| Final Programme |
| Thursday, May 30th, 2013 |
| 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: Jan-Oliver Menz |
| Using Micro Data on Prices to Improve Business Cycle Models, Engin Kara (University of Bristol) |
| Discussant: Luca Onorante |
| Assessing shocks to inflation expectations in a data rich environment, Lucia Alessi (European Central Bank) and Luca Onorante (European Central Bank) |
| Discussant: Lena Dräger |
| Microdata Evidence for Imperfect Information in Inflation Expectations, Lena Dräger (University of Hamburg) and Michael J. Lamla (ETH Zurich, KOF Swiss Economic Institute) |
| Discussant: Jan-Oliver Menz |
| Households' Disagreement on Inflation Expectations and Socioeconomic Media Exposure in Germany, Jan-Oliver Menz (Deutsche Bundesbank) and Philipp Poppitz (Universität Hamburg) |
| Discussant: Engin Kara |
| Parallel Session 1B: Macroeconomic Theory and Policy I |
| 11:00-13:00 (Lecture Room: A2-3) |
| Chair: Maren Froemel |
| Optimal Monetary and Fiscal Policy: The Role of Substitutability between Private and Public Consumption, Matthias Burgert (Goethe University Frankfurt) and Sebastian Schmidt (European Central Bank) |
| Discussant: Dimitrios Bermperoglou |
| Spending-based austerity measures and their effects on output and unemployment, Dimitrios Bermperoglou (Universitat Autonoma de Barcelona), Evi Pappa (European University Institute), and Eugenia Vella (Athens University of Economics and Business) |
| Discussant: Pedro Gomes |
| The Effects of Government Spending: A Disaggregated Approach, Matthias Burgert (Goethe University Frankfurt) and Pedro Gomes (Universidad Carlos III de Madrid) |
| Discussant: Maren Froemel |
| Imperfect Financial Market, External Debt, and the Cyclicality of Social Transfers, Maren Froemel (European University Institute and Universitaet Konstanz) |
| Discussant: Matthias Burgert |
| Parallel Session 1C: Fiscal Policy I |
| 11:00-13:00 (Lecture Room: A3-2) |
| Chair: Francesco Pappada |
| Fiscal policy rules and current account adjustment, Bernhard Herz (University of Bayreuth), Stefan Hohberger (University of Bayreuth), and Lukas Vogel (European Commission) |
| Discussant: Atanas Hristov |
| The Effects of Fiscal Policy on Consumption in Good and Bad Times, Atanas Hristov (Ifo Institute for Economic Research at the University of Munich) |
| Discussant: Francesco Pappada |
| Austerity Plans and Tax Evasion, Francesco Pappada (University of California Berkeley and Universite de Lausanne) and Yanos Zylberberg (Center for Research in International Economics (CREI Barcelona)) |
| Discussant: Stefan Hohberger |
| Parallel Session 1D: European Union Economics I |
| 11:00-13:00 (Lecture Room: A3-3) |
| Chair: Minoas Koukouritakis |
| Was there a "Greenspan conundrum" in the Euro area ?, Gildas Lame (National Institute of Statistics and Economic Studies-Center for Research in Economics and Statistics (INSEE-CREST)) |
| Discussant: Nikolay Hristov |
| The Interest Rate Pass-Through in the Euro Area During the Global Financial Crisis, Nikolay Hristov (CESifo and Ifo Institute - Leibniz Institute for Economic Research at the University of Munich), Oliver Huelsewig (CESifo and University of Applied Sciences Munich), and Timo Wollmershaeuser (CESifo, Ludwig-Maximilians-Universitaet Muenchen and Ifo Institute) |
| Discussant: Gildas Lame |
| Feeding the Global VAR with theory: Are German wage markups responsible for European imbalances?, Timo Bettendorf (University of Kent) |
| Discussant: Minoas Koukouritakis |
| Linkages between the Eurozone and the South-Eastern European Countries: A VECMX* Analysis, Minoas Koukouritakis (University of Crete), Athanasios P. Papadopoulos (University of Crete), and Andreas Yannopoulos (University of Crete) |
| Discussant: Timo Bettendorf |
| 13:00-14:00: Lunch |
| Parallel Session 2A: Macroeconomic Theory and Policy II |
| 14:00-16:00 (Lecture Room: A2-2) |
| Chair: Leonor Coutinho |
| Spillovers in a New Keynesian Continuous Time Framework with Financial Markets, Britta Niehof (University of Marburg) and Bernd Hayo (University of Marburg) |
| Discussant: Michael Bergman |
| Do Sound Public Finances Require Fiscal Rules or is Market Pressure Enough?, Michael Bergman (University of Copenhagen), Michael Hutchison (University of California, Santa Cruz), and Svend E. Hougaard Jensen (Copenhagen Business School) |
| Discussant: Britta Niehof |
| Strategic Interactions and Contagion Effects under Monetary Unions, Giovanni Di Bartolomeo (University of Rome Sapienza), Paolo Canofari (University of Rome Tor Vergata), and Giovanni Piersanti (University of Teramo) |
| Discussant: Leonor Coutinho |
| The euro area periphery and the rest-of-the-world: a DSGE approach, Leonor Coutinho (University of Cyprus and Europrism) |
| Discussant: Giovanni Di Bartolomeo |
| Parallel Session 2B: Financial Markets I |
| 14:00-16:00 (Lecture Room: A2-3) |
| Chair: Pinar Uysal |
| Capital Flows and Macroprudential Policies – A Multilateral Assessment of Effectiveness and Risks, John Beirne (European Central Bank) and Christian Friedrich (Graduate Institute for International and Development Studies) |
| Discussant: Isabella Blengini |
| Foreign Currency Debt and Expectations, Isabella Blengini (University of Lausanne) |
| Discussant: Pinar Uysal |
| Can Equity Volatility Explain the Global Loan Pricing Puzzle?, Lewis W. Gaul (Office of the Comptroller of the Currency) and Pinar Uysal (École polytechnique fédérale de Lausanne (EPFL)) |
| Discussant: John Beirne |
| Parallel Session 2C: Exchange Rate Economics I |
| 14:00-16:00 (Lecture Room: A3-2) |
| Chair: Rajeswari Sengupta |
| Dynamic Estimation of Trade Costs from Real Exchange Rates, Efthymios Pavlidis ( Lancaster University Management School) and Nicos Pavlidis (Lancaster University Management School) |
| Discussant: Rajeswari Sengupta |
| International Financial Integration, Credit Frictions and Exchange Rate Regimes, Mara Pirovano (University of Antwerp and Catholic University of Leuven) |
| Discussant: Ivan Paya |
| A New Test for Rational Speculative Bubbles using Forward Exchange Rates: The Case of the Interwar German Hyperinflation, Efthymios Pavlidis (Lancaster University), Ivan Paya (Lancaster University), and David Peel (Lancaster University) |
| Discussant: Mara Pirovano |
| Impact of Exchange Rate Movements on Exports: An Analysis of Indian Non-Financial Sector Firms, Yin-Wong Cheung (City University of Hong Kong) and Rajeswari Sengupta (Institute for Financial Management and Research, India) |
| Discussant: Efthymios Pavlidis |
| Parallel Session 2D: Economic Growth and Development I |
| 14:00-16:00 (Lecture Room: A3-3) |
| Chair: Hwan C. Lin |
| Innovation-oriented behavior and its implications for organizational absorptive capacity, KEFI Mohamed Karim (ISTEC Paris) and BENCHERQUI Dominique (ISTEC Paris) |
| Discussant: Katja Drechsel |
| Outperforming IMF Forecasts by Using Leading Indicators - Evidence for Country Aggregates, Katja Drechsel (Halle Institute for Economic Research) and Sebastian Giesen (Halle Institute for Economic Research) |
| Discussant: Constantine Angyridis |
| Endogenous Growth with Public Capital and Progressive Taxation, Constantine Angyridis (Ryerson University) |
| Discussant: Hwan C. Lin |
| Switching from Patents to an Intertemporal Bounty in a Non-Scale Growth Model: Transitional Dynamics and Welfare Evaluation, Hwan C. Lin (University of North Carolina at Charlotte) |
| Discussant: KEFI Mohamed Karim |
| 16:00-16:30: Coffee break |
| Parallel Session 3A: Prices and Inflation II |
| 16:30-18:30 (Lecture Room: A2-2) |
| Chair: Ozlem Inanc-Tuncer |
| Economic Policy Uncertainty, Trust and Inflation Expectations, Klodiana Istrefi (Goethe University Frankfurt) and Anamaria Piloiu (Goethe University Frankfurt) |
| Discussant: Nicola Acocella |
| Optimal trend inflation, Nicola Acocella (Sapienza University of Rome) |
| Discussant: Tom Lähner |
| Regional House Price Dynamics and Dissenting Votes in the FOMC, Tom Lähner (Technische Universität Dresden) and Stefan Eichler (Technische Universität Dresden) |
| Discussant: Ozlem Inanc-Tuncer |
| Seller Heterogeneity and Prices, Ozlem Inanc-Tuncer (Isik University) |
| Discussant: Klodiana Istrefi |
| Parallel Session 3B: Financial Markets II |
| 16:30-18:30 (Lecture Room: A2-3) |
| Chair: Roman Horvath |
| Trading in option contracts before large price changes:, Emilios Galariotis (Audencia Management School), Wu Rong (University of Durham), and Spyros Spyrou (Athens University of Economics and Business) |
| Discussant: Martin Kuncl |
| Securitization under Asymmetric Information over the Business Cycle, Martin Kuncl (Center for Economic Research and Graduate Education - Economics Institute) |
| Discussant: Konstantinos Drakos |
| A dynamic gravity model for global bilateral investment holdings, Konstantinos Drakos (Athens University of Economics and Business), Ekaterini Kyriazidou (Athens University of Economics and Business), Polycarpou Ioannis (Athens University of Economics and Business) |
| Discussant: Roman Horvath |
| Central Bank Transparency and Financial Stability: Measurement, Determinants and Effects, Roman Horvath (Charles University) and Dan Vasko (Charles University) |
| Discussant: Spyros Spyrou |
| Parallel Session 3C: Financial Econometrics |
| 16:30-18:30 (Lecture Room: A3-2) |
| Chair: Dimitris Gavalas |
| Long memory in log-range series: Do structural breaks matter?, Vasiliki I. Chatzikonstanti (University of Patras) and Ioannis A. Venetis (University of Patras) |
| Discussant: Kieran James Walsh |
| The Double Power Law in Consumption and Implications for Estimating Asset Pricing Models, Kieran James Walsh (Yale University) and Alexis Akira Toda (Yale University) |
| Discussant: Wenjuan Chen |
| Are There Bubbles in the Sterling-dollar Exchange Rate? New Evidence from Sequential ADF Tests, Timo Bettendorf (University of Kent) and Wenjuan Chen (Free University of Berlin) |
| Discussant: Dimitris Gavalas |
| Integration of different collaterals in a sustainable manner: a Multi Criteria Decision Approach, Dimitris Gavalas (University of the Aegean) and Theodore Syriopoulos (University of the Aegean) |
| Discussant: Vasiliki I. Chatzikonstanti |
| Parallel Session 3D: Global Financial Crisis |
| 16:30-18:30 (Lecture Room: A3-3) |
| Chair: Borek Vasicek |
| Price Effects of Sovereign Debt Auctions in the Euro-zone: The Role of the Crisis, Massimo Giuliodori (University of Amstedam), Roel Beetsma (University of Amstedam), Frank de Jong (University of Tilburg), and Daniel Widijanto (BNG Vermogensbeheer) |
| Discussant: Jan Winiecki |
| The Crisis behind Present Crises: A Westerdaemmerung Perspective, Jan Winiecki (National Bank of Poland and University of Information Technology and Management (Rzeszow)) |
| Discussant: Alain Schlaepfer |
| Macroeconomic Stabilization and the Magnitude of Financial Crises, Alain Schlaepfer (Universitat Pompeu Fabra) |
| Discussant: Borek Vasicek |
| Banking, Debt and Currency Crises: Early Warning Indicators for Developed Countries, Jan Babecky (Czech National Bank), Tomas Havranek (Czech National Bank), Jakub Mateju (Czech National Bank), Marek Rusnak (Czech National Bank), Katerina Smidkova (Czech National Bank), and Borek Vasicek (Czech National Bank) |
| Discussant: Massimo Giuliodori |
| 20:30: Welcome Reception and Gala Dinner at THEARTEMIS PALACE HOTEL |
| Friday, May 31th, 2013 |
| Parallel Session 4A: Macroeconomic Dynamics I |
| 9:00-11:00 (Lecture Room: A2-2) |
| Chair: Jordi Gali |
| Nominal rigidities and the effects of government spending shocks, Francesca Maria D'Auria (European Commission) |
| Discussant: Andrea Colciago |
| A Growth Perspective of Foreign Reserve Accumulation in China, Gong Cheng (Sciences Po and Banque de France) |
| Discussant: Stefanie Flotho |
| Firm Entry, Endogenous Markups and the Dynamics of the Labor Share, Andrea Colciago (Dutch National Bank and University of Milano Bicocca) and Lorenza Rossi (University of Pavia) |
| Discussant: Francesca Maria D'Auria |
| Monetary and Fiscal Policy in a Monetary Union under the Zero Lower Bound constraint, Stefanie Flotho (University of Freiburg) |
| Discussant: Gong Cheng |
| Parallel Session 4B: Monetary Theory and Policy I |
| 9:00-11:00 (Lecture Room: A2-3) |
| Chair: Thanassis Kazanas |
| Announcements of Interest Rate Forecasts: Do Policymakers Stick to Them?, Nikola Mirkov (Universitat St.Gallen) and Gisle James Natvik (Norges Bank) |
| Discussant: Makram El-Shagi |
| Does Central Bank Staff Beat Private Forecasters, Makram El-Shagi (Halle Institute for Economic Research), Sebastian Giesen (Halle Institute for Economic Research), and Alexander Jung (European Central Bank) |
| Discussant: Robert Kirkby |
| The Case for Tax-Adjusted Inflation Targeting, Robert Kirkby (Universidad Carlos III de Madrid) |
| Discussant: Thanassis Kazanas |
| An open economy forward looking monetary policy rule model for Japan and its policy implications, Thanassis Kazanas (Athens University of Economics and Business and Centre of Planning and Economic Research (KEPE)) and Elias Tzavalis (Athens University of Economics and Business) |
| Discussant: Nikola Mirkov |
| Parallel Session 4C: Labour Economics |
| 09:00-11:00 (Lecture Room: A3-2) |
| Chair: Jan Babecky |
| Cyclicality of Real Wages in the USA and Germany: New Insights from Wavelet Analysis, Martyna Marczak (University of Hohenheim) and Victor Gomez (Ministry of Economy and Finance, Spain) |
| Discussant: Matthias Strifler |
| Internal Wage References and the Link among the Shape of the Wage Curve, the Level of Pay, and Wage Rigidity, Matthias Strifler (University of Jyväskylä) |
| Discussant: Giuseppe DIANA |
| Northern labor market flexibility and Southern employment in the EMU, Amelie BARBIER-GAUCHARD (Strasbourg University), Francesco De PALMA (Strasbourg University), and Giuseppe DIANA (Strasbourg University) |
| Discussant: Jan Babecky |
| Firm-Level Labour Demand: Adjustment in Good Times and During the Crisis, Jan Babecky (Czech National Bank), Kamil Galuscak (Czech National Bank), and Lubomir Lizal (Czech National Bank and Center for Economic Research and Graduate Education - Economic Institute) |
| Discussant: Martyna Marczak |
| Parallel Session 4D: Economic Growth and Development II |
| 9:00-11:00 (Lecture Room: A3-3) |
| Chair: Marina-Selini Katsaiti |
| Economic growth and inequality: evidence from the young democracies of South America, Manoel Bittencourt (University of Pretoria) |
| Discussant: Sophie Bereau |
| Debt Structure and Growth in Developing Countries, Sophie Bereau (Universite catholique de Louvain), Jean-Yves Gnabo (University of Namur), and Therese Quang (Universte de Paris Ouest) |
| Discussant: Yikai Wang |
| SUSTAINABILITY OF HIGH GROWTH IN OLIGRACHY, Yikai Wang (university of zurich) |
| Discussant: Marina-Selini Katsaiti |
| A Growth Model of Weight Preferences, Food Consumption and Public Policy, Evangelos V. Dioikitopoulos (Brunel University London), Marina-Selini Katsaiti (United Arab Emirates University), and Philip Shaw (Fordham University) |
| Discussant: Manoel Bittencourt |
| 11:00-11:30: Coffee break |
| KEYNOTE SPEECH - THE UNIVERSITY OF CRETE PLENARY SESSION I |
| 11:30-13:00 (Alexandropoulos Amphitheatre) |
| Chair: Minoas Koukouritakis (University of Crete) |
| George-Marios Angeletos (Massachussets Institute of Technology): |
| "Expectations and Fluctuations" |
| 13:00-14:00: Lunch |
| KEYNOTE SPEECH - THE NATIONAL BANK OF GREECE PLENARY SESSION |
| 14:00-15:30 (Alexandropoulos Amphitheatre) |
| Chair: Athanasios P. Papadopoulos (University of Crete) |
| Jordi Gali (Universitat Pompeu Fabra): |
| "Understanding the Gains from Wage Flexibility" |
| 15:30-16:00: Coffee break |
| Parallel Session 5A: Emerging Markets |
| 16:00-18:00 (Lecture Room: A2-2) |
| Chair: Yoke-Kee Eng |
| Modelling the Time Varying Determinants of Portfolio Flows to Emerging Markets, Marco Lo Duca (European Central Bank) |
| Discussant: Armand Fouejieu A. |
| Inflation Targeters Do Not Care (Enough) About Financial Stability: a Myth? Investigation on a Sample of Emerging Market Economies , Armand Fouejieu A. (Laboratoire d'Economie d'Orleans (LEO)) |
| Discussant: Yoke-Kee Eng |
| Rising China, anxious Asia? A Bayesian New Keynesian view, Chin-Yoong Wong (Universiti Tunku Abdul Rahman), Yoke-Kee Eng (Universiti Tunku Abdul Rahman), and Muzafar Shah Habibullah (Universiti Putra Malaysia) |
| Discussant: Marco Lo Duca |
| Parallel Session 5B: European Union Economics II |
| 16:00-18:00 (Lecture Room: A2-3) |
| Chair: Tobias Knedlik |
| Is the European sovereign crisis self-fulfilling? Empirical evidence about the drivers of market sentiments, Anne-laure Delatte (Rouen bs and ofce), Catherine Bruneau (University Paris 1), and Julien Fouquau (Rouen bs and paris Dauphine) |
| Discussant: Aurore Burietz |
| The Dyonisus tale of modern times: New evidence on the Greek debt crisis and its related costs, Aurore Burietz (IESEG School of Management and University of Picardie Jules Verne, CRIISEA) and Loredana Ureche-Rangau (University of Picardie Jules Verne, CRIISEA) |
| Discussant: Dramane Coulibaly |
| The Impact of Market Regulations on Intra-European Real Exchange Rates, Dramane Coulibaly (University of Paris Ouest) and Agnès Benassy (University Paris 1 and CESIfo) |
| Discussant: Tobias Knedlik |
| The European Commission’s Scoreboard of Macroeconomic Imbalances – The impact of preferences on an early warning system, Tobias Knedlik (Halle Institute for Economic Research) |
| Discussant: Anne-laure Delatte |
| Parallel Session 5C: Monetary and Theory and Policy II |
| 16:00-18:00 (Lecture Room: A3-2) |
| Chair: Konstantinos Mavromatis |
| Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence, Michael Bordo (Rutgers University) and John Landon-Lane (Rutgers University) |
| Discussant: Huw D. Dixon |
| Sectoral shocks and monetary policy in the United Kingdom, Huw D. Dixon (Cardiff Business School) |
| Discussant: Jean-Yves Gnabo |
| Risk management, nonlinearity and aggressiveness in monetary policy: the case of the US Fed, Jean-Yves Gnabo (University of Namur) and Diego Moccero (European Central Bank) |
| Discussant: Konstantinos Mavromatis |
| US Fiscal Regimes and Optimal Monetary Policy, Konstantinos Mavromatis (University of Amsterdam) |
| Discussant: John Landon-Lane |
| Parallel Session 5D: Financial Markets III |
| 16:00-18:30 (Lecture Room: A3-3) |
| Chair:Juuso Vataja |
| Revealing market animal spirits of the Euro-area sovereign debt crisis using a generalised loss function: the role of fiscal rules and fiscal institutions, Emmanuel Mamatzakis (University of Sussex) |
| Discussant: Stefan Eichler |
| The Chicken or the Egg? Rating Performance and the Relation between County Ratings and Sovereign Bond Market Yields, Dominik Matritz (Uni Erfurt) and Björn Ziegenbalg (Ostsächsische Sparkasse) |
| Discussant: Emmanuel Mamatzakis |
| Sovereign Default Risk and Politics, Stefan Eichler (Technische Universitaet Dresden) |
| Discussant: Dominik Matritz |
| Financial Intermediation in a Global Environmnet, Victoria Nuguer (École polytechnique fédérale de Lausanne (EPFL)) |
| Discussant: Juuso Vataja |
| Forecasting Economic Activity with Financial Market Data in Finland: Revisiting Stylized Facts during the Financial Crisis, Petri Kuosmanen (University of Vaasa) and Juuso Vataja (University of Vaasa) |
| Discussant: Victoria Nuguer |
| Saturday, June 1st, 2013 |
| Parallel Session 6A: Macroeconomic Dynamics II |
| 9:00-11:00 (Lecture Room: A2-2) |
| Chair: Stephen J. Turnovsky |
| Hybrid DSGE models with financial frictions for macroprudential policy and forecasting, Stelios Bekiros (Athens University of Economics and Business and European University Institute) and Alessia Paccagnini (University of Milano Bicocca) |
| Discussant: Olivier Loisel |
| Financial Shocks and Optimal Policy, Harris Dellas (University of Bern), Behzad Diba (Georgetown University), and Olivier Loisel (Center for Research in Economics and Statistics (CREST-ENSAE)) |
| Discussant: Stelios Bekiros |
| Policy Games, Distributional Conficts and the Optimal Inflation, Lorenza Rossi (University of Pavia) and Alice Albonico (University of Pavia) |
| Discussant: Evangelos Dioikitopoulos |
| Green Spending Reforms, Growth and Welfare with Endogenous Subjective Discounting, Eugenia Vella (Athens University of Economics and Business), Evangelos Dioikitopoulos (Brunel University London), and Sarantis Kalyvitis (Athens University of Economics and Business) |
| Discussant: Lorenza Rossi |
| Parallel Session 6B: Macroeconomic Theory and Policy III |
| 9:00-11:00 (Lecture Room: A2-3) |
| Chair: Sebastian Giesen |
| Do wealthier households save more? The impact of the demographic factor, Ansgar Belke (University Duisburg-Essen), Christian Dreger (DIW Berlin), and Richard Ochmann (DIW Berlin) |
| Discussant: Petre Caraiani |
| Comparing sticky prices and sticky information in a New Keynesian model based on forecast accuracy, Petre Caraiani (Institute for Economic Forecasting, Romanian Academy) |
| Discussant: Silvana Bartoletto |
| Is the Italian public debt really unsustainable? An historical comparison (1861-2010), Silvana Bartoletto (University of Naples Parthenope), Bruno Chiarini (University of Naples Parthenope), and Elisabetta Marzano (University of Naples Parthenope) |
| Discussant: Sebastian Giesen |
| An Estimated Financial Accelerator Model for the Euro Area and the US Economy, Sebastian Giesen (Halle Institute for Economic Research) |
| Discussant: Richard Ochmann |
| Parallel Session 6C: Banking and Finance I |
| 09:00-11:00 (Lecture Room: A3-2) |
| Chair: Emilio Colombo |
| Bank balance sheets in the financial crisis, Domenico Giannone (European Center for Advanced Research in Economics and Statistics - Université Libre de Bruxelles (ECARES-ULB) and CEPR), Michele Lenza (European Central Bank and ECARES-ULB), Huw Pill (Goldman Sachs), and Lucrezia Reichlin (London Business School and CEPR) |
| Discussant: Mikhail Evgenievich Mamonov |
| The interaction between market power of Russian banks and their credit risk tolerance: A panel study, Mikhail Evgenievich Mamonov (National Research University - Higher School of Economics) |
| Discussant: Gregory Guilmin |
| Assessing the contribution of banks, insurances and other financial services to systemic risk, Oscar Bernal (CeReFiM, University of Namur), Gregory Guilmin (CeReFiM, University of Namur), and Gnabo Jean-Yves (CeReFiM, University of Namur) |
| Discussant: Emilio Colombo |
| Shadow economies at times of banking crisis. Empirics and Theory, Emilio Colombo (University-Milano Bicocca), Luisanna Onnis (University-Milano Bicocca), and Patrizio Tirelli (University-Milano Bicocca) |
| Discussant: Michele Lenza |
| Parallel Session 6D: Fiscal Policy II |
| 09:00-11:00 (Lecture Room: A3-3) |
| Chair: Simone Salotti |
| How Costly Are Borrowing Costs?: An Analysis of Fiscal Policy Changes During Crises, Inci Gumus (Sabanci University) |
| Discussant: Paulo Brito |
| Fiscal policy, entry and capital accumulation: hump-shaped responses, Paulo Brito (Technical University of Lisbon-UECE) and Huw Dixon (University of Cardiff) |
| Discussant: Bruno Chiarini |
| Can we rely upon fiscal policy estimates in countries with unreported production of 15 per cent (or more) of GDP?, Bruno Chiarini (University of Naples), Raffaella Basile (Ministry of Economy and Finance, Department of the Treasury, Italy), and Elisabetta Marzano (University of Naples) |
| Discussant: Simone Salotti |
| A comprehensive analysis of expenditure decentralisation and of the composition of local public spending, Agnese Sacchi (University of Roma Tre) and Simone Salotti (Oxford Brookes University) |
| Discussant: Inci Gumus |
| 11:00-11:30: Coffee break |
| KEYNOTE SPEECH - THE UNIVERSITY OF CRETE PLENARY SESSION II |
| 11:30-13:00 (Alexandropoulos Amphitheatre) |
| Chair: Nikolaos Giannellis (University of Crete) |
| Philippe Baccheta (University of Lausanne): |
| "The Great Recession: A Self-fulfilling Global Panic" |
| 13:00-14:00: Lunch |
| KEYNOTE SPEECH - THE BANK OF GREECE PLENARY SESSION |
| 14:00-15:30 (Alexandropoulos Amphitheatre) |
| Chair: George P. Kouretas (Athens University of Economics and Business) |
| Stephen J. Turnovsky (University of Washington): |
| "Income Inequality, Mobility, and the Accumulation of Capital: The Role of Heterogeneous Labor Productivity" |
| 15:30-16:00: Coffee break |
| Parallel Session 7A: Monetary Theory and Policy III |
| 16:00-18:00 (Lecture Room: A2-2) |
| Chair: Anna Sznajderska |
| Estimating Monetary Policy Rules with Serially Correlated Monetary Policy Shocks, Casper G. de Vries (Erasmus School of Economics and Tinbergen Institute) and Wei Li (Erasmus School of Economics) |
| Discussant: Chin-Yoong Wong |
| Optimal monetary policy coordination for open economies with production fragmentation and dollar-invoiced trade, Chin-Yoong Wong (Universiti Tunku Abdul Rahman) and Yoke-Kee Eng (Universiti Tunku Abdul Rahman) |
| Discussant: Martin Mandler |
| Money growth, loan growth and inflation in the euro area: a wavelet analysis, Martin Mandler (Deutsche Bundesbank) and Michael Scharnagl (Deutsche Bundesbank) |
| Discussant: Anna Sznajderska |
| On asymmetric effects in a monetary policy rule. The case of Poland, Anna Sznajderska (National Bank of Poland) |
| Discussant: Wei Li |
| Parallel Session 7B: Banking and Finance II |
| 16:00-18:00 (Lecture Room: A2-3) |
| Chair: Malgorzata Pawlowska |
| Macroeconomic and bank-specific determinants of credit risk: evidence from Russia, Anna Pestova (National Research University - Higher School of Economics (NRU-HSE) and Center for Macroeconomic Analysis and Short-term Forecasting (CMASF) and Mikhail Mamonov (NRU-HSE and CMASF) |
| Discussant: Georgios P. Kouretas |
| Ownership, institutions and bank risk-taking in Central and Eastern European countries, Anastassios A. Drakos (Athens University of Economics and Business), Georgios P. Kouretas (Athens University of Economics and Business) and Chris Tsoumas (University of Piraeus) |
| Discussant: Andreas Tsopanakis |
| Exploring the Financial Conditions – Economic Conditions Nexus: Empirical Evidence from Developed and Developing Countries, Andreas Tsopanakis (University of Glasgow) |
| Discussant: Malgorzata Pawlowska |
| Bank-firm relationships in Poland, Malgorzata Pawlowska (National Bank of Poland), Krzysztof Gajewski (National Bank of Poland), and Wojciech Rogowski (National Bank of Poland) |
| Discussant: Anna Pestova |
| Parallel Session 7C: Macroeconomic Theory and Policy IV |
| 16:00-18:00 (Lecture Room: A3-2) |
| Chair: Tiago Cavalcanti |
| Debt and the Great Moderation, Maria Grydaki (University of Groningen) and Dirk J. Bezemer (University of Groningen) |
| Discussant: Stelios Karagiannis |
| Heart Mortality and Urbanization: The Role of Unobserved Predictors, Thomas Bassetti (University of Padova), Nikos Benos (University of Ioannina), and Stelios Karagiannis (Centre of Planning and Economic Research (KEPE)) |
| Discussant: Suleyman Degirmen |
| Productivity and Capital Deepening Relationship in Turkish Manufacturing Sector for 1980-2001: Testing Solow Growth Model, Suleyman Degirmen (Mersin University), Semiha Aytemiz (Mersin University), and Tevfik Aytemiz (Mersin University) |
| Discussant: Tiago Cavalcanti |
| The Effects of Credit Subsidies on Development, Antonio Antunes (Banco de Portugal), Tiago Cavalcanti (University of Cambridge and PIMES/UFPE), and Anne Villamil (University of Illinois) |
| Discussant: Maria Grydaki |
| Parallel Session 7D Exchange Rate Economics II |
| 16:00-18:00 (Lecture Room: A3-3) |
| Chair: Anubha Dhasmana |
| Multi-currency approach of Exchange Rate Pass-Through using a Multi-country DSGE model, Tovonony Razafindrabe (EconomiX - University of Paris Ouest) |
| Discussant: Alina M. Spiru |
| Consistency of Two Major Data Sources for Exchange Rates in the Interwar Period and Further Evidence on the Behaviour of Exchange Rates during Hyperinflations, David A. Peel (Lancaster University Management School) and Alina M. Spiru (Lancaster University Management School) |
| Discussant: Anubha Dhasmana |
| Operational Currency Mismatch and Firm Level Performance, Anubha Dhasmana (Indian Institute of Management Bangalore) |
| Discussant: Tovonony Razafindrabe |
| 18:00: SHORT EXCURSION AND FAREWELL DINNER AT A TRADITIONAL VILLAGE |