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Final Programme
Last Update: 28 May , 13:50
Thursday, May 28th, 2015
10:00-11:00: Registration at the Department of Economics
Parallel Session 1A: EU Economics I
11:00-13:00 (Lecture Room: Α2-2)
Chair: Makram El-Shagi
Current Accounts in the Eurozone Countries: The Role of Euro, Fiscal Policies and Financial
Developments , Jaromir Baxa (Charles University in Prague, Czech Republic) and Tomas Olesnanik (Charles
University in Prague, Czech Republic)
Discussant: Makram El-Shagi
Rational Expectations vs. Imperfect Knowledge Economics: What Does Really Drive the Polish Zloty?
Robert Kelm (University of Lodz and Central Bank of Poland)
Discussant: Zlatuse Komarkova
Fiscal Sustainability and Financial Stability , Zlatuse Komarkova (Czech National Bank and University of
Finance and Administration) and Lubos Komarek (Czech National Bank and University of Finance and
Administration)+A116
Discussant: Robert Kelm
Real Effective Exchange Rate Misalignment in the Euro Area: A Counterfactual Analysis , Makram El-Shagi
(Henan University, China and Halle Institute for Economic Research, Germany), Axel Lindner (Halle Institute
for Economic Research, Germany) and Gregor von Schweinitz (Halle Institute for Economic Research,
Germany)
Discussant: Jaromir Baxa
Parallel Session 1B: Monetary Theory and Policy I
11:00-13:00 (Lecture Room: Α2-3)
Chair: Georgios Georgiadis
Inconsistent Voting Behavior in the FOMC , Tom Laehner (Technical University of Dresden, Germany)
Discussant: Georgios Georgiadis
Interbank Lending Freeze and Policy , Tobias Schuler (University of Rome, Italy)
Discussant: Jakob Palek
Optimal Monetary Policy in a Currency Union: Implications of Country-specific Financial Frictions ,
Jochen Michaelis (University of Kassel, Germany) and Jakob Palek (University of Kassel, Germany)
Discussant: Tobias Schuler
Trilemma, not Dilemma: Financial Globalisation and Monetary Policy Effectiveness , Georgios Georgiadis
(European Central Bank, Germany) and Arnaud Mehl (European Central Bank, Germany)
Discussant: Tom Laehner
Parallel Session 1C: Financial Markets I
11:00-13:00 (Lecture Room: Α3-2)
Chair: George Geronikolaou
Foreign Capital and Domestic Credit Allocation , Anna Samarina (University of Groningen, The Netherlands)
and Dirk Bezemer (University of Groningen, The Netherlands)
Discussant: George Geronikolaou
The Differences Regarding Approach to Entrepreneurial Risk Depending on Time Period of an
Entrepreneurial Activity , Ludmila Kozubíková (Tomas Bata University in Zlin, Czech Republic) and Lenka
Gabčová (Tomas Bata University in Zlin, Czech Republic)
Discussant: Robert Czudaj
Gold Price Forecasts in a Dynamic Model Averaging Framework: Have the Determinants Changed Over
Time? Dirk G. Baur (Kuehne Logistics University, Germany), Joscha Beckmann (University of Duisburg-Essen,
Germany) and Robert Czudaj (University of Duisburg-Essen, Germany)
Discussant: Ludmila Kozubíková
Bargaining Power and Project Risk in Venture Capital Investments , George Geronikolaou (Democritus
Univercity of Thrace, Greece) and George Papachristou (Aristotle University of Thessaloniki, Greece)
Discussant: Anna Samarina
Parallel Session 1D: Macroeconomic Theory and Policy I
11:00-13:00 (Lecture Room: Α3-3)
Chair: Pavlos Petroulas
The Impact of the 2008 Crisis on UK Prices: What We Can Learn from the CPI Microdata , Huw Dixon
(Cardiff University, UK), Kul Luintel (Cardiff University, UK) and Kun Tian (Cardiff University, UK)
Discussant: Pavlos Petroulas
When Do Fiscal Consolidations Lead to Consumption Booms? Lessons from a Laboratory Experiment ,
Martin Geiger (University of Innsbruck, Austria), Wolfgang Luhan (Ruhr-University of Bochum, Germany) and
Johann Scharler (University of Innsbruck, Austria)
Discussant: Sebastian Hoffmann
The Output Effects of Commodity Price Volatility: Mixed Evidence from Exporting Countries , Sebastian
Hoffmann (Free University of Berlin, Germany) and Michael Hachula (DIW Berlin, Germany)
Discussant: Martin Geiger
Analysing Price Level Differences in the Euro Area: Competition Structures and Consumer Behavior ,
Pavlos Petroulas (Bank of Greece) and Theodora Kosma (Bank of Greece)
Discussant: Huw Dixon
13:00-14:00: Lunch
Parallel Session 2A: Banking and Finance I
14:00-16:00 (Lecture Room: Α2-2)
Chair: Malgorzata Pawlowska
Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking
Deregulation , Mathias Hoffmann (University of Zurich, Switzerland) and Iryna S. Stewen (Johannes
Gutenberg University Mainz, Germany)
Discussant: Malgorzata Pawlowska
Bank Market Power and Corporate Performance , Manthos Delis (University of Surrey, UK), Sotirios Kokas
(University of Essex, UK) and Steven Ongena (University of Zurich, Switzerland)
Discussant: Margarita Rubio
Macroprudential Policy Implementation in a Heterogeneous Monetary Union , Margarita Rubio (University
of Nottingham, UK)
Discussant: Iryna S. Stewen
Changes in the Structure of the Banking Sector in Europe - The Role of Competition , Malgorzata
Pawlowska (Warsaw School of Economics, Poland)
Discussant: Manthos Delis
Parallel Session 2B: EU Economics II
14:00-16:00 (Lecture Room: Α2-3)
Chair: Andreas Tsopanakis
Recent Trends of Industrial Production in the Euro Area Major Countries: A Tale of Two Crises , Antonio
Conti (Bank of Italy) and Filippo Scoccianti (Bank of Italy)
Discussant: Dominik Maltritz
The Drivers of Fiscal Deficits in Europe: The Impact and Interaction of Internal and External Fiscal Rules
and Institutions , Dominik Maltritz (University of Erfurt, Germany) and Sebastian Wüste (Deutscher
Bundestag, Germany)
Discussant: Antonio Conti
Volatility Co-movements and Spillover Effects within the Eurozone Economies: A Multivariate GARCH
Approach using the Financial Stress Index , Ronald MacDonald (University of Glasgow, UK), Vasilios Sogiakas
(University of Glasgow, UK) and Andreas Tsopanakis (University of Salford, UK)
Discussant: Ana Grdović Gnip
Parallel Session 2C: Financial Markets II
14:00-16:00 (Lecture Room: Α3-2)
Chair: Ekaterini Panopoulou
Risk of Liquidity Risk Premium , Yuping Huang (University of Glasgow, UK) and Vasilios Sogiakas (University
of Glasgow, UK)
Discussant: Ekaterini Panopoulou
Asset Pricing and the One Percent , Kieran James Walsh (University of Virginia Darden School of Business,
USA) and Alexis Akira Toda (University of California San Diego, USA)
Discussant: Nicola Viegi
Portfolio Flows in a Two-country DSGE Model with Nnancial Intermediaries , Hakoon Kavli (University of
Pretoria, South Africa) and Nicola Viegi (University of Pretoria and ERSA, South Africa)
Discussant: Kieran James Walsh
Quantile Forecast Combinations in Realised Volatility Prediction , Loukia Meligkotsidou (National and
Kapodestrian University of Athens, Greece), Ekaterini Panopoulou (University of Kent, UK), Ioannis D. Vrontos
(Athens University of Economics and Business, Greece) and Spyridon D. Vrontos (University of Essex, UK)
Discussant: Vasilios Sogiakas
Parallel Session 2D: Sovereign Debt Crisis
14:00-16:00 (Lecture Room: Α3-3)
Chair: George Moratis
Financial Distressed EMU Countries' Bond Spreads Volatility: Illiquidity and Monetary Policy
Implications , Theodoros Bratis (Athens University of Economics and Business, Greece), Nikiforos T. Laopodis
(ALBA Graduate Business School, Greece) and Georgios P. Kouretas (Ipag Business School, France and Athens
University of Economics and Business, Greece)
Discussant: George Moratis
Financial Stress Transmission in EMU Sovereign Bond Markets’ Volatility: A Connectedness Analysis ,
Fernando Fernandez-Rodriguez (University of Las Palmas de Gran Canaria, Spain), Marta Gomez-Puig
(University of Barcelona, Spain) and Simon Sosvilla-Rivero (Complutense University of Madrid, Spain)
Discussant: Jacopo Cimadomo
How Do Financial Institutions Forecast Sovereign Spreads? Jacopo Cimadomo (European Central Bank,
Germany), Peter Claeys (European Central Bank, Germany) and Marcos Poplawski-Ribeiro (European Central
Bank, Germany)
Discussant: Marta Gomez-Puig
Bank-sovereign Contagion in the Eurozone: A Panel VAR Approach , Dimitris Georgoutsos (Athens
University of Economics and Business, Greece) and George Moratis (Athens University of Economics and
Business, Greece)
Discussant: Georgios P. Kouretas
16:00-16:30: Coffee break
Parallel Session 3A: Macroeconomic Theory and Policy II
16:30-19:00 (Lecture Room: Α2-2)
Chair: Andreas Hefti
Analysis of the Government Expenditure Multiplier under Zero Lower Bound: The Role of Public
Investment , Mariam Mamedli (National Research University, Russia)
Discussant: Andreas Hefti
Maximum Public Debt in the Diamond OLG Model , Mark Andrew Roberts (University of Nottingham, UK)
Discussant: Mariam Mamedli
International Reserves: Facing Model Uncertainty , Lubos Komarek (Czech National Bank) and Sona Benecka
(Czech National Bank)
Discussant: Mark Andrew Roberts
Dynamic Model Averaging in Large Model Spaces , Luca Onorante (Central Bank of Ireland) and Adrian E.
Raftery (---)
Discussant: Lubos Komarek
Global Economic Challenges with Limited Attention , Andreas Hefti (University of Zurich, Switzerland) and
Josef Falkinger (University of Zurich, Switzerland)
Discussant: Luca Onorante
Parallel Session 3B: Greek Economy
16:30-18:30 (Lecture Room: Α2-3)
Chair: Alina Maria Spiru
The Accrual Anomaly in the Greek Stock Market , Georgios A. Papanastasopoulos (University of Piraeus,
Greece), Andreas I. Tsalas (University of Peloponnese, Greece) and Dimitrios D. Thomakos (University of
Peloponnese, Greece)
Discussant: Alina Maria Spiru
Does Greece Need to Rivive its Defense Industry? Michail Ploumis (University of Peloponnese, Greece)
Discussant: Andreas I. Tsalas
Assessing the Greek Monetary Policy in the Pre-EMU Period through the ‘Lenses’ of Taylor-type Policy
Rules , Alina Maria Spiru (Lancaster University, UK) and Georgios Lazaridis (Lancaster University, UK)
Discussant: Michail Ploumis
Parallel Session 3C: Business Cycles
16:30-18:30 (Lecture Room: Α3-2)
Chair: Eleni Dalla
Wage Dispersion over the Business Cycle , Annaig Morin (Copenhagen Business School, Denmark)
Discussant: Eleni Dalla
The Labour Market, the Business Cycle and the Shadow Economy , Emilio Colombo (University Milano
Bicocca, Italy), Lorenzo Menna (University Milano Bicocca, Italy) and Patrizio Tirelli (University Milano
Bicocca, Italy)
Discussant: Jan Acedański
Youth Unemployment and Welfare Gains from Eliminating Business Cycles - The Case of Poland , Jan
Acedański (University of Economics in Katowice, Poland)
Discussant: Emilio Colombo
An Economic Model for the Interpretation of Business Cycles and the Efficiency of Monetary Policy , Eleni
Dalla (University of Macedonia, Greece) and Erotokritos Varelas (University of Macedonia, Greece)
Discussant: Annaig Morin
Parallel Session 3D: Prices and Inflation
16:30-18:30 (Lecture Room: Α3-3)
Chair: Michael Chletsos
Inflation Expectations and the Two Forms of Inattentiveness , Joshy Easaw (Cardiff University, UK)
Discussant: Michael Chletsos
The Relationship of Simple Sum and Divisia Monetary Aggregates with Real GDP and Inflation: A Wavelet
Analysis for the U.S. , Michael Scharnagl (Deutsche Bundesbank) and Martin Mandler (Deutsche Bundesbank)
Discussant: Reinhard Neck
What to Do When Stagflation Returns? Monetary and Fiscal Policy Strategies for a Monetary Union ,
Reinhard Neck (Alpen-Adria-University of Klagenfurt, Austria) and Dmitri Blueschke (Alpen-Adria-University
of Klagenfurt, Austria)
Discussant: Martin Mandler
Can Phillips Curve Explain the Recent Behavior of Inflation? Evidence from G7 Countries , Michael
Chletsos (University of Ioannina, Greece) and Vassiliki Drosou (University of Ioannina, Greece)
Discussant: Joshy Easaw
20:30: Welcome Reception and Gala Dinner at THEARTEMIS PALACE HOTEL
Friday, May 29th, 2015
Parallel Session 4A: Journal of Financial Stability I
9:00-11:00 (Lecture Room: Α2-2)
Chair: Philip E. Strahan
The New Banking Regulation in Basel III: Welfare Effects and Optimal Implementation , Jose CarrascoGallego (University of Portsmouth, UK) and Margarita Rubio (University of Nottingham, UK)
Discussant: Sheida Teimouri
Sovereign Debt Crisis and Differential Bond Market Dependencies in the Eurozone: A Dynamic Copula
Approach , Rania Jammazi (IPAG Business School, France and Larequad, Tunisia), Shawkat Hammoudeh
(Drexel University , USA) and Duc Khuong Nguyen (IPAG Business School, France)
Discussant: Jose Carrasco-Gallego
Dynamics of Investment and Bank Credit Recovery after Banking Crisis , Sheida Teimouri (University of
Wisconsin- La Crosse, USA) and Nabamita Dutta (University of Wisconsin- La Crosse, USA)
Discussant: Duc Khuong Nguyen
Parallel Session 4B: Monetary Theory and Policy II
9:00-11:00 (Lecture Room: Α2-3)
Chair: Eleftherios Spyromitros
Regulatory Reforms and Central Bank Independence , Davide Romelli (ESSEC Business School and THEMAUniversity of Cergy-Pontoise, France)
Discussant: Eleftherios Spyromitros
Optimal Monetary Policy in a New Keynesian Model with Heterogeneous Expectations , Marco Di Pietro
(Sapienza University of Rome, Italy), Giovanni Di Bartolomeo (Sapienza University of Rome, Italy) and Bianca
Giannini (Sapienza University of Rome, Italy)
Discussant: Andrea Zaghini
Fragmentation and Heterogeneity in the Euro-Area Corporate Bond Market , Andrea Zaghini (Bank of
Italy)
Discussant: Marco Di Pietro
Does Central Bank Independence Affect Stock Market Volatility? Stephanos Papadamou (University of
Thessaly, Greece), Moise Sidiropoulos (Aristotle University of Thessaloniki, Greece) and Eleftherios
Spyromitros (Democritus University of Thrace, Greece)
Discussant: Davide Romelli
Parallel Session 4C: Financial Markets III
9:00-11:00 (Lecture Room: Α3-2)
Chair: Christos Tsoumas
Does it Pay to Be Green? Environmental Performance and Global Financial Returns , Dimitrios D.
Thomakos (University of Peloponnese, Greece) and Thomas A. Alexopoulos (University of Peloponnese,
Greece)
Discussant: Martyna Marczak
Do Stock Returns Really Decrease With Default Risk? New International Evidence , Chris Florackis
(University of Liverpool, UK), Alex Kostakis (University of Manchester, UK) and Kevin Aretz (University of
Manchester, UK)
Discussant: Fotios Pasiouras
Outlier Detection in Structural Time Series Models: The Indicator Saturation Approach, Martyna Marczak
(University of Hohenheim, Germany) and Tommaso Proietti (University of Rome "Tor Vergata", Italy)
Discussant: Thomas A. Alexopoulos
Parallel Session 4D: Emerging Markets
9:00-11:00 (Lecture Room: Α3-3)
Chair: Alejandro C. Garcia-Cintado
How Do Political Factors Shape the Bank Risk-Sovereign Risk Nexus in Emerging Markets? Stefan Eichler
(Leibniz University of Hannover, Germany)
Discussant: Alejandro C. Garcia-Cintado
Fiscal Multipliers in Emerging Market Economies: Can We Learn Something from Advanced Economies
Experiences? Marie-Pierre Hory (University of Orleans – Orleans’ Laboratory of Economy, France)
Discussant: Janne Äijö
Impact of Financial Market Uncertainty and Macroeconomic Factors on Stock-Bond Correlation in
Emerging Markets , Janne Äijö (University of Vaasa, Finland), Nebojsa Dimic (University of Vaasa, Finland),
Jarno Kiviaho (University of Vaasa, Finland) and Vanja Piljak (University of Vaasa, Finland)
Discussant: Marie-Pierre Hory
Fiscal Multipliers: Is Brazil an Outlier among Emerging Markets? Celso Jose Costa Junior (Sao Paulo School
of Economics, Brazil), Alejandro C. Garcia-Cintado (Pablo de Olavide University, Spain) and Armando Vaz
Sampaio (Federal University of Parana, Brazil)
Discussant: Stefan Eichler
11:00-11:30: Coffee break
KEYNOTE SPEECH - THE EUROBANK EFG PLENARY SESSION
11:30-13:00 (Alexandropoulos Amphitheatre)
Chair: Iftekhar Hasan
Philip E. Strahan (Boston College, USA):
"Financial Integration: Lessons from the US"
13:00-14:00: Lunch
KEYNOTE SPEECH - THE UNIVERSITY OF CRETE PLENARY SESSION
14:00-15:30 (Alexandropoulos Amphitheatre)
Chair: Nikolaos Giannelis
Wolf B. Wagner (Tilburg University, The Netherlands)
"Diversity and the Financial System"
15:30-16:00: Coffee break
Parallel Session 5A: Journal of Financial Stability II
16:00-18:00 (Lecture Room: Α2-2)
Chair: Kenneth D. West
Bank Default Risk in the Eurozone: The Role of Politico-Economic Factors , Karol Sobanski (Technical
University of Dresden, Germany) and Stefan Eichler (Leibniz University of Hannover and Halle Institute for
Economic Research, Germany)
Discussant: Stephen George Hall
Stress Testing the EU Fiscal Framework , Igor Masten (University of Ljubljana, Slovenia) and Ana Grdović
Gnip (University of Pula, Croatia)
Discussant: Karol Sobanski
How the Euro-area Sovereign-Debt Crisis Led to a Collapse in Bank Equity Prices , Heather Denise Gibson
(Bank of Greece), Stephen George Hall (University of Leicester, UK and Bank of Greece) and George Spiros
Tavlas (Bank of Greece)
Discussant: Igor Masten
Parallel Session 5B: Macroeconomic Theory and Policy III
16:00-18:00 (Lecture Room: Α2-3)
Chair: Dimitrios Stergiou
The Impact of Temporary Agency Work on Trade Union Wage Setting - A Theoretical Analysis , Thomas
Beissinger (University of Hohenheim and IZA, Germany) and Philipp Baudy (University of Hohenheim,
Germany)
Discussant: Olga Norkina
Public Information and Strategic Interaction of Policymakers , Olga Kuznetsova (National Research
University, Russia)
Discussant: Dimitrios Stergiou
Optimal Financial Repression , Olga Norkina (National Research University, Russia) and Sergey Pekarski
(National Research University, Russia)
Discussant: Thomas Beissinger
Geoeconomics through State Scale Entities (SSEs) , Dimitrios Stergiou (University of Peloponnese, Greece)
Discussant: Olga Kuznetsova
Parallel Session 5C: Monetary Theory and Policy III
16:00-18:00 (Lecture Room: Α3-2)
Chair: Alexandros Kontonikas
Conditional Forecasts and Scenario Analysis with Vector Autoregressions for Large Cross-sections , Marta
Banbura (European Central Bank, Germany), Domenico Giannone (FED New York, USA) and Michele Lenza
(European Central Bank, Germany and ECARES-ULB, Belgium)
Discussant: Alexandros Kontonikas
How Stressed is the Monetary Transmission Mechanism? Financial Stress, Transmission and Financing
Premium in the Euro Area , Geraldine Dany (Martin-Luther University Halle-Wittenberg and Halle Institute
for Economic Research, Germany) and Jan-Christopher Scherer (Halle Institute for Economic Research,
Germany)
Discussant: Michele Lenza
Stabilization and Expanded Commitment: The Value of Forward Guidance in Economies with Rational
Expectations , Andrew Hughes Hallett (University of St Andrews, UK and George Mason University, USA) and
Nicola Acocella (Sapienza University of Rome, Italy)
Discussant: Jan-Christopher Scherer
On the Real Effects of Financial Pressure: Evidence from Euro Area Firm-level Employment during the
Recent Financial Crisis , Filipa Fernandes (University of Glasgow, UK), Alexandros Kontonikas (University of
Glasgow, UK) and Serafeim Tsoukas (University of Glasgow, UK)
Discussant: Nicola Acocella
Parallel Session 5D: Economic Growth and Development I
16:00-18:00 (Lecture Room: Α3-3)
Chair: Roman Horvath
How Do Mean Division Shares Affect Growth? Liang Frank Shao (Henan University, China) and Makram ElShagi (Henan University, China and Halle Institute for Economic Research, Germany)
Discussant: Aris Kartsaklas
The Effect of Firm Entry on Capacity Utilization and Macroeconomic Productivity , Anthony Savagar
(Cardiff University, UK) and Huw Dixon (Cardiff University, UK)
Discussant: Liang Frank Shao
Poverty Trap with Convex Production Function: The Role of Public and Private Capital , Kumar Aniket
(University of Cambridge, UK)
Discussant: Anthony Savagar
What Kind of Finance Matters for Growth? Iftekhar Hasan (Fordham University, USA), Roman Horvath
(Charles University, Czech Republic) and Jan Mares (Charles University, Czech Republic)
Discussant: Kumar Aniket
Saturday, May 30th, 2015
Parallel Session 6A: Journal of Financial Stability III
9:00-11:00 (Lecture Room: Α2-2)
Chair: Michael Haliassos
The Geography of the Great Rebalancing in Intra-euro Area Bond Markets during the Sovereign Debt
Crisis , Roland Beck (European Central Bank, Germany), Georgios Georgiadis (European Central Bank,
Germany) and Graeb Johannes (European Central Bank, Germany)
Discussant: Max Breitenlechner
Dealing with Financial Instability under a DSGE Modeling Approach with Banking Intermediation: A
Predictability Analysis versus TVP-VARs , Stelios Bekiros (IPAG Business School, France and European
University Institute, Italy), Roberta Cardani (University of Milano-Bicocca, Italy), Alessia Paccagnini
(University of Milano-Bicocca, Italy) and Stefania Villa (University of Foggia, Italy and Catholic University of
Leuven, Belgium)
Discussant: Roland Beck
Banks’ External Financing Costs and the Bank Lending Channel: Results from a SVAR Analysis , Max
Breitenlechner (University of Innsbruck, Austria), Johann Scharler (University of Innsbruck, Austria) and
Friedrich Sindermann (University of Innsbruck, Austria)
Discussant: Stelios Bekiros
Parallel Session 6B: Financial Econometrics
9:00-11:00 (Lecture Room: Α2-3)
Chair: Christos Floros
Real-Time Forecasting with a MIDAS VAR , Heiner Mikosch (KOF, ETH Zurich, Switzerland) and Stefan
Neuwirth (KOF, ETH Zurich, Switzerland)
Discussant: Christos Floros
Nowcasting GDP in Greece: A Note on Forecasting Improvements from the Use of Bridge Models , Dimitra
Lamprou (University of Peloponnese, Greece)
Discussant: Stefan Neuwirth
Testing Stationarity of Futures Hedge Ratios , Christos Floros (Technological Educational Institute of
Crete, Greece), Stavros Degiannakis (Panteion University of Social and Political Sciences, Greece) and Enrique
Salvador (University College Dublin, Ireland)
Discussant: Dimitra Lamprou
Parallel Session 6C: Macroeconomic Theory and Policy IV
9:00-11:00 (Lecture Room: Α3-2)
Chair: Aris Kartsaklas
Real-time Macroeconomic Data and Uncertainty , Katharina Glass (University of Hamburg, Germany) and
Ulrich Fritsche (University of Hamburg, Germany)
Discussant: Aris Kartsaklas
Episodes of Exuberance in Housing Markets , Efthymios Pavlidis (Lancaster University, UK), Alisa Yusupova
(Lancaster University, UK), Ivan Paya (Lancaster University), David Peel (Lancaster University, UK), Enrique
Martinez-Garcia (Federal Reserve Bank of Dallas, USA), Adrienne Mack (Federal Reserve Bank of Dallas, USA)
and Valerie Grossman (Federal Reserve Bank of Dallas, USA)
Discussant: Petre Caraiani
The Role of Money in DSGE Models: A Forecasting Perspective , Petre Caraiani (Institute for Economic
Forecasting, Romania)
Discussant: Efthymios Pavlidis
The Buying and Selling Behavior of Institutional, Individual and Foreign Investors in the Korean Stock
Exchange , Menelaos Karanasos (Brunel University, UK), Aris Kartsaklas (Brunel University, UK), and Stavroula
Yfanti (Brunel University, UK)
Discussant: Katharina Glass
Parallel Session 6D: Financial Crisis
9:00-11:00 (Lecture Room: Α3-3)
Chair: Xichen Wang
An Examination of the Bank Lending Channel and Monetary Policy During the Pre - and - Post Crisis
Period , Evangelos N. Salachas (Athens University of Economics and Business, Greece), Nikiforos T. Laopodis
(ALBA Graduate Business School, Greece) and Georgios P. Kouretas (Ipag Business School, France and Athens
University of Economics and Business, Greece)
Discussant: Aurore Burietz
Home Sweet Home: Bank Lending Characteristics and the Impact of the Recent Global Financial Crisis ,
Aurore Burietz (IESEG School of Management, France) and Loredana Ureche-Rangau (University of Picardie,
France)
Discussant: Georgios P. Kouretas
Discretionary Credit Rating and Bank Stability in a Financial Crisis , Arjana Brezigar Masten (University of
Primorska, Slovenia), Igor Masten (University of Ljubljana, Slovenia) and Matjaz Volk (Bank of Slovenia)
Discussant: Xichen Wang
Episodes of Exuberance in Emerging Equity Markets and the Global Financial Crisis , Xichen Wang
(Lancaster University, UK)
Discussant: Arjana Brezigar Masten
11:00-11:30: Coffee break
KEYNOTE SPEECH - THE BANK OF GREECE PLENARY SESSION
11:30-13:00 (Alexandropoulos Amphitheatre)
Chair: Athanasios P. Papadopoulos
Michael Haliassos (Goethe University, Germany):
"Challenges in Designing Investor and Borrower Protection"
13:00-14:00: Lunch
KEYNOTE SPEECH - THE NATIONAL BANK OF GREECE PLENARY SESSION
14:00-15:30 (Alexandropoulos Amphitheatre)
Chair: Georgios P. Kouretas
Kenneth D. West (University of Wisconsin - Madison, USA):
"The Equilibrium Real Funds Rate: Past, Present and Future"
15:30-16:00: Coffee break
Parallel Session 7A: Fiscal Policy
16:00-18:00 (Lecture Room: Α2-2)
Chair: John Kose
Is Fiscal Devaluation Welfare Enhancing? A Model-based Analysis , Lena Maria Kraus (University of
Bayreuth, Germany) and Stefan Hohberger (University of Bayreuth, Germany)
Discussant: Suchismita Tarafdar
Fiscal Targets. A Guide to Forecasters , Joan Paredes (European Central Bank, Germany), Javier J. Perez
(Bank of Spain), and Gabriel Perez-Quiros (Bank of Spain, AIReF and CEPR)
Discussant: Jan Hagemejer
Analyzing the Efficiency of the Pension Reform: The Role for the Welfare Effects of Fiscal Closures , Jan
Hagemejer (National Bank of Poland and University of Warsaw, Poland), Krzysztof Makarski (National Bank of
Poland and Warsaw School of Economics, Poland) and Joanna Tyrowicz (University of Warsaw, Poland and
National Bank of Poland)
Discussant: Joan Paredes
Fiscal Policy in an Emerging Market Business Cycle Model , Chetan Ghate (Indian Statistical Institute),
Pawan Gopalakrishnan (Indian Statistical Institute) and Suchismita Tarafdar (Shiv Nadar University, India)
Discussant: Lena Maria Kraus
Parallel Session 7B: Banking and Finance II
16:00-18:00 (Lecture Room: Α2-3)
Chair: Ansgar Belke
E-banking Functionality as a Measure of Customer Satisfaction in the Czech and Kenyan Banking Sectors ,
Felix Ondieki Kombo (Tomas Bata University in Zlin, Czech Republic), Jiří Paulík (Tomas Bata University in
Zlin, Czech Republic) and Michael Adu Kwarteng (Tomas Bata University in Zlin, Czech Republic)
Discussant: Ansgar Belke
Lending Process for the SME Segment. The Findings and Experience from the Czech and Slovak Banking
Sectors , Jaroslav Belas (Tomas Bata University in Zlin, Czech Republic), Jiri Dolezal (Tomas Bata University
in Zlin, Czech Republic), Roman Hlawiczka (Tomas Bata University in Zlin, Czech Republic), Lenka Gabcova
(Tomas Bata University in Zlin, Czech Republic) and Eva Cipovova (University of Finance and Administration,
Czech Republic)
Discussant: Vlad Andrei Porumb
The Impact of Information Assymetry Shocks on European Banks’ Loan Maturity , Samira Demaria
(University of Nice Sophia Antipolis, France), Vlad Andrei Porumb (Universite Cergy Pontoise - THEMA
Research Center, France) and Sandra Rigot (University of Paris 13, France)
Discussant: Jaroslav Belas
Banking Union as a Shock Absorber , Ansgar Belke (University of Duisburg – Essen, Germany) and Daniel Gros
(CEPS Brussels, Belgium)
Discussant: Felix Ondieki Kombo
Parallel Session 7C: EU Economics III
16:00-18:00 (Lecture Room: Α3-2)
Chair: Andrea Silvestrini
Hard Work, and Foreign Help - How to Successfully Conduct Adjustment with Official Assistance , Martin
Larch (European Commission, Belgium), Kristin Magnusson Bernard (European Central Bank, Belgium) and
Balint Tatar (Independent - formerly European Commission, Belgium).
Discussant: Andrea Silvestrini
Reforms in DSGE Models: Too Sensitive for Policy Analysis , Olfa Alouini (European Commission, Belgium),
Benoit Campagne (INSEE-CREST, France) and Aurelien Poissonnier (INSEE-CREST, France)
Discussant: Beau Soederhuizen
Internal or External Devaluation? What Does the Consumer Survey Tell us about Macroeconomic
Adjustment in the Euro Area? Ivo Arnold (Erasmus University Rotterdam, The Netherlands) and Beau
Soederhuizen (Nyenrode Business University, The Netherlands)
Discussant: Benoit Campagne
Time Varying Effects of Financial Shocks in the Euro Area , Andrea Silvestrini (Bank of Italy) and Andrea
Zaghini (Bank of Italy)
Discussant: Dimitrios D. Thomakos
Parallel Session 7D: Economic Growth and Development II
16:00-18:00 (Lecture Room: Α3-3)
Chair: Lint Barrage
Leadership Change and Economic Growth in Politically Unstable Countries , Richard Jong-A-PIn (University
of Groningen, The Netherlands) and Shu Yu (University of Rochester, USA)
Discussant: Lint Barrage
Evidence on Primary Education and Fertility Rates from Southern Africa , Manoel Bittencourt (University
of Pretoria, South Africa)
Discussant: Richard Jong-A-Pin
Dutch Disease and Carbon Pricing in Resource-Rich Economies , Lint Barrage (University of Maryland, USA)
Discussant: Manoel Bittencourt
18:00: SHORT EXCURSION AND FAREWELL DINNER AT A TRADITIONAL VILLAGE