|
| 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) |
| Discussant:-- |
| 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 |
|
| KEYNOTE
SPEECH - THE NATIONAL BANK OF GREECE PLENARY SESSION |
| 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 |
|
| KEYNOTE
SPEECH - THE EUROBANK PLENARY SESSION |
| 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) |
| Discussant:-- |
| 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 |
|
| KEYNOTE
SPEECH - THE UNIVERSITY OF CRETE PLENARY SESSION |
| 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 |
|
| KEYNOTE
SPEECH - THE BANK OF GREECE PLENARY SESSION |
| 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 |
|
| 18:00: SHORT EXCURSION AND FAREWELL DINNER AT A TRADITIONAL
VILLAGE |
|
|
|