Conference Program
Program in
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Thirteenth
CONFERENCE ON RESEARCH ON ECONOMIC
THEORY AND ECONOMETRICS
Milos Conference Center - George
Eliopoulos, Milos
July 13-17, 2014
The organizers express their gratitude to the
Bank of Greece, the Hellenic Bank
Association and S&B Industrial Minerals
for their financial support to this conference, as well
as to the Municipality of Milos for financial
support and hospitality and to the Economics Department
of the Athens University of Economics and Business
and the Foundation for Economic and Industrial Research
(IOBE) for financial and administrative support.
Costas Azariadis, Harris Dellas, Yannis
Ioannides, Emmanuel Petrakis,
Dimitri Vayanos and Nikos Vettas
PROGRAM
updated July 13
SUNDAY, July 13
12:50 – 13:14 Registration - Coffee
13:14 – 13:15 Welcome
13:15 – 15:30 International and Social
Interactions Chair: Emmanuel Petrakis (Univ. of
Crete)
Michael Haliassos (Goethe Univ. Frankfurt)
"Incompatible European Partners? Cultural Predispositions and
Household Financial Behavior" [with Thomas Jansson (Sveriges
Riksbank) and Yigitcan Karabulut (Goethe Univ. Frankfurt)]
Yannis Ioannides (Tufts Univ.) "Thinking about Social
Interactions and Networks, with an Application to Inequality"
Kamal Saggi (Vanderbilt Univ.) "Compulsory licensing and the
protection of intellectual property" [with Eric Bond (Vanderbilt
Univ.)]
Alex Monge (Federal Reserve Bank of St. Louis, Research
Dept.)
"Openness and the Optimal Taxation of Foreign Know-How"
15:30 – 16:00 Coffee Break
16:00 – 18:30
Parallel Session A: Industrial Organization I
Chair: Chrysovalantou Milliou (AUEB - DIEES)
Georgia Kosmopoulou (U.S. National Science Foundation and
Univ. of Oklahoma)
"Auctions with Resale Opportunities: An Experimental Study"
[with Chintamani Jog (Univ. of Central Oklahoma)]
Dimitrios Xefteris (Univ. of Cyprus)
"Imperfectly Informed Voters and Strategic Extremism" [with
Enriqueta Aragones (Institut d’'Anàlisi Econòmica-CSIC and
Barcelona GSE)]
Georges Siotis (EU Commission and Carlos III - Madrid) "Of
Molecules and Men: Endogenous Market Boundaries, with an
Application to the Pharmaceutical Industry" [with Maria Angeles
de Frutos, Micael Castanheira (ECARES, Université Libre de
Bruxelles), Carmine Ornaghi (Southampton)]
Christos Constantatos (Univ. of Macedonia)
"Accommodation Effects in Successive Cournot Oligopolies"
[with Ioannis Pinopoulos (Univ. of Macedonia)]
Nicholas Ziros (Univ. of Cyprus)
"A Spatial Model of Perfect Competition" [with Dimitrios
Xefteris (Univ. of Cyprus)]
Parallel Session B: Finance I Chair:
Nikolas Topaloglou (AUEB - DIEES)
Menelaos Karanasos (Brunel)
"Modelling Returns and Volatilities during Financial Crises: A
Time Varying Coefficient Approach" [with Alexandros
Paraskevopoulos (Brunel), Faek Menla Ali (Brunel), Michail
Karoglou (Aston Business School) and Stavroula Yfanti (Brunel)]
Christos Tsoumas (Univ. of Piraeus)
"The Income Elasticity of Mortgage Loan Demand: Evidence from
Loan-Level US Data" [with Manthos Delis (Univ. of Surrey)
and Iftekhar Hasan (Fordham Univ. and Bank of Finland)]
Dimitris Margaritis (Univ. of Auckland)
"Late Trading in Mutual Fund Shares - The Sequel" [with
Moritz Wagner (Univ. of Auckland)]
George Kouretas (AUEB-BA) "Foreign Bank Ownership and
Business Regulations" [with Manthos Delis (Univ. of Surrey) and
Chris Tsoumas (Univ. of Piraeus)]
Romanos Priftis (EUI) "Fiscal Consolidations under Labor
Market and Financial Frictions"
MONDAY, July 14
9:00 – 11:00 Macro and Integration
Chair: Christos Kotsogiannis (Univ. of Exeter)
Rachel Ngai (LSE)
"Moving House" [with Kevin Sheedy (LSE)]
Elias Papaioannou (London Business School) "Federal Transfer
Multipliers. Evidence from Brazilian Municipalities" [with
Raphael Corbi (London Business School) and Paolo Surico (London
Business School)]
Giorgia Giovannetti (Univ. of Firenze and EUI)
"On the High Immigrant Skills - High Quality Trade Nexus"
[with Mauro Lanati (Università di Pisa)]
Enrico Spolaore (Tufts)
"What is European Integration Really About? A Political Guide
for Economists"
11:00 – 11:20 Break
11:20 – 12:15 Emmanuel Drandakis Lecture
Chair: Costas Azariadis (Washington Univ., St. Louis)
Christopher Waller (Federal Reserve Bank of St. Louis)
"Micro-foundations of Money: Why They Matter"
12:15 – 13:10 Keynote Lecture on Investments
Chair: Harris Dellas (Univ. of Bern)
Ramon Marimon (EUI, UPF - Barcelona GSE, NBER and CEPR)
"Breaking the Spell with Credit-Easing: Self-Confirming Credit
Crises in Competitive Search Economies" [with Gaetano
Gaballo (Banque de France)]
13:10 – 14:10 Lunch
14:10 – 16:40
Parallel Session A: Econometrics Chair:
Ekaterini Kyriazidou (AUEB - Econ)
Violetta Dalla (Univ. of Athens)
"Power Transformations of Absolute Returns and Long Memory
Estimation"
Tassos Magdalinos (Univ. of Southampton) "Conditional
Heteroskedasticity in Regression with Persistent Variables"
Katerina Petrova (Queen Mary, Univ. of London) "Local
Bayesian Estimation and Forecasting with Time-Varying Parameter
DSGE Models" [with Ana Beatriz Galvao (Warwick), Liudas Giraitis
(Queen Mary, Univ. of London) and George Kapetanios (Queen Mary,
Univ. of London)]
Kostas Florios (AUEB-DIEES and NTUA) "Exact Computation of
the Maximum Score Estimator in the Ordered Response Model by
Mixed Integer Programming" [with Yannis Bilias (AUEB-DIEES) and
Spyros Skouras (AUEB-DIEES)]
Stelios Arvanitis (AUEB-Econ)
"A CLT for Martingale Transforms with Slowly Varying Second
Moments and the Limit Theory of the QMLE for Conditionally
Heteroskedastic Models" [with Alexandros Louka (AUEB-Econ)]
Parallel Session B: Applied Microeconomics:
Chair: George Economides (AUEB - DIEES)
Theofanis Tsoulouhas (Univ. of California, Merced)
"Do Tournaments Solve the Adverse Selection Problem?"
George Georgiadis (Caltech)
"Projects and Team Dynamics"
Antonios Proestakis (European Commission) "PEER-ACTIVE:
Individual vs. Peer Rewards for Increasing Children's Physical
Activity" [with Eugenia Polizzi di Sarono (EC), Sandra Caldeira
(EC), Helen Brown (Cambridge), Esther van Sluijs (Cambridge) and
Benedikt Herrmann (EC)]
Marina-Selini Katsaiti (United Arab Emirates Univ.)
"Household Bribery and Perceptions" [with Philip Shaw (Fordham
Univ.)]
16:40 – 16:50 Coffee Break
16:50 – 18:45
Parallel Session A: Agricultural, Environmental
and Food Markets Chair: Claire Economidou (Univ. of
Piraeus)
Eftichios Sartzetakis (Univ. of Macedonia)
"International Environmental Agreements: An Emission Choice
Model with Abatement Technology" [with Stefania Strantza
(Concordia Univ.)]
Dimitrios Minos (Univ. of Goettingen) "Childhood Obesity in
South Africa" [with Stephan Klasen (Univ. of Goettingen)]
Georgia Papoutsi (Agricultural Univ. of Athens) "Nudging
Parental Health Behavior with and without Children's Pestering
Power: Fat Tax, Subsidy or Both?" [with Rodolfo Nayga (Univ. of
Arkansas), Panagiotis Lazaridis (Agricultural Univ. of Athens)
and Andreas Drichoutis (Agricultural Univ. of Athens)]
Athanasios Triantafyllou (Univ. of Athens)
"Volatility Forecasting in Agricultural Commodity Markets"
[with George Dotsis (Univ. of Athens) and Alexandros Sarris
(Univ. of Athens)]
Parallel Session B: Macro and Public Economics
Chair: Sophia Dimelis (AUEB - Informatics)
Sofia Kalantzi (Drexel Univ.)
"Fiscal Policy and Financial Frictions"
Safis-Moustafa Chatzouz (Warwick)
"Government Debt and Wealth Inequality: Theory and Insights from
Altruism"
Vassilis Sarantides (Univ. of Sheffield) "How Does Democracy
Affect the Targeting of Government Transfers?" [with Pantelis
Kammas (Univ. of Ioannina)]
Pantelis Kammas (Univ. of Ioannina)
"(Tax Evasion) Power to the People: Does “Early Democratization”
Increase the Size of the Informal Sector?" [with Antonis
Adam (Univ. of Ioannina)]
TUESDAY, July 15
9:00 – 10:40 Economic Theory
Lectures Chair: Konstantine Gatsios (AUEB - Econ)
Jaksa Cvitanic (Caltech)
"Mechanism Design for an Ignorant Planner: Universal
Mechanisms, Logarithmic Equilibrium Payoffs and Implementation"
[with Drazen Prelec (MIT), Sonja Radas (The Institute of
Economics, Zagreb) and Hrvoje Sikic (Univ. of Zagreb)]
Dimitri Vayanos (LSE) "Asset Management Contracts and
Equilibrium Prices" [with Andrea Buffa (Boston Univ.) and Paul
Woolley (LSE)]
Juuso Valimaki (Aalto Univ.) "Social Learning with Endogenous
Timing" [with Pauli Murto (Aalto Univ.)]
10:40 – 11:30 Keynote Finance Lecture
Chair: Dimitri Vayanos (LSE)
John Geanakoplos (Yale) "What is so Bad about Leverage?"
[with Felix Kubler (Univ. of Zurich and Swiss Finance
Institute)]
11:30 – 11:45 Coffee Break
11:45 – 12:30 Keynote Macro Lecture
Chair: Sarantis Kalyvitis (AUEB - DIEES)
Hugo Hopenhayn (UCLA)
"Information, Misallocation and Aggregate Productivity"
[with Joel David (USC) and Venky Venkateswaran (NYU Stern)]
12:30 – 13:45 Panel discussion
Chair: Nikos Vettas (AUEB - Econ)
13:45 – 14:45 Lunch
14:45 – 16:45
Parallel Session A: Political Economy Chair:
Fabrice Collard (Univ. of Bern)
Petros Sekeris (Univ. of Portsmouth)
"Seduction and Violence in Autocratic Regimes" [with
Jean-Philippe Platteau (Univ. of Namur)]
Nikos Benos (Univ. of Ioannina) "Inequality and Growth in the
US states: A New Look at the Evidence" [with Stelios Karagiannis
(CPER-KEPE)]
Konstantinos Matakos (LSE) "Divide and Rule: Redistribution
in a Model with Differentiated Candidates" [with Dimitrios
Xefteris (Univ. of Cyprus)]
George Bitros (AUEB-Econ) "Thinking Ahead of the Next Big
Crash"
Parallel Session B: Industrial Organization II
Chair: Lambros Pechlivanos (AUEB - DIEES)
Constantinos Syropoulos (Drexel Univ.) "Multimarket Collusion
and the Consequences of Regional Integration" [with Delina
Agnosteva (Drexel Univ.) and Yoto Yotov (Drexel Univ.)]
Effrosyni Diamantoudi (Concordia Univ.)
"Decentralized Matching: The Role of Commitment" [with
Eiichi Miyagawa (Kobe Univ.) and Licun Xue (McGill Univ.)]
George Deltas (Univ. of Illinois) "Product Offerings and
Pricing of Vertically Differentiated Status Goods" [with
Eleftherios Zacharias (AUEB-Econ)]
Myrto Kalouptsidi (Princeton) "Detection and Impact of
Industrial Subsidies: The Case of World Shipbuilding"
21:00 Conference Dinner
WEDNESDAY, July 16
9:00 – 11:10 Macro and Trade Chair:
Plutarchos Sakellaris (AUEB - Econ)
Stelios Michalopoulos (Brown)
"Trade and Geography in the Origins and Spread of Islam"
[with Alireza Naghavi (Univ. of Bologna) and Giovanni Prarolo
(Univ. of Bologna)]
Costas Azariadis (Washington Univ. and Federal Reserve Bank
of St. Louis) "Property Rights in Growth Theory"
Costas Arkolakis (Yale)
"Trade and the Topography of the Spatial Economy" [with Treb
Allen (Northwestern)]
Manolis Galenianos (Royal Holloway, Univ. of London)
"The Challenge of Trade Adjustment in Greece" [with Costas
Arcolakis (Yale) and Aristos Doxiadis (OpenFund)]
11:10 – 11:30 Coffee Break
11:30 – 12:30 Michael Magdalinos Lecture Chair:
Yannis Ioannides (Tufts)
Christopher Pissarides (LSE and Univ. of Cyprus) "European
Labour Markets and the Eurozone Crisis"
12:30 – 13:30 Poster Session
Panagiotis Karavitis (Univ. of Cyprus) "Commodity Taxes and
Capital Market Integration" [with Michael Michael (Univ. of
Cyprus) and Fabio Antoniou (Humboldt Univ.)]
Paraskevi Katsiampa (Loughborough Univ.) "Introducing the
ExpAR-ARCH and ExpAR-GARCH Models and Applications"
Alexandra Fotiou (Bocconi Univ.) "Bayesian Fiscal
Consolidation Plans"
Theodoros Bratis (AUEB-BA)
"Creditor Moral Hazard during EMU Debt Crisis" [with
Nikiforos Laopodis (ALBA) and George Kouretas (AUEB-BA)]
Sotirios Kokas (Univ. of Cyprus)
"Foreign Ownership and Market Power in Banking: Evidence from a
World Sample" [with Manthos Delis (Univ. of Surrey) and
Steven Ongena (Univ. of Zurich)]
Eleni Stathopoulou (Univ. of Leicester)
"Corruption, Entry and Pollution" [with Dimitrios Varvarigos
(Univ. of Leicester)]
Evangelos Salachas (AUEB-BA)
"The Monetary Policy in the Euroarea, United Kingdom and the
USA: Evidence from Financial Crisis Period" [with George
Kouretas (AUEB-BA) and Nikiforos Laopodis (ALBA)]
Maria Varvataki (Univ. of Crete)
"Welfare Improving Cartel Formation in a Union-Oligopoly Static
Framework" [with Minas Vlassis (Univ. of Crete)]
13:30 – 14:15 Lunch
14:15 – 16:15
Parallel Session A: Public Economics
Chair: Anna Hardman (Tufts)
Fabio Antoniou (Humboldt Univ.)
"The Effectiveness of Taxation and Feed-In Tariffs" [with
Roland Strausz (Humboldt Univ.)]
Evangelos Dioikitopoulos (Brunel) "Multiple Equilibria and
Fiscal Rules for Equilibrium Selection" [with Javier Coto
Martinez (Brunel)]
Rodrigo Velez (Texas A&M)
"The Costs and Benefits of Symmetry in Common-Ownership
Allocation Problems" [with Alexander Brown (Texas A&M)]
Alexis Anagnostopoulos (Stony Brook)
"Capital Income Taxation with Household and Firm Heterogeneity"
[with Orhan Erem Atesagaoglu (Stony Brook) and Eva
Carceles-Poveda (Stony Brook)]
Parallel Session B: Finance II
Chair: Stelios Bekiros (AUEB - Finance)
Spyros Pagratis (AUEB-Econ)
"Bank Portfolio Choice and Regulatory Constraints" [with
Jochen Mankart (Univ. of St. Gallen) and Alexander Michaelides
(Imperial College, Univ. of Cyprus and CEPR)]
Konstantinos Serfes (Drexel Univ.)
"Competition and Specialization: Evidence from Venture Capital"
[with Christos Cabolis (ALBA) and Mian Dai (Drexel Univ.)]
Christos Cabolis (ALBA) "Do U.S. Rating Agencies Favor U.S.
Firms?" [with George Allayannis (Univ. of Virginia) and Arturo
Bris (IMD Business School)]
Kleopatra Nikolaou (Federal Reserve Board)
"Liquidity Risk in Euro Area Money Markets" [with Vincent
Brousseau (ECB) and Huw Pill (Goldman Sachs)]
16:15 – 16:30 Coffee Break
16:30 – 18:30
Parallel Session A: Macroeconomics
Chair: Hyun Park (Kyung Hee Univ.)
Rigas Oikonomou (HEC Montreal) "The Cost of Not Being Able to
Borrow: Optimal Fiscal Policy in a Multi-Country World" [with
Federico Ravenna (HEC Montreal)]
Evi Pappa (EUI) "Chronicle of a War Foretold: The
Macroeconomic Effects of Anticipated Defence Spending Shocks"
[with Nadav Ben Zeev (Ben Gurion Univ.)]
Sophocles Mavroeidis (Oxford) "The Shadow of a Doubt: The
Dynamic Impact of Expectational Uncertainty" [with Guillaume
Chevillon (ESSEC Business School)]
Vanghelis Vassilatos (AUEB-Econ)
"A Neoclassical Growth Model for the Insiders – Outsiders
Society" [with Tryphon Kollintzas (AUEB-Econ) and Dimitris
Papageorgiou (Bank of Greece)]
Parallel Session B: International Economics
Chair: Spyros Skouras (AUEB - DIEES)
Yoto Yotov (Drexel Univ.) "Growth and Trade: A Structural
Approach" [with James Anderson (Boston College) and Mario Larch
(Univ. of Bayreuth)]
Mark Melatos (Univ. of Sydney)
"How Does Uncertainty Affect the Choice of Trade Agreements"
[with Elie Appelbaum (York Univ.)]
Anastasia Litina (Univ. of Luxembourg)
"The Cultural Transmission of Environmental Preferences:
Evidence from International Migration" [with Simone
Moriconiy (Universita Cattolica di Milano and Univ. of
Luxembourg) and Skerdilajda Zanaj (Univ. of Luxembourg)]
Andri Chassamboulli (Univ. of Cyprus)
"The Labor Market Effects of Reducing Undocumented Immigrants"
[with Giovanni Peri (Univ. of California, Davis)]
THURSDAY, July 17
9:00 – 11:00
Parallel Session A: Public economics, games and
social effects Chair: Yannis Bilias (AUEB -
DIEES)
Dimitris Christelis (CSEF) "The Impact of Social Activities
on Cognitive Ageing: A Non-Parametric Bounds Analysis"
Christos Genakos (AUEB-Econ) "Experimental Evidence of
Neighbourhood Effects on Education: The Case of the 2004 Athens
Olympic Village" [with Elias Papaioannou (London Business
School) and Yannis Polycarpou (AUEB-Econ)]
Sofronis Clerides (Univ. of Cyprus)
"Designing Feebate-Like Taxation" [with Costas Hadjiyiannis
(Univ. of Cyprus)]
Leonidas Spiliopoulos (Max Planck Institute for Human
Development) "On the Relationship between Response Time and
Decisions, Latent Beliefs, the History of Play in a Repeated
Game"
Parallel Session B: Finance III Chair:
Manthos Delis (Univ. of Surrey)
Eirini Konstantinidi (Univ. of Exeter)
"How Does the Market Variance Risk Premium Vary over Time?
Evidence from S&P 500 Variance Swap Investment Returns"
[with George Skiadopoulos (Univ. of Piraeus and Queen Mary,
Univ. of London)]
Ioannis Giotopoulos (Foundation for Economic & Industrial
Research (IOBE) and Univ. of Peloponnese)
"Firm Growth and Financial Constraints in Greek Services:
Greater Athens vs. the Rest of Greece" [with Georgios
Fotopoulos (Univ. of Peloponnese) and Alexandra Kontolaimou
(NTUA)]
Spyros Galanis (Univ. of Southampton)
"Dynamic Consistency and Subjective Beliefs"
Spyridon Vrontos (Univ. of Westminster)
"Hedge Fund Return Predictability; To Combine Forecasts or
Combine Information?" [with Ekaterini Panopoulou (Univ. of
Kent)]
11:00 – 11:15 Coffee Break
11:15 – 12:00 Industrial Organization Lecture
Chair: Myrto Kalouptsidi (Princeton)
Patrick Rey (Toulouse School of Economics)
"Vertical Integration as a Source of Hold-up" [with
Marie-Laure Allain (Ecole Polytechnique and CREST) and Claire
Chambolle (INRA and Ecole Polytechnique)]
12:00 – 12:15 Coffee Break
12:15 – 14:15
Parallel Session A: Macro and Fiscal Policy Chair:
Vally Koubi (Univ. of Bern)
Petros Varthalitis (AUEB-Econ)
"Fiscal Consolidation and its Cross-Country Effects. Is There a
Conflict of Interests?" [with Apostolis Philippopoulos
(AUEB-Econ and CESifo) and Vanghelis Vassilatos (AUEB-Econ)]
Eugenia Vella (EUI)
"Fiscal Consolidation with Tax Evasion and Corruption" [with
Evi Pappa (EUI) and Rana Sajedi (EUI)]
Anastasia Zervou (Texas A&M)
"Monetary Policy Rules and the Equity Premium" [with Yulei
Peng (Univ. of Arkansas)]
Afroditi Kero (Univ. of Cyprus) "Great Moderation and Great
Leverage: Financial Trade and Asset Prices when Investors
Disagree about Risk" [with Tobias Broer (IIES, Stockholm Univ.
and CEPR)]
Parallel Session B: Applied Microeconomics
Chair: Yannis Vrontos (AUEB - Stats)
Panagiotis Fotis (Hellenic Competition Commission)
"Measuring the Magnitude of Significant Market Power in the
Manufacturing and Services Industries: A Cross Country Approach"
[with Michael Polemis (Univ. of Piraeus and Hellenic Competition
Commission)]
Apostolos Kasapis (AUEB-Econ and ESDDA) "An Empirical
Approach in Spectrum Auctions: Estimating the Demand Function in
Telecommunication Industry"
Sotiris Georganas (Royal Holloway, Univ. of London) "Auctions
with Speculators. An Experiment" [with Rod Garratt (UCSB)]
Rigissa Megalokonomou (Warwick)
"Feedback Information and Misplacement Effects in University
Admission: Evidence from a Natural Experiment" [with
Sofoklis Goulas (Univ. of North Carolina)]
14:15 – 15:15 Lunch - end of the conference |