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program and participants

Conference Program

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
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
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
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
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

Special Issues 2018