Final Programme and Presentations

Thursday 28th May 2009

10:00-11:00, Registration at the Department of Economics

Parallel Session 1A: Prices and Inflation I

11:00-13:00 (Lecture Room: A2-2)

Chair: Karsten Staehr (Tallinn University of Technology and Eesti Pank).

The Relationship between the Hybrid New Keynesian Phillips Curve and the NAIRU over Time, Lena Vogel (University of Hamburg).

Discussant: Karsten Staehr.

The existence of Nash equilibria in n-player LQ-games, with applications to international monetary and trade agreements, Giovanni Di Bartolomeo (University of Teramo), Nicola Acocella (University of Rome I), and Patrizio Tirelli (University of Milan Bicocca).

Discussant: Jana Riedel.

Nonlinear Interest Rate Reaction Functions for the UK, Jana Riedel (Weslfaelische Wilhelms-Universitaet Muenster) and Ralf Brueggemann (University of Konstanz).

Discussant:Giovanni Di Bartolomeo.

Inflation in the New EU Countries from Central and Eastern Europe: Theories and Panel Data Estimations, Karsten Staehr (Tallinn University of Technology and Eesti Pank).

Discussant: Lena Vogel.

Parallel Session 1B: Fiscal Policy I

11:00-13:00 (Lecture Room: A2-3)

Chair: Regina Escario (University of Zaragoza).

Received wisdom and beyond: Lessons from fiscal consolidations in the EU, Martin Larch (European Commission) and Alessandro Turrini (European Commission).

Discussant: Regina Escario.

Fiscal Policy Responsiveness, Persistence and Discretion, Antonio Afonso (European Central Bank), Luca Agnello (University of Palermo), and Davide Furceri (University of Palermo and OECD).

Discussant: Paulo Reis Mourao.

Sins of the Older: the Case of Fiscal Illusion in Democracies, Paulo Reis Mourao (University of Minho).

Discussant: Luca Agnello.

Long-Run Fiscal Solvency: a Multicointegration Approach, Regina Escario (University of Zaragoza), Maria Dolores Gadea (University of Zaragoza), and Marcela Sabate (University of Zaragoza).

Discussant: Martin Larch.

Parallel Session 1C: Business Cycles I

11:00-13:00 (Lecture Room: A3-2)

Chair: Ola Melander (Stockholm School of Economics and Sveriges Riksbank).

Consumption Risk Sharing over the Business Cycle: the Role of Small Firms' Access to Credit Markets, Iryna Shcherbakova (Institute for Empirical Research in Economics) and Mathias Hoffmann (Institute for Empirical Research in Economics).

Discussant: Ola Melander.

Productivity and Job Flows: Heterogeneity of New Hires and Continuing Jobs in the Business Cycle, Juha Kilponen (Bank of Finland) andJuuso Vanhala (Bank of Finland).

Discussant: Matthieu Bussiere.

The Effect of Cash Flow on Investment: An Empirical Test of the Balance Sheet Channel, Ola Melander (Stockholm School of Economics and Sveriges Riksbank).

Discussant: Iryna Shcherbakova.

Parallel Session 1D: Financial Markets and Banking I

11:00-13:00 (Lecture Room: A3-3)

Chair: Roman Horvath (Czech National Bank).

The Cost-Efficiency of French Banks: A Comparative Analysis, Estell Brack (French Banking Federation) andRamona Jimborean (Banque de France).

Discussant: Roman Horvath.

How does Cross-border Activity affect the EU Banking Markets?Ana Lozano-Vivas (University of Malaga).

Discussant: Kim Oosterlinck.

Observing bailout expectations during a total eclipse of the sun, Kim Oosterlinck (ULB), Ariane Szafarz (ULB), and Oscar Bernal (ULB).

Discussant: Ramona Jimborean.

Heterogeneity in Bank Pricing Policies: Estimation, Determinants and Policy Implications, Roman Horvath (Czech National Bank).

Discussant: Anne Szafarz.

13:00-14:00 Lunch Break

Parallel Session 2A: Exchange Rate Economics I

14:00-16:00 (Lecture Room: A2-2)

Chair: Barry Harrison (Nottingham Trend University).

Behavioural Equilibrium Exchange Rate and Total Misalignment: Evidence from the Euro Exchange Rate, Nikolaos Giannellis (University of Peloponnese) andMinoas Koukouritakis (University of Crete).

Discussant: Barry Harrison.

Asymmetry of the Exchange Rate Pass-through: An Exercise on the Polish Data, Jan Przystupa (NBP/Institute for Business Cycle Research) and Ewa Wrobel (NBP).

Discussant: Andreas Fagereng.

Exchange Rate Volatility and Export Performance: A Cointegrated VAR Approach, Andreas Fagereng (European University Institute) and Paal Boug (Statistics Norway).

Discussant: Jan Przystupa.

Does Real Interest Rate Parity Hold in Central and Eastern European Countries?, Juan Carlos Cuestas (Nottingham Trend University) andBarry Harrison (Nottingham Trend University).

Discussant: Minoas Koukouritakis.

Parallel Session 2B: Monetary Policy I

14:00-16:00 (Lecture Room: A2-3)

Chair: Weshah A. Razzak (Arab Planning Institute / DOL- Government of New Zealand).

Does Government Ideology Matter in Monetary Policy? A Panel Analysis for OECD Countries, Ansgar H. Belke (University of Duisburg-Essen and IZA Bonn, Germany) and Niklas Potrafke (University of Konstanz).

Discussant: Weshah A. Razzak.

Do Central Bank Independence Reforms Matter for Inflation Performance?, Mats Landstrom (University of Gavle).

Discussant: Aleksandra Anna Maslowska.

Using Taylor Rule to explain Effects of Institutional Changes in Central Banks, Aleksandra Anna Maslowska (Department of Economics and Public Choice Research Centre, University of Turku).

Discussant: Mats Landstrom.

A Nonparametric Approach to evaluating Inflation Targeting Regimes, Weshah A. Razzak (Arab Planning Institute / DOL- Government of New Zealand) and Rabbie Nasser (UNDP).

Discussant: Ansgar Belke.

Parallel Session 2C: Financial Markets and Crises

14:00-16:00 (Lecture Room: A3-2)

Chair: Celine Gimet (GATE - University of Lyon 2).

What Goes Up Must Go Down? House Price Dynamics in the United States, Vladimir Klyuev (International Monetary Fund).

Discussant: Celine Gimet.

Price Discovery on Traded Inflation Expectations: Does the Financial Crisis Matter?, Alexander Schulz (Deutsche Bundesbank) andJelena Stapf (Deutsche Bundesbank).

Discussant: Michael Bergman.

How Central Banks Prepare for Financial Crises - An Empirical Analysis of the Effects of Crises and Globalisation on International Reserve Holdings, Andreas Steiner (University of Osnabrueck).

Discussant: Jelena Stapf.

The Impact of Financial Crises in Asean countries: A Structural Var Model, Celine Gimet (GATE - University of Lyon 2).

Discussant: Ana Lozano-Vivas.

Parallel Session 2D: Emerging Economies I

14:00-16:00 (Lecture Room: A3-3)

Chair: Gregori Colin (Dauphine University).

Inflation Targeting Matters! - Novel Evidence from 'ex ante' Taylor Rules in Emerging Markets, Jan C. Ruelke (WHU - School of Management), Ralf Fendel (WHU - School of Management), and Michael Frenkel (WHU - School of Management).

Discussant: Gregori Colin.

Do Foreign Institutional Investors Distabilise Chin'a A-Share Markets, Michael Schuppli (University of Muenster) and Martin T. Bohl (University of Muenster).

Discussant: Matthias Neuenkirch.

FOMC Communication and Emerging Equity Markets, Bernd Hayo (Philipps-Universitaet Marburg), Ali Kutan (Southern Illinois University Edwardsville), andMatthias Neuenkirch (Philipps-Universitaet Marburg).

Discussant: Paolo Gelain.

Incidences of Cross-listings on Financial Flows to Emerging Markets, Gregori Colin (Dauphine University).

Discussant: Jan C. Ruelke.

16:00-16:30 Coffee Break

Parallel Session 3A: Economic Theory and Policy

16:30-18:30 (Lecture Room: A2-2)

Chair: Thomas Seegmuller (PSE and CNRS).

The Existence of Nash Equilibria in N-player LQ-games, with Applications to International Monetary and Trade Agreements, Giovanni di Bartolomeo (Universita di Teramo), Andrew Hughes Hallett (George Mason), andNicola Acocella (Universita di Roma 'Sapienza').

Discussant: Thomas Seegmuller.

Revising the Salop-equilibrium in the Case of Attention Restricted Consumers, Andreas Hefti (University of Zurich).

Discussant: Juha Kilponen.

Consumption Euler Equation with Non-separable Preferences over Consumption and Leisure and Collateral Constraints, Juha Kilponen (Bank of Finland).

Discussant: Andreas Hefti.

House Prices and Precautionary Saving, Riccardo Calcagno (VU University Amsterdam and Tinbergen Institute) and M. C. Rossi (University of Rome "Tor Vergata").

Discussant:  Ricardo Magalhaes Sousa

Parallel Session 3B: Economics of Monetary Unions I

16:30-18:30 (Lecture Room: A2-3)

Chair: Celsa Maria Machado (ISCAP).

Fiscal and Monetary Policies in a Monetary Union - A Reduced Form Approach, Stefanie Flotho (Albert-Ludwigs-University Freiburg).

Discussant: Celsa Maria Machado.

Optimum currency areas, structural changes and the endogeneity of the OCA criteria: evidence from new EU member states, Dimitrios Sideris (Bank of Greece).

Discussant: John Lewis.

Fiscal and Monetary Interactions in the Eurozone with Real Time Data, John Lewis (De Nederlandsche Bank) and Andrew Hughes Hallett (George Mason University).

Discussant: Dimitrios Sideris.

Monetary and Fiscal Policies Interactions in a Monetary Union With Country-Size Asymmetry, Celsa Maria Machado (ISCAP) and Ana Paula Ribeiro (CEMPRE, FEP).

Discussant: Davide Furceri.

Parallel Session 3C: Macroeconomic Theory and Policy I

16:30-18:30 (Lecture Room: A3-2)

Chair: Stefan Kuehn (Maastricht University).

Behavioral Macroeconomics and the New Keynesian Model, Jan-Oliver Menz (University of Hamburg).

Discussant: Stefan Kuehn.

On Rational Exuberance, Stefano Bosi (EQUIPPE and EPEE) andThomas Seegmuller (PSE and CNRS).

Discussant: Joanna Siwinska-Gorzelak.

The adverse effects of government spending on private consumption in a New Keynesian model, Stefan Kuehn (Maastricht University), Joan Muysken (Maastricht University), and Tom van Veen (Maastricht University).

Discussant: Jan-Oliver Menz.

20:30, Reception at THEARTEMIS PALACE HOTEL

Friday 29th May 2009

Parallel Session 4A: NAJEF I

09:00-11:00 (Lecture Room: A2-2)

Chair: Anne C. Sibert (Birkbeck, University of London and CEPR)

The Credit Channel in the Euro Area: A Dynamic Stochastic General Equilibrium Analysis, Paolo Gelain (European Central Bank).

Discussant: Stefanie Flotho.

Causes of Banking Crises Revisited, Jeroen Klomp (University of Groningen).

Discussant: Andreas Steiner.

Housing Wealth, Financial Wealth, Money Demand and Policy Rule: Evidence from the Euro Area, Ricardo Magalhaes Sousa (University of Minho, NIPE, London School of Economics and FMG).

Discussant: Oliver Huelsewig.

Parallel Session 4B: Prices and Inflation II

09:00-11:00 (Lecture Room: A2-3)

Chair: Efrem Castelnuovo (University of Padova).

Estimating Regime-Switching Taylor Rules with Trend Inflation, Efrem Castelnuovo (University of Padova), Luciano Greco (University of Padova), and Davide Raggi (University of Bologna).

Discussant: Moise Sidiropoulos.

Inflation in Latvia: How Real is it?, Trond Arne Borgersen (Oestfold University College) andRoswitha Maria King (Oestfold University College).

Discussant: Francesca D'Auria.

The Dynamics of Inflation: A Study of a Large Number of Countries, Georgios P. Kouretas (Athens University of Economics and Business) andMark E. Wohar (University of Nebraska at Omaha).

Discussant: Roswitha Maria King.

Parallel Session 4C: Fiscal Policy II

09:00-11:00 (Lecture Room: A3-2)

Chair: Jacopo Cimadomo (European Central Bank).

The Role of Optimal Fiscal Policy in a Currency Union, Eiji Okano (Chiba Keizia University and Columbia University).

Discussant: Jacopo Cimadomo.

Fiscal policy in a monetary union from the perspective of the neoclassical growth model, Michal Konopczynski (Poznan University of Economics).

Discussant: Christopher Pissarides.

Budgeting versus implementing Fiscal Policy in the EU, Massimo Giuliodori (University of Amsterdam), Roel Beetsma (University of Amsterdam), and Peter Wierts (DNB).

Discussant: Michal Konopczynski.

Fiscal Policy in Real Time, Jacopo Cimadomo (European Central Bank).

Discussant: Eiji Okano.

11:00-11:30 Coffee Break

KEYNOTE SPEECH - THE MINISTRY OF EDUCATION AND RELIGIOUS AFFAIRS PLENARY SESSION

Chair: Minoas Koukouritakis (University of Crete)

11:30-13:00 (Δ3 Amphitheatre)

Christopher Pissarides (London School of Economics): Welfare Policy and the Sectoral Distribution of Work.

13:00-14:00 Lunch

KEYNOTE SPEECH - THE HELLENIC EXCHANGES PLENARY SESSION

Chair: Athanasios Papadopoulos (University of Crete)

14:00-15:30  (Δ3 Amphitheatre)

Willem H. Buiter (London School of Economics): Have the Monetary, Fiscal and Regulatory Authorities Run out of Ammunition for dealing with the Crisis?

15:30-16:00 Coffee Break

Parallel Session 5A: NAJEF II

16:00-18:00 (Lecture Room: A2-2)

Chair: Mark E. Wohar (University of Nebraska at Omaha)

Currency Crises and Monetary Policy in an Economy with Credit Constraint and Risk Premium, Michael Bergman (University of Copenhagen) and Mats Jellingso (University of Copenhagen).

Discussant: Michael Schuppli.

Estimating Regime-Switching Taylor Rules with Trend Inflation, Efrem Castelnuovo (University of Padua and Bank of Finland), Luciano Greco (University of Padua) and Davide Raggi (University of Bologna).

Discussant: Mark E. Wohar.

Stabilization Effects of Social Spending: Empirical Evidence from a Panel of OECD Countries, Davide Furceri (OECD).

Discussant: Massimo Giuliodori.

Parallel Session 5B: Trade Theory and Policy

16:00-18:30 (Lecture Room: A2-3)

Chair: Lilia Cavallari (University of Roma III).

Dissecting the Dynamics of the US Trade Balance in an Estimated Equilibrium Model, Jacob Punnoose (Ghent University, Belgium) and Gert Peersman (Ghent University).

Discussant: Lilia Cavallari.

How Is the International Trade Growing?, Noelia Camara (University of Zaragoza), Marcela Sabate (University of Zaragoza), and Maria Dolores Gadea (University of Zaragoza).

Discussant: Sandra Hanslin.

Trade Openness, Gains from Variety and Government Spending, Sandra Hanslin (University of Zurich, SOI).

Discussant: Noelia Camara.

Exports and Foreign Direct Investments in an Endogenous-Entry Model with Real and Nominal Uncertainty, Lilia Cavallari (University of Roma III).

Discussant: Jacob Punnoose.

Modelling Global Trade Flows: Results from a GVAR Model, Matthieu Bussiere (European Central Bank), Alexander Chudik (European Central Bank), and Giulia Sestieri (University of Rome Tor Vergata).

Discussant: Atilim Seymen.

Parallel Session 5C: Business Cycles II

16:00-18:30 (Lecture Room: A3-2)

Chair: Gisle James Natvik (Norges Bank).

Multi-period putty-semi-clay production and the business cycle, Constantinos Repapis (University of Cambridge).

Discussant: Gisle James Natvik.

Are Expectations About Economic Activity Self-Fulfilling? An Empirical Test, Christian Grisse (Federal Reserve Bank of New York).

Discussant: Cristiano Cantore.

The determinants of euro area business investment over the cycle, Cristiano Cantore (University of Kent at Canterbury) and Laurent Maurin (European Central Bank).

Discussant: Christian Grisse

Do re-election probabilities influence public investment?, Gisle James Natvik (Norges Bank) and Jon Fiva (University of Oslo).

Discussant: Constantinos Repapis.

The impact of business cycle volatility on human capital formation. Is it the same across countries?Joanna Siwinska-Gorzelak (University of Warsaw).

Discussant: Margarita Genius.

Parallel Session 5D: Financial Markets and Banking II

16:00-18:00 (Lecture Room: A3-3)

Chair: Fotios Pasiouras (School of Management, University of Bath).

Banker Compensation and Confirmation Bias, Hamid Sabourian (University of Cambridge) andAnne C. Sibert (Birkbeck College, University of London and CEPR).

Discussant: Fotios Pasiouras.

Credit Enhancement Techniques and Banks Connectivity, Julien Barre (University Nice - Sophia Antipolis - Laboratoire Dieudonne - CNRS), Alain Raybaut (University Nice Sophia-Antipolis - GREDEG (DEMOS) - CNRS), andDominique Torre (University Nice Sophia-Antipolis - GREDEG (DEMOS) - CNRS).

Discussant: Bo Larsson.

Banking and Optimal Capital Ratio in an Equilibrium Model, Bo Larsson (Hogskolan Dalarna University).

Discussant: Dominique Torre.

Regulations and Productivity Growth in Banking, Manthos D. Delis (University of Ioannina), Philip Molyneux (Bangor Business School, Bangor University), andFotios Pasiouras (School of Management, University of Bath).

Discussant: Jeroen Klomp.

Saturday 30th May 2009

Parallel Session 6A: Growth and Convergence

09:00-11:00 (Lecture Room: A2-2)

Chair: Cristiana Benedetti Fasil (European University Institute).

Modeling convergence dynamics: A distance-based approach, Constantina Kottaridi (University of Peloponnese) and Dimitrios Thomakos (University of Peloponnese).

Discussant: Cristiana Benedetti Fasil.

Analysing Convergence in Europe Using a Non-linear Single Factor Model, Vladimir Kuzin (DIW Berlin) and Ulrich Fritsche (University Hamburg).

Discussant: Marcos Sanso-Navarro.

Gibrat's Law for Countries, Rafael Gonzalez-Val (Universidad de Zaragoza) andMarcos Sanso-Navarro (Universidad de Zaragoza).

Discussant: Vladimir Kuzin.

Product and Process Innovation in a Growth Model of Firm Selection, Cristiana Benedetti Fasil (European University Institute).

Discussant: Constantina Kottaridi.

Parallel Session 6B: Emerging Economies II

09:00-11:00 (Lecture Room: A2-3)

Chair: Patricio Valenzuela (European University Institute).

Underdevelopment of Financial Markets and Excess Consumption Volatility in Developing Countries, Heng Chen (University of Zurich).

Discussant: Efrem Castelnuovo.

Changes of Nominal Anchors and Monetary Transmission Channels: Serbia vs. Poland, Czech and Slovak Republic, Kostas Josifidis (Department of European Economics and Business - Novi Sad, Faculty of Economics-Subotica), Emilija Beker-Pucar (Department for European Economics and Business-Novi Sad, Faculty of Economics-Subotica), and Novica Supic (Department for European Economics and Business-Novi Sad, Faculty of Economics-Subotica).

Discussant: Patricio Valenzuela.

Sovereign Ceilings "Lite"? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies, Eduardo Borensztein (International Monetary Fund), Kevin Cowan (Central Bank of Chile) andPatricio Valenzuela (European University Institute).

Discussant: Emilija Beker-Pucar.

Parallel Session 6C: Stock Markets I

09:00-11:00 (Lecture Room: A3-2)

Chair: Ulkem Basdas (Middle East Technical University).

International Equity and Bond Portfolio with Firm Entry, Hamano Masashige (CREM-University of Rennes 1).

Discussant: Ulkem Basdas.

Spread of Greek Bond vs German Bund hits 165bps: Sign of a Junk-rated Economy or another Side Effect the Financial Crisis?, Veni Arakelian (EFG Eurobank).

Discussant:  Emmanouil Tsekrekos.

Predictable Dynamics in Implied Volatility Surfaces from OTC Currency Options, Georgios Chalamandaris (Athens University of Economics & Business) andAndrianos Emmanouil Tsekrekos (Athens University of Economics & Business).

Discussant: Veni Arakelian.

Do Stock Returns Trigger Economic Gowth? Evidence from Turkey, Ulkem Basdas (Middle East Technical University) and Ugur Soytas (Middle East Technical University).

Discussant: Hamano Masashige.

Parallel Session 6D: Monetary Policy II

09:00-11:00 (Lecture Room: A3-3)

Chair: Oliver Huelsewig (Ifo Insitute for Economic Research, Munich).

Has Inflation Targeting Improved Monetary Policy? Evaluating Policy Effectiveness in Australia, Canada, and New Zealand, Pierre L. Siklos (Wilfrid Laurier University) and Diana N. Weymark (Vanderbilt University).

Discussant: Giovanni di Bartolomeo.

A Credibility Measure: tracking US Monetary Developments, Maria Demertzis (De Nederlandsche Bank), Massimiliano Marcellino (European University Institute), and Nicola Viegi (University of Cape Town).

Discussant: Rossana Merola.

Optimal Monetary Policy in a Small Open Economy with Financial Frictions, Rossana Merola (Universite Catholique de Louvain la Neuve).

Discussant: Maria Demertzis.

Monetary Policy Transmission and House Prices: European Cross Country Evidence, Kai Carstensen (LMU and Ifo Insitute for Economic Research, Munich), Oliver Huelsewig (Ifo Insitute for Economic Research, Munich), and Timo Wollmershaeuser (Ifo Insitute for Economic Research, Munich).

Discussant: Vladimir Klyuev.

11:00-11:30 Coffee Break

KEYNOTE SPEECH - UNIVERSITY OF CRETE PLENARY SESSION

Chair: Margarita Genius (University of Crete)

11:30-13:00 (Δ3 Amphitheatre)

Fabrizio Zilibotti (Universitat Zurich): Growing like China.

13:00-14:00 Lunch

KEYNOTE SPEECH - THE EUROBANK EFG PLENARY SESSION

Chair: George Kouretas (Athens University of Economics and Business)

14:00-15:30  (Δ3 Amphitheatre)

Richard Clarida (Columbia University): G3 Exchange Rates: What My Crystal Ball Didn't Tell Me in 1999.

15:30-16:00 Coffee Break

Parallel Session 7A: Exchange Rate Economics II

16:00-18:00 (Lecture Room: A2-2)

Chair: Luciana Juvenal (Federal Reserve Bank of St. Louis).

Currency Exchange Rate Segmentation and Modelling, Costas Panagiotakis (Department of Computer Science, University of Crete), Georgios Tziritas (Department of Computer Science, University of Crete), and Athanasios Papadopoulos (Department of Economics, University of Crete).

Discussant: Luciana Juvernal.

Real Exchange Rates and Time-Varying Trade Costs, Efthimios G. Pavlidis (Lancaster University), Ivan Paya (Lancaster University), and David A. Peel (Lancaster University).

Discussant: Nikolaos Gianellis.

Nominal Shocks and Real Exchange Rate Fluctuations, Luciana Juvenal (Federal Reserve Bank of St. Louis).

Discussant: Efthimios G. Pavlidis.

Parallel Session 7B: Stock Markets II

16:00-18:30 (Lecture Room: A2-3)

Chair: Petri Sahlstrom (University of Oulu).

Bias in Foreign Equity Portfolios: Households versus Financial Investors, Maela Giofre (University of Torino-CeRP-CCA).

Discussant: George Kouretas.

What Effects Have Asian Bond Market Initiatives Had on the Issue of Corporate Bonds in Asia?, Serafeim Tsoukas (University of Nottingham) and Paul Mizen (University of Nottingham).

Discussant: John D. Burger.

Global Financial Stability and Local Currency Bond Markets, John D. Burger (Loyola College in Maryland), Francis E. Warnock (Darden Business School, UVA), and Veronica Cacdac Warnock (Batten Institute, Darden Business School).

Discussant: Serafeim Tsoukas.

The Risk and Return Characteristics of Private Equity Using Market Prices, Narasimhan Jegadeesh (Goizueta Business School, Emory University), Roman Kraeussl (VU University Amsterdam), and Joshua Pollet (National Bureau of Economic Research).

Discussant: Petri Sahlstrom.

Turn-of-the-month and Intramonth Anomalies and U.S. Macroeconomic News Announcements in the Thinly Traded Finnish Stock Market, Jussi Nikkinen (University of Vaasa), Petri Sahlstrom (University of Oulu), Janne Aijo (University of Vaasa), and Karri Takko (University of Vaasa).

Discussant: Roman Kraeussl.

Parallel Session 7C: Economics of Monetary Unions II

16:00-18:00 (Lecture Room: A3-2)

Chair: Jean-Sebastien Pentecote (University of Rennes 1, France).

Business Cycle Dynamics in the Euro Area, Atilim Seymen (Centre for European Economic Research (ZEW)).

Discussant: Jan-Sebastien Pentecote.

Debt and Inflation Risk in a Monetary Union, Yvonne Adema (Erasmus School of Economics).

Discussant: Manthos Delis.

Shock Asymmetries and Distance to the Euro Area, Jean-Sebastien Pentecote (University of Rennes 1, France) and Marilyne Huchet-Bourdon (AGROCAMPUS OUEST).

Discussant: Yvonne Adema.

Parallel Session 7D: Macroeconomic Theory and Policy II

16:00-18:00 (Lecture Room: A3-3)

Chair: Dimitrios D. Thomakos (University of Peloponnese, Greece).

Duration Dependent Rules and Nominal Inertia, Francesca D'Auria (European Commission).

Discussant: Dimitrios D. Thomakos.

What are the Sources of Current Account Fluctuations in the G6 Countries?, Aikaterini Effraimia Karadimitropoulou (University of Kent) and Miguel Leon-Ledesma (University of Kent).

Discussant Nikolaos Mylonidis.

Assessing the Macroeconomic Performance of Greece in a Comparative Perspective, Nikolaos Mylonidis (University of Ioannina) and Vanghelis Vassilatos (Athens University of Economics and Business).

Discussant: Aikaterini Effraimia Karadimitropoulou.

Median-Unbiased Optimal Smoothing and Trend Extraction, Dimitrios D. Thomakos (University of Peloponnese).

Discussant: George Tsiotas (University of Crete).

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