Final Programme
Thursday, May 25th, 2017
8:00-9:00: Registration at the Department of Economics
Parallel Session 1A: Emerging Economies I
9:00-11:00 (Lecture Room: A2-2)
Chair: Noemie Lisack
Portfolio Choice in a Two-country DSGE Model: Capital Flows in Emerging Economies, Alba Del Villar Olano (Public University of Navarra, Spain)
 Discussant: Noemie Lisack
Determinants of Price Differences in Russian Regions, Yury Perevyshin (RANEPA, Russia)
 Discussant: Andrey Polbin
Testing for Structural Breaks in the Long-run Growth Rate of the Russian Economy, Andrey Polbin (The Russian Presidential Academy of National Economy and Public Administration) and Anton Skrobotov (The Russian Presidential Academy of National Economy and Public Administration)
 Discussant: Yury Perevyshin
Alternative Finance and Credit Sector Reforms: The Case of China, Noemie Lisack (Bank of England)
 Discussant: Alba Del Villar Olano
Parallel Session 1B: Exchange Rate Economics I
9:00-11:00 (Lecture Room: A2-3)
Chair: Joscha Beckmann
Spillover Effects of Credit Default Risk in the Euro Area and the Effects on the Euro: A GVAR Approach, Timo Bettendorf (Deutsche Bundesbank)
 Discussant: Joscha Beckmann
Why has Intra-euro Real Exchange Rate Adjustment been so Small? Evidence from an Estimated Multi-region Model, Stefan Hohberger (European Commission, Joint Research Centre) and Lukas Vogel (European Commission, ECFIN)
Exchange Rate Expectations since the Financial Crisis: Performance Evaluation and the Role of Monetary Policy and Safe Haven, Joscha Beckmann (Ruhr University of Bochum and Kiel Institute for the World Economy, Germany) and Robert Czudaj (Chemnitz University of Technology, Germany)
 Discussant: Timo Bettendorf
Parallel Session 1C: Monetary Theory and Policy I
9:00-11:00 (Lecture Room: A3-2)
Chair: Louis Raes
The Role of Money in Federal Reserve Policy, Irfan Qureshi (University of Warwick, UK and Lahore University of Management Sciences, Pakistan)
 Discussant: Louis Raes
Beliefs Formation and the Puzzle of Forward Guidance Power, Marco Di Pietro (Sapienza University of Rome)
 Discussant: Benjamin Schwanebeck
Optimal Unconventional Monetary Policy in the Face of Shadow Banking, Philipp Kirchner (University of Kassel, Germany) and Benjamin Schwanebeck (University of Kassel, Germany)
 Discussant: Marco Di Pietro
Hawks and Doves at the FOMC, Sylvester Eijffinger (Tilburg University, The Netherlands), Ronald Mahieu (Tilburg University, The Netherlands) and Louis Raes (Tilburg University, The Netherlands)
 Discussant: Irfan Qureshi
Parallel Session 1D: Financial Markets I
9:00-11:00 (Lecture Room: A3-3)
Chair: Martin Schmitz
Extracting the Relevant Trends for Applied Portfolio Management, Theo Berger (University of Bremen, Germany)
 Discussant: Martin Schmitz
Yesterday’s News: Media Created Emotions in Asset Markets, Heikki Lehkonen (University of Jyvaskyla, Finland) and Kuntara Pukthuanthong (University of Missouri, USA)
 Discussant: Fabian Baetje
Predicting the Equity Premium via its Components, Fabian Baetje (Leibniz University of Hannover, Germany) and Lukas Menkhoff (German Institute for Economic Research)
 Discussant: Heikki Lehkonen
Reducing Large Net Foreign Liabilities, Martin Schmitz (European Central Bank), Michael Fidora (European Central Bank), and Celine Tcheng (Bank of France)
 Discussant: Theo Berger
11:00-11:30: Coffee break
Parallel Session 2A: Banking and Finance I
11:30-13:30 (Lecture Room: A2-2)
Chair: Tumisang Loate
Performance of Domestic and Foreign Banks during Global Financial Crisis and the Debt Crisis in the Eurozone, Małgorzata Pawłowska (Warsaw School of Economics, Poland)
 Discussant: Tumisang Loate
Bank Loan Officers’ Expectations for Credit Standards: Evidence from the European Bank Lending Survey, Dimitrios Anastasiou (Athens University of Economics and Business, Greece) and Konstantinos Drakos (Athens University of Economics and Business, Greece)
 Discussant: Marcel Tirpak
Cross Border Banking in Europe: What Explains Financial Disintegration?, Lorenz Emter (European Central Bank), Martin Schmitz (European Central Bank) and Marcel Tirpak (European Central Bank)
 Discussant: Dimitrios Anastasiou 
Banking Stability and Keeping up with the Riches, Tumisang Loate (University of Pretoria, South Africa) and Nicola Viegi (University of Pretoria, South Africa)
 Discussant: Małgorzata Pawłowska
Parallel Session 2B: Macroeconomic Theory and Policy I
11:30-13:30 (Lecture Room: A2-3)
Chair: Andreas Hefti
To Create or Redistribute? That is the Question, Demetris Koursaros (Cyprus University of Technology), Christos Savva (Cyprus University of Technology), and Nektarios Michail (Central Bank of Cyprus)
Discussant: Andreas Hefti
How Relieving is Public Debt Relief? Monetary and Fiscal Policies in a Monetary Union during a Debt Crisis, Dmitri Blueschke (Klagenfurt University, Austria) and Reinhard Neck (Klagenfurt University, Austria)
 Discussant: Patrizio Tirelli
Public Debt Consolidation with Distributional Conflicts, Roberta Cardani (University of Milano-Bicocca, Italy), Lorenzo Menna (Bank of Mexico) and Patrizio Tirelli (University of Milano-Bicocca, Italy and Griffith University, Australia)
 Discussant: Dmitri Blueschke
Distributional Comparative Statics with Heterogeneous Agents, Andreas Hefti (University of Zurich and School of Management and Law, Switzerland)
 Discussant: Demetris Koursaros
Parallel Session 2C: European Union Economics I
11:30-13:30 (Lecture Room: A3-2)
Chair: Mark Mink
Has the Financial Crisis affected the Real Interest Rate Dynamics in Europe?, Nektarios Aslanidis (Rovira i Virgili University, Spain) and Selva Demiralp (Koc University, Turkey)
 Discussant: Mark Mink
Financial Cycles in the Euro Area: A Wavelet Analysis, Michael Scharnagl (Deutsche Bundesbank) and Martin Mandler (Deutsche Bundesbank)
 Discussant: Ingmar Roevekamp
Euro Exit Risk, Ingmar Roevekamp (Leibniz University of Hannover, Germany) and Stefan Eichler (TU Dresden and Halle Institute for Economic Research, Germany)
 Discussant: Michael Scharnagl
Euro Area Imbalances, Mark Mink (Bank of The Netherlands), Jan Jacobs (University of Groningen, The Netherlands) and Jakob De Haan (Bank of The Netherlands)
 Discussant: Nektarios Aslanidis
Parallel Session 2D: Fiscal Policy I
11:30-13:30 (Lecture Room: A3-3)
Chair: Stelios Sakkas
Aggregate Effects of Income and Consumption Tax Changes, Anh DM Nguyen (Bank of Lithuania), Luisanna Onnis (University of Sheffield, UK) and Raffaele Rossi (University of Manchester, UK)
 Discussant: Andrew Gimber
Analyzing the Effects of Fiscal Policy Shocks: an International Comparison using Long-Run Identifying Restrictions, Andreas Zervas (Ministry of Finance, Greece)
 Discussant: Evangelos V. Dioikitopoulos
The Composition Effects of Tax-Based Consolidations on Income Inequality, Massimo Giuliodori (University of Amsterdam, The Netherlands), Gabriele Ciminelli (University of Amsterdam, The Netherlands), Ekkehard Ernst (International Labour Organization, Switzerland) and Rossana Marola (International Labour Organization, Switzerland)
 Discussant: Philipp Engler
On the Composition of Public Spending and Taxes, George Economides (Athens University of Economics and Business, Greece), Hyun Park (Kyung Hee University, South Korea), Apostolis Philippopoulos (Athens University of Economics and Business, Greece) and Stelios Sakkas (European Commission, Joint Research Centre)
 Discussant: Rana Sajedi
13:30-15:00: Lunch
Parallel Session 3A: Economic and Financial Crisis
15:00-17:00 (Lecture Room: A2-2)
Chair: Tatiana Kirsanova
Times of Crisis and Female Labor Force Participation : Lessons from the Spanish Flu, Timo Baas (University of Duisburg-Essen, Germany) and Farzaneh Shamsfakhr (University of Duisburg-Essen, Germany)
 Discussant: Tatiana Kirsanova
Financial Crises, Unemployment and the Endogenous Participation Rate, Emilio Colombo (Catholic University of the Sacred Heart, Italy), Lorenzo Menna (Bank of Mexico) and Patrizio Tirelli (University of Milano-Bicocca, Italy and Griffith University, Australia)
 Discussant: Christoph Wegener
Liquidity Risk and the Covered Bond Market in Times of Crisis: Empirical Evidence from Germany, Christoph Wegener (IPAG Business School, France and Center for Risk and Insurance, Germany), Tobias Basse (Norddeutsche Landesbank Girozentrale & Touro College Berlin, Germany), Philipp Sibbertsen (Leibniz Universitat Hannover, Germany) and Duc Khuong Nguyen (IPAG Business School, France)
 Discussant: Emilio Colombo
Deep Recessions, Tatiana Kirsanova (University of Glasgow, UK), Charles Nolan (University of Glasgow, UK) and Maryam Shafiei Deh Abad (University of Glasgow, UK)
 Discussant: Farzaneh Shamsfakhr
Parallel Session 3B: Financial Markets II
15:00-17:00 (Lecture Room: A2-3)
Chair: Anton Skrobotov
Capital Flows, Default, and Renegotiation in a Small Open Economy, Udara Peiris (NRU Higher School of Economics, Russia) Anna Sokolova (NRU Higher School of Economics, Russia), and Dimitrios Tsomocos (University of Oxford, UK)
 Discussant: Maria Sole Pagliari
The Volatility of Capital Flows in Emerging Markets: Measures and Determinants, Maria Sole Pagliari (Rutgers University, USA) and Swarnali Ahmed Hannan (International Monetary Fund, USA)
 Discussant: Stefan Lyocsa
Monetary Policy Announcements and Stock Market Volatility: A Multi-country Study, Stefan Lyocsa (University of Economics in Bratislava, Slovakia), Peter Molnar (University of Stavanger, Norway), Tomas Plihal (Masaryk University, Czech Republic) and Steinar Veka (Lillehammer University College, Norway)
 Discussant: Anton Skrobotov
Confidence Sets for the Break Date in Cointegrating Regressions, Eiji Kurozumi (Hitotsubashi University, Japan) and Anton Skrobotov (Russian Presidential Academy of National Economy and Public Administration)
 Discussant: Anna Sokolova
Parallel Session 3C: Growth and Development I
15:00-17:00 (Lecture Room: A3-2)
Chair: Andrea Colciago
Corruption and Monetary Policy in a Cash-in-Advance Economy, Marakbi Réda (University of Orléans, France) and Villieu Patrick (University of Orléans, France)
 Discussant: Andrea Colciago
Human Capital in a Credit Cycle Model, Ingrid Kubin (University of Economics and Business, Austria) and Thomas Otto Zörner (University of Economics and Business, Austria)
 Discussant: Nora Traum
Hours and Employment Over the Business Cycle, Matteo Cacciatore (HEC Montreal, Canada), Giuseppe Fiori (North Carolina State University, USA) and Nora Traum (North Carolina State University, USA)
 Discussant: Thomas Otto Zörner
Who Creates and Destroys Jobs over the Business Cycle?, Andrea Colciago (Bank of The Netherands), Antonella Trigari (Bocconi University, Italy) and Volker Lindenthal (University of Freiburg, Germany)
 Discussant: Marakbi Réda
Parallel Session 3D: European Union Economics II
15:00-17:00 (Lecture Room: A3-3)
Chair: Sladjana Srdić
Is the European Monetary Union Fertile Ground for Real Exchange Rate Misalignments?, Michael Fidora (European Central Bank), Claire Girodano (Bank of Italy and European Central Bank) and Martin Schmitz (European Central Bank)
 Discussant: Sladjana Srdić
Pegging or Joining the Euro - Sudden Stops and Current Account Dynamics, Juergen Beier (University of Bayreuth, Germany), Lena Kraus (University of Bayreuth, Germany) and Bernhard Herz (University of Bayreuth, Germany)
 Discussant: Federic Holm-Hadulla
Macroeconomic Implications of Oil Price Fluctuations: A Regime-switching Framework for the Euro Area, Federic Holm-Hadulla (European Central Bank) and Kirstin Hubrich (Federal Reserve Bank, USA)
 Discussant: Juergen Beier
Sustainability of Current Accounts in Selecting European Economies: Evidence from Quantile Regression Approach, Kosta Josifidis (University of Novi Sad, Serbia), Radmila Dragutinović Mitrović (University of Belgrade, Serbia), Emilija Beker Pucar (University of Novi Sad, Serbia) and Sladjana Srdić (University of Novi Sad, Serbia)
 Discussant: Michael Fidora
Parallel Session 3E: Alternative Investments 
15:00-17:00 (Lecture Room: )
Chair: Roman Kräussl (Luxembourg School of Finance and University of Luxembourg, Hoover Institution and Stanford University, USA)
Identifying the Benefits from Home Ownership: A Swedish Experiment, Paolo Sodini (Stockholm School of Economics, Sweden), Stijn van Nieuwerburgh (Stern School of Business, New York University, NBER and CEPR, USA), Roine Vestman (Stockholm University, Sweden) and Ulf von Lilienfeld-Toal (Luxembourg School of Finance and University of Luxembourg)
 Discussant: Rachatar Nilavongse  
Art as an Investment: A New Perspective, Roman Kräussl (Luxembourg School of Finance and University of Luxembourg, Hoover Institution and Stanford University, USA) and Ali NasserEddine (Luxembourg School of Finance and University of Luxembourg)
 Discussant: Raoul Minetti 
A Performance Evaluation of Weight-Constrained Conditioned Portfolio Optimisation, Marc Boisseaux (Luxembourg School of Finance, University of Luxembourg) and Jang Schiltz (Luxembourg School of Finance, University of Luxembourg)
 Discussant: Clara De Luigi 
17:00-17:30: Coffee break
Parallel Session 4A: Journal of Economic Dynamics and Control I
17:30-19:30 (Lecture Room: A2-2)
Chair: Evangelos V. Dioikitopoulos
Hysteresis and Fiscal Policy, Philipp Engler (DIW Berlin, Germany) and Juha Tervala (University of Helsinki, Finland)
 Discussant: Fredj Jawadi
Fiscal Consequences of Structural Reforms under Constrained Monetary Policy, Rana Sajedi (Bank of England, UK)
 Discussant: Raffaele Rossi 
Public Debt and the Cyclicality of Fiscal Policy, Antoine Camous (University of Mannheim, Germany) and Andrew Gimber (European University Institute (alumnus), Italy)
 Discussant: Stelios Sakkas 
Dynamic Adjustment of Fiscal Policy under a Debt Crisis, Evangelos V. Dioikitopoulos (King's College London, UK)
 Discussant: Ekkehard Ernst 
Parallel Session 4B: Monetary Theory and Policy II
17:30-19:30 (Lecture Room: A2-3)
Chair: Stefan Hohberger
Voting Power in the FOMC, Fabian Baetje (Leibniz University of Hannover, Germany), Stefan Eichler (Technical University of Dresden, Germany) and Tom Laehner (Leibniz University of Hannover, Germany)
 Discussant: Stefan Hohberger
Forward Guidance Policy Announcements: How Effective Are They?, Nicola Acocella (Sapienza University of Rome, Italy) and Andrew Hughes Hallett (George Mason University, USA)
 Discussant: Andrzej Toroj
A Solution Method for DSGE Models with Regionally Biased Monetary Policymakers: The Case of ECB Voting Reform, Andrzej Toroj (Warsaw School of Economics, Poland)
 Discussant: Nicola Acocella
Macroeconomic Effects of Quantitative Easing in the Euro Area: Evidence from an Estimated DSGE Model, Stefan Hohberger (European Commission, JRC), Romanos Priftis (European Commission, ECFIN), and Lukas Vogel (European Commission, ECFIN)
 Discussant: Tom Laehner
Parallel Session 4C: European Union Economics III
17:30-19:30 (Lecture Room: A3-2)
Chair: Ansgar Belke
Balance of Payments Adjustment vs Financing in Selected European Economies: Panel VAR Analysis, Kosta Josifidis (University of Novi Sad, Serbia), Emilija Beker Pucar (University of Novi Sad, Serbia) and Sladjana Srdic (University of Novi Sad, Serbia)
 Discussant: Nicolas Mazuy 
Fiscal Responses in the Euro Area and the Sovereign Debt Crisis, Vaclav Zdarek (University of Warwick, UK)
 Discussant: Ansgar Belke
The Heterogeneities of the Euro Area Countries: Relevance of the Single Monetary Policy, Nicolas Mazuy (BETA and University of Strasbourg, France) and Moise Sidiropoulos (BETA, France and Aristotle University of Thessaloniki, Greece)
 Discussant: Emilija Beker Pucar 
Measuring Fiscal Spillovers in EMU and Beyond: A Global VAR Approach, Ansgar Belke (University of Duisburg-Essen, Germany) and Thomas Osowski (University of Duisburg-Essen, Germany)
 Discussant: Vaclav Zdarek
Parallel Session 4D: Fiscal Policy II
17:30-19:30 (Lecture Room: A3-3)
Chair: Panagiotis Vlahos
Optimal Fiscal Policy with Consumption Taxation, Giorgio Motta (Lancaster University, UK) and Raffaele Rossi (University of Manchester, UK)
 Discussant: Gilles Dufrénot
A Note on Pension System Reform and Welfare, Oliwia Komada (GRAPE/FAME and University of Warsaw, Poland), Krzysztof Makarski (GRAPE/FAME, National Bank of Poland and Warsaw School of Economics, Poland) and Joanna Tyrowicz (GRAPE/FAME, National Bank of Poland and University of Warsaw, Poland)
 Discussant: Carlos E. Zarazaga
Fiscal Policy under Unbalanced Pension System, Mariam Mamedli (Bank of Russia and National Research University Higher School of Economics, Russia)
 Discussant: Romanos Priftis
Who Pays the Tax Burden in Greece ?, Panagiotis Vlahos (University of Peloponnese, Greece)
 Discussant: Duc Khuong Nguyen
20:30: Welcome Reception and Gala Dinner at THEARTEMIS PALACE HOTEL
Friday, May 26th, 2017
Parallel Session 5A: Journal of Economic Dynamics and Control II
9:00-11:00 (Lecture Room: A2-2)
Chair: Gilles Dufrénot
Optimal Fiscal Policy in a Liquidity Trap at the Zero Lower Bound, Nikos Paltalidis (Durham University, UK), Sabri Boubaker (Champagne School of Management, France) and Duc Khuong Nguyen (IPAG Business School, France)
 Discussant: Giorgio Motta 
Fiscal Stabilization and the Credibility of the U.S. Budget Sequestration Spending Austerity, Ruiyang Hu (Southern Methodist University, USA) and Carlos E. Zarazaga (Federal Reserve Bank of Dallas, USA)
 Discussant: Mariam Mamedli 
Optimal Debt Management in a Liquidity Trap, Romanos Priftis (European Commission , ECFIN), Rigas Oikonomou (Catholic University of Louvain, Belgium) and Hafedh Bouakez (HEC Montreal, Canada)
 Discussant: Andreas Zervas 
Could Fiscal Dominance Reduce the High Public Debts during the Seven Years of the Post Financial Crisis?, Gilles Dufrénot (Aix-Marseille School of Economics, CNRS, EHESS and Centrale Marseille, France), Fredj Jawadi (University of Evry, France) and Guillaume Khayat (Aix-Marseille School of Economics, CNRS, EHESS and Centrale Marseille, France)
 Discussant: Stephen G. Hall
Parallel Session 5B: Emerging Economies II
9:00-11:00 (Lecture Room: A2-3)
Chair: Manoel Bittencourt
Forecasting Russian Macroeconomic Indicators with BVAR, Boris Demeshev (National Research University Higher School of Economics, Russia) and Oxana Malakhovskaya (National Research University Higher School of Economics, Russia)
 Discussant: Manoel Bittencourt
Monetary News, U.S. Interest Rate and Business Cycles in Emerging Economies, Alejandro Vicondoa (European University Institute, Italy)
 Discussant: Mathane Makgatho
Public Investment and Provincial Inequality in South Africa, Mathane Makgatho (University of Pretoria, South Africa)
 Discussant: Alejandro Vicondoa
Trade Openness and Fertility Rates in Africa: Panel-Data Evidence, Manoel Bittencourt (University of Pretoria, South Africa), Matthew Clance (University of Pretoria, South Africa), and Yoseph Getachew (University of Pretoria, South Africa)
 Discussant: Oxana Malakhovskaya
Parallel Session 5C: Macroeconomic Theory and Policy II
9:00-11:00 (Lecture Room: A3-2)
Chair: Giovanni Melina
Forecasting U.K. House Prices During Turbulent Periods, Alisa Yusupova (Lancaster University, UK) and Efthymios Pavlidis (Lancaster University, UK)
 Discussant: Giovanni Melina
Do Oil Price Shocks Make People Worrying about Stagflation?, Martin Geiger (University of Innsbruck, Austria) and Johann Scharler (University of Innsbruck, Austria)
 Discussant: Julia Le Blanc
Indebtedness and Spending: What Happens when the Music Stops?, Julia Le Blanc (Deutsche Bundesbank) and Reamonn Lydon (Central Bank of Ireland)
 Discussant: Martin Geiger
Fiscal Buffers, Private Debt, and Stagnation: The Good, the Bad and the Ugly, Nicoletta Batini (International Monetary Fund, USA), Giovanni Melina (International Monetary Fund, USA) and Stefania Villa (Catholic University of Leuven, Belgium)
 Discussant: Konstantinos N. Konstantakis
Parallel Session 5D: Growth and Development II
9:00-11:00 (Lecture Room: A3-3)
Chair: Daniele Siena
What Determines Financial Development? Bayesian Model Averaging Evidence, Roman Horvath (IES Charles University in Prague, Czech Republic), Eva Horvatova (University of Economics in Bratislava, Slovakia) and Maria Siranova (University of Economics in Bratislava & Slovak Academy of Sciences, Slovakia)
 Discussant: Daniele Siena
Time-Varying Predictive Content of Financial Variables in Forecasting GDP Growth in the G-7 Countries, Petri Kuosmanen (University of Vaasa, Finland) and Juuso Vataja (University of Vaasa, Finland)
 Discussant: Spyridon Boikos
What Types of Financial Reforms are Important for the Innovation Activity?, Spyridon Boikos (University of Crete, Greece), Ioannis Bournakis (Middlesex University, UK) and Dimitris Christopoulos (Panteion University, Greece)
 Discussant: Petri Kuosmanen
Can Fiscal Composition Stimulate Growth? Model Based Results, Matthieu Bussiere (Bank of France), Laurent Ferrara (Bank of France), Michel Juillard (Bank of France) and Daniele Siena (Bank of France)
 Discussant: Maria Siranova
11:00-11:30: Coffee break
11:30-13:00 (Alexandropoulos Amphitheatre) 
Chair: Georgios P. Kouretas (Athens University of Economics and Business, Greece)
Christopher Otrok (University of Missouri and Federal Reserve Bank of St. Louis, USA)
"Estimating Models of Financial Crises: An Endogenous Switching Approach"
13:00-14:30: Lunch
14:30-16:00 (Alexandropoulos Amphitheatre) 
Chair: Minoas Koukouritakis  (University of Crete, Greece)
Evi Pappa (European University Institute, Italy)
"Fiscal Consolidation in a Low Inflation Environment: Pay Cuts versus Lost Jobs"
16:00-16:30: Coffee break
Parallel Session 6A: Journal of Economic Dynamics and Control III
16:30-18:30 (Lecture Room: A2-2)
Chair: Konstantinos N. Konstantakis
Bank Capital Shocks and Countercyclical Requirements: Implications for Banking Stability and Welfare, Stelios Bekiros (European University Institute Italy), Rachatar Nilavongse (Uppsala University, Sweden) and Gazi S. Uddin (Linköping University, Sweden)
 Discussant: Harris Dellas 
Interbank Markets and Unconventional Monetary Policies amid a Sovereign Debt Crisis, Raoul Minetti (Michigan State University, USA), Aeimit Lakdawala (Michigan State University, USA) and Maria Pia Olivero (Drexel University, USA)
 Discussant: Panagiotis Vlahos
Debt Regimes and the Effectiveness of Monetary Policy, Clara De Luigi (Vienna University of Economics and Business, Austria) and Florian Huber (Vienna University of Economics and Business, Austria)
 Discussant: Juuso Vataja 
Debt Crisis in Europe (2001-2015): A Network General Equilibrium GVAR Approach, Panayotis G. Michaelides (National Technical University of Athens, Greece), Efthymios G. Tsionas (Athens University of Economics and Business, Greece) and Konstantinos N. Konstantakis (National Technical University of Athens, Greece)
 Discussant: Efthymios Pavlidis 
Parallel Session 6B: Exchange Rate Economics II
16:30-18:30 (Lecture Room: A2-3)
Chair: Gerald P. Dwyer
Asymmetric Arbitrage Trading on Offshore and Onshore Renminbi Markets, Sercan Eraslan (Deutsche Bundesbank)
 Discussant: Gerald P. Dwyer
Labor Market Institutions, Exchange Rate Stability and Current Account Adjustment, Mika Nieminen (University of Jyvaskyla, Finland), Kari Heimonen (University of Jyvaskyla, Finland), and Timo Tohmo (University of Jyvaskyla, Finland)
 Discussant:  Sercan Eraslan
Purchasing Power Parity in the Postwar Period: A Bayesian Analysis, James R. Lothian (Fordham University, USA) and Gerald P. Dwyer (Clemson University, USA)
 Discussant: Mika Nieminen
Parallel Session 6C: Monetary Theory and Policy III
16:30-18:30 (Lecture Room: A3-2)
Chair: Josef Hollmayr
Can Inflation Contract Discipline Central Bankers when Agents are Learning?, Marine Charlotte André (University of Strasbourg, France) and Meixing Dai (University of Strasbourg, France)
 Discussant: Josef Hollmayr
Interest Rate Rules and Inflation Risks, Lorant Kaszab (Central Bank of Hungary), Roman Horvath (Charles University, Czech Republic) and Ales Marsal (National Bank of Slovakia)
Tales of Transition Paths: Policy Uncertainty and Random Walks, Josef Hollmayr (Deutsche Bundesbank) and Christian Matthes (Richmond FED, USA)
 Discussant: Marine Charlotte André
Parallel Session 6D: Financial Markets III
16:30-18:30 (Lecture Room: A3-3)
Chair: Florian Huber
Why They Keep Missing: An Empirical Investigation of Rational Inattention of Rating Agencies, Makram El-Shagi (Henan University, China) and Gregor von Schweinitz (Halle Institute for Economic Research, Germany)
 Discussant: Florian Huber
How does Monetary Policy React to the Stock Market in OECD Countries?, Lukasz Goczek (University of Warsaw, Poland) and Karol J. Partyka (University of Warsaw, Poland)
 Discussant: Oana Furtuna
Private and Public Risk-sharing in the Euro Area, Jacopo Cimadomo (European Central Bank), Oana Furtuna (University of Amsterdam, The Netherlands) and Massimo Giuliodori (University of Amsterdam, The Netherlands)
 Discussant: Lukasz Goczek
Spreading the Word or Reducing the Term Spread? Assessing Spillovers from Euro Area Monetary Policy, Martin Feldkircher (Austrian National Bank), Thomas Gruber (Austrian National Bank) and Florian Huber (Vienna University of Economics and Business, Austria)
 Discussant: Makram El-Shagi
Saturday, May 27th, 2017
Parallel Session 7A: Journal of Economic Dynamics and Control IV
9:00-11:00 (Lecture Room: A2-2)
Chair: George Tavlas
Dissecting the Drivers of Business Cycle Synchronization in Emerging Markets, Aikaterini Karadimitropoulou (University of East Anglia, UK)
 Discussant: Olgica Glavaski 
Debt Thresholds and the Effectiveness of Stabilization Policy: Evidence from a Regional Factor-augmented VAR for the Euro Area, Michael T. Owyang (Federal Reserve Bank of St. Louis, USA), Laura Jackson (Bentley University, USA) and Sarah Zubairy (Texas A&M University, USA)
 Discussant: Lorant Kaszab 
Monetary and Fiscal Policy Rules in Times of Prolonged Interconnected Crises, Guay C. Lim (Melbourne University, Australia) Paul D. McNelis (Fordham University, USA)
 Discussant: Yota D. Deli 
The Macroeconomic and Fiscal Implications of Inflation Forecast Errors, Harris Dellas (University of Bern, Switzerland and Bank of Greece), Heather D. Gibson (Bank of Greece), Stephen G. Hall (University of Leicester, UK and Bank of Greece) and George Tavlas (Bank of Greece and University of Leicester, UK)
 Discussant: Flora Budianto
Parallel Session 7B: Monetary Theory and Policy IV
9:00-11:00 (Lecture Room: A2-3)
Chair: Roman Horvath
Decomposing the U.S. Great Depression: How Important were Loan Supply Shocks?, Max Breitenlechner (University of Innsbruck, Austria) and Johann Scharler (University of Innsbruck, Austria)
 Discussant: Udara Peiris
What Do Latin American Inflation Targeters Care About? A Comparative Bayesian Estimation of Central Bank Preferences, Stephen McKnight (The College of Mexico), Alexander Mihailov (University of Reading, UK), and Antonio Pompa Rangel (Banco de Mexico)
 Discussant: Giovanni Pellegrino
Global Value Chain Participation and Current Account Imbalances, Georgios Georgiadis (European Central Bank), Johannes Brumm (University of Zurich, Switzerland), Johannes Graeb (European Central Bank) and Fabian Trottner (Princeton University, USA)
 Discussant: Alexander Mihailov
Central Bank Communication and Financial Markets: New High-Frequency Evidence, Pavel Gertler (National Bank of Slovakia) and Roman Horvath (Charles University, Czech Republic)
 Discussant: Celsa Machado
Parallel Session 7C: Macroeconomic Theory and Policy III
9:00-11:00 (Lecture Room: A3-2)
Chair: Daniel L. Tortorice
The Output Gap in a Small Open Economy with Financial Frictions and Bubbles, Petre Caraiani (Institute for Economic Forecasting, Romanian Academy)
 Discussant: Daniel L. Tortorice
Macroeconomic Policy Coordination in the Global Economy: An Estimated DSGE Model, Keshab Bhattarai (University of Hull, UK), Sushanta Mallick (Queen Mary, University of London, UK) and Bo Yang (Swansea University, UK)
 Discussant: Frederic Daniel Verschueren
A New Macroeconomic Model to Evaluate Regional Policies in Belgium, Frederic Daniel Verschueren (IWEPS, Belgium)
 Discussant: Bo Yang
The Business Cycles Implications of Fluctuating Long Run Expectations, Daniel L. Tortorice (Brandeis University, USA)
 Discussant: Petre Caraiani
Parallel Session 7D: Financial Markets IV
9:00-11:00 (Lecture Room: A3-3)
Chair: Sandra Rigot
Technology Trade with Asymmetric Tax Regimes and Heterogeneous Labor Markets: Implications for Macro Quantities and Asset Prices, Giuliano Curatola (Goethe University of Frankfurt and Research Center SAFE, Germany), Michael Donadelli (Goethe University Frankfurt and Research Center SAFE, Germany) and Patrick Gruening (Bank of Lithuania and Vilnius University, Lithuania)
 Discussant: Sandra Rigot
Exchange-traded Funds and Financial Stability, Michael Heinrich Baumann (University of Bayreuth, Germany), Michaela Baumann (University of Bayreuth, Germany) and Bernhard Herz (University of Bayreuth, Germany)
 Discussant: Carlos Eduardo Velmovitsky van Hombeeck
An Exorbitant Privilege in the First Age of International Financial Integration, Carlos Eduardo Velmovitsky van Hombeeck (Bank of England)
 Discussant: Michaela Baumann
The Impact on Long-term Capital Investment of Accounting and Prudential Standards for Financial Intermediaries, Sandra Rigot (University Paris 13 Sorbonne, France)
 Discussant: Patrick Gruening
11:00-11:30: Coffee break
11:30-13:00 (Alexandropoulos Amphitheatre) 
Chair: Nikolaos Giannellis  (University of Crete, Greece)
Kevin D. Hoover (Duke University, USA)
"Searching for Causal Structure"
13:00-14:00: Lunch
14:00-15:30 (Alexandropoulos Amphitheatre) 
Chair: Athanasios P. Papadopoulos (University of Crete, Greece)
Charles I. Plosser (Former President and CEO of the Federal Reserve Bank of Philadelphia, USA)
"The Fed's Balance Sheet and the Choice of an Operating Regime"
15:30-16:00: Coffee break
Parallel Session 8A: Journal of Economic Dynamics and Control V
16:00-18:00 (Lecture Room: A2-2)
Chair: Celsa Machado
Uncertainty-dependent Effects of Monetary Policy Shocks: A New Keynesian Interpretation, Efrem Castelnuovo (University of Melbourne, Australia) and Giovanni Pellegrino (University of Melbourne, Australia)
 Discussant:  Georgios Georgiadis
Perils of Unconventional Monetary Policy, Michael McMahon (University of Warwick, UK), Udara Peiris (NRU Higher School of Economics, Russia) and Herakles Polemarchakis (University of Warwick, UK)
 Discussant: Roman Horvath 
Optimal Monetary and Fiscal Policies in a Heterogeneous Country-size Monetary Union, Celsa Machado (ISCAP, CECEJ and University of Porto, Portugal), Paulo Vieira (ISCAP and CECEJ, Portugal) and Ana Paula Ribeiro (University of Porto, Portugal)
 Discussant: Max Breitenlechner 
Parallel Session 8B: Banking and Finance II
16:00-18:00 (Lecture Room: A2-3)
Chair: Luca Onorante
Loan Loss Provisioning by Italian Banks: Managerial Discretion, Relationship Banking, Functional Distance and Bank Risk, David Aristei (University of Perugia, Italy) and Manuela Gallo (University of Perugia, Italy)
 Discussant: Luca Onorante
FOMC Voting Behavior and Regional Banking Sector Instability, Stefan Eichler (Technical University of Dresden, Germany), Tom Lähner (Leibniz University of Hannover, Germany) and Felix Noth (Halle Institute for Economic Research, Germany)
 Discussant: David Aristei
Lending Technologies, Banking Relationships, and Firms’ Access to Credit in Italy: The Role of Firm Size, David Aristei (University of Perugia, Italy), Gabriele Angori (University of Perugia, Italy) and Manuela Gallo (University of Perugia, Italy)
 Discussant: Stefan Eichler
Countercyclical Capital Regulation in a Small Open Economy DSGE Model, Luca Onorante (European Central Bank), Matija Lozej (Central Bank of Ireland) and Ansgar Rannenberg (Central Bank of Ireland)
 Discussant: Manuela Gallo
Parallel Session 8C: Growth and Development III
16:00-18:00 (Lecture Room: A3-2)
Chair: Vladimir Potashnikov
Debt and Growth, Revisited, Tina Zumer (European Central Bank) and Alina Mika (European Central Bank)
 Discussant: Vladimir Potashnikov
Will the Paris Accord Accelerate Climate Change?, Laurence J. Kotlikoff (Boston University, USA and Gaidar Institute, Russia), Andrey Polbin (RANEPA and Gaidar Institute, Russia) and Andrey Zubarev (RANEPA, Russia)
 Discussant: --
Determinants of Economic Development: SEM Approach, Vladimir Potashnikov (RANEPA, Russia), Oleg Lugovoy (RANEPA and EDF, Russia) and Andrey Zubarev (RANEPA, Russia)
 Discussant: Tina Zumer
Parallel Session 8D: Fiscal Policy III
16:00-18:00 (Lecture Room: A3-3)
Chair: Yota D. Deli
Fiscal Policy and the Term Structure of Interest Rates, Ales Marsal (National Bank of Slovakia), Lorant Kaszab (National Bank of Hungary) and Roman Horvath (Charles University in Prague, Czech Republic)
 Discussant: Paul D. McNelis 
Fiscal Sustainability in Stock-Flow Model: Panel (Multi)cointegration Approach for the EU-28 and the West Balkans, Kosta Josifidis (University of Novi Sad, Serbia), Radmila Dragutinovic Mitrovic (University of Belgrade, Serbia), Noica Supic (University of Novi Sad, Serbia) and Olgica Glavaski (University of Novi Sad, Serbia)
 Discussant: Oliwia Komada 
Are Consumption Tax Cuts Expansionary in a Liquidity Trap?, Flora Budianto (Free University of Berlin, Germany)
 Discussant: Aikaterini Karadimitropoulou
Investment Tax Credit and the Fiscal Multiplier, Dimitrios Bermperoglou (University of Lausanne, Switzerland), Yota D. Deli (University of Glasgow, UK) and Sarantis Kalyvitis (Athens University of Economics and Business, Greece)
 Discussant: Michael T. Owyang