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
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
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
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
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
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