|
| Final
Programme |
| Last
Update: May 23, 01:00 |
|
| Thursday,
May 24th, 2018 |
|
| 8:00-9:00: Registration at the Department of Economics |
|
| Parallel
Session 1A: Banking and Finance I |
| 9:00-11:00
(Lecture Room: A2-2) |
| Chair:
Fotios Pasiouras |
|
| Empirical Estimation of Intraday Yield Curves on the
Italian Interbank Credit Market e-MID, Anastasios Demertzidis
(University of Kassel, Germany) and Vahidin Jeleskovic (University of Kassel,
Germany) |
| Discussant: Fotios Pasiouras |
| The Intertwining of Credit and Banking Fragility, Jerome Creel (OFCE -
Sciences Po & ESCP Europe, France), Paul
Hubert (OFCE - Sciences Po, France) and
Fabien Labondance (CRESE - Universite de Franche-Comte & OFCE - Sciences
Po, France) |
| Discussant: Lin Zhang |
| Common Banking across Heterogenous Regions, Lin Zhang (Henan University, China), Enzo Dia (Universita degli
Studi di Milano Bicocca, Italy), Lorenzo Menna (Banco de Mexico) and Lunan
Jiang (Henan University, China) |
| Discussant: Paul Hubert |
| National Culture, Trust in Banks and Multiple Firm-Bank
Relationships: Cross-Country Evidence, Fotios Pasiouras
(Technical University of Crete, Greece), Elie Bouri (Holy Spirit University
of Kaslik (USEK), Lebanon), David Roubaud (Montpellier Business School,
France), Emilios Galariotis (Audencia, France), Stelios Bekiros (European
University Institute, Italy) and Brian Lucey (Trinity College Dublin,
Ireland) |
| Discussant: Anastasios Demertzidis |
|
| Parallel
Session 1B: Macroeconomic Theory and Policy I |
| 9:00-11:00
(Lecture Room: A2-3) |
| Chair:
Andrea Colciago |
|
| Sales and Promotions and the Great Recession Deflation, Demetris Koursaros (Cyprus University of Technology), Niki Papadopoulou
(Central Bank of Cyprus) and Christos Savva (Cyprus University of Technology) |
| Discussant: Andrea Colciago |
| Wage Growth in the CEE EU Countries: a Phillips Curve
Estimation, Tina
Zumer (European Central Bank, Germany) |
| Discussant: Jan Mares |
| The Determinants of Wealth Inequality: War, Finance, and
Redistribution, Iftekhar
Hasan (Fordham University, USA), Roman Horvath (Charles University, Czech
Republic) and Jan Mares (Charles University, Czech Republic) |
| Discussant: Tina Zumer |
| The Employment Effects of Corporate Tax Shocks: New
Evidence and Some Theory, Andrea Colciago (DNB,
University of Milano Bicocca, Italy), Vivien Lewis (KU Leuven, Belgium;
Deutsche Bundesbank, Germany) and Branka Matyska (KU Leuven, Belgium) |
| Discussant: Demetris Koursaros |
|
| Parallel
Session 1C: Central Banking |
| 9:00-11:00
(Lecture Room: A3-2) |
| Chair:
Istrefi Klodiana |
|
| Peer Effects in Central Banking, Roman Horvath (Charles University, Czech Republic) |
| Discussant: Istrefi Klodiana |
| Central Bank Balance Sheet Policies without Rational
Expectations, Luigi
Iovino (Bocconi University and CEPR, Italy)
and Dmitriy Sergeyev (Bocconi University and CEPR, Italy) |
| Discussant: Georgios Georgiadis |
| Does a Big Bazooka Matter? Central Bank Balance-Sheet
Policies and Exchange Rates, Georgios Georgiadis
(European Central Bank, Germany), Johannes Graeb (European Central Bank,
Germany), Arnaud Mehl (European Central Bank, Germany) and Luca Dedola
(European Central Bank and CEPR, Germany) |
| Discussant: Luigi Iovino |
| In Fed Watchers’ Eyes: Hawks, Doves and Monetary
Policy, Istrefi Klodiana (Bank of France) |
| Discussant: Roman Horvath |
|
| Parallel
Session 1D: Exchange Rate Economics I |
| 9:00-11:00
(Lecture Room: A3-3) |
| Chair:
Gerald P. Dwyer |
|
| Virtual Currency Prices, Pavel Ciaian (European Commission, Belgium), d'Artis Kancs (European
Commission, Belgium) and Miroslava Rajcaniova (University of West Bohemia,
Czech Republic) |
| Discussant: Gerald P. Dwyer |
| From Carry Trades to Curvy Trades, Ferdinand Dreher (University of Groningen, The Netherlands), Johannes
Graeb (European Central Bank, Germany) and Thomas Kostka (European Central
Bank, Germany) |
| Discussant: Evgenia Passari |
| Exchange Rates and Commodity Prices, Evgenia Passari (Université Paris Dauphine, France) |
| Discussant: Ferdinand Dreher |
| Bitcoin Exchanges, Jeremy Choquette (Clemson University, USA), Gerald P. Dwyer (Clemson
University, USA) and Kyle Rechard (Clemson University, USA) |
| Discussant: d'Artis Kancs |
|
| 11:00-11:30:
Coffee break |
|
| Parallel
Session 2A: Monetary Theory and Policy I |
| 11:30-13:30
(Lecture Room: A2-2) |
| Chair:
Tatiana Kirsanova |
|
| One Size Fits All? Monetary Policy and Asymmetric
Household Debt Cycles in US States, Bruno Albuquerque (Ghent
University, Belgium) |
| Discussant: Tatiana Kirsanova |
| Liquidity Risk, Credit Risk and the Money Multiplier, Tatiana Damjanovic
(University of Durham, UK), Vladislav
Damjanovic (University of Durham, UK) and
Charles Nolan (University of Glasgow, UK) |
| Discussant: Davide Romelli |
| Gender and Monetary Policymaking: Trends and Drivers, Donato Masciandaro
(Bocconi University, Italy), Davide Romelli (Trinity College Dublin, Ireland) and Paola Profeta
(Bocconi University, Italy) |
| Discussant: Vladislav Damjanovic |
| Sustainable Policy Coordination in a Monetary Union, Tatiana Kirsanova (University of Glasgow, UK), Celsa Machado (ISCAP,
Portugal), and Ana Paula Ribeiro (University of Porto, Portugal) |
| Discussant: Bruno Albuquerque |
|
| Parallel
Session 2B: Chinese Economy |
| 11:30-13:30
(Lecture Room: A2-3) |
| Chair:
Paul McNelis |
|
| How is Chinese Monetary Policy Transmitted? Disentangling
Loan Supply and Loan Demand Effects, Max Breitenlechner
(University of Innsbruck, Austria) and Riikka Nuutilainen (Bank of Finland) |
| Discussant: Paul McNelis |
| China Exposure, Kari Heimonen (University
of Jyvaskyla, Finland) and Heikki Lehkonen (University of Jyvaskyla, Finland) |
| Discussant: Makram El-Shagi |
| Money Demand in China: A Meta Study, Makram El-Shagi (Henan University, Center for Financial Development and
Stability, China) and Yizhuang Zheng (Henan University, Center for Financial
Development and Stability, China) |
| Discussant: Kari Heimonen |
| Monetary Rules and Policy Targets under Managed Exchange
Rates and Capital Controls: The Case of China,
Hongyi Chen (Hong Kong Monetary Authority)
and Paul McNelis (Fordham University, USA) |
| Discussant: Max Breitenlechner |
|
| Parallel
Session 2C: Public Finance |
| 11:30-13:30
(Lecture Room: A3-2) |
| Chair:
John Tsoukalas |
|
| Yield Curve Dynamics and Fiscal Policy Shocks at the Lower
Bound, Adam
Kucera (Czech National Bank), Ales Marsal (Slovak National Bank) and Evzen Kocenda (Czech Academy
of Science) |
| Discussant: John Tsoukalas |
| Assessing Expectations as a Joint Monetary-Fiscal and
State-Dependent Phenomenon, Martin Geiger (University
of Innsbruck, Austria) and Marios Zachariadis (University of Cyprus) |
| Discussant: Massimo Giuliodori |
| Revenue- versus Spending-based Consolidation Plans: the
Role of Follow-up, Massimo Giuliodori
(University of Amsterdam, The Netherlands), Oana Fortuna (University of
Amsterdam, The Netherlands) and Roel Beetsma (University of Amsterdam, The
Netherlands) |
| Discussant: Martin Geiger |
| Political Economics of Fiscal Consolidations and External
Sovereign Accidents, Christos Koulovatianos (University of Luxembourg) and John Tsoukalas (University
of Glasgow, UK) |
| Discussant: Ales Marsal |
|
| Parallel
Session 2D: Financial Economics I |
| 11:30-13:30
(Lecture Room: A3-3 ) |
| Chair:
Olivier De Jonghe |
|
| Bank Lending Standards and Credit to Firms during the
Great Recession, Lorenzo
Ricci (European Stability Mechanism, Luxembourg), Giovanni Soggia (Bank of
Italy, Italy), and Lorenzo Trimarchi (ULB and ECARES, Belgium) |
| Discussant: Olivier De Jonghe |
| Financial Market Development and
Foreign Direct Investment, Konstantinos Dellis (University of Piraeus, Greece) |
| Discussant: Robert L. Czudaj |
| Crude Oil Futures Trading and Uncertainty, Robert L. Czudaj (Chemnitz University of Technology, Germany) |
| Discussant: Konstantinos Dellis |
| Some borrowers are more equal than others :Bank funding
shocks and credit reallocation, Olivier De Jonghe (National
Bank of Belgium, Belgium), Hans Dewachter (National Bank of Belgium,
Belgium), Klaas Mulier (Ghent University, Belgium), Steven Ongena (Zurich
University, Switzerland) and Glenn Schepens (European Central Bank, Germany) |
| Discussant: Lorenzo Trimarchi |
|
| 13:30-14:30: Lunch |
|
| Parallel
Session 3A: Bond and Equity Markets |
| 14:30-16:30
(Lecture Room: A2-2) |
| Chair:
Dominik Maltritz |
|
| Specialists' Incentives on
Government Bond Markets, Luciano Greco (University of Padova & CRIEP, Italy) and Filippo
Mormando (University of Padova & CRIEP, Italy) |
| Discussant: Dominik Maltritz |
| International Equity Markets Interdependence: Bigger
Shocks or Contagion in the 21st Century?, Giovanna Bua (Central Bank of Ireland) and Carmine Trecroci
(University of Brescia, Italy) |
| Discussant: Louisa Chen |
| Time-varying Funding Liquidity and the Corporate Bond
Market Liquidity: An Non-linear Approach, Louisa Chen (University of
Sussex, UK) and Zhiping Zhou (Wuhan University, China) |
| Discussant: Carmine Trecroci |
| Hoodwink Financial Markets? The Impact of Creative
Accounting, Stock-flow-adjustments and Fiscal Rules on European Bond Yield
Spreads, Dominik
Maltritz (University of Erfurt, Germany) and
Sebastian Wüste (Federal Ministry of Transport and Digital Infrastructure,
Germany) |
| Discussant: Luciano Greco |
|
| Parallel
Session 3B: ECB’s Monetary Policy |
| 14:30-16:30
(Lecture Room: A2-3) |
| Chair:
Michael Fidora |
|
| Evaluating the Macroeconomic Effects of the ECB’s
Unconventional Monetary Policies, Sarah Mouabbi (Bank of
France) and Jean-Guillaume Sahuc (Bank of France) |
| Discussant: Michael Fidora |
| The Effects of ECB's Asset Purchase Announcements on Euro
Area Government Bond Yields, Frederik Neugebauer (WHU -
Otto Beisheim School of Management, Germany) |
| Discussant: Marcus Roth |
| The Financial Market Effects of the ECB’s Asset Purchase
Programs, Vivien
Lewis (KU Leuven, Belgium; Bundesbank, Germany) and Markus Roth (Bundesbank,
Germany) |
| Discussant: Frederik Neugebauer |
| International Portfolio Rebalancing under the Microscope -
Evidence from the ECB's Asset Purchase Programme,
Martin Schmitz (European Central Bank,
Germany), Michael Fidora (European Central Bank, Germany) and Katharina Bergant
(European Central Bank, Germany) |
| Discussant: Sarah Mouabbi |
|
| Parallel
Session 3C: Emerging Economies I |
| 14:30-16:30
(Lecture Room: A3-2) |
| Chair:
Carolina Serpieri |
|
| Country Stress Events:
Does Governance Matter?, Carlos Caceres
(International Monetary Fund, USA) and Anna
Kochanova (Cardiff University, UK) |
| Discussant: Carolina Serpieri |
| Inflation Targeting and the Forward Bias Puzzle in
Emerging Countries, Dramane Coulibaly
(EconomiX, University of Paris Nanterre, France) and Hubert Kempf (Ecole
Normale Supérieure, University Paris Saclay, France) |
| Discussant: Yury Perevyshin |
| Anchoring of Inflation Expectations:
the Case of Russia, Yury Perevyshin (Russian Presidential Academy of National Economy and
Public Administration (RANEPA)) |
| Discussant: Dramane Coulibaly |
| Resilience, Crisis Contagion, and Vulnerability in Central
Europe and the Baltics, Elton Beqiraj (Sapienza University of Rome, Italy),
Giovanni Di Bartolomeo (Sapienza University of Rome, Italy), Marco Di Pietro
(Sapienza University of Rome, Italy) and Carolina
Serpieri (JRC European Commission, Belgium) |
| Discussant: Anna Kochanova |
|
| Parallel
Session 3D: Prices and Inflation |
| 14:30-16:30
(Lecture Room: A3-3) |
| Chair:
Aleksandra Halka |
|
| Pro-competitive Effects of Globalisation on Prices,
Productivity and Markups: Evidence in the Euro Area, Raphael Seung-Ho Lee (INSEE, CREST, Polytechnique, France) and Mathilde Pak
(OECD, Paris Dauphine, France) |
| Discussant: Aleksandra Halka |
| Oil Price Shocks, Monetary Policy and Current Account
Imbalances within a Currency Union, Timo Baas (DHBW Stuttgart,
Germany) and Ansgar Belke (University Duisburg-Essen, Germany) |
| Discussant: Annika Kuusela |
| What Do the Shadow Rates Tell
us about Future Inflation?, Annika Kuusela (University of Jyvaskyla, Finland) and Jari Hannikainen
(University of Tampere, Finland) |
| Discussant: Timo Baas |
| Price Convergence and its Determinants in the European
Union after Global Financial Crisis, Aleksandra Halka (National
Bank of Poland) and Agnieszka Leszczynska-Paczesna (National Bank of Poland) |
| Discussant: Raphael Seung-Ho Lee |
|
| 16:30-17:00:
Coffee break |
|
| Parallel
Session 4A: Macroeconomic Theory and Policy II |
| 17:00-19:00
(Lecture Room: A2-2) |
| Chair:
Lilia Cavallari |
|
| Technology-Hours Debate and the Two Margnis of Labor
Adjustment: What Happened Outside the U.S.?, Svetlana Rujin (RWI and
Ruhr University Bochum, Germany) |
| Discussant: Lilia Cavallari |
| Global Imbalances, Precautionary Savings and Labor Market
Reforms: The German Hartz Experience, Brigitte Hochmuth
(University of Erlangen-Nuremberg, Germany), Nikolai Staehler (Deutsche
Bundesbank, Germany) and Stephane Moyen (Deutsche Bundesbank, Germany) |
| Discussant: Dimitrios Tsomocos |
| Financial (In)stability, and the Interaction of Macro
Prudential Regulation and Monetary Policy in the Russian Federation, Olga Borzykh (Central
Bank of Russia), Ekaterina Kazakova (ICEF, NRU Higher School of Economics,
Russia), Udara Peiris (ICEF, NRU Higher School of Economics, Russia) and Dimitrios Tsomocos (Said
Business School, University of Oxford, UK) |
| Discussant: Brigitte Hochmuth |
| Demand, Markups and the Business Cycle, Lilia Cavallari (University of Rome Tre, Italy) and Federico Etro
(University of Venice, Italy) |
| Discussant: Svetlana Rujin |
|
| Parallel
Session 4B: Monetary Theory and Policy II |
| 17:00-19:00
(Lecture Room: A2-3) |
| Chair:
Lorenza Rossi |
|
| Uncertainty Shocks and
Monetary Smoothness in a DSGE Model, Stefano Fasani (University of Milan Bicocca, Italy) |
| Discussant: Tumisang Loate |
| Exuberance in House Prices and the Role of Monetary
Policy: The Case of the UK, Alina Maria Spiru
(Lancaster University Management School, UK) |
| Discussant: Lorenza Rossi |
| Spillovers of the Conventional and Unconventional Monetary
Policy from the US to South Africa, Alain Kabundi (South African Reserve Bank), Tumisang Loate (University
of Pretoria, South Africa) and Nicola Viegi (University of Pretoria,
Economics Research Southern Africa) |
| Discussant: Stefano Fasani |
| Uncertainty Shocks and Firms Dynamcs in a Model with
Inefficient Banks, Lorenza Rossi (University
of Pavia, Italy) |
| Discussant: Alina Maria Spiru |
|
| Parallel
Session 4C: Emerging Economies II |
| 17:00-19:00
(Lecture Room: A3-2) |
| Chair:
Krzysztof Jackowicz |
|
| Capital Controls and Macroprudential Policies: Are They
Countercyclical?, Tatsiana Kliatskova (DIW
Berlin, Free University of Berlin, Germany) |
| Discussant: Krzysztof Jackowicz |
| Informal Origin, Access to Finance and Firm Performance in
the ECA Region, Georgios
Panos (University of Glasgow, UK), Pantelis
Kazakis (University of Glasgow, UK), Leora Klapper (World Bank, USA) and
Ourania Dimitraki (University of Bedfordshire, UK) |
| Discussant: Suchismita Tarafdar |
| Fiscal Austerity in Emerging Market Economies, Chetan Dave (New York
University, Abu Dhabi), Chetan Ghate (Economics and Planning Unit, Indian
Statistical Institute), Pawan Gopalakrishnan (Reserve Bank of India) and Suchismita Tarafdar (Shiv
Nadar University, India) |
| Discussant: Georgios Panos |
| What Happens to SMEs when Local Banks Experience Financial
Difficulties? Evidence from the Post-crisis Bank Corrective Programs, Krzysztof Jackowicz (Kozminski University, Poland), Robert Jagiełło (National
Bank of Poland and Warsaw School of Economics, Poland) and Łukasz Kozłowski
(Kozminski University, Poland) |
| Discussant: Tatsiana Kliatskova |
|
| Parallel
Session 4D: Financial Economics II |
| 17:00-19:00
(Lecture Room: A3-3) |
| Chair:
Roman Kräussl |
|
| Bank IPOs, Political Connections and (De) Regulations, Maria-Eleni K. Agoraki
(Athens University of Economics and Business, Greece), Dimitrios Gounopoulos
(University of Bath, UK) and Georgios P.
Kouretas (Athens University of Economics and
Business, Greece) |
| Discussant: Zsofia Kräussl |
| Short Selling and Excess Return Correlation, Marco Valerio Geraci
(University of Cambridge, UK), Jean-Yves
Gnabo (University of Namur, Belgium) and
David Veredas (Vlerick Business School and Ghent University, Belgium) |
| Discussant: Valerio Scalone |
| Shocking the Borrowing Constraint over the Financial
Cycle: Evidence of Non-linearities, Cyril Couaillier (Bank of France) and Valerio Scalone (Bank of
France) |
| Discussant: Jean-Yves Gnabo |
| The Performance of Marketplace Lenders: Evidence from
Lending Club Payment Data, Roman Kräussl (University of Luxembourg; Stanford
University, USA), Zsofia Kräussl (University of Luxembourg), Joshua Pollet (University of
Illinois at Urbana-Champaign, USA) and Kalle Rinne (Luxembourg Institute of
Science and Technology) |
| Discussant: Jerzy Zyzynski |
|
| Parallel
Session 4E: Monetary Theory and Policy III |
| 17:00-19:00
(Lecture Room: A1-2) |
| Chair:
Malgorzata Sulimierska |
|
| Financial Crisis, Monetary Base Expansion and Risk, Stylianos Tsiaras (University of Surrey, UK) |
| Discussant: Malgorzata Sulimierska |
| Monetary Policy Transmission in China: Dual Shocks with
Dual Bond Markets, Makram El-Shagi (Henan University) and Lunan Jiang (Henan
University) |
| Discussant: Martin Mandler |
| Bank Loan Supply Shocks and Alternative Financing of
Non-financial Corporations in the Euro Area, Martin Mandler (Deutsche
Bundesbank, Germany) and Michael Scharnagl (Deutsche Bundesbank, Germany) |
| Discussant: Lunan Jiang |
| An Investigation into How the Quantitative Easing
Programme, Vickers’ ring-fencing Regulation and the ‘Brexit’ Announcement
Impacted the UK Banking Sector, Malgorzata Sulimierska
(University of Sussex, UK) and Alessandro Attilio Antonio Miele (University
of Sussex, UK) |
| Discussant: Stylianos Tsiaras |
|
| 20:30: Welcome Reception and Gala Dinner at THEARTEMIS PALACE
HOTEL |
|
| Friday,
May 25th, 2018 |
|
| Parallel
Session 5A: Journal of Financial Intermediation I |
| 9:00-11:00
(Lecture Room: A2-2) |
| Chair:
Murillo Campello |
|
| Inclusive Banking, Financial Regulation and Bank
Performance: Cross-Country Evidence, Mostak M. Ahamed (University of Sussex, UK), Shirley J. Ho
(National Chengchi University, Taiwan), Sushanta
K. Mallick (Queen Mary University of London,
UK) and Roman Matousek (University of Nottingham, UK) |
| Discussant: Daniele Siena |
Non-performing Loans, Fiscal Costs and Credit Expansion in
China, Huixin
Bi (Federal Reserve Bank of Kansas City,
USA), Yongquan Cao (Indiana University, USA) and Wei Dong (Bank of Canada)
|
| Discussant: Tatiana Damjanovic |
| Half-full or Half-empty? Financial Institutions, CDS
Trading, and Corporate Credit Risk, Cecilia Caglio (Federal Reserve Board of Governors, USA), Matthew Darst (Federal
Reserve Board of Governors, USA) and Eric Parolin (Office of Financial
Research, USA) |
| Discussant: Peter Claeys |
|
| Parallel
Session 5B: Financial Economics III |
| 9:00-11:00
(Lecture Room: A2-3) |
| Chair:
Katsumasa Nishide |
|
| Beating the Market? A Mathematical Puzzle to Market
Efficiency, Michael
Heinrich Baumann (University of Bayreuth,
Germany) |
| Discussant: Glenn Schepens |
| Predictive Ability of Financial Variables in Changing
Economic Circumstances, Petri Kuosmanen
(University of Vaasa, Finland), Jaana Rahko (University of Vaasa, Finland)
and Juuso Vataja (University of Vaasa, Finland) |
| Discussant: Raoul Minetti |
| Credit Market Spillovers: Evidence from a Syndicated Loan
Market Network, Abhimanyu
Gupta (University of Essex, UK), Sotirios
Kokas (University of Essex, UK) and Alex
Michaeldies (Imperial College London, UK) |
| Discussant: Petri Kuosmanen |
| Auction versus Dealership Markets: Impact of Proprietary
Trading with Transaction Fees, Katsumasa Nishide
(Hitotsubashi University, Japan) and Yuan Tian (Ryukoku University, Japan) |
| Discussant: Michael Heinrich Baumann |
|
| Parallel
Session 5C: European Union Economics I |
| 9:00-11:00
(Lecture Room: A3-2) |
| Chair:
Dalia Ibrahim |
|
| Financial Cycles in European Economies: a Cross-country
Perspective, Davor
Kunovac (National Bank of Croatia), Martin Mandler (Deutsche Bundesbank,
Germany) and Michael Scharnagl (Deutsche Bundesbank, Germany) |
| Discussant: Dalia Ibrahim |
| Capital Flows in the Euro Area and TARGET2 Balances
, Nikolay Hristov (Deutsche Bundesbank and CESifo, Germany), Oliver
Huelsewig (Munich University of Applied Sciences and CESifo, Germany) and
Timo Wollmershaeuser (ifo Institute and CESifo, Germany) |
| Discussant:
Jacopo Cimadomo |
| A Minimal Moral Hazard Central Stabilisation Capacity for
the EMU based on Exports, Roel Beetsma (University of Amsterdam, The Netherlands),
Simone Cima (Central Bank of Ireland) and Jacopo
Cimadomo (European Central Bank, Germany) |
| Discussant: Nikolay Hristov |
| Are the Euro Area Financial and Economic Systems
Convergent across Time and Frequency?, Dalia Ibrahim (University
Paris Nanterre, France) |
| Discussant: Serafeim Tsoukas |
|
| Parallel
Session 5D: Exchange Rate Economics II |
| 9:00-11:00
(Lecture Room: A3-3) |
| Chair:
James R. Lothian |
|
| Global Value Chain Participation and Exchange Rate
Pass-through, Georgios
Georgiadis (European Central Bank, Germany), Johannes
Graeb (European Central Bank, Germany) and
Makram Khalil (Deutsche Bundesbank, Germany) |
| Discussant: James R. Lothian |
| Exchange Rate Predictability and Dynamic Bayesian
Learning, Joscha Beckmann (University of Bochum, Germany), Gary Koop (University of
Strathclyde, UK), Dimitris Korobilis (University of Essex, UK) and Rainer
Schuessler (University of Rostock, Germany) |
| Discussant: Nicolas Topaloglou |
| Diversification, Integration and Cryptocurrency
Market, Sofia Anyfantaki (Athens
University of Economics and Business, Greece), Stelios Arvanitis (Athens
University of Economics and Business, Greece) and Nicolas Topaloglou (Athens
University of Economics and Business, Greece) |
| Discussant: Joscha Beckmann |
| Exchange Rates and Prices under Fixed and Flexible
Exchange Rates, James
R. Lothian (Fordham University, USA) |
| Discussant: Johannes Graeb |
|
| Parallel
Session 5E: Macroeconomic Theory and Policy III |
| 9:00-11:00
(Lecture Room: A1-2) |
| Chair:
Marcos Poplawski Ribeiro |
|
| Banking Crises and Investments in Innovation, Oana Peia (University College Dublin, Ireland) |
| Discussant: Miroslav Palansky |
| Productivity Spillovers in Advanced Economies, Romain Duval
(International Monetary Fund, USA), Davide Furceri (International Monetary
Fund, USA), Sinem Kilic Celik (World Bank, USA) and Marcos Poplawski Ribeiro
(International Monetary Fund, USA) |
| Discussant: Oana Peia |
| Estimating the Scale of Profit Shifting and Tax Revenue
Losses related to Foreign Direct Investment, Miroslav Palansky (Charles
University, Czech Republic) and Petr Jansky (Charles University, Czech
Republic) |
| Discussant: Marcos Poplawski Ribeiro |
|
| 11:00-11:30:
Coffee break |
|
| KEYNOTE
SPEECH - THE EUROBANK PLENARY SESSION |
| 11:30-13:00
(Alexandropoulos Amphitheatre) |
| Chair: Minoas
Koukouritakis (University of Crete, Greece) |
|
| Murillo Campello (Cornell
University, USA) |
| "Exporting
Uncertainty: The Impact of Brexit on Corporate America" |
|
| 13:00-14:30: Lunch |
|
| KEYNOTE
SPEECH - THE NATIONAL BANK OF GREECE PLENARY SESSION |
| 14:30-16:00
(Alexandropoulos Amphitheatre) |
| Chair: Nikolaos Giannellis
(University of Crete, Greece) |
|
| Alexander Michaelides
(Imperial College London, UK) |
| "Tactical Target Date
Funds" |
|
| 16:00-16:30:
Coffee break |
|
| Parallel
Session 6A: Journal of Financial Intermediation II |
| 16:30-18:30
(Lecture Room: A2-2) |
| Chair:
Alexander Michaelides |
|
| Identifying Credit Supply Shocks with Bank-firm Data:
Methods and Applications, Hans Degryse (KU Leuven, Belgium), Olivier De Jonghe
(National Bank of Belgium), Sanja Jakovljevic (Lancaster University, UK),
Klaas Mulier (Ghent University, Belgium) and Glenn
Schepens (European Central Bank, Germany) |
| Discussant: Katsumasa Nishide |
| Credit Relationships in the Great Trade Collapse. Micro
Evidence From Europe, Raoul Minetti (Michigan
State University, USA), Giovanni Ferri (Lumsa University, Italy) and
Pierluigi Murro (Lumsa University, Italy) |
| Discussant: Sotirios Kokas |
| Bank Shocks and Firm Performance: New Evidence from the
Sovereign Debt Crisis, Luisa Farinha (Bank of Portugal), Marina-Eliza Spaliara
(University of Glasgow, UK) and Serafeim
Tsoukas (University of Glasgow, UK) |
| Discussant: Michael Scharnagl |
|
| Parallel
Session 6B: Macroeconomic Theory and Policy IV |
| 16:30-18:30
(Lecture Room: A2-3) |
| Chair:
Johannes Graeb |
|
| Economic Prediction with Big Data: the Illusion of
Sparsity, Domenico
Giannone (FED New York, USA), Michele Lenza (European Central Bank, Germany) and Giorgio Primiceri
(Northwestern University, USA) |
| Discussant: Johannes Graeb |
| Long-Term Interest Rates, International Risk Sharing and
Global Macroeconomic Spillovers, Simon P. Lloyd (Bank of
England) |
| Discussant: Samil Oh |
| Firm Entry, Search and Matching in a Small Open Economy
Faced with Uncertainty Shocks: The Case of Korea,
Samil Oh
(ESSEC, THEMA, France) and Thepthida Sopraseuth (Universite de Cergy-Pontoise
(THEMA), France) |
| Discussant: Simon P. Lloyd |
| Predicting Risk Premia in Short-term Interest Rates and
Exchange rates, Johannes Graeb (European Central Bank, Germany) and Thomas Kostka
(European Central Bank, Germany) |
| Discussant: Michele Lenza |
|
| Parallel
Session 6C: Euro Sovereign Debt Crisis |
| 16:30-18:30
(Lecture Room: A3-2) |
| Chair:
Michael G. Arghyrou |
|
| Government Debt Deleveraging in the EMU, Alexandre Lucas Cole
(Parliamentary Budget Office, Italy; LUISS Guido Carli, Italy), Guerello Chiara (LUISS
Guido Carli, Italy) and Traficante Guido (European University of Rome, Italy) |
| Discussant: Michael G. Arghyrou |
| Mind the Gap: Heterogeneous Monetary Policies and
International Euro Debt Securities, Mary M. Everett (Central
Bank of Ireland) |
| Discussant: Christoforos Konstantatos |
| Instability Dependencies under Extreme Events: Evidence
from the European Banking Sector during the European Sovereign Debt Crisis, Konstantinos Gkillas
(University of Patras, Greece), Christoforos
Konstantatos (University of Patras, Greece)
and Athanasios Tsagkanos (University of Patras, Greece) |
| Discussant: Mary M. Everett |
| ‘Whatever It Takes’ to Resolve the European Sovereign Debt
Crisis? Bond Pricing Regime Switches and Monetary Policy Effects, Antonio Afonso (ISEG-UL –
University of Lisbon, Portugal), Michael G.
Arghyrou (Cardiff University, UK), Maria
Dolores Gadea (University of Zaragoza, Spain), and Alexandros Kontonikas
(University of Essex, UK) |
| Discussant: Guerello Chiara |
|
| Parallel
Session 6D: Banking and Finance II |
| 16:30-18:30
(Lecture Room: A3-3) |
| Chair:
Maria-Eleni K. Agoraki |
|
| Exploring the Nexus between Bank Market Power and
International Trade, Tamilyam Memanova
(University of Ioannina, Greece) and Nikolaos Mylonidis (University of
Ioannina, Greece) |
| Discussant:
Maria-Eleni K. Agoraki |
| The Interest Rate Pass-through during the ZLB: Has the ECB
Lost Control on the Retail-banking Markets?, Christophe Blot (OFCE & Economix, France) and Fabien Labondance (CRESE
& OFCE, France) |
| Discussant: Huixin Bi |
| Default, Bailouts and the Vertical Structure of Financial
Intermediaries, Tatiana
Damjanovic (Durham University, UK), Vladislav
Damjanovic (Durham University, UK) and Charles Nolan (University of Glasgow,
UK) |
| Discussant: Fabien Labondance |
| Loan Growth in the European Banking Sector: Old versus New
Banking Landscape, Maria-Eleni K. Agoraki
(Athens University of Economics and Business, Greece) and Georgios P.
Kouretas (Athens University of Economics and Business, Greece) |
| Discussant: Tamilyam Memanova |
|
| Parallel
Session 6E: Heterogeneity and Imbalances in the Eurozone |
| 16:30-18:30
(Lecture Room: A1-2) |
| Chair:
Daniele Siena |
|
| Does Monetary Policy Affect Income Inequality in the Euro
Area?, Anna
Samarina (Bank of The Netherlands) |
| Discussant: Sushanta K. Mallick |
| The Financial Connectedness between Eurozone Core and
Periphery: A Disaggregated View, George Magkonis (Univeristy of Portsmouth, UK) and Andreas Tsopanakis
(Cardiff University, UK) |
| Discussant: Matthew Darst |
| Transmission of Uncertainty Shocks: Learning from the
Hetereogenous Response on a Panel of EU Countries, Peter Claeys (Vrije Universiteit Brussel, Belgium) and Borel Vasicek
(European Commission, DG Economic and Financial Affairs, Belgium) |
| Discussant: Andreas Tsopanakis |
| The European Monetary Union and Imbalances: Is it an
Anticipation Story?, Daniele Siena (Bank of
France) |
| Discussant: Anna Samarina |
|
| Saturday,
May 26th, 2018 |
|
| Parallel
Session 7A: Journal of Financial Intermediation III |
| 9:00-11:00
(Lecture Room: A2-2) |
| Chair:
Fabrizio Coricelli |
|
| The Impact of Bank Regulation on Firms' Capital Structure:
Evidence from Multinationals, Lucas Avezum (CentER,
Tilburg University, The Netherlands), Harry Huizinga (CentER, Tilburg
University, CEPR, The Netherlands) and Louis Raes (CentER and EBC, Tilburg
University, The Netherlands) |
| Discussant: Jan Babecky |
| A Panel Data Analysis of Firms Access to Credit in the
Euro Area: Endogenous Selection, Individual Heterogeneity and
Time-persistence, Gabriele Angori
(University of Perugia, Italy) and David Aristei (University of Perugia,
Italy) |
| Discussant: Erica Rita Perego |
| Whatever it Takes: Cross-border Spillovers of a Major
Central Bank Intervention, David Marques-Ibanez
(European Central Bank, Germany), Carlo Eduardo Alcaraz Pribaz (Bank of
Mexico), José Gabriel Cuadra García (Bank of Mexico), Horacio Sapriza (Board
of Governors of the Federal Reserve System, USA) and Stijn Claessens (Bank of
International Settlements, Switzerland) |
| Discussant: Peter McQuade |
|
| Parallel
Session 7B: Macroeconomic Theory and Policy V |
| 9:00-11:00
(Lecture Room: A2-3) |
| Chair:
Nicola Acocella |
|
| Explaining Bond and Equity Premium Puzzles Jointly in a
DSGE Model with Costly Firm-entry, Lorant Kaszab (Central
Bank of Hungary) |
| Discussant: Nicola Acocella |
| Macroeconomic Effects of Public Investment in South-East
Europe, Igor
Masten (University of Ljubljana, Slovenia) and Ana
Grdovic Gnip (University of Primorska,
Slovenia) |
| Discussant: Sercan Eraslan |
| Forecasting Industrial Production in Germany, Sercan Eraslan (Deutsche Bundesbank, Germany) and Klemens Hauzenberger
(Deutsche Bundesbank, Germany) |
| Discussant: Ana Grdovic Gnip |
| f-IGEM: An Extension of the Italian General Equilibrium
Model (IGEM) to Financial Frictions, Nicola Acocella (Sapienza
University of Rome, Italy), Elton Beqiraj (Sapienza University of Rome,
Italy), Giovanni di Bartolomeo (Sapienza University of Rome, Italy), Fabio di
Dio (Sogei – Roma, Italy), Marco di Pietro (Sapienza University of Rome,
Italy) and Francesco Felici (Ministry of Economics and Finance, Italy) |
| Discussant: Lorant Kaszab |
|
| Parallel
Session 7C: Banking and Finance III |
| 9:00-11:00
(Lecture Room: A3-2) |
| Chair:
Panagiotis Avramidis |
|
| Does Market Structure of the Banking Sector Affect the
Growth of Different Types of Bank Loans in the EU?, George Kouretas (Athens
University of Economics and Business, Greece) and Malgorzata Pawlowska
(Warsaw School of Economics, National Bank of Poland) |
| Discussant: Panagiotis Avramidis |
| Impact of Macroeconomic and Institutional Factors on Banks
Assets’ Quality: Results from Stress Tests Exercises, Salin Julien (University of Paris Nanterre, France) and Jean-Charles
Bricongne (European Commission, Belgium) |
| Discussant: Alexandra Campmas |
| How do 445 European Banks Portray the Effects of Risk and
Low Interest Rates on Profitability?, Alexandra Campmas (LAREFI -
University of Bordeaux, France) |
| Discussant: Salin Julien |
| Do Banks Appraise Internal Capital Markets during Credit
Shocks? Evidence from the Greek Crisis, Panagiotis Avramidis (ALBA
Graduate Business School, Greece), Ioannis Asimakopoulos (Bank of Greece),
Dimitris Malliaropulos (University of Piraeus, Bank of Greece) and Nickolaos
Travlos (Surrey Business School, UK; ALBA Graduate Business School, Greece) |
| Discussant: Malgorzata Pawlowska |
|
| Parallel
Session 7D: Growth and Development |
| 9:00-11:00
(Lecture Room: A3-3) |
| Chair:
Andreas Hefti |
|
| The Risk Premium Channel and Long-term Growth, Malte Schumacher
(University of Zurich, Switzerland) and Dawid
Zochowski (European Central Bank, Germany) |
| Discussant: Andreas Hefti |
| Assessing Nowcast Accuracy of US GDP Growth in Real Time:
The Role of Booms and Busts, Boriss Siliverstovs (Banka
of Latvia) |
| Discussant: Jacek Kotlowski |
| International Confidence Spillovers and Business Cycles in
Small Open Economies, Jacek Kotlowski (Warsaw
School of Economics, Poland) and Michal Brzoza-Brzezina (Warsaw School of
Economics, Poland) |
| Discussant: Boriss Siliverstovs |
| Financial Intermediation, Labour Allocation and
Productivity: Towards Explaining Wage Inequality and Productivity Slowdown, Andreas Hefti (School of Management and Law and University of Zurich,
Switzerland), Arber Fazlija (University of Zurich, Switzerland) and Liliya
Khabibulina (University of Zurich, Switzerland) |
| Discussant: Dawid Zochowski |
|
| 11:00-11:30:
Coffee break |
|
| KEYNOTE
SPEECH - THE BANK OF GREECE PLENARY SESSION |
| 11:30-13:00
(Alexandropoulos Amphitheatre) |
| Chair: Athanasios P.
Papadopoulos (University of Crete, Greece) |
|
| Fabrizio Coricelli (Paris
School of Economics , France) |
| "European integration
and disintegration: Estimating the costs and benefits of EU membership " |
|
| 13:00-14:00: Lunch |
|
| KEYNOTE
SPEECH - THE UNIVERSITY OF CRETE PLENARY SESSION |
| 14:00-15:30
(Alexandropoulos Amphitheatre) |
| Chair:
Georgios P. Kouretas (Athens University of Economics and Business, Greece) |
|
| Harald Uhlig (University
of Chicago, USA) |
| "Neoclassical Growth
with One-sided Competitive Risk Sharing" |
|
| 15:30-16:00:
Coffee break |
|
| Parallel
Session 8A: Monetary Theory and Policy IV |
| 16:00-18:00
(Lecture Room: A2-2) |
| Chair:
Ewa Wrobel |
|
| Measuring Monetary Policy (In)effectiveness in Russia: a
Structural Dynamic Factor Model Approach, Anna Pestova (National
Research University Higher School of Economics, Russia) and Natalia Rostova
(Lomonosov MoscowState University, Russia) |
| Discussant: Ewa Wrobel |
| An Exchange Rate Floor as an Instrument of Monetary
Policy: An Ex-post Assessment of the Czech Experience, Jan Bruha (Czech National
Bank) and Jaromir Tonner (Czech National Bank) |
| Discussant: Razvan Vlahu |
| Mortgage Arrears, Regulation and Institutions:
Cross-country Evidence, Irina Stanga (Central Bank of The Netherlands), Razvan Vlahu (Central Bank
of The Netherlands) and Jakob de Haan (Central Bank of The Netherlands) |
| Discussant: Jaromir Tonner |
| What Is the Impact of Central Bank on Banks’ Lending
Policy? The Evidence from SLOOS for Poland, Ewa Wrobel (National Bank
of Poland) |
| Discussant: Anna Pestova |
|
| Parallel
Session 8B: Financial Economics IV |
| 16:00-18:00
(Lecture Room: A2-3) |
| Chair:
Jan Babecky |
|
| America First! A US-centric View of Global Capital
Flows, Peter McQuade (Central Bank of Ireland) and Martin Schmitz (European
Central Bank, Germany) |
| Discussant: Lucas Avezum |
| Asymmetric Price Adjustment and the Effect of Structural
Reforms in the Gasoline Market in Greece, Dimitrios Sideris (Bank of Greece; Panteion University,
Greece) and Zacharias Bragoudakis (Bank of Greece) |
| Discussant: Henri Vanhomwegen |
| Mutual Funds Styles, Distinctiveness and Financial
Performance: Insights from Europe, Jean -Yves Gnabo (University of Namur, Belgium), Sophie
Béreau (University of Namur, Belgium) and Henri
Vanhomwegen (University of Namur, Belgium) |
| Discussant: Zacharias Bragoudakis |
| Wage Dynamics and Financial Performance: Evidence from
Czech Firms, Jan
Babecky (Czech National Bank), Kamil Galuscak
(Czech National Bank) and Diana Zigraiova (Charles University, Czech
Republic) |
| Discussant: David Marques-Ibanez |
|
| Parallel
Session 8C: European Union Economics II |
| 16:00-18:00
(Lecture Room: A3-2) |
| Chair:
Michail E. Petsalakis |
|
| Modelling Private Consumption in the Euro Area, Arne Gieseck (European Central Bank, Germany), Gabe de Bondt (European
Central Bank, Germany) and Zivile Zekaite (European Central Bank, Germany) |
| Discussant: Michail E. Petsalakis |
| Time-varying Fiscal Rules in Europe - Is the Time
Different Now?, Vaclav
Zdarek (European Commission, DG Economic and
Financial Affairs, Belgium) |
| Discussant: Gabriele Angori |
| Sovereign Risk and Asset Market Dynamics in the Euro
Area, Erica Rita Perego (Paris-Saclay, Evry University, France) |
| Discussant: Vaclav Zdarek |
| Complete Monetary Union: The Capstone of EMU Process
towards Becoming an Optimal Currency Area, Michail E. Petsalakis
(University of Brunei Darussalam), Ahmed M. Khalid (University of Brunei
Darussalam) and Gamini Premaratne (University of Brunei Darussalam) |
| Discussant: Arne Gieseck |
|
| Parallel
Session 8D: International Finance |
| 16:00-18:00
(Lecture Room: A3-3) |
| Chair:
Pablo Anaya |
|
| Financial Stability, Monetary Stability and Growth: A
Panel VAR Analysis, George N. Apostolakis
(University of Crete, Greece) and Athanasios P. Papadopoulos (University of
Crete, Greece) |
| Discussant: Pablo Anaya |
| Features of Exchange Rate Policy in Inflation Targeting
Countries, Anna
Kiyutsevskaya (Gaidar Institute of Economic
Policy, Russia; Russian Presidential Academy of National Economy and Public
Administration (RANEPA)) |
| Discussant: Ansgar Belke |
| The Yen Exchange Rate and the Hollowing-out of Japanese
Industry, Ansgar
Belke (University of Duisburg-Essen, Germany;
CEPS Brussels, Belgium) and Ulrich Volz (SOAS University of London, UK;
FFJ-EHESS, France) |
| Discussant: Anna Kiyutsevskaya |
| Macroeconomic Effects of Exchange Rate Movements -
Evidence from SVARs, Pablo Anaya (Free
University of Berlin, Germany) and Michael Hachula (DIW Berlin, Germany) |
| Discussant: George N. Apostolakis |
|
| Parallel
Session 8E: Macroeconomic Theory and Policy VI |
| 16:00-18:00
(Lecture Room: A1-2) |
| Chair:
Aikaterini Karadimitropoulou |
|
| Employment Protection Deregulation and Labor Shares in
Advanced Economies, Gabriele Ciminelli (International Monetary Fund, USA), Romain Duval (International
Monetary Fund, USA) and Davide Furceri (International Monetary Fund, USA) |
| Discussant: Aikaterini Karadimitropoulou |
| The Impact of Uncertainty Shocks on the Volatility of
Commodity Prices, Dimitrios Bakas
(Nottingham Trent University, UK) and Athanasios Triantafyllou (University of
Essex, UK) |
| Discussant: Luca Onorante |
| Phillips Curves (in the Euro Area), Laura Moretti (Central
Bank of Ireland, Ireland), Luca Onorante (European Central Bank, Germany), and Shayan
Zakipour-Saber (Central Bank of Ireland, Ireland) |
| Dimitrios
Bakas |
| The Role of Financial Constraints on Labour Share
Developments: Μacro- and Μicro-level Εvidence,
Elena Crivallero (OECD, France) and Aikaterini Karadimitropoulou
(Bank of Greece) |
| Discussant: Romain Duval |
|
| 18:00: SHORT EXCURSION AND FAREWELL DINNER AT A TRADITIONAL
VILLAGE |
|
|
|
|