Final ProgrammeLast 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