The 47th Money, Macro and Finance Research Group Annual Conference

The Postgraduate Teaching Centre, Cardiff Business School, Cardiff University

 
September 9, 2015
 
12:00 to 13:00Registration and lunch, Postgraduate Teaching Centre (PGTC), Cardiff Business School, CF10 3EU
 
 
13:00 to 14:00Keynote speech 1: 'Money, Finance, and Labor Markets', Giuseppe Bertola (Chaired by Akos Valentinyi), 0.16, PGTC
 
 
14:00 to 14:15Coffee and tea, PGTC foyer
 
 
14:15 to 15:45Parallel contributed sessions , PGTC seminar rooms
 
 
15:45 to 16:00Coffee and tea, PGTC foyer
 
 
16:00 to 17:00Parallel special policy sessions (1 & 2), PGTC 0.16 (session 1) and 1.19 (session 2)
 
 
17:00 to 18:30MMF Committee session (MMF Committee members only) , 0.04, PGTC
 
 
18:30 to 19:30Bank of England welcoming reception, PGTC foyer
 
 
19:30 to 21:00Buffet dinner (all participants), PGTC foyer
 
 
 
September 10, 2015
 
08:45 to 10:15Parallel contributed sessions, PGTC seminar rooms
 
 
10:15 to 10:30Coffee and tea, PGTC foyer
 
 
10:30 to 11:30Keynote speech 2: 'Financial Health Economics', Harald Uhlig (Chaired by Patrick Minford), 0.16, PGTC
 
 
11:30 to 11:45Coffee and tea 11:30-11:45, PGTC foyer
 
 
11:45 to 13:15Parallel contributed sessions, PGTC seminar rooms
 
 
13:15 to 14:15Lunch, PGTC foyer
 
 
14:15 to 15:15The 'trading room' demonstration session (Please also note the Trading Room 0.03 will be open to all guests during the conference for free drop-in visits) , 1.19, PGTC
 
 
15:15 to 15:30Coffee and tea, PGTC foyer
 
 
15:30 to 16:45Parallel special policy sessions (3 & 4), PGTC 0.16 (session 3) and 1.19 (session 4)
 
 
16:45 to 17:00Coffee and tea, PGTC foyer
 
 
17:00 to 18:00MMF special lecture: 'A new approach for policymakers to testing models and policies', Patrick Minford (Chaired by Paul Mizen), 0.16, PGTC
 
 
19:30 to 10:45Conference dinner and Best PhD Paper Awards , National Museum (Cathays Park, Cardiff, CF10 3NP)
 
 
 
September 11, 2015
 
08:45 to 10:15Parallel contributed sessions, PGTC seminar rooms
 
 
10:15 to 10:30Coffee and tea, PGTC foyer
 
 
10:30 to 12:00Parallel contributed sessions, PGTC seminar rooms
 
 
12:00 to 12:15Coffee and tea, PGTC foyer
 
 
12:15 to 13:15Keynote speech 3: 'Much Ado about Something Important: How do Exchange Rate Movements Affect Inflation?', Kristin Forbes (Chaired by Jagjit Chadha), 0.16, PGTC
 
 
13:15 to 14:15Lunch, PGTC foyer
 
 
14:15 to 16:45Coach trip to Penderyn Distillery (and end)
 
 

 

Program Notes and Index of Sessions

Keynote speech 1: 'Money, Finance, and Labor Markets', Giuseppe Bertola (Chaired by Akos Valentinyi)
0.16, PGTC
September 9, 2015 13:00 to 14:00

Parallel contributed sessions
PGTC seminar rooms
September 9, 2015 14:15 to 15:45
 
Banks and credits 1, 0.23, PGTC
Fiscal policy 1, 1.26, PGTC
Liquidity, 1.30, PGTC
Macroeconomy 1, 1.30, PGTC
Market risks and risk management 1, 0.22, PGTC
Monetary policy 1, 0.24, PGTC
PhD session 1 (Macro policies and cycles), 0.04, PGTC
Stock market and trading 1, 1.27, PGTC
Trade, 0.28, PGTC

Parallel special policy sessions (1 & 2)
PGTC 0.16 (session 1) and 1.19 (session 2)
September 9, 2015 16:00 to 17:00
 
Session 1: 'The New European Economic Architecture'
Session 2: ‘Financial factor, credit shock and growth'

MMF Committee session (MMF Committee members only)
0.04, PGTC
September 9, 2015 17:00 to 18:30

Parallel contributed sessions
PGTC seminar rooms
September 10, 2015 08:45 to 10:15
 
Banking system, 1.28, PGTC
Financial market 1, 1.30, PGTC
Financial stability, 0.24, PGTC
Monetary policy 2, 1.26, PGTC
PhD session 2 (Financial market development), 0.22, PGTC
PhD session 3 (Macroeconomy), 1.27, PGTC
Pricing, 0.04, PGTC

Keynote speech 2: 'Financial Health Economics', Harald Uhlig (Chaired by Patrick Minford)
0.16, PGTC
September 10, 2015 10:30 to 11:30

Parallel contributed sessions
PGTC seminar rooms
September 10, 2015 11:45 to 13:15
 
Central banking, 1.26, PGTC
Inflation, 0.25, PGTC
International finance, 1.30, PGTC
Open economy 1, 0.22, PGTC
Open economy 2, 0.23, PGTC
PhD session 4 (Issues in financial markets), 1.30, PGTC
Sovereign debt, 1.27, PGTC
The RAstaNews special session: ‘The Great Recession’, 0.04, PGTC

The 'trading room' demonstration session (Please also note the Trading Room 0.03 will be open to all guests during the conference for free drop-in visits)
1.19, PGTC
September 10, 2015 14:15 to 15:15
 
‘Teaching and Research using Financial Lab’, by Woon Wong, 1.19, PGTC

Parallel special policy sessions (3 & 4)
PGTC 0.16 (session 3) and 1.19 (session 4)
September 10, 2015 15:30 to 16:45
 
Session 3: ‘Money and Monetary Policy’
Session 4: ‘Macroeconomic modelling’ (In honour of Patrick Minford)

MMF special lecture: 'A new approach for policymakers to testing models and policies', Patrick Minford (Chaired by Paul Mizen)
0.16, PGTC
September 10, 2015 17:00 to 18:00

Parallel contributed sessions
PGTC seminar rooms
September 11, 2015 08:45 to 10:15
 
Business cycles, 1.30, PGTC
Corporate finance, 1.27, PGTC
Emerging economies, 1.28, PGTC
Financial market 3, 0.04, PGTC
Fiscal policy 2, 0.23, PGTC
Growth, 0.22, PGTC
Learning, 0.24, PGTC
Macroeconomy 2, 0.25, PGTC
Monetary policy 3, 1.26, PGTC

Parallel contributed sessions
PGTC seminar rooms
September 11, 2015 10:30 to 12:00
 
Banks and credits 2, 0.23, PGTC
Crisis, 1.27, PGTC
Financial market 2, 1.30, PGTC
Firms, 0.22, PGTC
Market risks and risk management 2, 1.26, PGTC
Quantitative easing, 0.24, PGTC
Stock market and trading 2, 1.28, PGTC
The GDRE special session: 'Optimal Macroeconomic Policy', 0.04, PGTC

Keynote speech 3: 'Much Ado about Something Important: How do Exchange Rate Movements Affect Inflation?', Kristin Forbes (Chaired by Jagjit Chadha)
0.16, PGTC
September 11, 2015 12:15 to 13:15

 

Summary of All Sessions

Click here for an index of all participants

#Date/TimeLocationTypeTitlePapers
1September 9, 2015
14:15-15:45
0.24, PGTC contributed Monetary policy 14
2September 9, 2015
14:15-15:45
1.26, PGTC contributed Fiscal policy 13
3September 9, 2015
14:15-15:45
0.22, PGTC contributed Market risks and risk management 13
4September 9, 2015
14:15-15:45
0.28, PGTC contributed Trade3
5September 9, 2015
14:15-15:45
1.27, PGTC contributed Stock market and trading 13
6September 9, 2015
14:15-15:45
0.23, PGTC contributed Banks and credits 14
7September 9, 2015
14:15-15:45
1.30, PGTC contributed Macroeconomy 14
8September 9, 2015
14:15-15:45
1.30, PGTC contributed Liquidity3
9September 9, 2015
14:15-15:45
0.04, PGTC contributed PhD session 1 (Macro policies and cycles)4
10September 10, 2015
8:45-10:15
1.26, PGTC contributed Monetary policy 23
11September 10, 2015
8:45-10:15
0.24, PGTC contributed Financial stability1
12September 10, 2015
8:45-10:15
1.28, PGTC contributed Banking system1
13September 10, 2015
8:45-10:15
1.30, PGTC contributed Financial market 12
14September 10, 2015
8:45-10:15
0.04, PGTC contributed Pricing4
15September 10, 2015
8:45-10:15
0.22, PGTC contributed PhD session 2 (Financial market development)2
16September 10, 2015
8:45-10:15
1.27, PGTC contributed PhD session 3 (Macroeconomy)3
17September 10, 2015
11:45-13:15
0.04, PGTC contributed The RAstaNews special session: ‘The Great Recession’4
18September 10, 2015
11:45-13:15
0.25, PGTC contributed Inflation2
19September 10, 2015
11:45-13:15
0.22, PGTC contributed Open economy 14
20September 10, 2015
11:45-13:15
1.27, PGTC contributed Sovereign debt4
21September 10, 2015
11:45-13:15
1.30, PGTC contributed PhD session 4 (Issues in financial markets)4
22September 10, 2015
11:45-13:15
1.26, PGTC contributed Central banking3
23September 10, 2015
11:45-13:15
1.30, PGTC contributed International finance4
24September 10, 2015
11:45-13:15
0.23, PGTC contributed Open economy 22
25September 11, 2015
8:45-10:15
1.26, PGTC contributed Monetary policy 34
26September 11, 2015
8:45-10:15
0.23, PGTC contributed Fiscal policy 24
27September 11, 2015
8:45-10:15
1.30, PGTC contributed Business cycles4
28September 11, 2015
8:45-10:15
0.24, PGTC contributed Learning1
29September 11, 2015
8:45-10:15
0.22, PGTC contributed Growth3
30September 11, 2015
8:45-10:15
1.27, PGTC contributed Corporate finance3
31September 11, 2015
8:45-10:15
1.28, PGTC contributed Emerging economies1
32September 11, 2015
8:45-10:15
0.04, PGTC contributed Financial market 33
33September 11, 2015
8:45-10:15
0.25, PGTC contributed Macroeconomy 23
34September 11, 2015
10:30-12:00
0.24, PGTC contributed Quantitative easing4
35September 11, 2015
10:30-12:00
1.27, PGTC contributed Crisis1
36September 11, 2015
10:30-12:00
1.30, PGTC contributed Financial market 23
37September 11, 2015
10:30-12:00
0.22, PGTC contributed Firms4
38September 11, 2015
10:30-12:00
1.26, PGTC contributed Market risks and risk management 23
39September 11, 2015
10:30-12:00
0.23, PGTC contributed Banks and credits 23
40September 11, 2015
10:30-12:00
1.28, PGTC contributed Stock market and trading 23
41September 9, 2015
16:00-17:00
1.19, PGTC invited Session 2: ‘Financial factor, credit shock and growth'3
42September 9, 2015
16:00-17:00
0.16, PGTC invited Session 1: 'The New European Economic Architecture'3
43September 10, 2015
14:15-15:15
1.19, PGTC invited ‘Teaching and Research using Financial Lab’, by Woon Wong0
44September 10, 2015
15:30-16:45
0.16, PGTC invited Session 3: ‘Money and Monetary Policy’4
45September 10, 2015
15:30-16:45
1.19, PGTC invited Session 4: ‘Macroeconomic modelling’ (In honour of Patrick Minford)4
46September 11, 2015
10:30-12:00
0.04, PGTC invited The GDRE special session: 'Optimal Macroeconomic Policy'3
 

46 sessions, 138 papers, and 0 presentations with no associated papers


 

The 47th Money, Macro and Finance Research Group Annual Conference

Detailed List of Sessions

 
Session 1: Monetary policy 1
September 9, 2015 14:15 to 15:45
0.24, PGTC
 
Session Chair: Jonathan Benchimol, Bank of Israel
Session type: contributed
 

Monetary Policy with Ambiguity Averse Agents
   Presented by: Riccardo Maria Masolo, Bank of England
 

Global impact of US monetary policy at the zero lower bound
   Presented by: Feng Zhu, Bank for International Settlements
 

De facto monetary policy objectives in developing and emerging countries
[slides]
   Presented by: David Cobham, Heriot-Watt University
 

Money and monetary policy in Israel: a moving-window perspective of two New Keynesian DSGE models
   Presented by: Jonathan Benchimol, Bank of Israel
 
Session 2: Fiscal policy 1
September 9, 2015 14:15 to 15:45
1.26, PGTC
 
Session Chair: Baruch Gliksberg, University of Haifa
Session type: contributed
 

Noisy multipliers: the role of randomness in measuring the impact of fiscal policy
   Presented by: Richard McManus, Business School
 

Macroeconomic Impacts of Fiscal Policy Shocks in UK: A DSGE Analysis
   Presented by: Keshab Bhattarai, University of Hull
 

The role of Fiscal policy in Britain’s Great Inflation
[slides]
   Presented by: Zhirong Ou, Cardiff University
 
Session 3: Market risks and risk management 1
September 9, 2015 14:15 to 15:45
0.22, PGTC
 
Session Chair: Masaru Inaba, Kansai University
Session type: contributed
 

Monetary and Macroprudential Policies under Fixed and Variable Interest Rates
   Presented by: Margarita Rubio, University of Nottingham
 

Spain and the Crisis: Housing Prices, Credit, and Macroprudential Policies
   Presented by: Jose Carrasco-Gallego, University of Portsmouth
 

Lean Against Bubbles versus Clean Up After Bubbles Collapse in a Rational-Bubble Model
   Presented by: Masaru Inaba, Kansai University
 
Session 4: Trade
September 9, 2015 14:15 to 15:45
0.28, PGTC
 
Session Chair: aydan dogan, university of kent
Session type: contributed
 

The euro's effect on trade balance dynamics
   Presented by: Juha Junttila, University of Jyväskylä
 

The Extensive Margin of Trade in the UK
   Presented by: aydan dogan, university of kent
 

Forecasting the Euro exchange rate: evidence from a new method for predicting carry trade returns
   Presented by: Emilio Colombo, University Milano-Bicocca
 
Session 5: Stock market and trading 1
September 9, 2015 14:15 to 15:45
1.27, PGTC
 
Session Chair: Amangeldi Kenjegaliev, Hull University
Session type: contributed
 

Information Discovery and Trend Following in Agricultural Futures Markets
   Presented by: Michael Hachula, DIW Berlin
 

Towards a General Theory of the Stock Market
   Presented by: John Fender, University of Birmingham
 

Information content of credit rating announcements
   Presented by: Amangeldi Kenjegaliev, Hull University
 
Session 6: Banks and credits 1
September 9, 2015 14:15 to 15:45
0.23, PGTC
 
Session Chair: Swarnava Biswas, University of Bristol
Session type: contributed
 

Pass-through, expectations, and risks. What affect bank´s interest rates?
   Presented by: Michael Pedersen, Central Bank of Chile
 

Banks Are Not Intermediaries of Loanable Funds - And Why This Matters
   Presented by: Michael Kumhof, International Monetary Fund
 

Uncertainty Transmission through Bank Lending
   Presented by: Friedrich Sindermann, University of Innsbruck
 

Monitoring Incentives and Contagion in Multiple-bank Lending
   Presented by: Swarnava Biswas, University of Bristol
 
Session 7: Macroeconomy 1
September 9, 2015 14:15 to 15:45
1.30, PGTC
 
Session Chair: Luisa Corrado, University of Rome Tor Vergata
Session type: contributed
 

Optimal Control of Heteroscedastic Macroeconomic Models
   Presented by: Vito Polito, University of Bath
 

Risk, Oil Prices and Missing De ation During the Great Recession
   Presented by: Ahmed Pirzada, University of Bristol
 

Employment-based Health Insurance and Misallocation: Implications for the Macroeconomy
   Presented by: David Chivers, University of Oxford
 

Consumption Dynamics, Housing Collateral and Stabilisation Policy: A Way Forward for Macro-Prudential Instruments?
   Presented by: Luisa Corrado, University of Rome Tor Vergata
 
Session 8: Liquidity
September 9, 2015 14:15 to 15:45
1.30, PGTC
 
Session Chair: Garo Garabedian, Ghent University
Session type: contributed
 

Payments delay and contagion
   Presented by: Dilyara Salakhova, Banque de France & Univ of Paris West Nanterre
 

Uncertainty Shocks and Liquidity Crisis with Adverse Selection
   Presented by: Tatsuro Senga, Queen Mary University of London
 

Reconciling the Different Paths to Liquidity, a Multi-dimensional Market Liquidity Indicator
   Presented by: Garo Garabedian, Ghent University
 
Session 9: PhD session 1 (Macro policies and cycles)
September 9, 2015 14:15 to 15:45
0.04, PGTC
 
Session Chair: Matthew Knowles, University of Rochester
Session type: contributed
 

Excessive Entry, Resource Duplication nad Macroeconomic Dynamics
   Presented by: Anthony Savagar, Cardiff University
 

Public Debt and the Cyclicality of Fiscal Policy
   Presented by: Andrew Gimber,
 

Fiscal Policy, Interest Rates, and Output: Equilibrium-Correction Dynamics in the US Economy
   Presented by: Isaac Sserwanja, University of Kent
 

Heterogeneous Capital, Financial Shocks and Medium Term Cycles
   Presented by: Matthew Knowles, University of Rochester
 
Session 10: Monetary policy 2
September 10, 2015 8:45 to 10:15
1.26, PGTC
 
Session Chair: Anh Nguyen, Lancaster University
Session type: contributed
 

Monetary Policy and the Relative Price of Durable Goods
   Presented by: Alessandro Cantelmo, City University London
 

Bond Market Variance Decomposition and the Impact of Monetary Policy
   Presented by: Zivile Zekaite, University of Glasgow
 

Modeling Changes in U.S. Monetary Policy
   Presented by: Anh Nguyen, Lancaster University
 
Session 11: Financial stability
September 10, 2015 8:45 to 10:15
0.24, PGTC
 
Session Chair: Meradj Morteza Pouraghdam, Sciences Po Paris
Session type: contributed
 

Financial Shocks, Loan Loss Provisions and Macroeconomic Stability
   Presented by: William Tayler, Lancaster University
 
Session 12: Banking system
September 10, 2015 8:45 to 10:15
1.28, PGTC
 
Session Chair: Konstantinos Baltas, London School of Economics (LSE)
Session type: contributed
 

Monetary policy transmission in China: A DSGE model with parallel shadow banking and interest rate control
[slides]
   Presented by: Petar Mihaylovski, University of Hamburg
 
Session 13: Financial market 1
September 10, 2015 8:45 to 10:15
1.30, PGTC
 
Session Chair: Zhe Fu, The George Washington University
Session type: contributed
 

A financial conditions index using targeted data reduction
   Presented by: Simon Price, Bank of England
 

Forecasting the Equity Premium in the Presence of Structural Breaks
   Presented by: Simon Smith,
 
Session 14: Pricing
September 10, 2015 8:45 to 10:15
0.04, PGTC
 
Session Chair: Malte Schumacher, University of Muenster
Session type: contributed
 

Clustered Pricing in the Corporate Loan Market: Theory and Empirical Evidence
   Presented by: Elnaz Bajoori, University of Bath
 

State-Dependent Pricing and the Paradox of Flexibility
   Presented by: Anton Nakov, ECB and CEPR
 

The real-time predictive content of asset price bubbles for macro forecasts
   Presented by: Benjamin Beckers, DIW Berlin
 

Asset Pricing with Heterogeneous Capital Inputs
   Presented by: Malte Schumacher, University of Muenster
 
Session 15: PhD session 2 (Financial market development)
September 10, 2015 8:45 to 10:15
0.22, PGTC
 
Session Chair: Deeya Sewraj, Newcastle University Business School
Session type: contributed
 

Stock Market Integration between UK and US Stock Markets from 1935 to 2013
   Presented by: Olalekan Aladesanmi, Newcastle University
 

Interdependence, Globalisation, and Contagion: A New Test
   Presented by: Deeya Sewraj, Newcastle University Business School
 
Session 16: PhD session 3 (Macroeconomy)
September 10, 2015 8:45 to 10:15
1.27, PGTC
 
Session Chair: Ryuta Sakemoto, Heriot-Watt University
Session type: contributed
 

So, Do Energy Price Shocks Still Matter?
[slides]
   Presented by: Olayinka Oyekola,
 

FOREIGN TRANSFERS, MANUFACTURING GROWTH, AND THE DUTCH DISEASE REVISITED
   Presented by: adwoa nsor-ambala, university of bristol
 

Currency Carry Trades and Risk Factors: A Dynamic Hierarchical Factor Model Approach
   Presented by: Ryuta Sakemoto, Heriot-Watt University
 
Session 17: The RAstaNews special session: ‘The Great Recession’
September 10, 2015 11:45 to 13:15
0.04, PGTC
 
Session Chair: Claudio Morana, Università di Milano Bicocca
Session type: contributed
 

The Post-crisis Slump in Europe: A Business Cycle Accounting Analysis
[slides]
   Presented by: Florian Gerth, University of Kent
 

The Great Recession and the UK labour market
   Presented by: Stephen Millard, Bank of England, Durham University Business School and Centre for Macroeconomics
 

Deep Recessions and Slow Recoveries
   Presented by: Maryam Shafiei Deh Abad, University of Glasgow
 

It Ain’'t Over Till It’'s Over: Great 4 in The Way It All Began
   Presented by: Claudio Morana, Università di Milano Bicocca
 
Session 18: Inflation
September 10, 2015 11:45 to 13:15
0.25, PGTC
 
Session Chair: John Barrdear, Bank of England
Session type: contributed
 

Inflation Stabilization and Default Risk in a Currency Union
[slides]
   Presented by: Eiji OKANO, Nagoya City University
 

Towards a New Keynesian Theory of the Price Level
[slides]
   Presented by: John Barrdear, Bank of England
 
Session 19: Open economy 1
September 10, 2015 11:45 to 13:15
0.22, PGTC
 
Session Chair: Parantap Basu, Durham University
Session type: contributed
 

Volatility Spillovers of Fed and ECB Balance Sheet Expansions to Emerging Market Economies
   Presented by: John Beirne, European Central Bank
 

External Shocks, Banks and Monetary Policy in an Open Economy
   Presented by: Yasin Mimir, Central Bank of the Republic of Turkey
 

Taylor rules and central bank preferences in three small open economies
   Presented by: Juan Paez-Farrell,
 

What makes the Monetary Policy Interdependence between Countries Stronger?
   Presented by: Parantap Basu, Durham University
 
Session 20: Sovereign debt
September 10, 2015 11:45 to 13:15
1.27, PGTC
 
Session Chair: Michele Modugno, Board of Governors of the Federal Reserv
Session type: contributed
 

Sovereign Debt Issuance and Selective Default
   Presented by: Wojciech Paczos, European University Institute
 

International liquidity shocks and the European sovereign debt crisis: Was euro area unconventional monetary policy successful?
   Presented by: Mary Everett, Central Bank of Ireland
 

Sovereign Debt Restructuring: on handling holdouts
   Presented by: Marcus Miller, University of Warwick
 

Unspanned macroeconomic factors in the yield curve
   Presented by: Laura Coroneo, University of York
 
Session 21: PhD session 4 (Issues in financial markets)
September 10, 2015 11:45 to 13:15
1.30, PGTC
 
Session Chair: Danying Li, University of Birmingham
Session type: contributed
 

Equilibria in interbank lending networks
   Presented by: Di Xiao, University of Bath
 

An Estimation Strategy for Analysing the Determinants of Sovereign Credit Ratings
   Presented by: Arno Hantzsche, University of Nottingham
 

Stock Market Price Reaction to Fed Funds Rate During the Financial Crisis: Evidence Based on TVP-SVAR Model in US
   Presented by: Jing Li, University of Glasgow
 

Who are more likely to be financially successful in China? An empirical investigation
   Presented by: Danying Li, University of Birmingham
 
Session 22: Central banking
September 10, 2015 11:45 to 13:15
1.26, PGTC
 
Session Chair: Fabian Herrmann, TU Dortmund University
Session type: contributed
 

The influence of media use on laymen's monetary policy knowledge in Germany
   Presented by: Bernd Hayo, Philipps-University Marburg
 

Central bank balance-sheet concerns: where does Central Bank Financial Strength actually matter for Inflation?
   Presented by: Julien Pinter, University Paris 1 Panthéon-Sorbonne
 

Evaluating the Interplay of Term Premia, Monetary Policy, and the Economy in the Euro Area
   Presented by: Fabian Herrmann, TU Dortmund University
 
Session 23: International finance
September 10, 2015 11:45 to 13:15
1.30, PGTC
 
Session Chair: Florence Huart, University Lille 1
Session type: contributed
 

International Spillovers of Large-Scale Asset Purchases
   Presented by: Serdar Kabaca, Bank of Canada
 

Financial exposure to the euro area before and after the crisis: Home bias and institutions at home
   Presented by: Maurizio Habib, European Central Bank
 

A Tale of Two Deficits: Public Budget Balance of Reserve Currency Countries
   Presented by: Andreas Steiner, ifo Institute
 

Macroeconomic effects of sovereign risk pooling in a currency union
   Presented by: Florence Huart, University Lille 1
 
Session 24: Open economy 2
September 10, 2015 11:45 to 13:15
0.23, PGTC
 
Session Chair: Ruthira Naraidoo, University of Pretoria
Session type: contributed
 

A Sign Restricted VAR Approach to Analyzing Terms of Trade Shocks in Developing Countries
   Presented by: Kagiso Mangadi,
 

Two-Block World Economy with Banking
   Presented by: Ruthira Naraidoo, University of Pretoria
 
Session 25: Monetary policy 3
September 11, 2015 8:45 to 10:15
1.26, PGTC
 
Session Chair: Lien Laureys, Bank of England
Session type: contributed
 

Wicksellian rules and the Taylor principle: some practical implications
   Presented by: Rodrigo Caputo, Banco Central de Chile
 

Asymmetric Effects of Monetary Policy on the UK house prices: A Markov-Switching Vector Autoregression model (MS-VAR)
[slides]
   Presented by: rosen chowdhury, Swansea University
 

Optimal monetary policy in a New Keynesian model with heterogeneous expectations
[slides]
   Presented by: Marco Di Pietro, Sapienza University of Rome
 

Optimal monetary policy in the presence of human capital depreciation during unemployment
   Presented by: Lien Laureys, Bank of England
 
Session 26: Fiscal policy 2
September 11, 2015 8:45 to 10:15
0.23, PGTC
 
Session Chair: Felix Strobel, Humboldt-Universität zu Berlin
Session type: contributed
 

US Monetary and Fiscal Policy - Conflict or Cooperation?
   Presented by: Xiaoshan Chen, Durham University
 

Tax, Regulation and Growth: A UK Case Study
   Presented by: Lucy Minford, Cardiff University
 

Fiscal multipliers in a two-sector search and matching model
   Presented by: Wei Jiang, University of Kent
 

Fiscal Retrenchment and Sovereign Risk
   Presented by: Felix Strobel, Humboldt-Universität zu Berlin
 
Session 27: Business cycles
September 11, 2015 8:45 to 10:15
1.30, PGTC
 
Session Chair: Georgios Chortareas, King's College London
Session type: contributed
 

Endogenous labor share cycles: theory and evidence
   Presented by: Jakub Muck, Narodowy Bank Polski
 

Quality of Collateral and Business Cycle
   Presented by: Jing Zhou, HKUST
 

Product Scope and Endogenous Fluctuations
   Presented by: Mark Weder, The University of Adelaide
 

THE OUTPUT-INFLATION TRADE-OFF: INTERNATIONAL PANEL DATA EVIDENCE
   Presented by: Georgios Chortareas, King's College London
 
Session 28: Learning
September 11, 2015 8:45 to 10:15
0.24, PGTC
 
Session Chair: Pauline Gandre, University of Lyon
Session type: contributed
 

Asset prices and information disclosure under recency-biased learning
   Presented by: Pauline Gandre, University of Lyon
 
Session 29: Growth
September 11, 2015 8:45 to 10:15
0.22, PGTC
 
Session Chair: Christopher Tsoukis, London Metropolitan University
Session type: contributed
 

Transfers and Transformations: Remittances, Foreign Aid, and Growth
   Presented by: Jonathan Temple, University of Bristol
 

A non-monotonic relationship between public debt and economic growth: the effect of financial monopsony
   Presented by: Mark Roberts, University of Nottingham
 

Long-Run Growth Uncertainty
   Presented by: Pei Kuang, Economics Department
 
Session 30: Corporate finance
September 11, 2015 8:45 to 10:15
1.27, PGTC
 
Session Chair: Myint Chit, The University of Nottingham, Malaysia Campus
Session type: contributed
 

Corporate Debt Restructuring, Bank Competition and Stability: Evidence from India
   Presented by: Sushanta Mallick, Queen Mary University of London
 

Policy initiatives and firms' access to external finance: Evidence from a panel of emerging Asian economies
   Presented by: Serafeim Tsoukas, University of Glasgow
 

Small and medium-sized enterprises and diversification of financing sources: Strategy or desperation
   Presented by: Myint Chit, The University of Nottingham, Malaysia Campus
 
Session 31: Emerging economies
September 11, 2015 8:45 to 10:15
1.28, PGTC
 
Session Chair: Seyyedsajjad Seyyedi, Eastern Mediterranean University
Session type: contributed
 

Does finance really bridge the rural-urban gap? - evidences from India
   Presented by: Atul Mehta, IIM Indore
 
Session 32: Financial market 3
September 11, 2015 8:45 to 10:15
0.04, PGTC
 
Session Chair: Alfred Duncan, University of Glasgow
Session type: contributed
 

SYSTEMIC RISK AND SYSTEMIC IMPORTANCE: DIFFERENCES AND THEIR INTEGRATION WITHIN A UNIQUE FRAMEWORK
[slides]
   Presented by: Andrea Zaghini, Banca d'Italia
 

Dissecting Volatility Risks in Currency Markets
   Presented by: Qi Xu, University of Warwick
 

Systemic Risk Markets and the Financial Accelerator
   Presented by: Alfred Duncan, University of Glasgow
 
Session 33: Macroeconomy 2
September 11, 2015 8:45 to 10:15
0.25, PGTC
 
Session Chair: Ching Wai Chiu, Bank of England
Session type: contributed
 

Life During Structural Transformation
   Presented by: Huikang Ying, University of Bristol
 

Credit Constraint, Precautionary Savings Motive and the Transmission of Housing Wealth to Consumption
   Presented by: Xuefeng Pan, University of California, Riverside
 

The elasticity of retail deposits in the UK: a macroeconomic investigation
   Presented by: Ching Wai Chiu, Bank of England
 
Session 34: Quantitative easing
September 11, 2015 10:30 to 12:00
0.24, PGTC
 
Session Chair: Romanos Priftis, EUI
Session type: contributed
 

Quantitative Easing and Tapering Uncertainty: Evidence from Twitter
   Presented by: Annette Meinusch, Justus Liebig University Giessen
 

Measuring the Macroeconomic Impact of Quantitative Easing Implemented in the UK
   Presented by: Sujeetha Jegajeevan,
 

Macroeconomic Effects of the Federal Reserve's MBS Purchases
   Presented by: Hamza Polattimur, TU Dortmund University
 

Inspecting ECB QE with a dynamic macroeconomic model
   Presented by: Romanos Priftis, EUI
 
Session 35: Crisis
September 11, 2015 10:30 to 12:00
1.27, PGTC
 
Session Chair: Ingo Bordon, German Development Institute
Session type: contributed
 

Evaluating the effectiveness of the new EU bank regulatory framework: a farewell to bail-out?
   Presented by: Peter Benczur, EC JRC Ispra
 
Session 36: Financial market 2
September 11, 2015 10:30 to 12:00
1.30, PGTC
 
Session Chair: Paul Mizen, University of Nottingham
Session type: contributed
 

Balance Sheet Constraints and Firesale Externalities
   Presented by: Alistair Milne, Loughborough University
 

TIPS Liquidity Premium and Quantitative Easing
   Presented by: Laura Coroneo, University of York
 

Why Did Bank Lending Rates Diverge from Policy Rates After the Financial Crisis?
   Presented by: Paul Mizen, University of Nottingham
 
Session 37: Firms
September 11, 2015 10:30 to 12:00
0.22, PGTC
 
Session Chair: Pawel Smietanka, University of Nottingham
Session type: contributed
 

Investment and Investment Opportunities: Do Constrained Firms Cherish Investment Opportunity More in China?
   Presented by: Marina Spaliara, University of Glasgow
 

Investment and Inventories: Evidence on Interactions
   Presented by: Christoph Gortz, University of Birmingham
 

Investment under uncertainty and ambiguity aversion
[slides]
   Presented by: Xiao ZHANG, UNIVERSITY OF GLASGOW
 

Why Have UK Companies Been Investing So Little? Effects of Macroeconomic Uncertainty on Corporate Investments
   Presented by: Pawel Smietanka, University of Nottingham
 
Session 38: Market risks and risk management 2
September 11, 2015 10:30 to 12:00
1.26, PGTC
 
Session Chair: Andreas Krause, University of Bath
Session type: contributed
 

Credit conditions, macroprudential policy and house prices
   Presented by: Fergal McCann, Central Bank of Ireland
 

Does takeover law matter? An empirical study of takeover regulation in Europe
   Presented by: Ying Wang, University of Northampton
 

Optimal Hedge Fund Contract Parameters: Theory and Empirical Evidence
   Presented by: Andreas Krause, University of Bath
 
Session 39: Banks and credits 2
September 11, 2015 10:30 to 12:00
0.23, PGTC
 
Session Chair: Andre Silva, Cass Business School
Session type: contributed
 

Trusting the Bankers or the Borrowers? Comparing credit survey responses of firms and banks
   Presented by: Sarah Holton,
 

The Bank Lending Channel and the Market for Banks’ Funding: Demand for Non-reservable Deposits or Endogenous Risk Premia
   Presented by: Max Breitenlechner, University of Innsbruck
 

Strategic complementarity in banks' funding liquidity choices and financial stability
   Presented by: Andre Silva, Cass Business School
 
Session 40: Stock market and trading 2
September 11, 2015 10:30 to 12:00
1.28, PGTC
 
Session Chair: Bartosz Gebka, Newcastle University
Session type: contributed
 

Carry and Trend Following Returns
   Presented by: Peter Smith, University of York
 

Foreign Exchange Exposure and Stock Returns
   Presented by: Heikki Lehkonen, University of Jyväskylä
 

The Predictive Power of Quantile Returns
   Presented by: Bartosz Gebka, Newcastle University
 
Session 41: Session 2: ‘Financial factor, credit shock and growth'
September 9, 2015 16:00 to 17:00
1.19, PGTC
 
Session Chair: Kul Luintel, Cardiff Business School
Session type: invited
 

‘Growing out of the growing pain’: The role of financial literacy on the demand for life insurance in China
   Presented by: Alessandra Guariglia, University of Birmingham
 

SMEs, banks and the spatial differentiation of access to finance in the UK
   Presented by: Tianshu Zhao, University of Stirling
 

Financial Structure and Growth: Revisiting the Evidence
   Presented by: Kul Luintel, Cardiff Business School
 
Session 42: Session 1: 'The New European Economic Architecture'
September 9, 2015 16:00 to 17:00
0.16, PGTC
 
Session Chair: Michael Arghyrou, Cardiff University
Session type: invited
 

From the euro-crisis to a new European economic architecture
   Presented by: Michael Arghyrou, Cardiff University
 

Economic Performance, Government Size, and Institutional Quality
   Presented by: Antonio Afonso, University of Lisbon - ISEG
 

Political Economics of External Sovereign Defaults
   Presented by: John Tsoukalas, University of Glasgow
 
Session 43: ‘Teaching and Research using Financial Lab’, by Woon Wong
September 10, 2015 14:15 to 15:15
1.19, PGTC
 
Session type: invited
 
Session 44: Session 3: ‘Money and Monetary Policy’
September 10, 2015 15:30 to 16:45
0.16, PGTC
 
Session Chair: Jane Binner, University of Birmingham
Session type: invited
 

Global liquidity, money growth and UK inflation
   Presented by: Michael Ellington, University of Liverpool
 

What can we learn from country level liquidity in the EMU?
[slides]
   Presented by: Makram El-Shagi, Henan University, Kaifeng
 

Modelling Money Shocks in a Small Open Economy: The Case of Taiwan
   Presented by: Jane Binner, University of Birmingham
 

The Optimal Monetary Policy Instrument Revisited
   Presented by: John Keating, University of Kansas
 
Session 45: Session 4: ‘Macroeconomic modelling’ (In honour of Patrick Minford)
September 10, 2015 15:30 to 16:45
1.19, PGTC
 
Session Chair: Kent Matthews, Cardiff Business School
Session type: invited
 

Monetarism rides again? US monetary policy in a world of Quantitative Easing
   Presented by: David Meenagh, Cardiff University
 

125 years of UK government debt
   Presented by: Martin Ellison, University of Oxford
 

Augmenting VAR estimates of DSGE models with time varying multi-variate autoregressive heteroskedastic innovations
   Presented by: Christos Ioannides, Department of Economics, University of Bath
 

Housing with overlapping generations
   Presented by: Michael Hatcher, University of Southampton
 
Session 46: The GDRE special session: 'Optimal Macroeconomic Policy'
September 11, 2015 10:30 to 12:00
0.04, PGTC
 
Session Chair: Jean-Bernard Chatelain, University Paris I Pantheon Sorbonne
Session type: invited
 

Do Better Political Institutions Always Reduce Macroeconomic Volatility? An Exploration of the Political Institutions Black-Box
[slides]
   Presented by: Alexandru Minea, University of Auvergne
 

Speaking in Tongues? Diagnosing the consistency of central banks' official communication
[slides]
   Presented by: Etienne Farvaque, Université de Lille
 

Determinacy and Identification with Optimal Policy
   Presented by: Jean-Bernard Chatelain, University Paris I Pantheon Sorbonne
 

46 sessions, 138 papers, and 0 presentations with no associated papers
 
Index of Participants

Legend: C=chair, P=Presenter, D=Discussant
#ParticipantRoles in Conference
1 Afonso, AntonioP42
2Aladesanmi, OlalekanP15
3Arghyrou, MichaelC42, P42
4Bajoori, ElnazP14
5Baltas, KonstantinosC12
6Barrdear, JohnC18, P18
7Basu, ParantapC19, P19
8Beckers, BenjaminP14
9Beirne, JohnP19
10Benchimol, JonathanC1, P1
11Benczur, PeterP35
12Bhattarai, KeshabP2
13Binner, JaneC44, P44
14Biswas, SwarnavaC6, P6
15Bordon, IngoC35
16Breitenlechner, MaxP39
17Cantelmo, AlessandroP10
18Caputo, RodrigoP25
19Carrasco-Gallego, JoseP3
20Chatelain, Jean-BernardC46, P46
21Chen, XiaoshanP26
22Chit, MyintC30, P30
23Chiu, Ching WaiC33, P33
24Chivers, DavidP7
25Chortareas, GeorgiosC27, P27
26chowdhury, rosenP25
27Cobham, DavidP1
28Colombo, EmilioP4
29Coroneo, LauraP20, P36
30Corrado, LuisaC7, P7
31Di Pietro, MarcoP25
32dogan, aydanC4, P4
33Duncan, AlfredC32, P32
34El-Shagi, MakramP44
35Ellington, MichaelP44
36Ellison, MartinP45
37Everett, MaryP20
38Farvaque, EtienneP46
39Fender, JohnP5
40Fu, ZheC13
41Gandre, PaulineC28, P28
42Garabedian, GaroC8, P8
43Gebka, BartoszC40, P40
44Gerth, FlorianP17
45Gimber, AndrewP9
46Gliksberg, BaruchC2
47Gortz, ChristophP37
48Guariglia, AlessandraP41
49Habib, MaurizioP23
50Hachula, MichaelP5
51Hantzsche, ArnoP21
52Hatcher, MichaelP45
53Hayo, BerndP22
54Herrmann, FabianC22, P22
55Holton, SarahP39
56Huart, FlorenceC23, P23
57Inaba, MasaruC3, P3
58Ioannides, ChristosP45
59Jegajeevan, SujeethaP34
60Jiang, WeiP26
61Junttila, JuhaP4
62Kabaca, SerdarP23
63Keating, JohnP44
64Kenjegaliev, AmangeldiC5, P5
65Knowles, MatthewC9, P9
66Krause, AndreasC38, P38
67Kuang, PeiP29
68Kumhof, MichaelP6
69Laureys, LienC25, P25
70Lehkonen, HeikkiP40
71Li, DanyingC21, P21
72Li, JingP21
73Luintel, KulC41, P41
74Mallick, SushantaP30
75Mangadi, KagisoP24
76Masolo, Riccardo MariaP1
77Matthews, KentC45
78McCann, FergalP38
79McManus, RichardP2
80Meenagh, DavidP45
81Mehta, AtulP31
82Meinusch, AnnetteP34
83Mihaylovski, PetarP12
84Millard, StephenP17
85Miller, MarcusP20
86Milne, AlistairP36
87Mimir, YasinP19
88Minea, AlexandruP46
89Minford, LucyP26
90Mizen, PaulC36, P36
91Modugno, MicheleC20
92Morana, ClaudioC17, P17
93Morteza Pouraghdam, MeradjC11
94Muck, JakubP27
95Nakov, AntonP14
96Naraidoo, RuthiraC24, P24
97Nguyen, AnhC10, P10
98nsor-ambala, adwoaP16
99OKANO, EijiP18
100Ou, ZhirongP2
101Oyekola, OlayinkaP16
102Paczos, WojciechP20
103Paez-Farrell, JuanP19
104Pan, XuefengP33
105Pedersen, MichaelP6
106Pinter, JulienP22
107Pirzada, AhmedP7
108Polattimur, HamzaP34
109Polito, VitoP7
110Price, SimonP13
111Priftis, RomanosC34, P34
112Roberts, MarkP29
113Rubio, MargaritaP3
114Sakemoto, RyutaC16, P16
115Salakhova, DilyaraP8
116Savagar, AnthonyP9
117Schumacher, MalteC14, P14
118Senga, TatsuroP8
119Sewraj, DeeyaC15, P15
120Seyyedi, SeyyedsajjadC31
121Shafiei Deh Abad, MaryamP17
122Silva, AndreC39, P39
123Sindermann, FriedrichP6
124Smietanka, PawelC37, P37
125Smith, SimonP13
126Smith, PeterP40
127Spaliara, MarinaP37
128Sserwanja, IsaacP9
129Steiner, AndreasP23
130Strobel, FelixC26, P26
131Tayler, WilliamP11
132Temple, JonathanP29
133Tsoukalas, JohnP42
134Tsoukas, SerafeimP30
135Tsoukis, ChristopherC29
136Wang, YingP38
137Weder, MarkP27
138Xiao, DiP21
139Xu, QiP32
140Ying, HuikangP33
141Zaghini, AndreaP32
142Zekaite, ZivileP10
143ZHANG, XiaoP37
144Zhao, TianshuP41
145Zhou, JingP27
146Zhu, FengP1

 

This program was last updated on 2015-09-16 13:00:19 EDT