1^st Day 23^th  May 2002

Time:18:30-20:30 Registration at the Department of Economics

Time: 21:00 Welcome Reception-Dinner at Campus Restaurant

2^nd Day 24^th  May 2002

  9:00-11:00

PARALLEL SESSION 1A: EMPIRICAL MACRO

CHAIR: Alexandros Mourmouras

• Theodore Panagiotidis, University of Sheffield,
  and Gianluigi Pelloni, University of Pisa
  Is Non-Linear Serial Dependence Present In The US Unemployment Rate And The Growth Rates Of Employment Sectoral Shares? Evidence From A Battery Of Non-Linearity Tests

Discussant: Alexandros Mourmouras

• Jan Gottschalk, International Monetary Fund and Ulrich Fritsche, DIW Berlin (German Institute for Economic Research)
  How well does the "New Keynesian Model" fit German data?

Discussant: Dimitrios Papaikonomou

• Kevin Lee, University of Leicester and Dimitrios Papaikonomou, University of Leicester
  A Long Run Structural VAR Model of the UK Labour Market

Discussant: Jan Gottschalk

• Anna Ivanova, International Monetary Fund, Wolfgang Mayer, International Monetary Fund, Alexandros Mourmouras, International Monetary Fund, and George Anayiotos, International Monetary Fund
  What Explains the Success or Failure of IMF-Supported Programs?

Discussant: Theodore Panagiotidis

PARALLEL SESSION 1B: MACROECONOMIC POLICY1

CHAIR: Pierre St-Amant

• Lorenzo Pozzi, Ghent University
  Government debt, imperfect information and fiscal policy effects on private consumption: evidence for 2 high debt countries

Discussant: Pierre St-Amant

• Dominique Torre, Latapses-Idefi, Université de Nice – Sophia Antipolis, Elise Tosi Latapses-Idefi, EAItech-CERAM
  and Muriel Dal-Pont, Latapses-Idefi, Université de Nice – Sophia Antipolis
  Short term deviations from monetary policy commitments: the degrees of freedom of an independent Central Bank

Discussant: Enrico Saltari

• Giorgio Rodano, Università di Roma “La Sa­pienza” and Enrico Saltari, Università di Roma “La Sa­pienza”
  Households’ Intertemporal Choices and the Duration of Fiscal Policies: Medium-Run Non-Keynesian Effects

Discussant: Dominique Torre

• Denise Cote, Bank of Canada John Kuszczak, Bank of Canada Jean-Paul Lam, Bank of Canada Ying Liu and Pierre St-Amant, Bank of Canada
  The Performance and Robustness of Simple Monetary Policy Rules in Models of the Canadian Economy

Discussant: Lorenzo Pozzi

PARALLEL SESSION 1C: EMPIRICAL  FINANCE   

CHAIR: M. Karanasos

• G Karathanassis Athens University of Economics and Business and A A Drakos, Athens University of Economics and Business
  Equity ownership and corporate value in Greece: A panel data analysis

Discussant: M. Karanasos

• Bo Larsson, Stockholm University and Dan Nyberg, Stockholm University
  Can Parameter Uncertainty Help Solve the Home Bias Puzzle?

Discussant: Dimitrios V. Vougas

• Dimitrios V. Vougas, University of Wales, Swansea
  International Evidence of Long Memory and Volatility in Returns

Discussant: Dan Nyberg

• Manolis G. Kavussanos, Athens University of Economics and Business and Amir H. Alizadeh, City University Business School
  Efficient pricing of Assets With A Terminal Value: The Case Of Ships

Discussant: Bo Larsson

• C. Conrad, University of Heidelberg and M. Karanasos, University of York
  Fractionally Integrated A-PARCH Modeling of Stock Market Volatility: A multi-country study

Discussant: Manolis G. Kavussanos

11:00-11:30

Coffee Break 

11:30-13:00

PLENARY SESSION I: MAIN AMPHITHEATRE

Paul De Grauwe, Center for Economic Studies Katholieke Universiteit Leuven

Quo Vadis, Euroland?"

13:00-14:30

Lunch at Campus Restaurant

14:30-16:00

PLENARY SESSION II: MAIN AMPHITHEATER

Athanassios Orphanides, Board of Governors, Federal Reserve System

Monetary Policy and Economic Prosperity

16:00-16:15

Coffee Break

16:15-18:30

PARALLEL SESSION 2A: MACRO AND MONETARY POLICY

CHAIR: Ansgar Belke

• Jacinta Pires, University of Leicester
  Empirical Analysis of Monetary Policy rules and Macroeconomic Stability using Survey data

Discussant: Ansgar Belke

• Alexandros Kontonikas, Brunel University and A  Montagnoli, Brunel University
  Has monetary policy reacted to asset prices movements? Evidence from the UK

Discussant: Leonor Coutinho

• Leonor Coutinho, CEPS
  Monetary Policy Rules and the International Monetary Transmission

Discussant: Alexandros Kontonikas

Ansgar Belke, University of Hohenheim and Leo Kaas, University of Vienna

The Impact of Exchange Rate Volatility on Labor Markets: Europe versus United States

Discussant: Jacinta Pires

PARALLEL SESSION 2B: EXCHANGE RATES AND INTEREST RATES

CHAIR: Arindam Banik

Jizhong Zhou

The Role of Exchange Rate Policies in the Determination of Capital Controls: Evidence from Transition Economies

Discussant: Arindam Banik

Urga Giovanni, City University Business School,

Bruno Randolph, Mancini Nicoletta, Resnati Gaia, Spinelli Ilaria, Zorzoli Silvia Servizio di Forecasting, FIDEURAM Capital

The Effects of Macro Announcements on the Term Structure and the Real Exchange Rates: Some International Evidence

Discussant: Charalambos Pattichis

Charalambos Pattichis, Cyprus International Institute of Management, Chongcheul Cheong, Leighton Vaughan Williams, and Tesfa Mehari, The Nottingham Trent University

Exchange rate risk and the volume of trade: a disaggregated study of UK imports

Discussant: Bruno Randolph

Arindam Banik, University of West Indies, and Sunday Lyare, University of West Indies

Exchange Rate, Foreign Borrowing and Economic Stability in the Caribbean

Discussant: Jizhong Zhou

PARALLEL SESSION 2C: EU ECONOMICS

CHAIR: Amalia Morales

Nuno Cassola, European Central Bank European Central Bank and Claudio Morana, University of Piemonte Orientale

Monetary Policy and the Stock Market in the Euro Area

Discussant: Amalia Morales

Philip Arestis, South Bank University and Kostas Mouratidis, South Bank University

Credibility of EMS Interest Rate Policies and Implications for the EMU: A Markov Regime-Switching Approach

Discussant: Athina Zervoyianni

Athina Zervoyianni

University of Patras Interactions Among The ECB, Wage Setters And The National Fiscal Authorities In The EU: "Democratic Control" Of The ECB And Structural Reforms In The Labour Markets

Discussant: Kostas Mouratidis

Amalia Morales Zumaquero, University of Málaga and  Consuelo Gamez Amian, University of Málaga

Inflation Convergence By Sectors In The EU: Common Factors And Structural Breaks

Discussant: Claudio Morana

3^rd Day 25^th  May 2002

  9:00-11:00

PARALLEL SESSION 3A: FINANCIAL ECONOMICS

CHAIR: Stella Spilioti

Frédéric Verschueren, ARPEGE (FUCaM), GREMARS (Lille III)

Exact Solution To Nonlinear Euler Equation of Investment With Stochastic Interest Rate

Discussant: Stella Spilioti

Andrew Hughes Hallett, Vanderbilt University, University of Strathclyde, and CEPR  and Christian Richter, University of Strathclyde

Are Capital Markets Efficient? Evidence from the Term Structure of Interest Rates in Europe

Discussant: Enrico Saltari

Enrico Saltari, Università di Roma “La Sa­pienza”  and Giuseppe Travaglini, University of Urbino

Investment, Financing Constraints, and the Euler equation

Discussant: Christian Richter

Kurt Dew, Isik University

A Surprising Development: Tests of the Capital Asset Pricing Model and the Efficient Market Hypothesis in Turkey’s Securities Markets

Discussant: Athina Zervogianni

PARALLEL SESSION 3B: EXCHANGE RATES

CHAIR: Sophokles N. Brissimis

Dagfinn Rime, Norges Bank and Stockholm Institute for Financial Research

US Exchange Rates and Currency Flows

Discussant: Marianna Grimaldi

Paul De Greuwe, Center for Economic Studies Katholieke Universiteit Leuven and Marianna Grimaldi, Center for Economic Studies Katholieke Universiteit Leuven

The exchange rate and its fundamentals in a complex world

Discussant: Dagfinn Rime

Dionysios P. Chionis, University of Thessaly and Sophokles N. Brissimis, University of Piraeus

Foreign Exchange Market Intervention: Implications of Publicly Announced and Secret Intervention for the Euro Exchange Rate and its Volatility

Discussant: Ingunn Lonning, Norges bank

PARALLEL SESSION 3C: REAL BUSINESS CYCLES   

CHAIR: Nikolaos Apergis

Zisimos Koustas, Brock University

Stylized Facts of the Canadian Business Cycle

Discussant: Nikolaos Apergis

Bob McNabb, Cardiff Business School and K Taylor, University of Leicester

Business Cycles and the Role of Confidence

Discussant: Z. Koustas

Nikolaos Apergis, University of Ioannina

Total factor productivity, money, and credit: Does The Real Business Cycle Theory Underestimate The Role Of Financial And Monetary Aggregates?

Discussant: Giuseppe Diana

11:00-11:30

Coffee Break 

11:30-13:00

PLENARY SESSION III: MAIN AMPHITHEATRE

Ronald MacDonald, University of Strathclyde

Purchasing Power Parity and New Trade Theory

13:00-14:30

Lunch at Campus Restaurant

14:30-16:00

PARALLEL SESSION 4A: MACROECONOMIC POLICY II

CHAIR: Moise Sidiropoulos

Kai Leitemo, Norges Bank and Ingunn Lonning, Norges Bank

Monetary Policy Making without the Output Gap

Discussant: Moise Sidiropoulos

Lilia Cavallari, University of Rome I

Optimal monetary policy and internationalized production

Discussant: José Brandão de Brito

José Brandão de Brito, Banco de Portugal, Monetary Integration In East Asia: An Empirical Approach

Discussant:  Lilia Cavallari

Giuseppe Diana, University of Strasburg and Moise Sidiropoulos, Dimokrition University of Thrace

Wage indexation, central bank independence, and the cost of disinflation

Discussant: Kai Leitemo

PARALLEL SESSION 4B:

CURRENCY CRISES

CHAIR: Panicos Demetriades

Thomas Komulainen, Bank of Finland

Currency Crises in Emerging Markets: Capital Flows and Herding Behaviour

Discussant: Panicos Demetriades

Kang H. Park, Southeast Missouri State University

Asian Financial Crisis of 1997-1998: Two Countries and Two Tales

Discussant: Razgallah Brahim

Razgallah Brahim, University Panthéon-Assas (Paris II)

Essays on Currency Board Arrangements

Discussant: Kang H. Park

Guglielmo Maria Caporale, South Bank University,  Andrea Cipollini, South Bank University and Panicos Demetriades, University of Leicester

Monetary Policy And The Exchange Rate During The Asian Crisis: Identification Through Heteroscedasticity

Discussant: Thomas Komulainen

16:00-16:15

Coffee Break

16:15-18:30

PARALLEL SESSION 4C: INFLATION AND PRICES

CHAIR: Toichiro Asada

Christian Johnson Medina, Bank of Chile

Inflation Uncertainty in Chile: Assymetries and the News Impact Curve.

Discussant: Toichiro Asada

Maria Demertzis, Research Department, De Nederlandsche Bank and Nicola Viegi, University of Strathclyde

Aiming for the Bull’s Eye: Inflation Targeting Under Uncertainty

Discussant: Magdalena Polan

Magdalena Polan, Center for Economic Studies Katholieke Universiteit Leuven

The nonlinear price adjustment and duration of price level

Discussant: Maria Demertzis

Toichiro Asada, Chuo  University and University  of  Bielefeld

Price Flexibility  and  Instability  in  a  Macrodynamic  Model  with  Debt Effect

Discussant: Johnson Medina

PARALLEL SESSION 4D:

GROWTH

CHAIR: Pavlos Petroulas

Massimo Antonini, University of Leicester

Fiscal Policy And Debt In An Overlapping Generations Growth Model

Discussant: Pavlos Petroulas

Sal AmirKhalkhali, Saint Mary's University and Atul Dar Saint Mary's University

On Explaining Differences in Economic Growth Rates in OECD Countries

Discussant: Theofanis Mamuneas

Theofanis Mamuneas, University of Leicester Andreas Savvides, Oklahoma State University, and Thanasis Stengos University of Guelph

Economic Development and the Return to Human Capital

Discussant: Sal AmirKhalkhali

Pavlos Petroulas, University of Stocholm

Short-Term Capital Flows and Growth in Developed and Emerging Markets

Discussant: Massimo Antonini