|
| Final
Programme |
|
|
| Thursday,
May 29th, 2014 |
|
| 8:00-9:00: Registration at the Department of Economics |
|
| Parallel
Session 1A: Monetary Theory and Policy I |
| 9:00-11:00
(Lecture Room: A2-2) |
| Chair:
Roman Horvath |
|
| The
Financial and Macroeconomic Effects of the OMT Announcements, Carlo Altavilla (European Central Bank, Germany), Domenico
Giannone (ECARES - Université Libre de Bruxelles, Belgium and CEPR, USA) and Michele Lenza (European
Central Bank, Germany and ECARES-ULB, Belgium) |
| Discussant: Roman Horvath |
| Smells Like Fiscal Policy? Assessing the Potential
Effectiveness of the ECB's OMT Programme, Nikolay Hristov (ifo
Institute, Germany), Oliver Huelsewig (University of Applied Sciences Munich,
Germany), Thomas Siemsen (LMU Munich, Germany) and Timo Wollmershäuser (ifo
Institute, Germany) |
| Discussant: Monika Junicke |
| Estimation
of a New Keynesian Model with Trend Inflation for Eastern European Countries,
Monika Junicke
(City University London, UK) |
| Discussant: Nikolay Hristov |
| Peer
Effects in Central Banking, Roman Horvath (Charles University, Czech Republic) |
| Discussant: Michele Lenza |
|
| Parallel
Session 1B: Economic Growth and Development I |
| 9:00-11:00
(Lecture Room: A2-3) |
| Chair:
Andreas Hefti |
|
| Can
Fiscal Policy Mitigate Income Inequality and Poverty? Simone Salotti (Oxford
Brookes University, UK) and Carmine Trecroci (University of Brescia, Italy) |
| Discussant: Andreas Hefti |
| Convergence
across Kazakhstan Regions, Yerken Muksunovich
Turganbayev (East Kazakhstan State Technical
University, Kazakhstan) |
| Discussant: Nikolaos Antonakakis |
| Business
Cycle Spillovers in the EU15: What is the Message Transmitted by the
Periphery? Nikolaos Antonakakis (Vienna University of Economics and Business, Austria),
Ioannis Chatziantoniou (University of Portsmouth, UK) and George Filis
(Bournemouth University, UK) |
| Discussant: Yerken Muksunovich Turganbayev |
| The
Empirical Relationship between Intersectoral Inequality and Growth: Evidence
of Talent Misallocation in the U.S. States, Liliya
Khabibulina (University of Zurich, Switzerland) and Andreas Hefti (University
of Zurich, Switzerland) |
| Discussant: Simone Salotti |
|
| Parallel
Session 1C: Banking and Finance I |
| 9:00-11:00
(Lecture Room: A3-2) |
| Chair:
Mikhail Mamonov |
|
| The
Feelings of Customers while Communicating with the Bank in the Context of
Buying Habits. Case Studies from the Czech Republic and Slovakia, Jaroslav Belás (Tomas Bata University in Zlin, Czech
Republic), Marcel Holec (Tomas Bata University in Zlin, Czech Republic),
Valér Demjan (The Banking Institute / College of Banking, Slovakia) and Anna Chochoľáková (Tomas
Bata University in Zlin, Czech Republic) |
| Discussant: Mikhail Mamonov |
| International
Transmission of Liquidity Shocks Between Parent Banks and Their Affiliates:
Case of Polish Banking Sector, Małgorzata Pawłowska (Warsaw School of Economics and National Bank of Poland),
Dobromił Serwa (Warsaw School of Economics and National Bank of Poland) and
Sławomir Zajączkowski (National Bank of Poland) |
| Discussant: Přemysl Bartoš |
| Determinants
of Credit Risk of SMEs in the Banking Sector of the Czech Republic and
Slovakia, Jaroslav Belás (Tomas Bata University in
Zlin, Czech Republic), Přemysl Bartoš (Tomas Bata University in Zlin, Czech Republic), Roman
Hlawiczka (Tomas Bata University in Zlin, Czech Republic), Peter Hošták
(Tomas Bata University in Zlin, Czech Republic) and Valér Demjan (Tomas Bata
University in Zlin, Czech Republic) |
| Discussant: Małgorzata Pawłowska |
| Bad
Management, Skimping, or Both? The Relationship between Cost Efficiency and
Loan Quality in Russian Banks, Mikhail Mamonov (NRU Higher School of Economics, Russian Federation) |
| Discussant: Anna Chochoľáková |
|
| Parallel
Session 1D: Financial Economics I |
| 9:00-11:00
(Lecture Room: A3-3) |
| Chair:
Giorgios Tsiotas |
|
| Hedge
Fund Innovation, Denitsa Stefanova (VU University Amsterdam, The Netherlands), Arjen
Siegmann (VU University Amsterdam, The Netherlands) and Marcin Zamojski (VU
University Amsterdam, The Netherlands) |
| Discussant: Giorgios Tsiotas |
| Are
Determinants of Portfolio Flows always the Same? - South African Results from
a Time Varying Parameter VAR Model, Haakon Kavli (University of Pretoria, South Africa) and Nicola Viegi
(University of Pretoria, South Africa) |
| Discussant: Riccardo Calcagno |
| Do
More Financially Literate Households Invest Less in Housing? Evidence from
Italy, Riccardo Calcagno (EMLYON Business School, France) and Cesira Urzi-Brancati
(Università degli Studi di Modena e Reggio Emilia, Italy) |
| Discussant: Haakon Kavli |
| On
Loss Functions in Value-at-Risk Estimation Giorgos
Tsiotas (University of Crete, Greece) |
| Discussant: Denitsa Stefanova |
|
| 11:00-11:30:
Coffee break |
|
| Parallel
Session 2A: Financial Markets I |
| 11:30-13:30
(Lecture Room: A2-2) |
| Chair:
Borek Vasicek |
|
| Global
Corporate Bond Issuance: What Role for US Quantitative Easing? Marco Lo Duca (European
Central Bank, Germany), Giulio Nicoletti (European Central Bank, Germany) and
Ariadna Vidal Martinez (European Central Bank, Germany) |
| Discussant: Borek Vasicek |
| The
Impact of News and the SMP on Realized (Co)Variances in the Eurozone
Sovereign Debt Market, Massimo Giuliodori (University of Amsterdam, The Netherlands), Roel Beetsma
(University of Amsterdam, The Netherlands), Frank de Jong (University of
Tilburg, The Netherlands) and Daniel Widijanto (BNG Vermogensbeheer, The
Netherlands) |
| Discussant: Nikos Emmanouil Vlachogiannakis |
| Are
Financial Ratios Still Relevant for Capturing Credit Risk? Evidence from the
CDS Market, Nikos Emmanouil Vlachogiannakis (Athens University of Economics and Business, Greece) and
George Chalamandaris (Athens University of Economics and Business, Greece) |
| Discussant: Massimo Giuliodori |
| Short-term
Determinants of Idiosyncratic Sovereign Risk Premium: A Regime-Dependent
Analysis for European Credit Default Swaps, Giovanni
Calice (University of Birmingham, UK), RongHui Miao (University of Bath, UK),
Filip Sterba (RSJ Algorithmic Trading, Czech Republic) and Borek Vasicek (Czech
National Bank) |
| Discussant: Marco Lo Duca |
|
| Parallel
Session 2B: Global Financial Crisis I |
| 11:30-13:30
(Lecture Room: A2-3) |
| Chair:
Alexandros Kontonikas |
|
| International
Contagion and Loan Supply after Lehman, Louis-Marie
Harpedanne de Belleville (Banque de France) |
| Discussant: Alexandros Kontonikas |
| Credit
Rating Changes in European Countries during Crisis:Market Reaction and
Information Transfers, Zetta Pantou (Athens
University of Economics and Business, Greece) and Spyros Spyrou (Athens
University of Economics and Business, Greece) |
| Discussant: Javier Ordonez |
| If
the Unites States Sneezes, Does the World Need “Pain-killers”? Javier Ordonez
(University Jaume I, Spain and University of Bath, UK) and Maria-Jesus
Herrerias (University of Nottingham, UK) |
| Discussant: Spyros Spyrou |
| Stock
Market Liquidity and Macro-Liquidity Shocks: Evidence from the 2007-2009
Financial Crisis, Chris Florackis (University of
Liverpool, UK), Alexandros Kontonikas (University of Glasgow, UK) and Alexandros Kostakis
(University of Manchester, UK) |
| Discussant: Louis-Marie Harpedanne de
Belleville |
|
| Parallel
Session 2C: Public Finance I |
| 11:30-13:30
(Lecture Room: A3-2) |
| Chair:
Stylianos G. Gogos |
|
| Combining
Time Variation and Mixed-Frequencies: an Analysis of Government Spending
Multipliers in Italy, Jacopo Cimadomo (European Central Bank, Germany) and Antonello D'Agostino
(European Stability Mechanism, Germany) |
| Discussant: Stylianos G. Gogos |
| Can
Public Pension Schemes Cover the Needs of Retired? Bo
Larsson (Stockholm University, Sweden) and
Edward Palmer (Swedish Social Insurance Agency, Sweden) |
| Discussant: Joanna Tyrowicz |
| Efficiency
of the Pension Reform: The Welfare Effects of Various Fiscal Closures, Jan Hagemejer (University of Warsaw and National Bank of
Poland), Krzysztof Makarski (University of Warsaw and National Bank of
Poland) and Joanna Tyrowicz (University of Warsaw and National Bank of Poland) |
| Discussant: Bo Larsson |
| Tax
Rates, Government Spending and TFP - A Quantitative Assessment of their Role
in the Greek Depression: 1979-2001, Stylianos G.
Gogos (Athens University of Economics and
Business, Greece), Dimitris Papageorgiou (Bank of Greece) and Vanghelis
Vassilatos (Athens University of Economics and Business, Greece) |
| Discussant: Jacopo Cimadomo |
|
| Parallel
Session 2D: European Union Economics |
| 11:30-13:30
(Lecture Room: A3-3) |
| Chair:
Dimitrios Papaoikonomou |
|
| A
Search for Determinants of Price Levels in the European Union - Only 'Old
Suspects' or 'New Villains'? Vaclav Zdarek (SAVS, Czech Republic) |
| Discussant: Dimitrios Papaoikonomou |
| The
Sustainability of Fiscal Expenditures in European Economies: A Panel Model
Approach, Kosta Josifidis (University of Novi Sad,
Serbia), Radmila Dragutinovic Mitrovic (University of Belgrade, Serbia), Olgica Glavaski
(University of Novi Sad, Serbia, and Novica Supic (University of Novi Sad,
Serbia) |
| Discussant: Alice Albonico |
| Estimating
a DSGE with Limited Asset Market Participation and Fiscal Policy in the Euro
Area, Alice Albonico
(University of Milano Bicocca, Italy), Alessia Paccagnini (University of
Milano Bicocca, Italy) and Patrizio Tirelli (University of Milano Bicocca,
Italy) |
| Discussant: Olgica Glavaski |
| When
Does It Pay to Tax? Evidence from State-dependent Fiscal Multipliers in the
Euro Area, George Hondroyiannis (Bank of Greece and
Harokopio University) and Dimitrios
Papaoikonomou (Bank of Greece) |
| Discussant: Vaclav Zdarek |
|
| 13:30-14:30: Lunch |
|
| KEYNOTE
SPEECH - THE EUROBANK PLENARY SESSION |
| 14:30-16:00
(Alexandropoulos Amphitheatre) |
Chair:
George Kouretas (Athens University of Economics and Business)
|
|
| Roberto
Rigobon (Massachusetts Institute of Technology, USA): |
| Macroeconomics and Online
Prices |
|
| 16:00-16:30:
Coffee break |
|
| Parallel
Session 3A: Economic Modelling I |
| 16:30-19:00
(Lecture Room: A2-2) |
| Chair:
Roberto Enrique Duncan |
|
| Inflation
Expectations, Deflation and Uncertainty: What Drives Euro Area Option-implied
Probability Density Functions in the Sovereign Debt Crisis? Jelena Stapf (Deutsche
Bundesbank, Germany) |
| Discussant: Roberto Enrique Duncan |
| Strategic
Macroeconomic Policies in a Monetary Union, Dmitri
Blueschke (Alpen-Adria-Universität
Klagenfurt, Austria) and Reinhard Neck (Alpen-Adria-Universität Klagenfurt,
Austria) |
| Discussant: Jelena Stapf |
| The
Effects of Globalization on Macroeconomic Dynamics in a Trade-Dependent
Economy: the Case of South Korea, Fabio Milani (University of California Irvine, USA) and Sung Ho Park
(Bank of Korea) |
| Discussant: Dmitri Blueschke |
| Multi-step
Analysis of Public Finances, Antonio Afonso (University of Lisbon, Portugal) and Christophe Rault
(University of Orléans, France) |
| Discussant: Fabio Milani |
| A
Threshold Model of the US Current Account, Roberto
Enrique Duncan (Ohio University, USA) |
| Discussant: Antonio Afonso |
|
| Parallel
Session 3B: Exchange Rate Economics |
| 16:30-19:00
(Lecture Room: A2-3) |
| Chair:
Nidhaleddine Ben Cheikh |
|
| Trade Imbalancies Within the Euro Area and with Respect to the Rest of the World, Mika Nieminen
(University of Jyväskylä, Finland), Kari
Heimonen (University of Jyväskylä, Finland)
and Esa Mangeloja (University of Jyväskylä, Finland) |
| Discussant: Nidhaleddine Ben Cheikh |
| Current
Account and Real Exchange Rate Changes: The Impact of Trade Openness, Davide Romelli
(Université de Cergy-Pontoise, France), Cristina Terra (Université de
Cergy-Pontoise, France) and Enrico Vasconcelos (Banco Central do Brasil) |
| Discussant: Kari Heimonen |
| Transmission
of Real Exchange Rate Changes to The Manufacturing Sector – Evidence From and
Emerging Market, Anubha Dhasmana (Indian Institute of Management Bangalore, India) |
| Discussant: Davide Romelli |
| Credit
Decomposition and Real Exchange Rate Dynamics, Berrak
Bahadir (University of Georgia, USA) and Inci
Gumus (Sabanci University, Turkey) |
| Discussant: Anubha Dhasmana |
| The
Pass-Through of Exchange Rate in the Context of the European Sovereign Debt
Crisis, Nidhaleddine Ben Cheikh (ESSCA School of Management, PRES UNAM, France) and
Christophe Rault (University of Orléans, LEO (UMR CNRS 7322), France) |
| Discussant: Inci Gumus |
|
| Parallel
Session 3C: Macroeconomic Theory and Policy I |
| 16:30-19:00
(Lecture Room: A3-2) |
| Chair:
Tomas Havranek |
|
| General
Equilibrium Effects of Targeted Transfer: The Case of the Earned Income Tax
Credit (EITC), Maren Froemel (University of Konstanz, Germany and European University
Institute, Italy) and Charles Gottlieb (University of Oxford, UK) |
| Discussant: Tomas Havranek |
| Chronicle
of Unanticipated and Anticipated Increases in Military Spending, Nadav Ben Zeev (Ben Gurion University of the Negev,
Israel) and Evi Pappa (European University Institute, Italy) |
| Discussant: Maren Froemel |
| Does
Spatial Income Structure Have an Influence on Spatial Consumption: Evidences
from Rural and Urban Aspects in Turkey? Suleyman
Degirmen (Mersin University, Turkey), Erkan
Aktas (Mersin University, Turkey) and Ahmet Ugurlu (Mersin University,
Turkey) |
| Discussant: Evi Pappa |
| Common
Shocks and the Spillover of News Shocks in Small Open Economies Models, Petre Caraiani (Institute
for Economic Forecasting, Romanian Academy) |
| Discussant: Suleyman Degirmen |
| Cross-Country
Heterogeneity in Intertemporal Substitution, Tomas
Havranek (Czech National Bank), Roman Horvath
(Charles University, Czech Republic), Zuzana Irsova (Charles University,
Czech Republic) and Marek Rusnak (Czech National Bank) |
| Discussant: Petre Caraiani |
|
| Parallel
Session 3D: Economic Growth and Development II |
| 16:30-18:30
(Lecture Room: A3-3) |
| Chair:
Pavel Brendler |
|
| Productivity
and Asset Price Bubbles: An Empirical Analysis of the Dot-Com Bubble, Aranzazu Crespo (European
University Institute, Italy) and Sergi Basco (Universidad Carlos III de
Madrid, Spain) |
| Discussant: Pavel Brendler |
| Public
Ownership, Entry Regulation and TFP Growth within a Productivity Convergence
Model: Industry Level Evidence from South European Countries, Sotiris Papaioannou
(Centre of Planning and Economic Research, Greece) and Sophia Dimelis (Athens
University of Economics and Business, Greece) |
| Discussant: Aranzazu Crespo |
| Democracy
and Education: Evidence from the Southern African Development Community, Manoel Bittencourt
(University of Pretoria, South Africa) |
| Discussant: Sotiris Papaioannou |
| Income
Inequality And Political Inequality In The U.S., Pavel
Brendler (European University Institute,
Italy) |
| Discussant: Manoel Bittencourt |
|
| 20:30: Welcome Reception and Gala Dinner at THEARTEMIS PALACE
HOTEL |
|
| Friday,
May 30th, 2014 |
|
| Parallel
Session 4A: Economic Modelling II |
| 9:00-11:30 (Lecture Room: A2-2) |
| Chair:
Minoas Koukouritakis |
|
| Linkages
between the Eurozone and the South-Eastern European Countries: A Global VAR
Analysis, Minoas Koukouritakis (University of Crete), Athanasios P. Papadopoulos
(University of Crete), and Andreas Yannopoulos (University of Crete) |
| Discussant: Georgios P. Kouretas |
| Trade
Imbalances within the Euro Area, Mika Nieminen (University of Jyväskylä, Finland) |
| Discussant: Aydan Dogan |
| Euro-US
Real Exchange Rate Dynamics: How Far Can We Push General Equilibrium Models? Aydan Dogan (University
of Kent, UK) and Miguel León-Ledesma (University of Kent, UK) |
| Discussant: Ansgar Belke |
| Exports and capacity constraints - A smooth transition regression model for six euro area countries, Anne Oeking
(University of Duisburg-Essen, Germany), Ansgar
Belke (University of Duisburg-Essen, Germany)
and Ralph Setzer (European Central Bank, Germany) |
| Discussant: Mika Nieminen |
| The
Conduct of Monetary Policy in the Eurozone before and after the Financial
Crisis, Anastassios A. Drakos (Athens University of
Economics and Business, Greece) and Georgios
P. Kouretas (IPAG Lab., IPAG Business School,
France and Athens University of Economics and Business, Greece) |
| Discussant: Minoas Koukouritakis |
|
| Parallel
Session 4B: Economic Modelling III |
| 9:00-11:30 (Lecture Room: A2-3) |
| Chair:
Olivier Damette |
|
| The
Role of Financial Frictions during the Crisis: An Estimated DSGE Model, Rossana Merola (ESRI,
Ireland and Trinity College Dublin, Ireland) |
| Discussant: Olivier Damette |
| Changes in the transmission of monetary policy: Evidence from the Euro area and the U.S., Jose
Olmo (University of Southampton, UK) and Marcos
Sanso-Navarro (Universidad de Zaragoza,
Spain) |
| Discussant: Rossana Merola |
| Expropriation
Risk, Investment Decisions, and Economic Sectors, Diana
Constanza Restrepo (Universidad Carlos III de
Madrid, Spain), Ricardo Correia (Universidad Carlos III de Madrid, Spain),
Ignacio Peña (Universidad Carlos III de Madrid, Spain) and Javier Población
(Bank of Spain) |
| Discussant: Marcos Sanso-Navarro |
| Fiscal
Limits and Monetary Policy: Default vs. Inflation, Anna
Sokolova (NRU Higher School of Economics,
Russian Federation) |
| Discussant: Diana Constanza Restrepo |
| Did
the FED Recognise the Impending Liquidity Crisis of 1929? New Evidence from
Non-linear Analysis, Olivier Damette (BETA-CNRS, France) and Antoine Parent (LET and Sciences
Po-Lyon, France) |
| Discussant: Anna Sokolova |
|
| Parallel
Session 4C: Monetary Theory and Policy II |
| 9:00-11:30 (Lecture Room: A3-2) |
| Chair:
Irina Khvostova |
|
| Information
Rigidity and State-Dependence of Inflation Expectations: New Evidence from
the CESifo World Economic Survey, Elisabeth Wieland (Ifo Institute, Germany) |
| Discussant: Irina Khvostova |
| Price
and Wage Inflation Inertia under Time-dependent Adjustments, Giovanni Di Bartolomeo (Sapienza University of Rome,
Italy) and Marco Di Pietro (Sapienza University of Rome, Italy) |
| Discussant: Elisabeth Wieland |
| Assessing
the Interest Rate and Bank Lending Channels of ECB Monetary Policies, Paul Hubert (OFCE -
Sciences Po, France), Jérôme Creel (OFCE - Sciences Po, France and ESCP
Europe, France) and Mathilde Viennot (ENS Cachan, France) |
| Discussant: Marco Di Pietro |
| Money
Market Interest Rate Uncertainty and Macroeconomic Implications, Carlo Altavilla (European
Central Bank, Germany), Giacomo Carboni (European Central Bank, Germany) and
Michele Lenza (European Central Bank, Germany) |
| Discussant: Paul Hubert |
| Monetary
Stabilisation under External Shocks: The Case of Russia, Irina Khvostova (NRU
Higher School of Economics, Russian Federation) and Andrei Shulgin (NRU
Higher School of Economics, Russian Federation) |
| Discussant: Carlo Altavilla |
|
| Parallel
Session 4D: Macroeconomic Theory and Policy II |
| 9:00-11:30 (Lecture Room: A3-3) |
| Chair:
Lint Barrage |
|
| Ramsey
Monetary and Fiscal Policy: the Role of Consumption Taxation, Raffaele Rossi (Lancaster University, UK) and Giorgio Motta (Lancaster
University, UK) |
| Discussant: Lint Barrage |
| Trade
Margins and Exchange Rate Regimes: Evidence from a Panel VAR, Lilia Cavallari
(University of Rome 3, Italy) and Stefano D'Addona (University of Rome 3,
Italy) |
| Discussant: Giorgio Motta |
| Long-run
Trends or Short-run Fluctuations – What Establishes the Correlation Between
Oil and Food Prices? Torsten Schmidt
(Rheinisch-Westfaelisches Institut fuer Wirtschaftsforschung, Germany) and Karoline Kraetschell
(University of Bochum, Germany) |
| Discussant: Lilia Cavallari |
| The
Elasticity of Demand for Sovereign Debt. Evidence from OECD Countries
(1995-2011), Giuseppe Grande (Bank of Italy), Sergio Masciantonio (Bank
of Italy) and Andrea Tiseno (Bank of Italy) |
| Discussant: Karoline Kraetschell |
| Is
Regulatory Rulemaking State-Contingent? An Empirical Analysis, Lint Barrage (University
of Maryland AREC, USA) |
| Discussant: Sergio Masciantonio |
|
| 11:30-12:00:
Coffee break |
|
| KEYNOTE
SPEECH - THE BANK OF GREECE PLENARY SESSION |
| 12:00-13:30 (Alexandropoulos Amphitheatre) |
| Chair:
Minoas Koukouritakis (University of Crete) |
|
| Stephen G. Hall
(Leicester University, UK): |
| Time
Varying Coefficient Models and Non Linearity |
|
| 13:30-14:30: Lunch |
|
| KEYNOTE
SPEECH - THE UNIVERSITY OF CRETE I PLENARY SESSION |
| 14:30-16:00 (Alexandropoulos Amphitheatre) |
| Chair:
Andreas Yannopoulos (University of Crete) |
|
| Yannis Ioannides (Tufts
University, USA): |
| From Neighborhoods to
Nations via Social Interactions |
|
| 16:00-16:30:
Coffee break |
|
| Parallel
Session 5A: Economic Modelling IV |
| 16:30-19:00
(Lecture Room: A2-2) |
| Chair:
Fabien Labondance |
|
| Differently
Unequal: Zooming-in on the Distributional Consequences of the Crisis in Euro
Area Countries, Marco D'Errico (University of Milano
Bicocca, Italy), Corrado Macchiarelli (London School of Economics, UK) and Roberta Serafini
(European Central Bank, Germany) |
| Discussant: Fabien Labondance |
| Uncertainty
and Episodes of Extreme Capital Flows in the Euro Area, Torsten Schmidt (RWI, Germany) and Lina Zwick (RWI, Germany) |
| Discussant: Roland Beck |
| Determinants
of Budget Deficits in Europe: The Role and Relations of Fiscal Rules, Fiscal
Councils, Creative Accounting and the Euro, Dominik
Maltritz (University of Erfurt, Germany) and
Sebastian Wüste (Deutscher Bundestag, Germany) |
| Discussant: Lina Zwick |
| An
Investigation of Systemic Stress and Interdependencies within the Eurozone
and Euro Area Countries, Ronald MacDonald
(University of Glasgow, UK), Vasilios Sogiakas (University of Glasgow, UK)
and Andreas Tsopanakis (University of Salford, UK) |
| Discussant: Dominik Maltritz |
| Financial
Stability and Economic Performance, Jerome Creel
(OFCE – SciencesPo, France and ESCP Europe, France), Paul Hubert (OFCE –
SciencesPo, France) and Fabien Labondance (OFCE – SciencesPo, France) |
| Discussant: Andreas Tsopanakis |
|
| Parallel
Session 5B: Macroeconomic Theory and Policy III |
| 16:30-18:30 (Lecture Room: A2-3) |
| Chair:
Luca Onorante |
|
| Is
the Feldstein-Horioka Puzzle still with Us? National Saving-investment
Dynamics and International Capital Mobility: A Panel Data Analysis across EU
Member Countries, Anastassios A. Drakos (Athens
University of Economics and Business, Greece), Georgios P. Kouretas
(IPAG Lab., IPAG Business School, France and Athens University of Economics
and Business, Greece), S. Stavroyiannis (Technological Educational Institute
of Kalamata, Greece) and Leonidas Zarangas (Technological Educational
Institute of Epirus, Greece) |
| Discussant: Chris Florackis |
| Limited
Asset Market Participation, Income inequality and Macroeconomic Volatility, Patrizio Tirelli
(University of Milano Bicocca, Italy) and Giorgio Motta (University of
Lancaster, UK) |
| Discussant: Luca Onorante |
| Common
Determinants of Corporate Surplus and Investments in the OECD Economies: A
Balance Sheet Recession? Giulio Nicoletti (European Central Bank, Germany) and Matteo Alpino
(University of Oslo, Norway) |
| Discussant: Patrizio Tirelli |
| Macroeconomic
Nowcasting Using Google Probabilities, Luca
Onorante (Central Bank of Ireland) and Gary
Koop (University of Strathclyde, UK) |
| Discussant: Giulio Nicoletti |
|
| Parallel
Session 5C: Financial Economics II |
| 16:30-19:00
(Lecture Room: A3-2) |
| Chair:
Fabian Baetje |
|
| The
Impact of Solicitation on Sovereign Credit Ratings, Oscar
Bernal (University of Namur, Belgium), Alexandre
Girard (University of Namur, Belgium) and
Jean-Yves Gnabo (University of Namur, Belgium) |
| Discussant: Fabian Baetje |
| Implied
Comovement, Jerry Coakley (University of Essex,
UK), George Dotsis (National and Kapodestrian University of Athens, Greece),
Apostolos Kourtis (University of East Anglia, UK) and Dimitris Psychoyios
(University of Piraeus, Greece) |
| Discussant: Alexandre Girard |
| Does
It Pay to Invest in Art? A Selection-corrected Returns Perspective, Arthur G. Korteweg (Stanford University, USA), Roman Kräussl (Luxembourg
School of Finance) and Patrick Verwijmeren (Erasmus University Rotterdam, The
Netherlands) |
| Discussant: Dimitris Psychoyios |
| Improve
Volatility Forecasting with Realized Semivariance, Lianqian
Yin (Jinan University,China) and Ray Yuetien
Chou (The Academia Sinica in Taiwan) |
| Discussant: Roman Kräussl |
| Macro
Determinants of U.S. Stock Market Risk Premia in Bull and Bear Markets, Fabian Baetje (Leibniz
University of Hannover, Germany) and Lukas Menkhoff (Kiel Institute for the
World Economy, Germany) |
| Discussant: Lianqian Yin |
|
| Parallel
Session 5D: Global Financial Crisis II |
| 16:30-18:30 (Lecture Room: A3-3) |
| Chair:
Sheida Teimouri |
|
| Foreign
Reserves, Balance Sheet Effect and the Global Financial Crisis, Gong Cheng (Sciences Po,
France) |
| Discussant: Sheida Teimouri |
| Analysis
of Stock Market and Housing Market Crises in a Continuous Time New Keynesian
Model, Britta Niehof
(University of Marburg, Germany) and Bernd Hayo (University of Marburg,
Germany) |
| Discussant: Davide Furceri |
| The
Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism? Davide Furceri
(International Monetary Fund, USA) and Aleksandra Zdzienicka (International
Monetary Fund, USA) |
| Discussant: Britta Niehof |
| Currency
Crises and Dynamics of Real Wages, Sheida Teimouri (University of Wisconsin-La Crosse, USA) |
| Discussant: Gong Cheng |
|
| Saturday,
May 31st, 2014 |
|
| Parallel
Session 6A: Economic Modelling V |
| 9:00-11:00
(Lecture Room: A2-2) |
| Chair:
Apostolis Philippopoulos |
|
| Does
Gold Act as a Hedge or a Safe Haven for Stocks? A Smooth Transition Approach,
Robert Czudaj
(University of Duisburg-Essen, Germany) and Joscha Beckmann (University of
Duisburg-Essen, Germany) |
| Discussant: Apostolis Philippopoulos |
| Are
Unleaded Gasoline and Diesel Price Adjustments Symmetric? A Comparison of the
Four Larger EU Retail Fuel Markets, Stelios
Karagiannis (Centre of Planning and Economic Research, Greece), Yannis
Panagopoulos (Centre of Planning and Economic Research, Greece) and Prodromos Vlamis (Centre
of Planning and Economic Research, Greece and University of Cambridge, UK) |
| Discussant: Robert Czudaj |
| The
Welfare Cost of Real Volatility: A Comparative Analysis, Rafael M. Lopez-Monti
(George Washington University, USA) |
| Discussant: Prodromos Vlamis |
| Welfare
Effects of Rent Controls - A Comparison of Redistributive Policies, Martin Micheli (RWI,
Germany and Ruhr-Universität Bochum, Germany) and Torsten Schmidt (RWI,
Germany) |
| Discussant: Rafael M. Lopez-Monti |
| Optimal
Fiscal and Monetary Policy Action in a Closed Economy, Apostolis Philippopoulos
(Athens University of Economics and Business, Greece), Petros Varthalitis
(Athens University of Economics and Business, Greece) and Vanghelis
Vassilatos (Athens University of Economics and Business, Greece) |
| Discussant: Martin Micheli |
|
| Parallel
Session 6B: Business Cycles |
| 9:00-11:00 (Lecture Room: A2-3) |
| Chair:
Martyna Marczak |
|
| Multinational
Firms and Business Cycle Transmission, Dominik
Menno (European University Institute, Italy
and RWTH Aachen University, Germany) |
| Discussant: Martyna Marczak |
| Changing
Correlations, Macroeconomic Risk and the Business Cycle, Lorena Saiz (European
Central Bank, Germany) |
| Discussant: Anna Pestova |
| Leading
Indicators of Turning Points of the Business Cycle: Panel Data Analysis for
OECD Countries and Russia, Anna Pestova (Center for Macroeconomic Analysis and Short-Term
Forecasting, Russian Federation) |
| Discussant: Lorena Saiz |
| Monthly
US Business Cycle Indicators: A New Multivariate Approach Based on a
Band-Pass Filter, Martyna Marczak (University of Hohenheim, Germany) and Victor Gomez
(Ministry of Finance and Public Administration, Spain) |
| Discussant: Dominik Menno |
|
| Parallel
Session 6C: Financial Markets II |
| 9:00-11:00 (Lecture Room: A3-2) |
| Chair:
Dimitrios Vortelinos |
|
| You
Listen to Me when You Really Need It. Assessing the Effect of Macroeconomic
Forecasts on the Stock Market, Emilio Colombo (University Milano Bicocca, Italy) and Marco Marelli
(University Milano Bicocca, Italy) |
| Discussant: Dimitrios Vortelinos |
| Identification
of Asset Price Misalignments on Financial Markets with Extreme Value Theory, Narcisa Kadlčáková (Czech National Bank), Luboš Komárek (Czech
National Bank), Zlatuše Komárková (Czech National Bank) and Michal Hlaváček
(Czech National Bank) |
| Discussant: Dirk Ulbricht |
| Stock
Investments for Old-age: Less Return, More Risk, and Unexpected Timing, Dirk Ulbricht (DIW
Berlin, Germany) |
| Discussant: Luboš Komárek |
| Macroeconomic
Announcements, Nonlinearity and Combining in Realized Volatility Forecasting
on Equity, Energy and Commodities Futures Markets, Dimitrios
Vortelinos (University of Lincoln, UK) |
| Discussant: Emilio Colombo |
|
| Parallel
Session 6D: Monetary Theory and Policy III |
| 9:00-11:00 (Lecture Room: A3-3) |
| Chair:
Juan A. Lafuente |
|
| Monetary
Policy in Times of Financial Stress, Alexandros
Kontonikas (University of Glasgow, UK) and Zivile Zekaite
(University of Glasgow, UK) |
| Discussant: Juan A. Lafuente |
| On
the Role of Financial Depth in Determining the Asymmetric Impact of Monetary
Policy, Mustafa Caglayan (Heriot-Watt University,
UK), Ozge Kandemir Kocaaslan (Hacettepe University, Turkey) and Kostas Mouratidis
(University of Sheffield, UK) |
| Discussant: Eleftherios Spyromitros |
| Central
Bank Transparency and the Interest Rate Channel: Evidence from Emerging
Economies, Stephanos Papadamou (University of
Thessaly, Greece), Moise Sidiropoulos (Aristotle University of Thessaloniki,
Greece) and Eleftherios Spyromitros (Democritus University of Thrace, Greece) |
| Discussant: Kostas Mouratidis |
| Monetary
Policy Regimes and the Forward Bias for Foreign Exchange, Juan A. Lafuente
(Universitat Jaume I, Spain), Rafaela Perez (Universidad Complutense de
Madrid and ICAE, Spain) and Jesús Ruiz (Universidad Complutense de Madrid and
ICAE, Spain) |
| Discussant: Zivile Zekaite |
|
| 11:00-11:30:
Coffee break |
|
| KEYNOTE
SPEECH - THE UNIVERSITY OF CRETE II PLENARY SESSION |
| 11:30-13:00 (Alexandropoulos Amphitheatre) |
| Chair:
Athanasios P. Papadopoulos (University of Crete) |
|
| Fabio Canova (European
University Institute, Italy): |
| How
Important Is Tourism for the International Transmission of Cyclical
Fuctuations? Evidence from the Mediterranean |
|
| 13:00-14:00: Lunch |
|
| KEYNOTE
SPEECH - THE NATIONAL BANK OF GREECE PLENARY SESSION |
| 14:00-15:30 (Alexandropoulos Amphitheatre) |
| Chair:
Nikolaos Giannellis (University of Crete) |
|
| Mariassunta Giannetti
(Stockholm School of Economics, Sweden): |
| The Flight to the
Familiar during Financial Crises: Causes and Consequences |
|
| 15:30-16:00:
Coffee break |
|
| Parallel
Session 7A: Emerging Markets |
| 16:00-18:00 (Lecture Room: A2-2) |
| Chair:
Anna Novak |
|
| Portfolio
Choice and Partial Default in Emerging Markets: A Quantitative Analysis, Kieran James Walsh (Yale
University, USA) |
| Discussant: Anna Novak |
| Towards
Recoupling? Assessing the Impact of a Chinese Hard Landing on Commodity
Exporters, Cyril Rebillard (Banque de France) and Ludovic Gauvin (EconomiX-CNRS and
Banque de France) |
| Discussant: Jinzhao Chen |
| Interprovincial
Competitiveness and Economic Growth: Evidence from Chinese Provincial Data
(1992-2008), Jinzhao Chen (Paris School of Economics, France) |
| Discussant: Cyril Rebillard |
| Euler
Equation with Habits and Measurement Errors: Estimates on Russian Micro Data,
Anna Novak
(National Research University Higher School of Economics, Russian Federation)
and Alexander Larin (National Research University Higher School of Economics,
Russian Federation) |
| Discussant: Kieran James Walsh |
|
| Parallel
Session 7B: Banking and Finance II |
| 16:00-18:00 (Lecture Room: A2-3) |
| Chair:
Georgios P. Kouretas |
|
| Do
Banks Lend Less in Uncertain Times? Friedrich
Sindermann (University of Innsbruck,
Austria), Johann Scharler (University of Innsbruck, Austria) and Burkhard
Raunig (Oesterreichische Nationalbank, Austria) |
| Discussant: Ansgar H. Belke |
| Methods
of Credit Risk Mitigation and its Impact on the Capital Requirements of
Banks, Eva Cipovova
(University of Finance and Administration, Czech Republic), Ivana Turkova
(University of Finance and Administration, Czech Republic) and Maros Mikus
(Tomas Bata University in Zlin, Czech Republic) |
| Discussant: Vladimir Kuzin |
| The
Mittelstand Miracle: A Decade of Growth without Credit? Vladimir Kuzin (Deutsche Bundesbank, Germany) and Franziska Schobert
(Deutsche Bundesbank, Germany) |
| Discussant: Eva Cipovova |
| Foreign
Bank Ownership and Business Regulations, Manthos D.
Delis (City University, UK), Georgios P.
Kouretas (Athens University of Economics and
Business, Greece) and Chris Tsoumas (University of Piraeus, Greece) |
| Discussant: Friedrich Sindermann |
|
| Parallel
Session 7C: Labour Market |
| 16:00-18:00 (Lecture Room: A3-2) |
| Chair:
Nicola Acocella |
|
| Labour
Market and Monetary Policy, Vincent Dadam (University of Pretoria, South Africa) |
| Discussant: Nicola Acocella |
| On
the Importance of the Dual Labour Market for a Country within a Monetary
Union, Anna Kosior (National Bank of Poland), Michal
Rubaszek (National Bank of Poland) and Kamil
Wierus (National Bank of Poland) |
| Discussant: Thierry Betti |
| The
Effects of Public Expenditures Shocks on the Labor Market: Focus on
Households' Preferences, Thierry Betti (Unversity of Strasbourg BETA, France) |
| Discussant: Kamil Wierus |
| Welfare
Effects of Wage Rigidities and the Financial Accelerator, Nicola Acocella (Sapienza
University of Rome, Italy), Laura Bisio (Sapienza University of Rome, Italy
and Istat), Giovanni di Bartolomeo (Sapienza University of Rome, Italy and
Alessandra Pelloni (University of Rome Tor Vergata, Italy) |
| Discussant: Vincent Dadam |
|
| Parallel
Session 7D: Public Finance II |
| 16:00-18:00 (Lecture Room: A3-3) |
| Chair:
Andrea Colciago |
|
| Fiscal
Consolidation and Rule of Thumb Consumers: Gain with or without Pain? Maria Ferrara (University
of Milano Bicocca, Italy) and Patrizio Tirelli (University of Milano Bicocca,
Italy) |
| Discussant: Andrea Colciago |
| Fiscal
Consolidation with Tax Evasion and Rent Seeking: Spending Cuts versus Tax
Hikes, Evi Pappa (European University Institute,
Italy), Rana Sajedi (European University Institute, Italy) and Eugenia Vella (European
University Institute, Italy) |
| Discussant: Jan Babecky |
| Assessing
the Impact of Fiscal Measures on the Czech Economy, Robert
Ambrisko (Czech National Bank and CERGE-EI, Czech Republic), Jan Babecky (Czech
National Bank), Jakub Rysanek (Czech National Bank and University of
Economics, Czech Republic) and Vilem Valenta (European Central Bank, Germany) |
| Discussant: Eugenia Vella |
| Imperfect
Competition and Optimal Taxation, Andrea Colciago (De Nederlandsche Bank, The Netherlands and University of
Milano Bicocca, Italy) |
| Discussant: Maria Ferrara |
|
| 18:00: SHORT EXCURSION AND FAREWELL DINNER AT A TRADITIONAL
VILLAGE |
|
|
|
|