| Conference Programme and Presentations |
| Thursday, May 26th, 2011 |
| 8:00-9:00: Registration at the Department of Economics |
| Parallel Session 1A: Financial Crises I |
| 9:00-11:00 (Lecture Room: A2-2 ) |
| Chair: Bernhard Herz |
| The Dynamics of Financial Crises and the Risk to Defend the Exchange Rate, Christian Bauer (University of Trier) and Bernhard Herz (University of Bayreuth) |
| Discussant: Roman Horvath |
| The Real Effects of Financial Stress in the Eurozone, Sushanta K. Mallick (Queen Mary University of London) and Ricardo M. Sousa (University of Minho & London School of Economics) |
| Discussant: Luciano Greco |
| Fiscal Fragility and Sovereign Risk in the Euro Area, Giovanni Caggiano (University of Padua) and Luciano Greco (University of Padua) |
| Discussant: Sushanta K. Mallick |
| How Does Monetary Policy Respond to Financial Stress? Jaromir Baxa (Charles University), Roman Horvath (Charles University) and Borek Vasicek (University of Barcelona) |
| Discussant: Bernhard Herz |
| Parallel Session 1B: Monetary Theory and Policy I |
| 9:00-11:00 (Lecture Room: A2-3 ) |
| Chair: Frauke Dobnik |
| Long-run Money Demand in OECD Countries: Cross-Member Cointegration, Frauke Dobnik (Ruhr Graduate School in Economics and University of Duisburg-Essen) |
| Discussant: Krzysztof Makarski |
| Wage-Price-Dynamics and the Terms-of-Trade in an Estimated DSGE Model for Hong Kong, Michael Paetz (Hamburg University) |
| Discussant: Sergey Pekarski |
| Unpleasant Monetarist Arithmetic and the Sustainability of Public Debt, Sergey Pekarski (State University - Higher School of Economics) |
| Discussant: Michael Paetz |
| The Anatomy of Standard DSGE Models with Financial Frictions, Michal Brzoza-Brzezina (National Bank of Poland and Warsaw School of Economics), Marcin Kolasa (National Bank of Poland and Warsaw School of Economics) and Krzysztof Makarski (National Bank of Poland and Warsaw School of Economics) |
| Discussant: Frauke Dobnik |
| Parallel Session 1D: Growth and Development I |
| 9:00-11:00 (Lecture Room:A3-2 ) |
| Chair: Babar Hussain |
| Effect of Human Capital on Economic Growth, Role of Corruption, Babar Hussain (The University of Manchester) and Emranul Haque (The University of Manchester) |
| Discussant: Agnès Bénassy-Quéré |
| Market Freedom and the Global Recession, Domenico Giannone (Universite' Libre de Bruxelles), Michele Lenza (European Central Bank) and Lucrezia Reichlin (London Business School) |
| Discussant: Giorgio Fabbri |
| Leapfrogging, Growth Reversals and Welfare, Raouf Boucekkine (Universite Catholique de Louvain & IRES-CORE, Universite de la Mediterranee & GREQAM), Giorgio Fabbri (Universita di Napoli Parthenope and IRES, Universite Catholique de Louvain) and Patrick A. Pintus (Universite de la Mediterranee and GREQAM-IDEP, Institut Universitaire de France) |
| Discussant: Michele Lenza |
| Rebalancing Growth in China: An International Perspective, Agnès Bénassy-Quéré (CEPII), Benjamin Carton (CEPII) and Ludovic Gauvin (CEPII) |
| Discussant: Babar Hussain |
| 11:00-11:30: Coffee break |
| Parallel Session 2A: Macroeconomic Theory and Policy I |
| 11:30-13:30 (Lecture Room: A2-2 ) |
| Chair: Katja Drechsel |
| A Comparison of Bottom-up Approaches and Direct Forecasts of German GDP in a Data-rich Environment, Katja Drechsel (Halle Institute for Economic Research (IWH)) and Rolf Scheufele (Halle Institute for Economic Research (IWH)) |
| Discussant: Antonello D'Agostino |
| Money and Inflation: The Role of Persistent Velocity Movements, Makram El-Shagi (Halle Institute for Economic Research) and Sebastian Giesen (Halle Institute for Economic Research) |
| Discussant: Boriss Siliverstovs |
| Do Surveys Help in Predicting GDP: A Real-Time Evidence for Switzerland, Boriss Siliverstovs (KOF ETHZ) |
| Discussant: Makram El-Shagi |
| Are Some Forecasters Really Better Than Others? Antonello D'Agostino (European Central Bank), Kieran McQuinn (Central Bank of Ireland) and Karl Whelan (University College Dublin) |
| Discussant: Katja Drechsel |
| Parallel Session 2B: Business Cycles I |
| 11:30-13:30 (Lecture Room: A2-3 ) |
| Chair: Martyna Marczak |
| Real Wages and the Business Cycle in Germany, Martyna Marczak (University of Hohenheim) and Thomas Beissinger (University of Hohenheim) |
| Discussant: Gilles Dufrenot |
| Extensive Margin of Trade and Business Cycle Correlations, Jean-Sebastien Pentecote (Université de Rennes 1 - CREM), Jean-Christophe Poutineau (Université de Rennes 1 - CREM) and Fabien Rondeau (Université de Rennes 1 - CREM) |
| Discussant: Matthias Sebastian Hertweck |
| Commodity Price Shocks and the Business Cycle: Structural Evidence for the U.S., Matthias Gubler (University of Basel) and Matthias Sebastian Hertweck (University of Konstanz) |
| Discussant: Fabien Rondeau |
| House Price Dynamics and Business Cycle Turning Point Detection, Gilles Dufrenot (Banque de France, CEPII and DEFI) and Sheheryar Malik (Banque de France and Warwick University) |
| Discussant: Martyna Marczak |
| Parallel Session 2C: Prices and Inflation I |
| 11:30-13:30 (Lecture Room:A3-2) |
| Chair: Tomas Havranek |
| How to Solve the Price Puzzle? A Meta-Analysis, Marek Rusnak (CERGE-EI, Prague), Tomas Havranek (Czech National Bank, Research Department) and Roman Horvath (Charles University) |
| Discussant: Andres Eduardo Elberg |
| Precautionary Price Stickiness, James Costain (Bank of Spain) and Anton Nakov (Bank of Spain) |
| Discussant: Oliver Huelsewig |
| Financial Frictions and Inflation Differentials in a Monetary Union, Nikolay Hristov (Ifo Institute Munich), Oliver Huelsewig (University of Applied Science Munich) and Timo Wollmershäuser (LMU and Ifo Institute Munich) |
| Discussant: Anton Nakov |
| Reference Prices and Costs in the Cross-Section: Evidence from Chile, Andres Eduardo Elberg (Universidad Diego Portales) |
| Discussant: Tomas Havranek |
| Parallel Session 2D: Stock Markets I |
| 11:30-13:30 (Lecture Room: A3-3 ) |
| Chair: Hans Manner |
| Forecasting international stock market correlations: Does anything beat a CCC? Hans Manner (University of Cologne) and Olga Reznikova (Risk Dynamics, Brussels) |
| Discussant: Heikki Lehkonen |
| Sign and Quantiles of the Realized Stock-Bond Correlation, Nektarios Aslanidis (Universitat Rovira i Virgili) and Charlotte Christiansen (Aarhus University) |
| Discussant: Juuso Vataja |
| The Role of Stock Markets vs. the Term Spread in Forecasting Macrovariables in Finland, Petri Kuosmanen (University of Vaasa) and Juuso Vataja (University of Jyväskylä) |
| Discussant: Nektarios Aslanidis |
| The Stock Market Integration of the BRIC Countries: Wavelet-DCC Analysis, Heikki Lehkonen (Jyvaskyla University School of Business and Economics) and Kari Heimonen (Jyvaskyla University School of Business and Economics) |
| Discussant: Hans Manner |
| 13:30-14:30: Lunch |
| Parallel Session 3A: Macroeconomic Theory and Policy II |
| 14:30-16:30 (Lecture Room: A2-2 ) |
| Chair: Mohanad Ismael |
| Progressive Income Taxes and Macroeconomic Instability, Mohanad Ismael (University of Evry Val D'Essonne / EPEE) |
| Discussant: Masashige Hamano |
| A Monthly Consumption Indicator for Germany Based on Internet Search Query Data, Simeon Vosen (RWI) and Torsten Schmidt (RWI) |
| Discussant: Mohanad Ismael |
| International Equity and Bond Postions in a DSGE Model with Endogenous Variety Risk in Consumption, Masashige Hamano (University of Rennes 1-CREM) |
| Discussant: Simeon Vosen |
| Parallel Session 3B: Fiscal Policy |
| 14:30-16:30 (Lecture Room: A2-3 ) |
| Chair: Michael Bergman |
| Budget Consolidations in the Aftermath of a Financial Crisis: Lessons from the Swedish Budget Consolidation 1994-1997, Michael Bergman (University of Copenhagen) |
| Discussant: Jacopo Cimadomo |
| Strategic Interaction between Fiscal and Monetary Policies in an Export-Oriented Economy, Sergey Merzlyakov (National Research University - Higher School of Economics) |
| Discussant: Aleksandra Zdzienicka |
| Financial Integration and Fiscal Policy, Aleksandra Zdzienicka (CEPII) and Davide Furceri (OECD) |
| Discussant: Sergey Merzlyakov |
| Identifying the Effects of Government Spending Shocks with and without Expected Reversal: An Approach Based on Real-Time Data, Jacopo Cimadomo (European Central Bank), Sebastian Hauptmeier (European Central Bank) and Sergio Sola (University of Geneve) |
| Discussant: Michael Bergman |
| Parallel Session 3C: Financial Markets and Banking II |
| 14:30-16:30 (Lecture Room: A3-2 ) |
| Chair: João Sousa |
| Asset Returns under Model Uncertainty: Evidence for the Euro Area, the US and the UK, João Sousa (Banco de Portugal) and Ricardo Magalhães Sousa (NIPE, University of Minho, London School of Economics, and FMG) |
| Discussant: Alina Arefeva |
| Unemployment and Portfolio Choice: Does Persistence Matter? Vladimir Kuzin (DIW Berlin) and Franziska Bremus (DIW Berlin) |
| Discussant: Laifeng Zhang |
| Analysts’ Recommendations and Managers’ Disclosing Behavior, Riccardo Calcagno (EM Lyon Business School and Tinbergen Institute) and Laifeng Zhang (VU University Amsterdam) |
| Discussant: Vladimir Kuzin |
| Composition of International Equity Flows, Alina Arefeva (New Economic School) |
| Discussant: João Sousa |
| Parallel Session 3D: Emerging Economies I |
| 14:30-16:30 (Lecture Room: A3-3 ) |
| Chair: Zorica Mladenovic |
| Inflation Persistence in Central and Southeastern Europe: Evidence from Time Series Approach, Zorica Mladenovic (University of Belgrade) and Aleksandra Nojkovic (University of Belgrade) |
| Discussant: Marie Montigny |
| Stages of Globalization, Inequality and Unemployment, Joel Hellier (Univ. of Lille 1 and Univ. of Nantes) |
| Discussant: Emilija Beker Pucar |
| Exchange Rate Regimes during Crisis: The Case of Emerging Europe, Kosta Josifidis (University of Novi Sad), Jean-Pierre Allegret (École Normale Supérieure Lettres et Sciences Humaines GATE – CNRS) and Emilija Beker Pucar (University of Novi Sad) |
| Discussant: Joel Hellier |
| Sovereign Debts and Political Changes: the Case of South America, Marie Montigny (Université Libre de Bruxelles) |
| Discussant: Aleksandra Nojkovic |
| Parallel Session 3E: Exchange Rate Economics I |
| 14:30-16:30 (Lecture Room: A1-2 ) |
| Chair: Maria Grydaki |
| What Explains Nominal Exchange Rate Volatility? Evidence from the Latin American Countries, Maria Grydaki (University of Macedonia and Utrecht University) and Stilianos Fountas (University of Macedonia) |
| Discussant: Matthieu Bussiere |
| Getting Beyond Carry Trade: What Makes a Safe Haven Currency? Livio Stracca (European Central Bank) and Maurizio Habib (European Central Bank) |
| Discussant: Michael Binder |
| International Investment Positions and Exchange Rate Dynamics: A Dynamic Panel Analysis, Michael Binder (Goethe University Frankfurt) and Christian Offermanns (Free University of Berlin) |
| Discussant: Livio Stracca |
| In Defense of Early Warning Signals, Matthieu Bussiere (Banque de France) and Christian Mulder (I |
| Discussant: Maria Grydaki |
| 16:30-17:00: Coffee break |
| Parallel Session 4A: EU Economics I |
| 17:00-19:00 (Lecture Room: A2-2 ) |
| Chair: Simone Salotti |
| On the Usefulness of Government Spending in the EU Area, Luigi Marattin (University of Bologna) and Simone Salotti (National University of Ireland Galway) |
| Discussant: Gilles Dufrenot |
| External Rebalancing in the Euro Zone: Do Structural Reforms Help? Lukas Vogel (European Commission) |
| Discussant: Francesca Maria D'Auria |
| Self-financing of Fiscal Measures in the EU, Francesca Maria D'Auria (European Commission) |
| Discussant: Lukas Vogel |
| Anticipated Macroeconomic Fundamentals, Sovereign Spreads and Regime-switching: The Case of the Euro Area, Olivier Damette (BETA and ERUDITE), Gilles Dufrenot (Banque de France, CEPII and DEFI) and Philippe Froute (Banque de France and EconomiX) |
| Discussant: Simone Salotti |
| Parallel Session 4B: Financial Crises II |
| 17:00-19:00 (Lecture Room: A2-3 ) |
| Chair: Leila Ali |
| Global Crises: A Network Perspective, Leila Ali (University of Poitiers-CRIEF MOFIB) |
| Discussant: Ricardo Magalhaes Sousa |
| Anxious Periods and Bank Lending, Manthos D. Delis (University of Ioannina), Georgios P. Kouretas (Athens University of Economics and Business) and Christos Tsoumas (University of Piraeus) |
| Discussant: Bonghan Kim |
| Spillover Effects of the US Financial Crisis on Financial Markets, Bonghan Kim (Kongju National University) and Hyeongwoo Kim (Auburn University) |
| Discussant: Christos Tsoumas |
| Wealth, Labour Income, Stock Returns and Government Bond Yields, and Financial Stress in the Euro Area, Ricardo Magalhaes Sousa (London School of Economics) |
| Discussant: Leila Ali |
| Parallel Session 4C: Monetary Theory and Policy II |
| 17:00-19:00 (Lecture Room: A3-2 ) |
| Chair: Jihéne Bousrih |
| Degree of Openness and Inflation Targeting Policy: Model of a Small Open Economy, Jihéne Bousrih (University of Rennes 1- CREM) |
| Discussant: Muhammad Naveed Tahir |
| Loss-aversion and the Transmission of Monetary Policy, Edoardo Gaffeo (University of Trento), Ivan Petrella (Katholieke Universiteit Leuven), Damjan Pfajfar (University of Tilburg) and Emiliano Santoro (University of Copenhagen and Catholic University in Milan) |
| Discussant: Mirjana Palic |
| Estimating the Impact of the Balassa-Samuelson in Central and South Eastern European Countries: Revised Analysis, Mirjana Palic (National Bank of Serbia) |
| Discussant: Damjan Pfajfar |
| Inflation Targeting, Asset Prices and Financial Globalization, Muhammad Naveed Tahir (University Lyon 2 & Groupe d'Analyse et de Theorie Economique (GATE)) |
| Discussant: Jihéne Bousrih |
| Parallel Session 4D: Currency Union Economics |
| 17:00-19:00 (Lecture Room: A3-3 ) |
| Chair: Olga Kuznetsova |
| Robust Monetary Policy in the Micro-Founded Two-Country Model of the Currency Union, Olga Kuznetsova (State University Higher School of Economics of Moscow) |
| Discussant: Andrzej Toroj |
| Structural Reform and Transparency: Closed Economy and Monetary Union Analyses, Marcelo Sánchez (European Central Bank) |
| Discussant: Irem Zeyneloglu |
| Fiscal Policy under Alternative Fiscal Discipline Regimes in a Currency Union, Irem Zeyneloglu (Galatasaray University and Université de Strasbourg) |
| Discussant: Marcelo Sánchez |
| Rationality of Expectations: Another OCA Criterion? A DSGE Analysis, Andrzej Toroj (Ministry of Finance in Poland) |
| Discussant: Olga Kuznetsova |
| Parallel Session 4E: Financial Markets and Banking III |
| 17:00-19:00 (Lecture Room:A1-2 ) |
| Chair: Bo Larsson |
| Market Performance Effects on Pairs Trading Strategies: Evidences on Banks’ Equity Shares in Germany and Greece, Emmanouil Mavrakis (Technological Educational Institute of Crete) and Christos Alexakis (University of Piraeus) |
| Discussant: Bo Larsson |
| Sovereign Debt Markets in Light of the Shadow Economy, Raphael N. Markellos (Athens University of Economics and Business), Dimitris Psychoyios (University of Piraeus) and Vassilis Tsilibis (Athens University of Economics and Business) |
| Discussant: Sonia Ondo Ndong |
| Rethinking the Regulatory Reform: the Complementarity between Capital and Liquidity Regulations, Sonia Ondo Ndong (University of Paris West Nanterre La Defense, EconomiX), Laurence Scialom (University of Paris West Nanterre La Defense, EconomiX) and Peixin Zhang (University of Paris West Nanterre La Defense, EconomiX) |
Discussant: John Beirne |
| Is There a Speculative Bubble in the Price of Gold? Jedrzej Pawel Bialkowski (University of Canterbury),Jedrzej Pawel Bialkowski (University of Canterbury), Martin T. Bohl (Westphalian Wilhelminian University of Muenster), Patrick Maurice Stephan (Westphalian Wilhelminian University of Muenster) and Tomasz Piotr Wisniewski (University of Leicester) |
| Discussant: Dimitris Psychoyios |
| Dynamic Banking in Continuous Time, Bo Larsson (Stockholm University and Dalarna University) and Hans Wijkander (Stockholm University) |
| Discussant: Emmanouil Mavrakis |
| 20:30: Welcome Reception and Gala Dinner at THEARTEMIS PALACE HOTEL |
| Friday, May 27th, 2011 |
| Parallel Session 5A: Journal of International Money and Finance I |
| 9:00-11:00 (Lecture Room: A2-2 ) |
| Chair: Maurice Obstfeld |
| Interdependence of Fiscal Debt in a Monetary Union, Maria Demertzis (De Nederlandsche Bank and University of Amsterdam) and Nicola Viegi (University of Pretoria and ERSA) |
| Discussant: Maurice Obstfeld |
| Does the ECB Act as a Lender of Last Resort During the Subprime Lending Crisis?: Evidence from a Regime Switching Taylor Rule Model, Stefan Eichler (Technische Universitaet Dresden) and Kai Hielscher (Helmut-Schmidt-University Hamburg, Institute of Economics) |
| Discussant: John Geanakoplos |
| Sovereign Bond Yield Spreads: A Time Varying Coefficient Approach, Kerstin Bernoth (DIW Berlin) and Burcu Erdogan (DIW Berlin) |
| Discussant: Dominik Maltritz |
| Parallel Session 5B: Central Bank Interventions |
| 9:00-11:00 (Lecture Room: A2-3 ) |
| Chair: Martin Mandler |
| Explaining ECB and Fed Interest Rate Correlation: Economic Interdependence and Optimal Monetary Policy, Martin Mandler (University of Giessen) |
| Discussant: Vitor Castro |
| New Evidence on the Effectiveness of ‘Quantitative Easing’ and the Accountability of the Central Bank in Japan, Richard A. Werner (University of Southampton) and Kostas Voutsinas (University of Southampton) |
| Discussant: Paul Hubert |
| Policy Implications of Central Bank Influence from Superior Forecasts, Paul Hubert (Sciences Po - OFCE) |
| Discussant: Richard A. Werner |
| How Do Central Banks React to Wealth Composition and Asset Prices? Vitor Castro (University of Coimbra) and Ricardo Sousa (University of Minho) |
| Discussant: Martin Mandler |
| Parallel Session 5C: Macroeconomic Theory and Policy III |
| 9:00-11:00 (Lecture Room:A3-2 ) |
| Chair: Michal Rubaszek |
| Life-cycle Determinants of Credit to Households, Michal Rubaszek (National Bank of Poland and Warsaw School of Economics) and Dobromil Serwa (National Bank of Poland and Warsaw School of Economics) |
| Discussant: Carmine Trecroci |
| Human Capital, Gender Education and Foreign Direct Investment, Constantina Kottaridi (University of Peloponnese), Konstantinos Nikolopoulos (University of Peloponnese) and Georgios Pantelopoulos (University of Peloponnese) |
| Discussant: Zuzana Irsova |
| Which Foreigners Are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI, Tomas Havranek (Czech National Bank) and Zuzana Irsova (Charles University) |
| Discussant: Georgios Pantelopoulos | Funding Conditions, Asset Prices, and Macroeconomic Dynamics: Some U.S. Evidence, Carmine Trecroci (Brescia University) and Matilde Vassalli (Brescia University) |
| Discussant: Mohanad Ismael |
| Parallel Session 5D: Growth and Development II |
| 9:00-11:00 (Lecture Room: A3-3 ) |
| Chair: Stephen G. Hall |
| A Statistical Test of City Growth: Location, Increasing Returns and Random Growth, Rafael Gonzalez-Val (Universitat de Barcelona & Institut d'Economia de Barcelona (IEB)) and Jose Olmo (CUD & City University London) |
| Discussant: Sotiris Karkalakos |
| Products, Patents and Productivity Persistence: A DSGE Model of Endogenous Growth, Tom Holden (University of Oxford) |
| Discussant: Stephen G.Hall |
| Polycentric Dimensions of Economic Growth: Evidence from Spatial, Economic and Social Effects, Sotiris Karkalakos (University of Piraeus), Nikos Benos (University of Ioannina) and Stelios Karagiannis (Centre of Planning and Economic Research) |
| Discussant: Rafael Gonzalez-Val |
| 11:00-11:30: Coffee break |
| KEYNOTE SPEECH - THE EFG EUROBANK PLENARY SESSION |
| 11:30-13:00 (Alexandropoulos Amphitheatre) |
| Chair: Georgios P. Kouretas (Athens University of Economics and Business) |
| Maurice Obstfeld (University of California at Berkeley): |
| Financial Crisis, Global Imbalances, and the International Monetary System |
| 13:00-14:00: Lunch |
| KEYNOTE SPEECH - THE UNIVERSITY OF CRETE PLENARY SESSION |
| 14:00-15:30 (Alexandropoulos Amphitheatre) |
| Chair: Andreas Yannopoulos (University of Crete) |
| John Geanakoplos (Yale University): |
| The Leverage Cycle and Forgiveness |
| 15:30-16:00: Coffee break |
| Parallel Session 6A: Journal of International Money and Finance II |
| 16:00-18:00 (Lecture Room:A2-2 ) |
| Chair: James R. Lothian |
| The Greek Financial Crisis: Growing Imbalances and Sovereign Spreads, Heather D. Gibson (Bank of Greece), Stephen G. Hall (University of Leicester) and George S. Tavlas (Bank of Greece) |
| Discussant: James R. Lothian |
| The EONIA Spread Before and During the Crisis of 2007 to 2009: The Role of Liquidity and Credit Risk, John Beirne (European Central Bank) |
| Discussant: Mike Melvin |
| Loan Supply Shocks During the Financial Crisis: Evidence for the Euro Area, Nikolay Hristov (Ifo Institute for Economic Research Munich), Oliver Huelsewig (University of Applied Science Munich) and Timo Wollmershaeuser (Ifo Institute for Economic Research Munich) |
| Discussant: Sebastien Walti |
| Why Has Trust in the European Central Bank Fallen so Much during the Crisis? Sebastien Walti (Swiss National Bank) |
| Discussant: Nikolay Hristov |
| Parallel Session 6B: Growth and Development III |
| 16:00-18:00 (Lecture Room:A2-3 ) |
| Chair: Timo Boppart |
| Structural Change and the Kaldor Facts in a Growth Model with Relative Price Effects and Non-Gorman Preferences, Timo Boppart (University of Zurich) |
| Discussant: Marina-Selini Katsaiti |
| Financial Development and Economic Growth in Latin America: Is Schumpeter Right?, Manoel Bittencourt (University of Pretoria) |
| Discussant: Doris Oberdaberni |
| The Effects of Structural Adjustment Programs on Poverty and Income Distribution, Doris Oberdabernig (Vienna University of Economics and Business) |
| Discussant: Manoel Bittencourt |
| Fiscal Performance and Growth: Do Institutions matter? Amany El Anshansy (United Arab Emirates University) and Marina-Selini Katsaiti (United Arab Emirates University) |
| Discussant: Timo Boppart |
| Parallel Session 6C: Stock Markets II |
| 16:00-18:00 (Lecture Room: A3-2 ) |
| Chair: Ekaterini Panopoulou |
| Fama French Factors and US Stock Return Predictability, Ekaterini Panopoulou (University of Piraeus) and Sotiria Plastira (University of Piraeus) |
| Discussant: Eirini Konstantinidi |
| Market Uncertainty, Macroeconomic Expectations and the European Sovereign Bond Spreads, Dimitris A. Georgoutsos (Athens University of Economics & Business) and Petros M. Migiakis (Bank of Greece) |
| Discussant: Janne Aijo |
| Short- and Long-run Performance of Value and Growth IPOs: New Evidence from Finland, Teemu Hahl (SEB Gyllenberg), Sami Vahamaa (University of Vaasa) and Janne Aijo (University of Vaasa) |
| Discussant: Petros M. Migiakis |
| Volatility Spillovers and the Effect of News Announcements, George Jiang (University of Arizona), Eirini Konstantinidi (Xfi Centre for Finance and Investment and University of Exeter) and George Skiadopoulos (University of Piraeus) |
| Discussant: Ekaterini Panopoulou |
| Parallel Session 6D: Monetary Theory and Policy III |
| 16:00-18:00 (Lecture Room: A3-3 ) |
| Chair: Christian Heeboell-Christensen |
| Financial Instability, Credit Cycles and Monetary Policy, Christian Heeboell-Christensen (University of Copenhagen) |
| Discussant: Samuel Gil Martín |
| Does Monetary Policy Transparency Affect Financial Assets Stability? Stephanos Papadamou (University of Thessaly), Moïse Sidiropoulos (Aristotle University of Thessaloniki) and Eleftherios Spyromitros (University of Strasbourg BETA and Democritus University of Thrace) |
| Discussant: Konstantinos Mavromatis |
| Markov Switching Monetary Policy in a Two-country DSGE Model, Konstantinos Mavromatis (University of Warwick and Warwick Business School, Finance Group) |
| Discussant: Eleftherios Spyromitros |
| The Optimum Quantity of Money in a NEoclassical Model with Idiosyncratic Risk, Samuel Gil Martín (Universidad Autónoma San Luis Potosí) |
| Discussant: Christian Heeboell-Christensen |
| Parallel Session 6E: Financial Crises III |
| 16:00-18:00 (Lecture Room: A1-2 ) |
| Chair: Dimitrios Petros Louzis |
| Measuring and Forecasting Market Risk during Financial Distress: The Role of Intra-Day Information, Dimitrios Petros Louzis (Athens University of Economics and Business and Bank of Greece) and Spyros Xanthopoulos (Athens University of Economics and Business) |
| Discussant: Vanja Piljak |
| Volatility Patterns of CDS, Bond and Stock Markets before and during the Financial Crisis: Evidence from Major Financial Institutions, Ansgar H. Belke (University of Duisburg-Essen, DIW Berlin and IZA Bonn) and Christian Gokus (University of Duisburg-Essen) |
| Discussant: Richhild Moessner |
| Banking Crises and the International Monetary System in the Great Depression and Now, Richhild Moessner (Bank for International Settlements) and William Allen (Cass Business School) |
| Discussant: Ansgar H. Belke |
| Integration of the European Frontier Emerging Stock Markets: Effects of the 2008/2009 Financial Crisis, Jussi Nikkinen (University of Vaasa), Vanja Piljak (University of Vaasa) and Timo Rothovius (University of Vaasa) |
| Discussant: Dimitrios Petros Louzis |
| Saturday, May 28th, 2011 |
| Parallel Session 7A: Journal of International Money and Finance III |
| 9:00-11:00 (Lecture Room: A2-2 ) |
| Chair: Kerstin Bernoth |
| Transmission of the Financial and Sovereign Debt Crises to the EMU: Stock Prices, CDS Spreads and Exchange Rates, Theoharry Grammatikos (University of Luxembourg) and Robert Vermeulen (De Nederlandsche Bank) |
| Discussant: Robert G. King |
| Credit Ratings and the Euro Area Sovereign Debt Crisis, Davide Furceri (OECD), Antonio Afonso (European Central Bank) and Pedro Gomez (Universidad Carlos III de Madrid) |
| Discussant: Helen Ray |
| Determinants of Default Risk in the Eurozone: A Bayesian Approach, Dominik Maltritz (University of Erfurt) |
| Discussant: Kerstin Bernoth |
| Parallel Session 7B: Prices and Inflation II |
| 9:00-11:00 (Lecture Room: A2-3 ) |
| Chair: Aleksander Welfe |
| Inflation and the Influence of Taxes, Michał Majsterek (University of Lodz) and Aleksander Welfe (University of Lodz) |
| Discussant: Filip Matejka |
| Food Price Pass-through in the Euro Area: The Role of Asymmetries and Non-Linearities, Gianluigi Ferrucci (European Central Bank), Luca Onorante (European Central Bank) and Rebeca Jimenez-Rodriguez (University of Salamanca) |
| Discussant: Giovanni Di Bartolomeo |
| The Optimal Inflation Rate Revisited, Giovanni Di Bartolomeo (University of Teramo), Patrizio Tirelli (Univerity of Milan Bicocca) and Nicola Acocella (Sapienza Univerity of Rome) |
| Discussant: Luca Onorante |
| Ratioally Inattentive Seller: Sales and Discrete Pricing, Filip Matejka (CERGE-EI) |
| Discussant: Aleksander Welfe |
| Parallel Session 7C: EU Economics II |
| 9:00-11:00 (Lecture Room: A3-2 ) |
| Chair: Massimo Giuliodori |
| From First-Release to Ex-Post Fiscal Data: Exploring the Sources of Revision Errors in the EU, Roel Beetsma (University of Amsterdam), Benjamin Bluhm (Goethe University Frankfurt), Massimo Giuliodori (University of Amsterdam) and Peter Wierts (De Nederlandsche Bank) |
| Discussant: Yannis Panagopoulos |
| Bank Interest Rate Pass-through in the Eurozone: Monetary Policy Transmission during the Boom and since the Financial Crash, Christophe Blot (OFCE) and Fabien Labondance (FUCaM-LSM-Université de Grenoble) |
| Discussant: Kostas Mouratidis |
| Estmating Monetary Policy Preferences of the ECB and the BOE, Kostas Mouratidis (University of Sheffield) |
| Discussant: Fabien Labondance |
| Is the Eurozone Homogeneous and Symmetric? An Interest Rate Pass-through Approach before and during the Recent Financial Crisis, Yannis Panagopoulos (Centre for Planning and Economic Research, Athens) and Aristotelis Spiliotis (Technological Educational Institutes of Athens and Piraeus) |
| Discussant: Massimo Giuliodori |
| Parallel Session 7D: Exchange Rate Economics II |
| 9:00-11:00 (Lecture Room: A3-3 ) |
| Chair: Robert Kelm |
| The Polish Zloty / Euro Exchange Rate under Free Float: An Econometric Investigation, Robert Kelm (National Bank of Poland) |
| Discussant: Patrick Maurice Stephan |
| An Empirical Study of Exchange Rate Pass-through in China, Xiaowen Jin (University of Munich) |
| Discussant: Ifigeneia Skotida |
| Political Competition and the Growth Impact of Exchange Rate Regimes: An Empirical Investigation, Sarantis Kalyvitis (Athens University of Economics and Business) and Ifigeneia Skotida (Bank of Greece) |
| Discussant: Xiaowen Jin |
| 11:00-11:30: Coffee break |
| KEYNOTE SPEECH - THE UNIVERSITY OF CRETE PLENARY SESSION |
| 11:30-13:00 (Alexandropoulos Amphitheatre) |
| Chair: James R. Lothian (Journal of International Money and Finance) |
| Helen Rey (London Business School): |
| Exorbitant Privilege and Exorbitant Duty |
| 13:00-14:00: Lunch |
| KEYNOTE SPEECH - THE BANK OF GREECE PLENARY SESSION |
| 14:00-15:30 (Alexandropoulos Amphitheatre) |
| Chair: Athanasios P. Papadopoulos (University of Crete) |
| Pierpaolo Benigno (LUISS Guido Carli University): |
| Risk, Monetary Policy and the Exchange Rate |
| 15:30-16:00: Coffee break |
| Parallel Session 8A: EU Economics III |
| 16:00-18:00 (Lecture Room: A2-2 ) |
| Chair: Nikolaos Giannellis |
| Nonlinearity and Inflation Rate Differential Persistence: Evidence from the Eurozone, Nikolaos Giannellis (University of Ioannina) |
| Discussant: Václav Ždárek |
| Has the CDS Market Influenced the Borrowing Cost of European Countries during the Sovereign Crisis? Anne-Laure Delatte (Rouen Business School), Mathieu Gex (Banque de France) and Antonia Lopez-Villavicencio (CEPN-CNRS, University of Paris North) |
| Discussant: Claude Lopez |
| Are the Euro Area Inflation Rates Misaligned? Claude Lopez (Banque de France) and David Papell (University of Houston) |
| Discussant: Anne-Laure Delatte |
| Empirical Tests of the Relative PPP Hypothesis in New EU Member States: ‘An Old Story and Old Problems’? Václav Ždárek (CES VSEM) |
| Discussant: Nikolaos Giannellis |
| Parallel Session 8B: Business Cycles II |
| 16:00-18:00 (Lecture Room: A2-3 ) |
| Chair: George Filis |
| Time-varying Business Cycles Synchronisation in Europe, George Filis (University of Portsmouth), David Duffy (University of Portsmouth) and Stavros Degiannakis (University of Portsmouth) |
| Discussant: Marcin Kolasa |
| Business Cycle Convergence in EMU: A Second Look at the Second Moment, Octavio Fernandez-Amador (Johannes Kepler University Linz) and Jesus Crespo-Cuaresma (WU-Wien) |
| Discussant: Styliani Christodoulopoulou |
| The Effect of Currency Unions on Business Cycle Correlations: The EMU Case, Styliani Christodoulopoulou (European Central Bank) |
| Discussant: Octavio Fernandez-Amador |
| Can We Prevent Boom-bust Cycles during Euro Area Accession? Michal Brzoza-Brzezina (National Bank of Poland and Warsaw School of Economics), Pascal Jacquinot (European Central Bank) and Marcin Kolasa (National Bank of Poland and Warsaw School of Economics) |
| Discussant: George Filis |
| Parallel Session 8C: Labour Markets |
| 16:00-18:00 (Lecture Room: A3-2 ) |
| Chair: Nicola Acocella |
| Fluctuations, Labor Markets and Financial Shocks, Nicola Acocella (Sapienza University of Rome), Giovanni Di Bartolomeo (University of Teramo), Alessandra Pelloni (University of Rome Tor Vergata) and Laura Bisio (Sapienza University of Rome) |
| Discussant: Nathalie Chusseau |
| Taxes, Natural Resource Endowment, and the Supply of Labor: New Evidence, Weshah Razzak (API) and Belkacem Laabas (API) |
| Discussant: Matthias Strifler |
| Labor Unions and Fairness - A New Perspective on the Wage-Setting Process, Matthias Strifler (University of Hohenheim) and Thomas Beissinger (University of Hohenheim and IZA Bonn) |
| Discussant: Weshah Razzak |
| Is There a Country-specific Trade-off between Wage Inequality and Unemployment? Nathalie Chusseau (EQUIPPE and MESHS-CNRS Univ. of Lille 1), Michel Dumont (Belgian Federal Planning Bureau), Joel Hellier (EQUIPPE and MESHS, Univ. of Lille 1 and LEMNA, Univ. of Nantes) and Glenn Rayp (SHERPPA, University of Gent) |
| Discussant: Nicola Acocella |
| Parallel Session 8D: Emerging Economies II |
| 16:00-18:00 (Lecture Room: A3-3 ) |
| Chair: Olgica Ivančev |
| Complexity of Growth: The West Balkans v. Emerging Europe, Kosta Josifidis (University of Novi Sad), Radmila Dragutinović Mitrović (University of Belgrade) and Olgica Ivančev (University of Novi Sad) |
| Discussant: Dilyana Dimova |
| A Simple Model of Monetary Policy with Sterilised Intervention in an Emerging Market Economy, Sharmila Devadas (University of Nottingham) |
| Discussant: Inci Gumus |
| The Effect of Macroeconomic Shocks on a Small Open Economy with Financial Accelerator: Lessons for Eastern Europe, Dilyana Dimova (University of Oxford) |
| Discussant: Olgica Ivančev |
| Parallel Session 8E: Exchange Rate Economics III |
| 16:00-18:00 (Lecture Room: A1-2 ) |
| Chair: Sebastian E.V. Werner |
| Has the Euro Affected the Choice of Invoicing Currency? Sebastian E.V. Werner (Tilburg University) and Jenny E. Ligthart (Tilburg University) |
| Discussant: Jean-Yves Gnabo |
| Carry Trade Activities: A Multivariate Threshold Model Analysis, Matthias Gubler (University of Basel) |
| Discussant: Seongman Moon |
| The Forward Discount Puzzle: Identification of Economic Assumptions, Seongman Moon (Universidad Carlos III de Madrid) and Carlos Velasco (Universidad Carlos III de Madrid) |
| Discussant: Matthias Gubler |
| Do Jumps Mislead the FX Market? Jean-Yves Gnabo (FUNDP-Université de Namur), Jérôme Lahaye (Université Catholique de Louvainr), Sébastien Laurent (University of Lausanne) and Christelle Lecourt (FUNDP-Maastricht University) |
| Discussant: Sebastian E.V. Werner |
| 18:30: SHORT EXCURSION AND FAREWELL DINNER AT A TRADITIONAL VILLAGE |