Kevin James Daly (University of Western Sydney) and Xuan Vinh Vo (University
of Western Sydney) Trading Relationships In European Equity Markets - Implications For U.S Investors Discussant: Geisslreither, K. |
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| 14:00-16:00 |
Parallel Session 1D : MONETARY POLICY I Lecture Room : Δ2-Γ Chair: Kim, Kunhong |
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Samuel Bates (CEREGMIA, French West Indies University) Temporal aggregation inside the causation between real and financial spheres: some lessons from monetary policy Discussant: Kim, Kunhong |
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Belke, A. (University of Hohenheim) and D. Gros (Centre for European Policy Studies) Asymmetries in Trans-Atlantic Monetary Policy Making: Does the ECB Follow the Fed? Discussant: Samuel Bates |
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Buckle, R.A., (New Zealand Treasury) Kim Kunhong, (Victoria University of Wellington)
and McLellan, N. (New Zealand Treasury) The Impact of Monetary Policy on New Zealand Business Cycles and Inflation Variation Discussant: Belke, A. |
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| 16:00-16:30 | Coffee Break |
| 16:30-18:30 |
Parallel Session 2A : EMPIRICAL MACROECONOMICS Lecture Room : Δ1-A Chair: Balfoussia, C. |
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Apergis, N., (University of Macedonia) Lyroudi, K., (University of Macedonia)
and Papanastasiou, J. (University of Macedonia) Consumption and budget deficits in transitional economies: Does the Ricardian Equivelance hold? Evidence from Panel Data Discussant: Balfoussia C |
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Sideris, D. (University of Ioannina) Testing for long-run PPP in a system context: evidence for the US, Germany and Japan Discussant: Apergis, N. |
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Balfoussia C, (University of York) and Wickens M.R. (University of York and CEPR) Macroeconomic sources of risk in the term structure Discussant: Sideris, D. |
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| 16:30-18:30 |
Parallel Session 2B : THEORETICAL MODELS Lecture Room : Δ2-A Chair: Paustian, Matthias |
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Chowdhury Ibrahim, (University of Cologne) Mathias Hoffmann, (University of Cologne)
Andreas Schabert (University of Cologne) Inflation dynamics and the cost channel of monetary transmission Discussant: Paustian, Matthias |
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Frey, Rainer (Deutsche Bundesbank) Coordinated or uncoordinated monetary policy under a regime of flexible exchange Discussant: Chowdhury Ibrahim |
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Busato, Francesco (Columbia University) Relative Demand Shocks: An exploration Discussant: Frey, Rainer |
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Paustian, Matthias (Center for European Integration Studies (ZEI) and Bonn Graduate
School of Economics) Optimal Simple Monetary Policy Rules with Nominal Rigidities and Asymmetric Information Discussant: Busato, Francesco |
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| 16:30-18:30 |
Parallel Session 2C : GROWTH MODELS Lecture Room : Δ2-B Chair: Stiegert, R. |
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Benos, N. (University of Cyprus) Education policies and economic growth Discussant: Stiegert, R. |
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Ken Miyajima (UCLA) The Link between Economic Growth and the Real Exchange Rate Discussant: Benos, N. |
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Economides, G., (Athens University of Economics and Business), Kalyvitis, S.
(Athens University of Economics and Business) and Philippopoulos, A.(Athens
University of Economics and Business) Does foreign aid distort incentives and hurt growth? Theory and Evidence Discussant: Ken Miyajima |
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Castren, O. (European Central Bank) , Miller, M (Warwick University) and Stiegert,
R. (European Central Bank) Growth Expectations, Capital Flows and International Risk Sharing Discussant: : Economides, G. |
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| 20:00 | Welcome Dinner at Theartemis Papace Hotel |
| Friday 28 May | |
| 09:00-11:00 |
Parallel Session 3A : JIMF Session - Micro Approaches to Exchange Rates Lecture Room : Δ1-A Chair: Michael Melvin |
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Bjonnes, Geir H. (Stockholm Institute for Financial Research and Norwegian School
of Management) Rime, Dagfinn (Norges Bank) and Solheim, Haakon O. Aa. (Norwegian
School of Management (BI) and Statistics) Liquidity provision in the overnight foreign exchange market Discussant: Mark Taylor |
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Evans, M.D., (Georgetown University and NBER) and Lyons, R.K. (UC Berkeley and
NBER) How is Macro News Transmitted to Exchange Rates? Discussant: Carol Osler |
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Carol L. Osler (Brandeis University) Stop-Loss Orders and Price Cascades in Currency Markets Discussant: Michael Melvin |
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| 09:00-11:00 |
Parallel Session 3B : MACROECONOMIC MODELS: THEORY AND EVIDENCE Lecture Room : Δ2-A Chair: Lam, Jean-Paul |
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Cavallaro, E. (University of Rome La Sapienza) and Mulino, M. (University of
L’Aquila) External Debt in Emerging Economies: A Macrodynamic Model of Financial Fragility Discussant: Lam, Jean-Paul |
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Makris, M. (University of Exeter, CMPO, University of Bristol) Capital Tax Competition: Is There A Gain from Monetary Integration? Discussant: Cavallaro, E. |
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Tagkalakis, Athanasios (European University Institute) The asymmetric effects of fiscal policy on private consumption over the business Discussant: Makris, M. |
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Lam, Jean-Paul (Bank of Canada) Alternative Targeting Regimes, Transmission lags and the Exchange Rate Channel Discussant: Tagkalakis, A. |
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| 09:00-11:00 |
Parallel Session 3C : FINANCIAL AND CURRENCY CRISES Lecture Room : Δ2-B Chair: Tarasev,, N. |
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Vanessa Smith (Cambridge Endowment for Research in Finance (CERF)) and D. Tambakis
(Pembroke College, Cambridge and (CERF)) Did The Asian And Russian/Ltcm Financial Crises Affect U.S. Treasury Liquidity Premia? Discussant: Schwierz, C. |
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Schwierz, C. (Norges Bank) Economic Costs of the Nordic Banking Crises Discussant: Tomsik, V. |
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Brada, J.C.(Arizona State University) and Vladimir Tomsik, V. (Arizona State
University, Prague University of Economics and Newton Holding a.s.) Foreign Direct Investment and Perceptions of Vulnerability to Foreign Exchange Crises: Evidence from Transition Economies Discussant: Tarashev, N. |
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Tarashev, N. A. (Bank for International Settlements) Currency Crises and the Informational Role of Interest Rates Discussant: D. Tambakis |
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| 09:00-11:00 |
Parallel Session 3D : FINANCIAL ECONOMICS II Lecture Room : Δ2-Γ Chair: Dimitrios Georgoutsos |
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Roman Kräussl (University of Crete and Center for Financial Studies (CFS) Do Changes in Sovereign Credit Ratings Contribute to Financial Contagion in Emerging Market Crises? Discussant: Piazolo, Marc |
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Piazolo, Marc (University of Applied Sciences Kaiserslautern) Why have Official Rating Agencies Failed in the Past, and Will They in the Future Discussant: Roman Kräussl |
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Georgoutsos, D. (Athens University of Economics and Business) and S. Bekiros
(Athens University of Economics and Business) Extreme returns and the contagion effect between the foreign exchange and the stock market: evidence from Cyprus Discussant: Christis Hassapis |
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| 11:00-11:30 | Coffee Break |
| 11:30-13:00 |
The Athens Stock Exchange Plenary Session Amphitheater-Room : Δ3 Chair: Angelos Kanas |
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Michael Melvin (Arizona State University) The Choice of Direct Dealing or Electronic Brokerage in Foreign Exchange Trading |
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| 13:00-14:15 | Lunch |
| 14:30-16:00 |
The Emporiki Bank Plenary Session Amphitheater-Room : Δ3 Chair: Anastasios Xepapadeas |
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Tryphon Kollintzas (Athens University of Economics and Bussiness) Public goods, merit goods and consumption behaviour |
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| 16:00-16:30 | Coffee Break |
| 16:30-18:30 |
Parallel Session 4A : JIMF Session - Exchange Rate Models Lecture Room : Δ1-A Chair: Mark Taylor |
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Kanas Angelos (University of Crete) A note on the linkages between the US/UK real exchange rate and the real interest rate differential, 1921-2002 Discussant: James Lothian |
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Jansen, D. (De Nederlandsche Bank) and De Haan, J.(University of Groningen) Talking heads: The effects of ECB statements on the euro-dollar exchange rate Discussant: Ansgar Belke |
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Lucio Sarno (University of Warwick and CEPR) and Giorgio Valente (University
of Warwick) Empirical Exchange Rate Models and Currency Risk: Some Evidence from Density Forecasts Discussant: Han, Young Wook |
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| 16:30-18:30 |
Parallel Session 4B : EXCHANGE RATE ECONOMICS Lecture Room : Δ2-A Chair: Menoncin Francesco |
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Yannacopoulos, A. N. (University of the Aegean)
A novel approach to exchange rate control using controlled stochastic differential equations Discussant: Menoncin Francesco |
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Menoncin Francesco, (Universita degli Studi di Brescia) Tronzano M. (Universita
degli Studi di Genova) Optimal real exchange rate targeting: a stochastic analysis Discussant: Yannacopoulos, A. N. |
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| 16:30-18:30 |
Parallel Session 4C : PARITY RELATIONS Lecture Room : Δ2-B Chair: Malliaropoulos D. |
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Baharumshah, A., (Universiti Putra Malaysia) Hwa, C-T., (Universiti Putra Malaysia)
Fountas, S. (University of Macedonia) A panel study on Real Interest Parity in East-Asian Countries: Pre- and Post-liberalization era Discussant: Montanes, A. |
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Clemente, J., (University of Zaragoza) Montanes, A. (University of Zaragoza)
and Reyes, M. (University of Zaragoza) Structural Breaks, Inflation and Interest Rates: Evidence for the G7 countries Discussant: Malliaropulos D. |
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Ebrahim, M. Shahid (University of Nottingham, UK.); and Mathur, I. (Southern
Illinois University, Carbondale, IL, USA) Multinational Corporate Financing and Parity Relations Discussant: Fountas, S. |
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Malliaropulos D. (University of Piraeus and National Bank of Greece) Panopoulou
E.(University of Piraeus and National Bank of Greece) Pantelidis T. (University
of Piraeus) and Pittis N. (University of Piraeus) Sticky Prices and the Purchasing Power Parity Puzzle Discussant: Ebrahim, M. Shahid |
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| 16:30-18:30 |
Parallel Session 4D : FINANCIAL ECONOMETRICS I Lecture Room : Δ2-Γ Chair: Mueller, C. |
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Russell, Jeffery (Graduate School of Business University of Chicago) and Yang,
Chen (Graduate School of Business University of Chicago) A Preliminary Model for Estimating the Impact of Price Limits on Taiwan Stock Exchange Discussant: Siourounis, G. |
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Kruszka, M. (The Poznan University of Economics) The Monthly Transactional Demand for Money in Countries under Transition: Evidence from Cointegration Test Discussant: Mueller, C. |
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Siourounis, G. (London Business School) Capital Flows and Exchange Rates: An Empirical Analysis Discussant: Kruszka, M. |
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Mueller, C. (Konjunkturforschungsstelle (KOF) an der Eidgenossischen Technischen
Hochschule Zurich) Interpretation of Cointegration Coefficients - A Paradox, a Solution and Empirical Evidence Discussant: Yang, Chen |
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| Saturday 29 May | |
| 09:00-11:00 |
Parallel Session 5A : JIMF Session - Exchange Rates Regimes Lecture Room : Δ1-A Chair: Paul de Grauwe |
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Dellas, H.(University of Bern, CEPR and IMOP) and G. Tavlas (Bank of Greece) The global implications of regional exchange rate regimes Discussant: Athanasios P. Papadopoulos |
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Ehrmann, M. (European Central Bank) and M. Fratzscher (European Central Bank) Exchange rates and fundamentals: New evidence from real-time data Discussant: Paul de Grauwe |
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Kollmann, Robert (University of Bonn and CEPR) Macroeconomic Effects of Nominal Exchange Rate Regimes: New Insights into the Role of Price Dynamics Discussant: George Kouretas |
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| 09:00-11:00 |
Parallel Session 5B : EU ECONOMICS Lecture Room : Δ2-A Chair: Bernhard Herz |
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Barbier-Gauchard Amelie (University of Orleans) Fiscal federalism, discipline and selection adverse in the EU: lessons from a theoretical model Discussant: Bernhard Herz |
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Andrew Hughes Hallett (Cardiff University and CEPR), Sevend Hougaard Jensen (CEBR
and EPRU), Christian Richter (Cardiff University) EMU, Structural Reform and Fiscal Policy Discussant: Barbier-Gauchard Amelie |
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Nikkinen, J., Sahlstrom, P., and Vahamaa, S. (University of Vaasa) Implied volatility linkages among major European currencies Discussant: Christian Richter |
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Bernhard Herz (University of Bayreuth) and Christian Bauer (University of Bayreuth) How credible are the exchange rate regimes of the EU accession countries? Discussant: Sahlstrom, P. |
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| 09:00-11:00 |
Parallel Session 5C : EXCHANGE RATES AND MACROECONOMIC POLICY Lecture Room : Δ2-B Chair: Chetan Subramanian |
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Farrant Katie (Bank of England) and Peersman Gert (Ghent University) Is the exchange rate a shock absorber or source of shocks? New empirical evidence Discussant: Chetan Subramanian |
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Peter Benczur (Magyar Nemzeti Bank and Central European University) The behavior of the nominal exchange rate at the beginning of disinflations Discussant: Peersman Gert |
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Hsih-Chia Hsieh (Providence University) and Pei-Gin Hsieh (Case Western Reserve
University) Economics of exchange rates and policy options Discussant: Peter Benczur |
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| 09:00-11:00 |
Parallel Session 5D : CURRENCY MARKETS Lecture Room : Δ2-Γ Chair: Vlaar, P.J.G. |
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Beine, M., (University of Brussels) Janssen, G. (Katholieke Universiteit Leuven)
and Lecourt C. University of Namur) Should Central Bankers Talk to the FX Market? Discussant: Vlaar, P.J.G. |
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Jorge V. Perez , (University of Las Palmas de Gran Canaria) and Yolanda Santana
(University of Las Palmas de Gran Canaria) Post EMS exchange risk trends: a comparative perspective between Åuro, British Pound and Japanese Õen excess returns against US dollar Discussant: Beine, M. |
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Choudhry, T., (University of Bradford) Ng, E . (National University of Singapore)
and Peng, K. (University of Bradford ) Dynamic Interaction Among the Asian Exchange Rates: Evidence from Asian Crisis Discussant: Yolanda Santana |
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Vlaar, P.J.G. (De Nederlandsche Bank) On the strength of the US dollar: Can it be explained by output growth? Discussant: Choudhry, T. |
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| 11:00-11:30 | Coffee Break |
| 11:30-13:00 |
The European Central Bank Plenary Session Amphitheater-Room : Δ3 Chair: Athanassios Papadopoulos |
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Bennett T. McCallum (Carnegie-Mellon University) Issues Regarding the Zero Lower Bound on Nominal Interest Rates |
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| 13:00-14:15 | Lunch |
| 14:30-16:00 |
The Bank of Greece Plenary Session Amphitheater-Room : Δ3 Chair: George Kouretas |
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Mark P. Taylor (Warwick University) Real Exchange Rates, Purchasing Power Parity and Central Relativity |
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| 16:00-16:30 | Coffee Break |
| 16:30-18:30 |
Parallel Session 6A : EXCHANGE RATES DETERMINATION Lecture Room : Δ1-A Chair: Brissimis Sophocles |
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Grimaldi, M. (Sveriges Riksbank) and De Grauwe, P. (University of Leuven) Exchange Rates in a Behavioural Finance Framework Discussant: Brissimis Sophocles |
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Crespo-Cuaresma, J., (University of Vienna), Fidrmuc, J., (Oesterreichische Nationalbank)
and R. MacDonald (University of Strathclyde) The Monetary Approach to Exchange Rates in the CEECs Discussant: Aslanidis, N. |
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Brissimis S., (Bank of Greece and University of Piraeus) Kosma Theodora (Athens
University of Economics and Business) Market power, innovative activity and exchange rate pass-through Discussant: Fidrmuc, J. |
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| 16:30-18:30 |
Parallel Session 6B : MONETARY POLICY: THEORY AND EVIDENCE Lecture Room : Δ2-A Chair: Daunfeldt, S-O |
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van Aarle, B., (University of Leuven) Garretsen, H. (Utrecht University) and
Huart, F. (Universite des Sciences et Technologies de Lille) Transatlantic Monetary and Fiscal Policy Interaction Discussant: Daunfeldt, S-O |
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Chasiotis, N. (Athens University of Economics and Business) and Malliaropulos,
D. (University of Pireus) On the Effect of Monetary Policy of Fed and ECB on Market Expectations of Future Euro/Dolar exchange rates Discussant: van Aarle, B. |
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Richard A. Werner (Sophia University, Tokyo) Why has fiscal policy not succeeded in stimulating a lasting recovery in Japan? Discussant: Malliaropulos, D. |
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Daunfeldt, S-O. (Umea University) and de Luna, X. (Umea University) Central Bank Independence and Price Stability: Evidence from 23 OECD Countries Discussant: Richard A. Werner |
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| 16:30-18:30 |
Parallel Session 6C : FINANCIAL ECONOMETRICS II Lecture Room : Δ2-B Chair: Kellard, N. |
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Conrad, C., (University of Mannheim) Jiang, F., (University of York) Karanasos,
M. (University of York) Modelling and predicting exchange rate volatility via power ARCH models: the role of long memory Discussant: Kellard, N. |
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Krusec, Dejan (European University Institute) The effects of fiscal policy on output in a structural VEC framework: The case of four EMU and four non EMU OECD Discussant: Conrad, C. |
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Erlandsson, U. G. (Lund University) Reconnecting the Markov switching model with economic fundamentals Discussant: Krusec, Dejan |
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Kellard, N (University of Essex) and Sarantis, N. (London Metropolitan University) Explaining Bias in the Foreign Exchange Market: The Case of Traded Volatility and Fractional Cointegration Discussant: Erlandsson, U. G. |
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| 16:30-18:30 |
Parallel Session 6D : NOMINAL EXCHANGE RATES Lecture Room : Δ2-Γ Chair: Mathias Hoffmann |
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Maeso-Fernandez, F., (University of Murcia) Osbat, C. (ECB) and Schnatz, B. (ECB) Towards the estimation of equilibrium exchange rates for CEE acceding countries Discussant: Mathias Hoffmann |
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Marin-Martinez, Carmen (Universidad de Murcia) The Structural Approach of a Natrex Model on Equilibrium Exchange Rates Discussant: Osbat, C. |
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Smedts, K. (CES, Catholic University of Leuven) International Dynamic Asset Allocation and the Effect of the Exchange Rate Discussant: Marin-Martinez, Carmen |
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Mathias Hoffmann (University of Cologne) Fixed versus Flexible Exchange Rates: Evidence from Developing Countries Discussant: Smedts, K. |
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| 18:45 | Short Excursion at the Monastry of Arkadi |
| 21:00 | Dinner at a local tavern |