| Final Programme |
| Thursday, May 28th, 2015 |
| 10:00-11:00: Registration at the Department of Economics |
| Parallel Session 1A: EU Economics I |
| 11:00-13:00 (Lecture Room: Α2-2) |
| Chair: Makram El-Shagi |
| Current Accounts in the Eurozone Countries: The Role of Euro, Fiscal Policies and Financial Developments, Jaromir Baxa (Charles University in Prague, Czech Republic) and Tomas Olesnanik (Charles University in Prague, Czech Republic) |
| Discussant: Makram El-Shagi |
| Rational Expectations vs. Imperfect Knowledge Economics: What Does Really Drive the Polish Zloty?Robert Kelm (University of Lodz and Central Bank of Poland) |
| Discussant: Zlatuse Komarkova |
| Fiscal Sustainability and Financial Stability, Zlatuse Komarkova (Czech National Bank and University of Finance and Administration) and Lubos Komarek (Czech National Bank and University of Finance and Administration)+A116 |
| Discussant: Robert Kelm |
| Real Effective Exchange Rate Misalignment in the Euro Area: A Counterfactual Analysis, Makram El-Shagi (Henan University, China and Halle Institute for Economic Research, Germany), Axel Lindner (Halle Institute for Economic Research, Germany) and Gregor von Schweinitz (Halle Institute for Economic Research, Germany) |
| Discussant: Jaromir Baxa |
| Parallel Session 1B: Monetary Theory and Policy I |
| 11:00-13:00 (Lecture Room: Α2-3) |
| Chair: Georgios Georgiadis |
| Inconsistent Voting Behavior in the FOMC, Tom Laehner (Technical University of Dresden, Germany) |
| Discussant: Georgios Georgiadis |
| Interbank Lending Freeze and Policy, Tobias Schuler (University of Rome, Italy) |
| Discussant: Jakob Palek |
| Optimal Monetary Policy in a Currency Union: Implications of Country-specific Financial Frictions, Jochen Michaelis (University of Kassel, Germany) and Jakob Palek (University of Kassel, Germany) |
| Discussant: Tobias Schuler |
| Trilemma, not Dilemma: Financial Globalisation and Monetary Policy Effectiveness, Georgios Georgiadis (European Central Bank, Germany) and Arnaud Mehl (European Central Bank, Germany) |
| Discussant: Tom Laehner |
| Parallel Session 1C: Financial Markets I |
| 11:00-13:00 (Lecture Room: Α3-2) |
| Chair: George Geronikolaou |
| Foreign Capital and Domestic Credit Allocation, Anna Samarina (University of Groningen, The Netherlands) and Dirk Bezemer (University of Groningen, The Netherlands) |
| Discussant: George Geronikolaou |
| The Differences Regarding Approach to Entrepreneurial Risk Depending on Time Period of an Entrepreneurial Activity, Ludmila Kozubíková (Tomas Bata University in Zlin, Czech Republic) and Lenka Gabčová (Tomas Bata University in Zlin, Czech Republic) |
| Discussant: Robert Czudaj |
| Gold Price Forecasts in a Dynamic Model Averaging Framework: Have the Determinants Changed Over Time? Dirk G. Baur (Kuehne Logistics University, Germany), Joscha Beckmann (University of Duisburg-Essen, Germany) and Robert Czudaj (University of Duisburg-Essen, Germany) |
| Discussant: Ludmila Kozubíková |
| Bargaining Power and Project Risk in Venture Capital Investments, George Geronikolaou (Democritus Univercity of Thrace, Greece) and George Papachristou (Aristotle University of Thessaloniki, Greece) |
| Discussant: Anna Samarina |
| Parallel Session 1D: Macroeconomic Theory and Policy I |
| 11:00-13:00 (Lecture Room: Α3-3) |
| Chair: Pavlos Petroulas |
| The Impact of the 2008 Crisis on UK Prices: What We Can Learn from the CPI Microdata, Huw Dixon (Cardiff University, UK), Kul Luintel (Cardiff University, UK) and Kun Tian (Cardiff University, UK) |
| Discussant: Pavlos Petroulas |
| When Do Fiscal Consolidations Lead to Consumption Booms? Lessons from a Laboratory Experiment, Martin Geiger (University of Innsbruck, Austria), Wolfgang Luhan (Ruhr-University of Bochum, Germany) and Johann Scharler (University of Innsbruck, Austria) |
| Discussant: Sebastian Hoffmann |
| The Output Effects of Commodity Price Volatility: Mixed Evidence from Exporting Countries, Sebastian Hoffmann (Free University of Berlin, Germany) and Michael Hachula (DIW Berlin, Germany) |
| Discussant: Martin Geiger |
| Analysing Price Level Differences in the Euro Area: Competition Structures and Consumer Behavior, Pavlos Petroulas (Bank of Greece) and Theodora Kosma (Bank of Greece) |
| Discussant: Huw Dixon |
| 13:00-14:00: Lunch |
| Parallel Session 2A: Banking and Finance I |
| 14:00-16:00 (Lecture Room: Α2-2) |
| Chair: Malgorzata Pawlowska |
| Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation, Mathias Hoffmann (University of Zurich, Switzerland) and Iryna S. Stewen (Johannes Gutenberg University Mainz, Germany) |
| Discussant: Malgorzata Pawlowska |
| Bank Market Power and Corporate Performance, Manthos Delis (University of Surrey, UK), Sotirios Kokas (University of Essex, UK) and Steven Ongena (University of Zurich, Switzerland) |
| Discussant: Margarita Rubio |
| Macroprudential Policy Implementation in a Heterogeneous Monetary Union, Margarita Rubio (University of Nottingham, UK) |
| Discussant: Iryna S. Stewen |
| Changes in the Structure of the Banking Sector in Europe - The Role of Competition, Malgorzata Pawlowska (Warsaw School of Economics, Poland) |
| Discussant: Manthos Delis |
| Parallel Session 2B: EU Economics II |
| 14:00-16:00 (Lecture Room: Α2-3) |
| Chair: Andreas Tsopanakis |
| Recent Trends of Industrial Production in the Euro Area Major Countries: A Tale of Two Crises, Antonio Conti (Bank of Italy) and Filippo Scoccianti (Bank of Italy) |
| Discussant: Dominik Maltritz |
| The Drivers of Fiscal Deficits in Europe: The Impact and Interaction of Internal and External Fiscal Rules and Institutions, Dominik Maltritz (University of Erfurt, Germany) and Sebastian Wüste (Deutscher Bundestag, Germany) |
| Discussant: Antonio Conti |
| Volatility Co-movements and Spillover Effects within the Eurozone Economies: A Multivariate GARCH Approach using the Financial Stress Index, Ronald MacDonald (University of Glasgow, UK), Vasilios Sogiakas (University of Glasgow, UK) and Andreas Tsopanakis (University of Salford, UK) |
| Discussant: Ana Grdović Gnip |
| Parallel Session 2C: Financial Markets II |
| 14:00-16:00 (Lecture Room: Α3-2) |
| Chair: Ekaterini Panopoulou |
| Risk of Liquidity Risk Premium, Yuping Huang (University of Glasgow, UK) and Vasilios Sogiakas (University of Glasgow, UK) |
| Discussant: Ekaterini Panopoulou |
| Asset Pricing and the One Percent, Kieran James Walsh (University of Virginia Darden School of Business, USA) and Alexis Akira Toda (University of California San Diego, USA) |
| Discussant: Nicola Viegi |
| Portfolio Flows in a Two-country DSGE Model with Nnancial Intermediaries, Hakoon Kavli (University of Pretoria, South Africa) and Nicola Viegi (University of Pretoria and ERSA, South Africa) |
| Discussant: Kieran James Walsh |
| Quantile Forecast Combinations in Realised Volatility Prediction, Loukia Meligkotsidou (National and Kapodestrian University of Athens, Greece), Ekaterini Panopoulou (University of Kent, UK), Ioannis D. Vrontos (Athens University of Economics and Business, Greece) and Spyridon D. Vrontos (University of Essex, UK) |
| Discussant: Vasilios Sogiakas |
| Parallel Session 2D: Sovereign Debt Crisis |
| 14:00-16:00 (Lecture Room: Α3-3) |
| Chair: George Moratis |
| Financial Distressed EMU Countries' Bond Spreads Volatility: Illiquidity and Monetary Policy Implications, Theodoros Bratis (Athens University of Economics and Business, Greece), Nikiforos T. Laopodis (ALBA Graduate Business School, Greece) and Georgios P. Kouretas (Ipag Business School, France and Athens University of Economics and Business, Greece) |
| Discussant: George Moratis |
| Financial Stress Transmission in EMU Sovereign Bond Markets’ Volatility: A Connectedness Analysis, Fernando Fernandez-Rodriguez (University of Las Palmas de Gran Canaria, Spain), Marta Gomez-Puig (University of Barcelona, Spain) and Simon Sosvilla-Rivero (Complutense University of Madrid, Spain) |
| Discussant: Jacopo Cimadomo |
| How Do Financial Institutions Forecast Sovereign Spreads? Jacopo Cimadomo (European Central Bank, Germany), Peter Claeys (European Central Bank, Germany) and Marcos Poplawski-Ribeiro (European Central Bank, Germany) |
| Discussant: Marta Gomez-Puig |
| Bank-sovereign Contagion in the Eurozone: A Panel VAR Approach, Dimitris Georgoutsos (Athens University of Economics and Business, Greece) and George Moratis (Athens University of Economics and Business, Greece) |
| Discussant: Georgios P. Kouretas |
| 16:00-16:30: Coffee break |
| Parallel Session 3A: Macroeconomic Theory and Policy II |
| 16:30-19:00 (Lecture Room: Α2-2) |
| Chair: Andreas Hefti |
| Analysis of the Government Expenditure Multiplier under Zero Lower Bound: The Role of Public Investment, Mariam Mamedli (National Research University, Russia) |
| Discussant: Andreas Hefti |
| Maximum Public Debt in the Diamond OLG Model, Mark Andrew Roberts (University of Nottingham, UK) |
| Discussant: Mariam Mamedli |
| International Reserves: Facing Model Uncertainty, Lubos Komarek (Czech National Bank) and Sona Benecka (Czech National Bank) |
| Discussant: Mark Andrew Roberts |
| Dynamic Model Averaging in Large Model Spaces, Luca Onorante (Central Bank of Ireland) and Adrian E. Raftery (University of Washington) |
| Discussant: Lubos Komarek |
| Global Economic Challenges with Limited Attention, Andreas Hefti (University of Zurich, Switzerland) and Josef Falkinger (University of Zurich, Switzerland) |
| Discussant: Luca Onorante |
| Parallel Session 3B: Greek Economy |
| 16:30-18:30 (Lecture Room: Α2-3) |
| Chair: Alina Maria Spiru |
| The Accrual Anomaly in the Greek Stock Market, Georgios A. Papanastasopoulos (University of Piraeus, Greece), Andreas I. Tsalas (University of Peloponnese, Greece) and Dimitrios D. Thomakos (University of Peloponnese, Greece) |
| Discussant: Alina Maria Spiru |
| Does Greece Need to Rivive its Defense Industry? Michail Ploumis (University of Peloponnese, Greece) |
| Discussant: Andreas I. Tsalas |
| Assessing the Greek Monetary Policy in the Pre-EMU Period through the ‘Lenses’ of Taylor-type Policy Rules, Alina Maria Spiru (Lancaster University, UK) and Georgios Lazaridis (Lancaster University, UK) |
| Discussant: Michail Ploumis |
| Parallel Session 3C: Business Cycles |
| 16:30-18:30 (Lecture Room: Α3-2) |
| Chair: Eleni Dalla |
| Wage Dispersion over the Business Cycle, Annaig Morin (Copenhagen Business School, Denmark) |
| Discussant: Eleni Dalla |
| The Labour Market, the Business Cycle and the Shadow Economy, Emilio Colombo (University Milano Bicocca, Italy), Lorenzo Menna (University Milano Bicocca, Italy) and Patrizio Tirelli (University Milano Bicocca, Italy) |
| Discussant: Jan Acedański |
| Youth Unemployment and Welfare Gains from Eliminating Business Cycles - The Case of Poland, Jan Acedański (University of Economics in Katowice, Poland) |
| Discussant: Emilio Colombo |
| An Economic Model for the Interpretation of Business Cycles and the Efficiency of Monetary Policy, Eleni Dalla (University of Macedonia, Greece) and Erotokritos Varelas (University of Macedonia, Greece) |
| Discussant: Annaig Morin |
| Parallel Session 3D: Prices and Inflation |
| 16:30-18:30 (Lecture Room: Α3-3) |
| Chair: Michael Chletsos |
| Inflation Expectations and the Two Forms of Inattentiveness, Joshy Easaw (Cardiff University, UK) |
| Discussant: Michael Chletsos |
| The Relationship of Simple Sum and Divisia Monetary Aggregates with Real GDP and Inflation: A Wavelet Analysis for the U.S., Michael Scharnagl (Deutsche Bundesbank) and Martin Mandler (Deutsche Bundesbank) |
| Discussant: Reinhard Neck |
| What to Do When Stagflation Returns? Monetary and Fiscal Policy Strategies for a Monetary Union, Reinhard Neck (Alpen-Adria-University of Klagenfurt, Austria) and Dmitri Blueschke (Alpen-Adria-University of Klagenfurt, Austria) |
| Discussant: Martin Mandler |
| Can Phillips Curve Explain the Recent Behavior of Inflation? Evidence from G7 Countries, Michael Chletsos (University of Ioannina, Greece) and Vassiliki Drosou (University of Ioannina, Greece) |
| Discussant: Joshy Easaw |
| 20:30: Welcome Reception and Gala Dinner at THEARTEMIS PALACE HOTEL |
| Friday, May 29th, 2015 |
| Parallel Session 4A: Journal of Financial Stability I |
| 9:00-11:00 (Lecture Room: Α2-2) |
| Chair: Philip E. Strahan |
| The New Banking Regulation in Basel III: Welfare Effects and Optimal Implementation, Jose Carrasco-Gallego (University of Portsmouth, UK) and Margarita Rubio (University of Nottingham, UK) |
| Discussant: Sheida Teimouri |
| Sovereign Debt Crisis and Differential Bond Market Dependencies in the Eurozone: A Dynamic Copula Approach, Rania Jammazi (IPAG Business School, France and Larequad, Tunisia), Shawkat Hammoudeh (Drexel University , USA) and Duc Khuong Nguyen (IPAG Business School, France) |
| Discussant: Jose Carrasco-Gallego |
| Dynamics of Investment and Bank Credit Recovery after Banking Crisis, Sheida Teimouri (University of Wisconsin- La Crosse, USA) and Nabamita Dutta (University of Wisconsin- La Crosse, USA) |
| Discussant: Duc Khuong Nguyen |
| Parallel Session 4B: Monetary Theory and Policy II |
| 9:00-11:00 (Lecture Room: Α2-3) |
| Chair: Eleftherios Spyromitros |
| Regulatory Reforms and Central Bank Independence, Davide Romelli (ESSEC Business School and THEMA-University of Cergy-Pontoise, France) |
| Discussant: Eleftherios Spyromitros |
| Optimal Monetary Policy in a New Keynesian Model with Heterogeneous Expectations, Marco Di Pietro (Sapienza University of Rome, Italy), Giovanni Di Bartolomeo (Sapienza University of Rome, Italy) and Bianca Giannini (Sapienza University of Rome, Italy) |
| Discussant: Andrea Zaghini |
| Fragmentation and Heterogeneity in the Euro-Area Corporate Bond Market, Andrea Zaghini (Bank of Italy) |
| Discussant: Marco Di Pietro |
| Does Central Bank Independence Affect Stock Market Volatility? Stephanos Papadamou (University of Thessaly, Greece), Moise Sidiropoulos (Aristotle University of Thessaloniki, Greece) and Eleftherios Spyromitros (Democritus University of Thrace, Greece) |
| Discussant: Davide Romelli |
| Parallel Session 4C: Financial Markets III |
| 9:00-11:00 (Lecture Room: Α3-2) |
| Chair: Christos Tsoumas |
| Does it Pay to Be Green? Environmental Performance and Global Financial Returns, Dimitrios D. Thomakos (University of Peloponnese, Greece) and Thomas A. Alexopoulos (University of Peloponnese, Greece) |
| Discussant: Martyna Marczak |
| Do Stock Returns Really Decrease With Default Risk? New International Evidence, Chris Florackis (University of Liverpool, UK), Alex Kostakis (University of Manchester, UK) and Kevin Aretz (University of Manchester, UK) |
| Discussant: Fotios Pasiouras |
| Outlier Detection in Structural Time Series Models: The Indicator Saturation Approach, Martyna Marczak (University of Hohenheim, Germany) and Tommaso Proietti (University of Rome "Tor Vergata", Italy) |
| Discussant: Thomas A. Alexopoulos |
| Parallel Session 4D: Emerging Markets |
| 9:00-11:00 (Lecture Room: Α3-3) |
| Chair: Alejandro C. Garcia-Cintado |
| How Do Political Factors Shape the Bank Risk-Sovereign Risk Nexus in Emerging Markets? Stefan Eichler (Leibniz University of Hannover, Germany) |
| Discussant: Alejandro C. Garcia-Cintado |
| Fiscal Multipliers in Emerging Market Economies: Can We Learn Something from Advanced Economies Experiences? Marie-Pierre Hory (University of Orleans – Orleans’ Laboratory of Economy, France) |
| Discussant: Janne Äijö |
| Impact of Financial Market Uncertainty and Macroeconomic Factors on Stock-Bond Correlation in Emerging Markets, Janne Äijö (University of Vaasa, Finland), Nebojsa Dimic (University of Vaasa, Finland), Jarno Kiviaho (University of Vaasa, Finland) and Vanja Piljak (University of Vaasa, Finland) |
| Discussant: Marie-Pierre Hory |
| Fiscal Multipliers: Is Brazil an Outlier among Emerging Markets? Celso Jose Costa Junior (Sao Paulo School of Economics, Brazil), Alejandro C. Garcia-Cintado (Pablo de Olavide University, Spain) and Armando Vaz Sampaio (Federal University of Parana, Brazil) |
| Discussant: Stefan Eichler |
| 11:00-11:30: Coffee break |
| KEYNOTE SPEECH - THE EUROBANK EFG PLENARY SESSION |
| 11:30-13:00 (Alexandropoulos Amphitheatre) |
| Chair: Iftekhar Hasan |
| Philip E. Strahan (Boston College, USA): |
| "Financial Integration: Lessons from the US" |
| 13:00-14:00: Lunch |
| KEYNOTE SPEECH - THE UNIVERSITY OF CRETE PLENARY SESSION |
| 14:00-15:30 (Alexandropoulos Amphitheatre) |
| Chair: Nikolaos Giannelis |
| Wolf B. Wagner (Tilburg University, The Netherlands) |
| "Diversity and the Financial System" |
| 15:30-16:00: Coffee break |
| Parallel Session 5A: Journal of Financial Stability II |
| 16:00-18:00 (Lecture Room: Α2-2) |
| Chair: Kenneth D. West |
| Bank Default Risk in the Eurozone: The Role of Politico-Economic Factors, Karol Sobanski (Technical University of Dresden, Germany) and Stefan Eichler (Leibniz University of Hannover and Halle Institute for Economic Research, Germany) |
| Discussant: Stephen George Hall |
| Stress Testing the EU Fiscal Framework, Igor Masten (University of Ljubljana, Slovenia) and Ana Grdović Gnip (University of Pula, Croatia) |
| Discussant: Karol Sobanski |
| How the Euro-area Sovereign-Debt Crisis Led to a Collapse in Bank Equity Prices, Heather Denise Gibson (Bank of Greece), Stephen George Hall (University of Leicester, UK and Bank of Greece) and George Spiros Tavlas (Bank of Greece) |
| Discussant: Igor Masten |
| Parallel Session 5B: Macroeconomic Theory and Policy III |
| 16:00-18:00 (Lecture Room: Α2-3) |
| Chair: Dimitrios Stergiou |
| The Impact of Temporary Agency Work on Trade Union Wage Setting - A Theoretical Analysis, Thomas Beissinger (University of Hohenheim and IZA, Germany) and Philipp Baudy (University of Hohenheim, Germany) |
| Discussant: Olga Norkina |
| Public Information and Strategic Interaction of Policymakers, Olga Kuznetsova (National Research University, Russia) |
| Discussant: Dimitrios Stergiou |
| Optimal Financial Repression, Olga Norkina (National Research University, Russia) and Sergey Pekarski (National Research University, Russia) |
| Discussant: Thomas Beissinger |
| Geoeconomics through State Scale Entities (SSEs), Dimitrios Stergiou (University of Peloponnese, Greece) |
| Discussant: Olga Kuznetsova |
| Parallel Session 5C: Monetary Theory and Policy III |
| 16:00-18:00 (Lecture Room: Α3-2) |
| Chair: Alexandros Kontonikas |
| Conditional Forecasts and Scenario Analysis with Vector Autoregressions for Large Cross-sections, Marta Banbura (European Central Bank, Germany), Domenico Giannone (FED New York, USA) and Michele Lenza (European Central Bank, Germany and ECARES-ULB, Belgium) |
| Discussant: Alexandros Kontonikas |
| How Stressed is the Monetary Transmission Mechanism? Financial Stress, Transmission and Financing Premium in the Euro Area, Geraldine Dany (Martin-Luther University Halle-Wittenberg and Halle Institute for Economic Research, Germany) and Jan-Christopher Scherer (Halle Institute for Economic Research, Germany) |
| Discussant: Michele Lenza |
| Stabilization and Expanded Commitment: The Value of Forward Guidance in Economies with Rational Expectations, Andrew Hughes Hallett (University of St Andrews, UK and George Mason University, USA) and Nicola Acocella (Sapienza University of Rome, Italy) |
| Discussant: Jan-Christopher Scherer |
| On the Real Effects of Financial Pressure: Evidence from Euro Area Firm-level Employment during the Recent Financial Crisis, Filipa Fernandes (University of Glasgow, UK), Alexandros Kontonikas (University of Glasgow, UK) and Serafeim Tsoukas (University of Glasgow, UK) |
| Discussant: Nicola Acocella |
| Parallel Session 5D: Economic Growth and Development I |
| 16:00-18:00 (Lecture Room: Α3-3) |
| Chair: Roman Horvath |
| How Do Mean Division Shares Affect Growth? Liang Frank Shao (Henan University, China) and Makram El-Shagi (Henan University, China and Halle Institute for Economic Research, Germany) |
| Discussant: Aris Kartsaklas |
| The Effect of Firm Entry on Capacity Utilization and Macroeconomic Productivity, Anthony Savagar (Cardiff University, UK) and Huw Dixon (Cardiff University, UK) |
| Discussant: Liang Frank Shao |
| Poverty Trap with Convex Production Function: The Role of Public and Private Capital, Kumar Aniket (University of Cambridge, UK) |
| Discussant: Anthony Savagar |
| What Kind of Finance Matters for Growth? Iftekhar Hasan (Fordham University, USA), Roman Horvath (Charles University, Czech Republic) and Jan Mares (Charles University, Czech Republic) |
| Discussant: Kumar Aniket |
| Saturday, May 30th, 2015 |
| Parallel Session 6A: Journal of Financial Stability III |
| 9:00-11:00 (Lecture Room: Α2-2) |
| Chair: Michael Haliassos |
| The Geography of the Great Rebalancing in Intra-euro Area Bond Markets during the Sovereign Debt Crisis, Roland Beck (European Central Bank, Germany), Georgios Georgiadis (European Central Bank, Germany) and Graeb Johannes (European Central Bank, Germany) |
| Discussant: Max Breitenlechner |
| Dealing with Financial Instability under a DSGE Modeling Approach with Banking Intermediation: A Predictability Analysis versus TVP-VARs, Stelios Bekiros (IPAG Business School, France and European University Institute, Italy), Roberta Cardani (University of Milano-Bicocca, Italy), Alessia Paccagnini (University of Milano-Bicocca, Italy) and Stefania Villa (University of Foggia, Italy and Catholic University of Leuven, Belgium) |
| Discussant: Roland Beck |
| Banks’ External Financing Costs and the Bank Lending Channel: Results from a SVAR Analysis, Max Breitenlechner (University of Innsbruck, Austria), Johann Scharler (University of Innsbruck, Austria) and Friedrich Sindermann (University of Innsbruck, Austria) |
| Discussant: Stelios Bekiros |
| Parallel Session 6B: Financial Econometrics |
| 9:00-11:00 (Lecture Room: Α2-3) |
| Chair: Christos Floros |
| Real-Time Forecasting with a MIDAS VAR, Heiner Mikosch (KOF, ETH Zurich, Switzerland) and Stefan Neuwirth (KOF, ETH Zurich, Switzerland) |
| Discussant: Christos Floros |
| Nowcasting GDP in Greece: A Note on Forecasting Improvements from the Use of Bridge Models, Dimitra Lamprou (University of Peloponnese, Greece) |
| Discussant: Stefan Neuwirth |
| Testing Stationarity of Futures Hedge Ratios, Christos Floros (Technological Educational Institute of Crete, Greece), Stavros Degiannakis (Panteion University of Social and Political Sciences, Greece) and Enrique Salvador (University College Dublin, Ireland) |
| Discussant: Dimitra Lamprou |
| Parallel Session 6C: Macroeconomic Theory and Policy IV |
| 9:00-11:00 (Lecture Room: Α3-2) |
| Chair: Aris Kartsaklas |
| Real-time Macroeconomic Data and Uncertainty, Katharina Glass (University of Hamburg, Germany) and Ulrich Fritsche (University of Hamburg, Germany) |
| Discussant: Aris Kartsaklas |
| Episodes of Exuberance in Housing Markets, Efthymios Pavlidis (Lancaster University, UK), Alisa Yusupova (Lancaster University, UK), Ivan Paya (Lancaster University), David Peel (Lancaster University, UK), Enrique Martinez-Garcia (Federal Reserve Bank of Dallas, USA), Adrienne Mack (Federal Reserve Bank of Dallas, USA) and Valerie Grossman (Federal Reserve Bank of Dallas, USA) |
| Discussant: Petre Caraiani |
| The Role of Money in DSGE Models: A Forecasting Perspective, Petre Caraiani (Institute for Economic Forecasting, Romania) |
| Discussant: Efthymios Pavlidis |
| The Buying and Selling Behavior of Institutional, Individual and Foreign Investors in the Korean Stock Exchange, Menelaos Karanasos (Brunel University, UK), Aris Kartsaklas (Brunel University, UK), and Stavroula Yfanti (Brunel University, UK) |
| Discussant: Katharina Glass |
| Parallel Session 6D: Financial Crisis |
| 9:00-11:00 (Lecture Room: Α3-3) |
| Chair: Xichen Wang |
| An Examination of the Bank Lending Channel and Monetary Policy During the Pre - and - Post Crisis Period , Evangelos N. Salachas (Athens University of Economics and Business, Greece), Nikiforos T. Laopodis (ALBA Graduate Business School, Greece) and Georgios P. Kouretas (Ipag Business School, France and Athens University of Economics and Business, Greece) |
| Discussant: Aurore Burietz |
| Home Sweet Home: Bank Lending Characteristics and the Impact of the Recent Global Financial Crisis, Aurore Burietz (IESEG School of Management, France) and Loredana Ureche-Rangau (University of Picardie, France) |
| Discussant: Georgios P. Kouretas |
| Discretionary Credit Rating and Bank Stability in a Financial Crisis, Arjana Brezigar Masten (University of Primorska, Slovenia), Igor Masten (University of Ljubljana, Slovenia) and Matjaz Volk (Bank of Slovenia) |
| Discussant: Xichen Wang |
| Episodes of Exuberance in Emerging Equity Markets and the Global Financial Crisis, Xichen Wang (Lancaster University, UK) |
| Discussant: Arjana Brezigar Masten |
| 11:00-11:30: Coffee break |
| KEYNOTE SPEECH - THE BANK OF GREECE PLENARY SESSION |
| 11:30-13:00 (Alexandropoulos Amphitheatre) |
| Chair: Athanasios P. Papadopoulos |
| Michael Haliassos (Goethe University, Germany): |
| "Challenges in Designing Investor and Borrower Protection" |
| 13:00-14:00: Lunch |
| KEYNOTE SPEECH - THE NATIONAL BANK OF GREECE PLENARY SESSION |
| 14:00-15:30 (Alexandropoulos Amphitheatre) |
| Chair: Georgios P. Kouretas |
| Kenneth D. West (University of Wisconsin - Madison, USA): |
| "The Equilibrium Real Funds Rate: Past, Present and Future" |
| 15:30-16:00: Coffee break |
| Parallel Session 7A: Fiscal Policy |
| 16:00-18:00 (Lecture Room: Α2-2) |
| Chair: John Kose |
| Is Fiscal Devaluation Welfare Enhancing? A Model-based Analysis, Lena Maria Kraus (University of Bayreuth, Germany) and Stefan Hohberger (University of Bayreuth, Germany) |
| Discussant: Suchismita Tarafdar |
| Fiscal Targets. A Guide to Forecasters, Joan Paredes (European Central Bank, Germany), Javier J. Perez (Bank of Spain), and Gabriel Perez-Quiros (Bank of Spain, AIReF and CEPR) |
| Discussant: Jan Hagemejer |
| Analyzing the Efficiency of the Pension Reform: The Role for the Welfare Effects of Fiscal Closures, Jan Hagemejer (National Bank of Poland and University of Warsaw, Poland), Krzysztof Makarski (National Bank of Poland and Warsaw School of Economics, Poland) and Joanna Tyrowicz (University of Warsaw, Poland and National Bank of Poland) |
| Discussant: Joan Paredes |
| Fiscal Policy in an Emerging Market Business Cycle Model, Chetan Ghate (Indian Statistical Institute), Pawan Gopalakrishnan (Indian Statistical Institute) and Suchismita Tarafdar (Shiv Nadar University, India) |
| Discussant: Lena Maria Kraus |
| Parallel Session 7B: Banking and Finance II |
| 16:00-18:00 (Lecture Room: Α2-3) |
| Chair: Ansgar Belke |
| E-banking Functionality as a Measure of Customer Satisfaction in the Czech and Kenyan Banking Sectors, Felix Ondieki Kombo (Tomas Bata University in Zlin, Czech Republic), Jiří Paulík (Tomas Bata University in Zlin, Czech Republic) and Michael Adu Kwarteng (Tomas Bata University in Zlin, Czech Republic) |
| Discussant: Ansgar Belke |
| Lending Process for the SME Segment. The Findings and Experience from the Czech and Slovak Banking Sectors, Jaroslav Belas (Tomas Bata University in Zlin, Czech Republic), Jiri Dolezal (Tomas Bata University in Zlin, Czech Republic), Roman Hlawiczka (Tomas Bata University in Zlin, Czech Republic), Lenka Gabcova (Tomas Bata University in Zlin, Czech Republic) and Eva Cipovova (University of Finance and Administration, Czech Republic) |
| Discussant: Vlad Andrei Porumb |
| The Impact of Information Assymetry Shocks on European Banks’ Loan Maturity, Samira Demaria (University of Nice Sophia Antipolis, France), Vlad Andrei Porumb (Universite Cergy Pontoise - THEMA Research Center, France) and Sandra Rigot (University of Paris 13, France) |
| Discussant: Jaroslav Belas |
| Banking Union as a Shock Absorber, Ansgar Belke (University of Duisburg – Essen, Germany) and Daniel Gros (CEPS Brussels, Belgium) |
| Discussant: Felix Ondieki Kombo |
| Parallel Session 7C: EU Economics III |
| 16:00-18:00 (Lecture Room: Α3-2) |
| Chair: Andrea Silvestrini |
| Hard Work, and Foreign Help - How to Successfully Conduct Adjustment with Official Assistance, Martin Larch (European Commission, Belgium), Kristin Magnusson Bernard (European Central Bank, Belgium) and Balint Tatar (Independent - formerly European Commission, Belgium). |
| Discussant: Andrea Silvestrini |
| Reforms in DSGE Models: Too Sensitive for Policy Analysis, Olfa Alouini (European Commission, Belgium), Benoit Campagne (INSEE-CREST, France) and Aurelien Poissonnier (INSEE-CREST, France) |
| Discussant: Beau Soederhuizen |
| Internal or External Devaluation? What Does the Consumer Survey Tell us about Macroeconomic Adjustment in the Euro Area? Ivo Arnold (Erasmus University Rotterdam, The Netherlands) and Beau Soederhuizen (Nyenrode Business University, The Netherlands) |
| Discussant: Benoit Campagne |
| Time Varying Effects of Financial Shocks in the Euro Area, Andrea Silvestrini (Bank of Italy) and Andrea Zaghini (Bank of Italy) |
| Discussant: Dimitrios D. Thomakos |
| Parallel Session 7D: Economic Growth and Development II |
| 16:00-18:00 (Lecture Room: Α3-3) |
| Chair: Lint Barrage |
| Leadership Change and Economic Growth in Politically Unstable Countries, Richard Jong-A-PIn (University of Groningen, The Netherlands) and Shu Yu (University of Rochester, USA) |
| Discussant: Lint Barrage |
| Evidence on Primary Education and Fertility Rates from Southern Africa, Manoel Bittencourt (University of Pretoria, South Africa) |
| Discussant: Richard Jong-A-Pin |
| Dutch Disease and Carbon Pricing in Resource-Rich Economies, Lint Barrage (University of Maryland, USA) |
| Discussant: Manoel Bittencourt |
| 18:00: SHORT EXCURSION AND FAREWELL DINNER AT A TRADITIONAL VILLAGE |