7th International Conference
on Macroeconomic Theory and Policy

Rethymno, May 22-24 2003
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Conference Programme (Preliminary)

Thursday 22nd May 2003
18:00-20:00 Registration at the Department of Economics, University of Crete
20:00-21:30 Welcome Dinner

Friday 23rd May 2003
09:00-11:00 Parallel Session 1A : Macroeconomic Policy I (Optimal Policy Rules)
Lecture Room : --
Chair: Rudolf Zwiener
Nickolas Apergis (University of Macedonia), George Chortareas (Bank of England), Alexandros Panethymitakis (University of Athens)
Implications for intertemporal decisions of a zero-inflation targeting monetary policy
Discussant: Rudolf Zwiener
Haiping Zhang (Bonn Graduate School of Economics)
Collateral Constraints and Optimal Policy Rules
Discussant: Athanasios N. Yannacopoulos
Athanasios N. Yannacopoulos (University of the Aegean)
Forward-Backward Stochastic Differential Equations in Economics: Applications in Economic Policy
Discussant: Haiping Zhang
Tilman Bruck (DIW Berlin) and Rudolf Zwiener (DIW Berlin)
Fiscal Policy Rules for Stabilisation and Growth: A Simulation Analysis of Deficit and Expenditure Targets in a Monetary Union
Discussant: Nicholas Apergis

09:00-11:00 Parallel Session 1B : Macroeconomic Policy II (Monetary Policy)
Lecture Room : --
Chair: Giuseppe Diana
Alexandros Kontonikas (Brunel University) and Alberto Montagnoli (Brunel University)
Optimal Monetary Policy with wealth Effects
Discussant: Giuseppe Diana
Dan Nyberg (Stockholm University)
Robust Monetary Policy in an Open Economy
Discussant: TBA
Giuseppe Diana (Universite Louis Pasteur) and Pierre-Guillaume Meon (Universite Louis Pasteur)
Monetary policy in the presence of asymmetric wage indexation
Discussant: Alexandros Kontonikas

09:00-11:00 Parallel Session 1C : Applied Macroeconomics - I
Lecture Room : --
Chair: Ulrich Fritsche
Rebeca I. Munoz Torres (University of Leicester)
Some evidence of the effectiveness of Inflation Targeting for Emerging Economies: Case of Mexico
Discussant: Ulrich Fritsche
Bernhard.Herz (Bayreuth University) and Werner Roeger (European Commission)
Traditional versus New-Keynesian Phillips Curves: Evidence from Output Effects
Discussant: Giannis Karagiannis
Giannis Karagiannis (University of Macedonia) and Vangelis Tzouvelekas (University of Crete)
Real Money Balances and TFP changes in G7 Countries: A Non Neutral Stochastic Frontier Approach
Discussant: Bernhard Herz
Ulrich Fritsche (DIW Berlin) and Camille Logeay (DIW Berlin)
Structural Unemployment and the Output Gap in Germany: Evidence from an SVAR Analysis within a Hysteresis Framework
Discussant: Rebeca I. Munoz Torres

11:00-11:30 Coffee Break
11:30-13:00 Invited Lecture - Plenary Session
13:00-14:30 Lunch
14:30-16:00 Invited Lecture - Plenary Session
16:00-16:30 Coffee Break

16:30-18:30 Parallel Session 2A : Applied Macroeconomics - II
Lecture Room : --
Chair: Stilianos Fountas
Dimitrios Papaikonomou (University of Leicester) and Jacinta Pires (University of Leicester)
Are Expectational Errors Stationary? An Econometric Analysis of US Output Data in Real Time
Discussant: Stilianos Fountas
Guglielmo Maria Caporale (South Bank University), Ekaterini Panopoulou (University of Piraeus) and Nikitas Pittis (University of Piraeus)
The Feldstein-Horioka Puzzle Revisited: A Monte Carlo Study
Discussant: Kostas Drakos
Kostas Drakos (University of Patras)
Banking Competition and Macroeconomic Performance
Discussant: Ekaterini Panopoulou
Ahmad Zubaidi Baharumshah, (Universiti Putra), Evan Lau (Universiti Putra) and Stilianos Fountas (University of Macedonia)
Current Account Deficit Sustainability: A Panel Approach
Discussant: Jacinta Pires

16:30-18:30 Parallel Session 2B : Macroeconomics of the European Union
Lecture Room : --
Chair: George D. Demopoulos
Glauco De Vita (Brookes Business School ) and Andrew Abbott (University of Bath)
The impact of exchange rate volatility on UK exports to EU member countries
Discussant: George D. Demopoulos
Christos Papazoglou (Bank of Greece and Panteion University) and Eric J. Pentecost (Loughborough University)
The potential trade effects of the EU accession
Discussant: Maria Demertzis
Maria Demertzis (De Nederlandsche Bank) and Andrew Hughes Hallet (Vanderbilt University and CEPR)
Central Bank Transparency in Theory and Practice
Discussant: Christos Papazoglou
George D. Demopoulos (Athens University of Economics and Business) and Nicholas A. Yannacopoulos (University of Piraeus)
Stability of Monetary Unions and the Case of Enlargement
Discussant: Glauco De Vita

16:30-18:30 Parallel Session 2C : Labour Economics
Lecture Room : --
Chair: Enrico Saltari
Francesco De Palma (Universite Louis Pasteur) and Thomas Seegmuller (Universite Louis Pasteur)
Unions, Wage Differential and Indeterminacy
Discussant: Enrico Saltari
Enrico Saltari (Universita di Roma "La Sapienza") and R. Tilli (University of Urbino)
The interaction between judicial activity and employment protection legislation: an equilibrium analysis
Discussant: Francesco De Palma

20:00 Dinner at a Local Tavern

Saturday 24th May 2003
09:00-11:00 Parallel Session 3A : Monetary Economics
Lecture Room : --
Chair: Moise Sidiropoulos
Bo Larsson (University of Stockholm)
Endogenous Reserves in Credit Market Equilibrium
Discussant: Giuseppe Diana
Pavlos Petroulas (University of Stockholm)
Capital Controls on Short-Term Inflows and Unstable Financial Markets
Discussant: George Kouretas
Giuseppe Diana (Universite Louis Pasteur) and Moise Sidiropoulos (Dimokrition University and Universite Louis Pasteur)
Central Bank Independence, Speed of Disinflation and the Sacrifice Ratio
Discussant: Bo Larsson

09:00-11:00 Parallel Session 3B : Exchange Rate Economics
Lecture Room : --
Chair: David Cobham
George Bagdatoglou (Brunel University)
The euro/dollar exchange rate:Herding Behaviour and 'Variable Selection Bias'
Discussant: David Cobham
Ansgar Belke (University of Hohenheim) and Ralph Setzer (University of Hohenheim)
The Costs of Exchange Rate Volatility for Labor Markets: Some Empirical Evidence from the CEE Economies
Discussant: Christos Papazoglou
David Cobham (University of Saint Andrews)
The exchange rate as a source of disturbances: the UK 1979-2000
Discussant: George Bagdatoglou

09:00-11:00 Parallel Session 3C : Financial Econometrics
Lecture Room : --
Chair: Christian Johnson Medina
George Dikos, (Massachusetts Institute of Technology)
Decisionmetrics: A Microeconometric Analysis of Tanker Investment Decisions
Discussant: Christian Johnson Medina
Nektarios Aslanidis (University of Crete)
Asset prices and economic activity: Evidence from threshold vector error correction models
Discussant: Aggelos Kanas
Francisco A. Gallego (Universidad Adolfo Ibanez ) and Christian Johnson Medina (Massachusetts Institute of Technology)
Building Confidence Intervals for the Band-Pass and Hodrick Prescott Filters: An Application using Bootstrapping
Discussant: George Dikos

11:00-11:30 Coffee Break
11:30-13:00 Invited Lecture - Plenary Session
13:00-14:30 Lunch
14:30-16:00 Invited Lecture - Plenary Session
16:00-16:30 Coffee Break

16:30-18:30 Parallel Session 4A : Financial and Banking Crises
Lecture Room : --
Chair: Roman Kraeussl
Kurt Dew (Isik University)
Are IMF Sponsored Basle Accord Banking Regulations Helpful in Preventing Banking Crises in Turkey?
Discussant: Roman Kraeussl
Jurgen von Hagen (Center for European Integration Studies) and Tai-Kuang Ho (Center for European Integration Studies)
Money Market Pressure and the Determinants of Banking Crises
Discussant: Kostas Mouratidis
Kostas Mouratidis (National Institute of Economic and Social Research) and Nicola Spagnolo (Brunel University)
Evaluating Currency Crises: The case of the European Monetary System
Discussant: Tai-Kuang Ho
Roman Kraeussl (Marie Curie Post-Doc Research Fellow at the University of Crete, Rethymno and Research Fellow at the Center for Financial Studies, Frankfurt/Main)
Sovereign Risk, Credit Ratings and the Recent Financial Crises in Emerging Markets
Discussant: Kurt Dew

16:30-18:30 Parallel Session 4B : Growth and Development
Lecture Room : --
Chair: Svetlana Andrianova
Karsten Staehr (University of Tartu)
Reforms and Economic Growth in Transition Economies: Complementarity, Sequencing and Speed
Discussant: Svetlana Andrianova
K. Papathoma, (City University) D. Asteriou (City University) and G. M. Agiomirgianakis (City University and Hellenic Open University)
Financial Development, Banking Structure, Stock Markets and Growth: Panel Data Evidence from 32 High-Income Countries
Discussant: Pantelis Kalaitzidakis
Svetlana Andrianova (Loughborough University) Panicos Demetriades (University of Leicester), and Anja Shortland (Loughborough University)
State Banks, Institutions, and Financial Development
Discussant: Karsten Staehr

16:30-18:30 Parallel Session 4C : Financial Economics
Lecture Room : --
Chair: Dimitris Georgoutsos
Enrico Saltari (Universita di Roma "La Sapienza") and Giuseppe Travaglini (Universita di Urbino)
The role of future constraints in determining current investment decisions
Discussant: Stelios Bekiros
Manolis G. Kavussanos (Athens University of Economics and Business) Roy Bathelor & Ilias D. Vissvikis (Athens University of Economics and Business)
Over-The-Counter Forward Contracts And Spot Price Volatility
Discussant: Geir H. Bjonnes
Geir H. Bjonnes (Stockholm Institute for Financial Research), Dagfinn Rime (Norges Bank) and Haakon O.Aa. Solheim (Norwegian School of Management)
'Large' vs. 'Small' Players: A Closer Look at the Dynamics of Speculative Attacks
Discussant: Manolis G. Kavussanos
Stelios Bekiros (Athens University of Economics and Business) & Dimitris Georgoutsos (Athens University of Economics and Business)
Estimation of Value at Risk by extreme value and conventional methods: A Comparative evaluation of their predictive performance
Discussant: Enrico Saltari

18:45 Short Excursion and Dinner at a Traditional Village

Sunday 25th May 2003
Daily Excursion at Archaeological and Fascinating Sites of Crete
(Free of charge - Please Register by e-mail)

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