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 (IMF)
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
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
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
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
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