European Economics and Finance Society Fourteenth Annual ...€¦ · Portfolio Flows Keith Pilbeam,...

EEFS 2015 |Brussels

European Economics and Finance Society

Fourteenth Annual Conference Brussels,

11th

-14th

June 2015

Conference Program

Thursday 11 June 2015

18.00 – 19.00 Registration

19.00 – 21.00 Welcome Reception

Welcome by Ansgar Belke

Ad personam Jean Monnet Professor University of Duisburg-Essen and President of the European Economics and Finance Society

and Daniel Gros

Director Centre for European Policy Studies (CEPS)

Venue: Centre for European Policy Studies (Please see maps at the appendix of the program)

EEFS 2015 |Brussels

Friday 12 June 2015 · 8:45 – 10:30 | Parallel Sessions 1

Conference Venue: Centre for European Policy Studies (Please see maps at the appendix of the program)

Room A Working Party Room

Room B Conference Hall

Room C Royal Room

Room D Congress Room

8:

45

–

1

0:

15

Exchange Rates and Politics

Chair: Vaclav Zdarek

Financial Markets

Chair: Michael Murach

Energy and Shipping

Chair: Raymond Swaray

Inflation and Monetary Policy

Chair: Petre Caraiani

Joscha Beckmann and Robert Czudaj

Exchange Rate Expectations and Economic Policy Uncertainty

Kwan Choi

Exchange Rate Policy and Welfare

Boriss Siliverstovs

The Franc Shock and Swiss GDP

Vaclav Zdarek and Cristina Checherita-Westphal Fiscal Reaction Function and

Fiscal Fatigue in the Euro Area

Dimitris Kenourgios and Dimitrios Dimitriou

On Emerging Stock Market Contagion: The Case of Baltic Stock Markets

Aristeidis Samitas and Kampouris Elias

High Frequency Dynamic Linkages among International Stock Markets

Theo Berger

A Wavelet Based Approach to Measure and Manage Contagion at Different Time Scales

Michael Murach

Global Determinants of the Gold Price - A Multivariate Cointegration Analysis

Susanne Gäde

Unilaterally Removing Indirect Subsidies for Maritime Fuel

Nataliya Langburd

Shale Gas Discoveries and Technology: Measuring Market Expectations

Dimitris Tsouknidis

Corporate Social Responsibility Performance and Firm Performance in the Global Shipping Industry

Raymond Swaray, Rayan S. Hammad and Hadiza Sa’id

Crude Oil Price Volatility Switching Probabilities and Exchange Rate Regimes of Oil Producing Countries

Jean-Charles Bricongne

The Quantity Theory of Money Revisited: The Improved Short-Term Predictive Power of Household Money Holdings with Regard to Prices

Theodoros Panagiotidis and Georgios Bampinas

Hedging Inflation with Individual Stocks: A Long-Run Perspective

Matthias Mauch, Eliza Lis and Christiane

Nickel

An Empirical Analysis of Inflation Expectation Formation in the Euro Area

Petre Caraiani

Money and Output Causality: A Structural Approach

10:30 – 10:45 Coffee Break

EEFS 2015 |Brussels

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10:45 – 11:45 Round Table: The Future of the Eurozone

Daniel Gros (Centre for European Policy Studies) Georgios Chortareas (Kings College London)

Paul de Grauwe (London School of Economics) Chair: Ansgar Belke (University of Duisburg-Essen)

11:45-13:00 : Lunch break

Friday 12 June 2015 · 13:00 – 14:30 | Parallel Sessions 2

Conference Venue: Centre for European Policy Studies (Please see maps at the appendix of the program)

Room A Working Party Room

Room B Conference Hall

Room C Royal Room

Room D Congress Room

10

:3

0

–

12

:0

0

Funds and Transactions Chair: Roberto Pascual

Monetary Policy and Quantitative Easing Chair: Nikolay Hristov

Exchange Rates Chair: Keith Pilbeam

Food Prices and Energy Chair: Sushanta Mallick

William Pouliot, Marco G. Ercolani, Joanne S. Ercolani

Luck versus Skill over Time: Time Varying Performance in the Cross-Section of Mutual Fund Returns

Elena Márquez, Ana Martínez Cañete and Inés Pérez-Soba

The Spanish Control Transactions Below the Mandatory Bid Rule Threshold

Roberto Pascual, David Abad and Magdalena Massot

Evaluating VPIN as a Trigger for Singlestock Circuit Breakers

Lukas Vogel and Romanos Priftis

Inspecting ECB QE with a Dynamic Macroeconomic Model

Emmanouil Noikokyris, Georgios Chortareas and Menelaos Karanasos Stock Market Response to MPC

Unconventional Monetary Policy

Oliver Hülsewig, Nikolay Hristov, Thomas Siemsen and Timo Wollmershäuser

The Potential Effectiveness of the ECB’s OMT Program in Restoring Monetary Transmission

Matthieu Bussiere, Laurent Ferrara, Menzie Chinn and Jonas Heipertz

Survey-Based Exchange Rate Expectations and Uncovered Interest Parity in Recent Crisis Periods

Valentyna Ozimkovska

Volatility of Real Financial Market Exchange Rates and International Portfolio Flows

Keith Pilbeam, Dimitrios Asteriou and Kann Masatci

Exchange Rate Volatility and International Trade: International Evidence from the MINT Countries

Rebeca Jiménez-Rodríguez

Oil Price Shocks and Spain’s Macroeconomic Developments

Michael Hachula and Malte Rieth

Information Discovery and Trend following: How Speculators Affect Agricultural Futures Prices

Oliver Holtemöller and Sushanta Mallick

Global Food Prices and Business Cycle Dynamics in an Emerging Market Economy

EEFS 2015 |Brussels

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14.30 – 14:45 Coffee break

Friday 12 June 2015 · 14:45 – 16:15 | Parallel Sessions 3

Conference Venue: Centre for European Policy Studies (Please see maps at the appendix of the program)

Room A Working Party Room

Room B Conference Hall

Room C Royal Room

Room D Congress Room

14

:3

0

–

16

:0

0

Investment and Regulation Chair: Stefan Zeugner

House Prices Chair: Marian Risse

Investment, Productivity and FDI Chair: Tomasz Dorożyński

Credit and Financing Chair: Wiebke Bartz

Kamil Liberadzki, Piotr Jaworski and Marcin Liberadzki

Regulatory and Economic Incentives for Issuing Contingent Convertibles

Dimitrios Kyrkilis, Pantelis Pantelidis and Efthymios Nikolopoulosc

Monetary Unions and Foreign Direct Investment. The case of the European Monetary Union

Stefan Zeugner

Construction Investment and the Current Account

Sercan Eraslan

Safe-Haven-Demand for Housing in London from the Euro Area

Eleni Kyriazakou and Theodore Panagiotidis

A Nonlinear Pair-Wise Approach for the UK Regional House Prices

Marian Risse and Martin Kern

Do Macroeconomic Fundamentals help to Project European Housing Prices

Umut Kilinc

Productivity, Markups and International Trade: The Case of Small Open Economy

Pavlos Stamatiou and Nikolaos Dritsakis

Granger Causality Relationship between Foreign Direct Investments, Exports, Unemployment and Economic Growth. A Panel Data Approach for the New EU Members

Tomasz Dorożyński, Janusz Świerkocki and Wojciech Urbaniak

Special Economic Zones and FDI Inflow. Examples of Polish Regions.

Robert Unger

Asymmetric Credit Growth and Current Account Imbalances in the Euro Area

Oliver Holtemöller and Jan-Christopher Scherer

Do Financing Costs of Non-Financial Corporations in the Euro Area Depend on Country-Specific Factors? Evidence from Microlevel Data

Wiebke Bartz

Borrower Opacity and Relationship Intensity - Evidence from Small Business Lending in Kosovo

16.15 – 16:30 Coffee break

EEFS 2015 |Brussels

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Friday 12 June 2015 · 16:30 – 18:00 | Parallel Sessions 4

Conference Venue: Centre for European Policy Studies (Please see maps at the appendix of the program)

Room A Working Party Room

Room B Conference Hall

Room C Royal Room

Room D Congress Room

16

:1

5

–

17

:4

5

Emerging Markets

Chair: Zunaira Aman

Banking

Chair: Michela Rancan

Debt

Chair: Jean-Charles Bricongne

Monetary Unions

Chair: Palo Canofari

Badri Narayan Rath and Vaseem Akram

Export Diversification, Financial Development and Total Factor Productivity in Emerging Market Economies

Eralp Bektas

Is there any Relationship between Corporate Governance and Corporate Social Responsibility of Emerging Markets Large Corporations

Zunaira Aman

Does Financial Openness helps Improve External Competitiveness: Evidence from Emerging Markets

Maximilian Podstawski and Anton Velinov

The State Dependent Impact of Bank Exposure on Sovereign Risk

Tommaso Gabrieli, Keith Pilbeam and Bingxi Shi

The Role of Shadow Banking in the Chinese Monetary Channel: An Empirical Analysis

Michela Rancan, Jessica Cariboni, Kevin Keasey and Francesco Vallascas

The Determinants of Bank Activity in the Bond Market

Tom Neugebauer and Ulrich van Suntum

Vollgeld, Public Debt, and the Natural Rate of Interest

Arjocu Ana-Maria and Dronca Alexandru

Analysis on Causality between Corruption, Bureaucracy and Public Debt in EU Member States

Jean-Charles Bricongne and Aurora Mordonu

Interlinkages of Private Debt in Advanced Economies

Philipp Engler and Wolfgang Strehl

Progressive Taxation and Monetary Policy in a Currency Union

Lukas Vogel and Werner Roeger Do Fiscal Transfers Strengthen

Risk Sharing in Monetary Union? A Model-Based Analysis

Paolo Canofari and Giovanni Di Bartolomeo

Contagion under Uncertainty in Monetary Unions

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Saturday 13 June 2015 · 08:45 – 10:30 | Parallel Sessions 5

Conference Venue: Centre for European Policy Studies (Please see maps at the appendix of the program)

Room A Working Party Room

Room B Conference Hall

Room C Royal Room

Room D Congress Room

Employment and Debt

Chair: Yannis Georgellis

Quantitative Easing and Monetary Policy of the ECB

Chair: Georgios Georgiadis

Policy Trilemma and Bailouts

Chair: Sara Maccaferri

Corruption

Chair: Nikita Zakharov

9:

00

–

1

0:

30

Mariusz Krawczyk

Employment Stability versus Market Flexibility; Employment Practices in the Post-War Japanese Economy

Gunter Schnabl and Rafael Fischer

Regional Heterogeneity, Aging Society and the Role of Public Debt in Japan in the Post – Bubble Crisis

Turhan Kaymak

Firm Level Corporate Social Responsibility

Yannis Georgellis

Is becoming Self-Employed a Panacea for Job Satisfaction? Longitudinal Evidence from Transitions into Self-Employment

Eiji Ogawa and Zhiqian Wang

Effects of Exit Strategy of the Quantitative Easy Monetary Policy on East Asian Currencies

Peter McQuade, Matteo Falagiarda and Marcel Tirpák

Spillover Effects of ECB Monetary Policy on Selected Non-Euro Area EU Countries: Evidence from an Event-Study Analysis and a BVAR

Georgios Georgiadis and Johannes Gräb

Global Financial Market Impact of the Announcement of the ECB’s Extended Asset Purchase Programme

Esther Ademmer, Joscha Beckmann, Ansgar Belke and Rainer Schweickert

The Political Economy of Taylor Rules and the Trilemma Restriction

Georgios Chortareas and Zampia Triantafilidi

Determinants of Choice and the Softness of the Open Economy Policy Trilemma

Elena Seghezza and Pittaluga G.B.

Why Tradable Producers not always Prefer a Floating Exchange Rate and a Depriciated Currency?

Sara Maccaferri Giuseppina Cannas, P. Benczur, , J. Cariboni, F. E. Di Girolamo and M. Petracco Giudici

Evaluating the Effectiveness of the New EU Bank Regulatory Framework: A Farewell to Bail-Out?

Shrabani Saha and Kunal Sen

The Effect of Corruption on Economic Growth: Does the Political Regime matter?

Camélia Turcu and Réda Marakbi

Corruption, Institutional Quality and Economic Growth: A Panel Smooth Transition Regression Approach

Nikita Zakharov and Günther G. Schulze

Corruption and its Effect on Small Business: Evidence from Russia

10.30 – 10:45 Coffee break

EEFS 2015 |Brussels

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Saturday 13 June 2015 · 10:45 – 12:30 | Parallel Sessions 6

Conference Venue: Centre for European Policy Studies (Please see maps at the appendix of the program

Room A Working Party Room

Room B Conference Hall

Room C Royal Room

Room D Congress Room

Credit and Country Studies

Chair: Ibrahim Elatroush

Net Foreign Asset Positions and Portfolio Flows

Chair: Joseph Joyce

Trade and Productivity

Chair: Monica Pop Silaghi

Recessions and Macroeconomic Development

Chair: Reynald Majetti

10

:4

5

–

12

:1

5

Leonor Modesto and Francesco Carli

Endogenous Credit and Investment Cycles with Asset Price Volatility

Mikel Bedayo

Creating Associations to Substitute Banks’ Direct Credit. Evidence from Belgium

Iulian Ihnatov, Alin Marius Andries, Bogdan Capraru and Aviral Kumar Tiwari

The Lead-Lag Relationship between Exchange Rate and Interest Rate: The Case of Romania

Ibrahim Elatroush

Similarities and Dissimilarities among Egyptian Public Sector Manufacturing Firms: Comparative Study

Gunther Schnabl and Sophia Latsos

Net Foreign Asset Positions and Appreciations Expectations on the Japanese Yen and the Swiss Franc

Martin Schmitz and Michael Fidora

International Investment and Virtual Proximity

Keith Fitzgerald

The Relative Importance of Country and Industry Effects in Portfolio Diversification: Evidence from the Global Crisis

Joseph Joyce

External Balance Sheets as Crisis Buffers

Usha Nair-Reichert

Determinants of the Recovery Margin of Trade

Piero Esposito

Trade (Dis)Integration and Imbalances in the Euro Area

Sushanta Mallick and Helena Marques

Comparative Advantage as a Source of Exporters’ Pricing Power: Evidence from China and India

Monica Pop Silaghi

Assessing Determinants of Total Factor Productivities in the Regions of Europe. Health, Human Capital and R&D

Bastian Gawellek, Jingjing Lyu and Bernd Süssmuth

Did Chinese Outward Activity Attenuate or Aggravate the Great Recession in Developing Countries?

Eden S. H. Yu and Jai-Young Choi

A Public-Good Approach to Environmental Economy

Reynald Majetti

Forecasting South African Recessions

12:30 – 13:45 Lunch Break

EEFS 2015 |Brussels

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13:45 – 14:45 "Credit and Capital Markets" Lecture

Athanasios Orphanides (MIT) (Chair: Ansgar Belke)

Saturday 13 June 2015 · 14:45 – 16:15 | Parallel Sessions 7

Conference Venue: Centre for European Policy Studies (Please see maps at the appendix of the program)

Room A Working Party Room

Room B Conference Hall

Room C Royal Room

Room D Congress Room

Economics Growth Chair: Samaresh Bardhan

Interest Rates and Exchange Rates Chair: Samer Mehibel

Crisis and Politics Chair: Aristeidis Samitas

Fiscal Policy Chair: Pablo Aguilar

14

:3

0

–

16

:0

0

Michael Murach and Helmut Wagner

Effects of Structural Change on Economic Growth and Shock Absorption Capability in China

Keshab Bhattarai

Economic Growth and Public Budget Deficit

Samaresh Bardhan and Rajesh Sharma

Financial Development, Inflation and Growth: Evidences from Dynamic Panel Threshold Model

Nikolaos A. Kyriazis, Stephanos Papadamou and Eleftherios Spyromitros

Testing for Cointegration with Threshold Effect between Bank of England’s Assets and Interest Rates

Jin-Kyu Jung, Jan-Christoph Rülke and Michael Frenkel

Central Bank’s Interest Rate Projections under Asymmetric Loss – Some Theory and International Evidence

Samer Mehibel and Khaled Menna

Exchange Rate Pass-Through and Inflation Dynamics in Algeria

Dimitrios Asteriou and Antonios Sarantidis

Are Bank Returns More Sensitive During Crisis? Evidence from the DID and CIC Approaches for a Large Panel of Countries

Kancs d'Artis

Macroeconomic Modelling of R&D and Innovation Policies

Aristeidis Samitas, Ioannis Tsakalos, Aggelos Armenatzoglou and Dimitris Kenourgios

The Cypriot Crisis as a Perfect Excuse to Apply a New Economic Model: Bail-In

Stefan Hohberger and Lena Kraus

Is Fiscal Devaluation Welfare enhancing? A Model-Based Analysis

Teresa Lloyd-Braga and Leonor Modesto

Balanced Budget Fiscal Policy (De)Stabilizing Rules

Pablo Aguilar

The Role of Term Structure in an Estimated DSGE Model with Learning

16.15 – 16:30 Coffee break

EEFS 2015 |Brussels

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Saturday 13 June 2015 · 16:30 – 18:00 | Parallel Sessions 8

Conference Venue: Centre for European Policy Studies (Please see maps at the appendix of the program)

Room A Working Party Room

Room B Conference Hall

Room C Royal Room

Room D Congress Room

16

:1

5

–

17

:4

5

Economic Growth and Environment

Chair: Rainer Schweickert

The Chinese Economy

Chair: Cristina Jude

Productivity and Wages

Chair: Nisar Ahmad

Inflation and Unemployment

Chair: Dimitrios Bakas

Amjad Naveed

Small and Medium Sized Cities: Source of Growth and Knowledge-Based Strategies

Xiaopeng Yin

Why do Countries Prefer to Integrate Together: An Unbalanced Growth Approach

Rainer Schweickert and Markus Ahlborn

Public Debt and Economic Growth – Heterogeneous Effects due to Institutional Differences

Xing Han and Youwei Li

On the Return Predictability of Investor Sentiment: Time-Series and Cross-Sectional Evidence from China

Björn Urbansky

Global Liquidity Glut, Capital Controls and the Pretence of Knowledge in China and the US

Cristina Jude, Marie Albert and Cyril Rebillard

The Long Landing Scenario: Rebalancing from Overinvestment and Excessive Credit Growth. Implications for Potential Growth in China

Mirko Abbritti, Stephan Fahr and Tommaso Trani

Downward Wage Rigidities, Credit Frictions and Unemployment

Virginia di Nino

The Phenomenal CAT: Firms Clawing the Goods of Others

Nisar Ahmad and Amjad Naveed

Productivity Convergence and Structural Changes: A Panel Unit Root Analysis

Leyla Baştav

Turkish Inflation Dynamics: New Keynesian Phillips curve (2000 – 2013)

Keshab Bhattarai

Unemployment Trade-Offs in OECD

Dimitrios Bakas and Georgios Chortareas

Openness, Inflation Dynamics and Output-Inflation Trade-Offs

EEFS 2015 |Brussels

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Saturday 13 June 2015

20:00 Conference Dinner Aux Armes de Bruxelles – 12 rue des Bouchers 1000 Bruxelles

Sunday 14 June 2015

0 9 : 3 0 – 1 4 : 0 0 O p t i o n a l E x c u r s i o n

Brussels Historical Bus Tour Half Day Tour (09:30-14:30)

Registration at the conference. Detailed information will be provided soon

EEFS 2015 |Brussels

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APPENDIX Maps and Directions

European Economics and Finance Society

Fourteenth Annual Conference Brussels, 11th-14th June 2015

Conference Location:

Centre for European Policy Studies – 1 Place de Congress, 1000 Brussels

EEFS 2015 |Brussels

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Location for Dinner on Saturday: Aux Armes de Bruxelles

12 rue des Bouchers 1000 Brusells

Route from conference location to dinner location

EEFS 2015 |Brussels

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European Economics and Finance Society Fourteenth Annual Conference Brussels, 11th-14thJune 2015

NOTES

EEFS 2015 |Brussels

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European Economics and Finance Society Fourteenth Annual Conference Brussels, 11th-14thJune 2015

NOTES

EEFS 2015 |Brussels

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List of Participants

Mirko Abbritti mabbritti@unav.es Universidad de Navarra

Pablo Aguilar pablo.aguilar@uclouvain.be Université catholique de Louvain

Zunaira Aman z.aman@qmul.ac.uk Queen Mary University London

Arjocu Ana-Maria arjocu.anamaria@gmail.com West University of Timisoara

Dimitrios Bakas dbakas@econ.uoa.gr Department of Economics, University of Athens

Konstantinos Baltas k.baltas@qmul.ac.uk London School of Economics & Political Science

Samaresh Bardhan samaresh@iitrpr.ac.in Indian Institute of Technology Ropar

Wiebke Bartz w.bartz@fs.de Frankfurt School of Finance & Management

Leyla Baştav bastav06@yahoo.com.tr Banking Regulation and Supervision Agency

Joscha Beckmann joscha.beckmann@uni-due.de University of Duisburg-Essen

Mikel Bedayo mikel.bedayo@uclouvain.be Université catholique de Louvain

Eralp Bektas eralp.bektas@emu.edu.tr Eastern Mediterranean University

Ansgar Belke ansgar.belke@uni-due.de University of Duisburg-Essen

Hamza Bennani hamza.benna@gmail.com Universités de Lille

Theo Berger theoberger@uni-bremen.de University of Bremen

Keshab Bhattarai K.R.Bhattarai@hull.ac.uk University of Hull

Jean-Charles Bricongne jean-charles.bricongne@ec.europa.eu European Commission and Banque de France

Matthieu Bussiere matthieu.bussiere@banque-france.fr Banque de France

Giuseppina Cannas giuseppina.cannas@jrc.ec.europa.eu European Commission Joint Research Centre

Paolo Canofari pcanofari@luiss.it Luiss School of European Political Economy

Petre Caraiani petre.caraiani@gmail.com Romanian Academy

Kwan Choi kchoi@iastate.edu Iowa State University and University of Macau

Georgios Chortareas georgios.chortareas@kcl.ac.uk University of Athens

Peter Claeys peter.claeys@vub.ac.be Vrije Universiteit Brussel

Kancs d'Artis dartis.kancs@gmail.com European Commission

Paul De Grauwe p.c.de-grauwe@lse.ac.uk London School of Economics

Virginia di Nino virginia.dinino@bancaditalia.it Bank of Italy

Tomasz Dorożyński tdorozynski@uni.lodz.pl University of Lodz

Irina Dubova Irina.Dubova@rgs-econ.de University of Duisburg-Essen

Ibrahim Elatroush ibraelatroush@hotmail.com Tanta University, Egypt

Philipp Engler philipp.engler@fu-berlin.de Free University of Berlin

Sercan Eraslan sercan.eraslan@wiso.uni-hamburg.de University of Hamburg

Sibel Bali Eryigit sibelbali@uludag.edu.tr Uludag University

Piero Esposito pesposito@luiss.it LUISS School of European Political Economy

Etienne Farvaque etienne.farvaque@univ-lille1.fr Université de Lille, Cité Scientifique

Laurent Ferrara Laurent.Ferrara@banque-france.fr Banque de France

Keith Fitzgerald fitzgekm@tcd.ie Trinity College Dublin

Antonio Frenda frenda@istat.it Italian National Statistical Institute

Tommaso Gabrieli t.gabrieli@reading.ac.uk Henley Business School, University of Reading

Susanne Gäde Susanne.Gaede@gmx.de University of Duisburg-Essen

Bo Gao b.gao3@newcastle.ac.uk Newcastle University Business School

Bastian Gawellek gawellek@wifa.uni-leipzig.de University of Leipzig

Yannis Georgellis y.georgellis@kent.ac.uk Kent Business School

Georgios Georgiadis georgios.georgiadis@ecb.int European Central Bank

EEFS 2015 |Brussels

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Daniel Gros danielg@ceps.eu Centre for European Policy Studies

Michael Hachula mhachula@diw.de DIW Berlin

Xing Han xing.han@ugent.be Ghent University Ulrich Haskamp ulrich.haskamp@uni-due.de University of Duisburg-Essen

Stefan Hohberger stefan.hohberger@uni-bayreuth.de University of Bayreuth

Oliver Holtemöller oliver.holtemoeller@iwh-halle.de Halle Institute for Economic Research

Oliver Hülsewig oliver.huelsewig@hm.edu Ifo Institute for Economic Research

Iulian Ihnatov iulian.ihnatov@uaic.ro Alexandru Ioan Cuza University of Iasi

David Iselin iselin@kof.ethz.ch ETH Zurich

Rebeca Jiménez rebeca.jimenez@usal.es University of Salamanca

Joseph Joyce jjoyce@wellesley.edu Wellesley College

Cristina Jude cristina.jude@banque-france.fr Banque de France

Jin-Kyu Jung jin-kyu.jung@whu.edu WHU – Otto Beisheim School of Management

Turhan Kaymak turhan.kaymak@emu.edu.tr Eastern Mediterranean University, Cyprus

Dimitris Kenourgios dkenourg@econ.uoa.gr University of Athens

Martin Kern martin.kern@fernuni-hagen.de University of Hagen

Umut Kilinc kilincumut@gmail.com STATEC Luxembourg

Mariusz Krawczyk mak1807039@econ.ryukoku.ac.jp Ryukoku University, Kyoto

Eleni Kyriazakou kyriazakou@yahoo.gr University of Macedonia

Nikolaos A. Kyriazis nikos09kyriazis@yahoo.gr University of Thessaly

Dimitrios Kyrkilis kyrkilis@uom.gr University of Macedonia

Nataliya Langburd nl329@cam.ac.uk University of Cambridge

Kamil Liberadzki kliber@sgh.waw.pl Warsaw School of Economics

Teresa Lloyd-Braga tlb@ucp.pt Católica-Lisbon

Reynald Majetti reynald.majetti@univ-lorraine.fr University of Lorraine

Sushanta Mallick s.k.mallick@qmul.ac.uk Queen Mary University of London

Elena Márquez emarquez.ucm@gmail.com Universidad Complutense de Madrid

Matthias Mauch matthias.mauch@whu.edu WHU – Otto Beisheim School of Management

Peter McQuade mcquadep@tcd.ie European Central Bank

Samer Mehibel samer.mehibel@gmail.com CREAD

Atul Mehta f11atulm@iimidr.ac.in Indian Institute of Management Indore

Leonor Modesto lrm@ucp.pt Católica-Lisbon

Michael Murach Michael.Murach@FernUni-Hagen.de University of Hagen

Amjad Naveed amjadn@sam.sdu.dk University of Southern Denmark

Tom Neugebauer Tom.Neugebauer@wiwi.uni-muenster.de CAWMünster

Emmanouil Noikokyris E.Noikokyris@kingston.ac.uk Kingston Business School

Eiji Ogawa eiji.ogawa@r.hit-u.ac.jp Hitotsubashi University

Thomas Osowski thomas.osowski@uni-due.de University of Duisburg-Essen

Valentyna Ozimkovska v.ozimkovska@economics.uni-kiel.de University of Kiel

Theodoros Panagiotidis tpanag@uom.edu.gr University of Macedonia

Sotiris Papaioannou Sotiris Papaioannou Centre of Planning and Economic Research

Roberto Pascual rpascual@uib.es University of the Balearic Islands

Adriana Peluffo apeluffo@iecon.ccee.edu.uy University of the Republic Requena

Inés Pérez-Soba iperezso@ccee.ucm.es Universidad Complutense de Madrid

Keith Pilbeam k.s.pilbeam@city.ac.uk City University London

Maximilian Podstawski mpodstawski@diw.de DIW

William Pouliot w.pouliot@bham.ac.uk Birmingham Business School

Romanos Priftis romanos.priftis@ec.europa.eu European Commission

Michela Rancan michela.rancan@jrc.ec.europa.eu European Commission, Joint Research Centre

Badri Narayan Rath badri@iith.ac.in Indian Institute of Technology Hyderabad

Marian Risse marian.risse@hsu-hh.de Helmut Schmidt University

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Shrabani Saha ssaha@lincoln.ac.uk University of Lincoln

Aristeidis Samitas a.samitas@ba.aegean.gr University of the Aegean

Anastasios Saraidaris Anastasios.Saraidaris@ec.europa.eu European Commission

Antonios Sarantidis antonis.sarantidis@ac.eap.gr Hellenic Open University

Martin Schmitz martin.schmitz@ecb.int ECB

Gunther Schnabl schnabl@wifa.uni-leipzig.de University of Leipzig

Rainer Schweickert rainer.schweickert@ifw-kiel.de Kiel Institute for the World Economy

Elena Seghezza seghezza@unige.it University of Genoa

Monica Pop Silaghi monica.pop@econ.ubbcluj.ro Babeș -Bolyai University, Romania

Boriss Siliverstovs siliverstovs@kof.ethz.ch Swiss Economic Institute, ETH Zurich

Stella Spilioti spilioti@aueb.gr Athens University of Economics and Business

Pavlos Stamatiou stamatiou@uom.edu.gr University of Macedonia

Raymond Swaray r.swaray@hull.ac.uk University of Hull

Janusz Świerkocki jswierk@uni.lodz.pl University of Lodz

Manh Ha Tran tranm1@aston.ac.uk Finance group – Aston Business School

Ioannis Tsakalos i.tsakalos@ba.aegean.gr University of the Aegean

Dimitris Tsouknidis d.tsouknidis@bradford.ac.uk Athens University of Economics and Business

Camélia Turcu camelia.turcu@univ-orleans.fr University of Orléans

Robert Unger robert.unger@bundesbank.de Deutsche Bundesbank

Wojciech Urbaniak w.urbaniak@interia.pl University of Lodz

Björn Urbansky urbansky@wifa.uni-leipzig.de University of Leipzig

Lukas Vogel lukas.vogel@ec.europa.eu European Commission

Helmut Wagner Sekretariat.Makro@fernuni-hagen.de University of Hagen

Xiaopeng Yin Xyin_ca@yahoo.com School of International Trade and Economics

Eden Yu Edenyuchuhai@yahoo.com.hk Chuhai College of Hong Kong

Nikita Zakharov Nikita.Zakharov@vwl.uni-freiburg.de University of Freiburg

Vaclav Zdarek yzdarek@is.savs.cz University of Warwick

Stefan Zeugner stefan.zeugner@ec.europa.eu European Commission