CRETE 2021

The 19th Conference on Research on Economic Theory and Econometrics

Naxos, July 12-16, 2021



Conference on Research on Economic Theory and Econometrics

The Conference

The conference

CRETE is an annual conference covering various areas of economic theory and econometrics. The program includes lectures in selected areas by senior invited faculty, as well as paper presentations by advanced PhD students and more junior faculty. The first meeting took place in 2002 and the series has since been successfully continued each summer for the past 18 years.

CRETE 2021

The 19th Conference on Research on Economic Theory and Econometrics will be held at Naxos, from Monday July 12 through Friday July 16, 2021.

The program includes talks by George-Marios Angeletos (MIT), Jakša Cvitanić (Caltech), Costis Daskalakis (MIT), Hugo Hopenhayn (UCLA) and Michael Wolf (Univ. of Zurich) among many other distinguished presenters.

The financial support of our sponsors is gratefully acknowledged, as well as the hospitality of the Ursuline School of Naxos. The meeting is organized with the support of the Economics Department of the Athens University of Economics and Business and of the Foundation for Economic & Industrial Research (IOBE).

CRETE 2020

Organizing Committee

Organizing Committee

Costas Azariadis Washington University, St. Louis

Harris Dellas University of Bern

Yannis Ioannides Tufts University

Emmanuel Petrakis University of Crete

Dimitri Vayanos London School of Economics

Nikos Vettas Αthens University of Economics and Business and Foundation for Economic & Industrial Research (IOBE)


Click here to download the conference program in pdf format.

12:15 – 12:45 Registration and welcome

12:45 – 14:45

Taxes, environment and sustainable development Chair: Vanghelis Vassilatos (AUEB-Econ)

Manthos Delis (Montpellier Business School) “Pollution permits and financing costs” [with Fabio Antoniou (AUEB-Econ), Steven Ongena (Univ. of Zurich) and Chris Tsoumas (Hellenic Open Univ.)] - [Slides]

Eftichios Sartzetakis (Univ. of Macedonia) “When does firm cooperation foster of forestall sustainable development?” [Roman Inderst (Goethe Univ.) and Anastasios Xepapadeas (AUEB-DIEES)] - [Slides]

Christos Karydas (ETH Zurich) “Sustainability traps: patience and innovation” [with Evangelos Dioikitopoulos (AUEB-Econ)] - [Slides]

14:45 – 15:00 Break

15:00 – 17:00

Finance Chair: Nikolas Topaloglou (AUEB-DIEES)

Spyros Skouras (AUEB-DIEES) “The day destroys the night, night extends the day: a clientele perspective on equity premium variation” [with Dong Lou (LSE) and Christopher Polk (LSE)]

Seraina Anagnostopoulou (Univ. of Piraeus) “Options trading activity and the efficiency of corporate investment” [with Lenos Trigeorgis (Univ. of Cyprus) and Andrianos Tsekrekos (AUEB-Finance)] - [Slides]

Georgios Panos (Univ. of Glasgow) “Financial literacy and attitudes to cryptocurrencies” [with Tatja Karkkainen (Univ. of Glasgow) and Adele Atkinson (Univ. of Glasgow)]

Serafeim Tsoukas (Univ. of Glasgow) “Real effects of imperfect bank-firm matching” [with Luisa Farinha (Banco de Portugal), Enrico Sette (Banca d'Italia) and Sotirios Kokas (Univ. of Essex)] - [Slides]

17:00 – 18:00 Optimization Lecture Chair: Nikos Vettas (AUEB-Econ and IOBE)

Costis Daskalakis (MIT) “Min-max optimization: from von Neumann to deep learning” [with Noah Golowich (MIT), Stratis Skoulakis (Singapore Univ. of Technology and Design) and Manolis Zampetakis (UC Berkeley)] - [Slides]


9:45 – 10:00 Welcome

10:00 – 11:45

Economic policy and evaluation Chair: Sarantis Kalyvitis (AUEB-DIEES)

Rigas Oikonomou (Univ. Catholique de Louvain) “The rise of household insurance” [with Jochen Mankart (Deutsche Bundesbank) and Francesco Pascucci (Univ. of Verona)] - [Slides]

Nikolaos Artavanis (Tulane Univ.) “Deposit withdrawals” [with Daniel Paravisini (LSE), Claudia Robles-Garcia (Stanford GSB), Amit Seru (Stanford GSB) and Margarita Tsoutsoura (Cornell Univ.)] - [Slides]

Konstantinos Tatsiramos (Univ. of Luxembourg and LISER) “The impact of restricting fixed-term contracts on labor and skill demand: evidence from Italian online job vacancy data” [with Giuseppe Grasso (Univ. of Luxembourg)] - [Slides]

11:45 – 12:00 Break

12:00 – 13:15 Emmanuel Drandakis Lecture Chair: Costas Azariadis (Washington Univ., St. Louis)

George-Marios Angeletos (MIT) “Demand-Driven Business Cycles without Sticky Prices/Phillips Curves” [with Fabrice Collard (Toulouse School of Economics), Harris Dellas (Univ. of Bern) and Chen Lian (UC Berkeley)] - [Slides]

13:15 – 14:15 Lunch break

14:15 – 16:00

Parallel Session A: Econometrics and applications Chair: Petros Dellaportas (UCL and AUEB-Statistics)

George Michailidis (Univ. of Florida) “Forecasting with mixed frequency data based on a Bayesian nested lasso regression model” - [Slides]

Dimitris Politis (Univ. of California, San Diego) “Multi-step ahead prediction for financial returns” [with Jie Chen (Univ. of California, San Diego)] - [Slides]

Michael Wolf (Univ. of Zurich) “Large dynamic covariance matrices: enhancements based on intraday data” [with Gianluca De Nard (Univ. of Zurich), Robert F. Engle (New York Univ.) and Olivier Ledoit (Univ. of Zurich)] - [Slides]

Parallel Session B: Firms and markets Chair: Myrto Kalouptsidi (Harvard)

Efthymia Kyriakopoulou (Swedish Univ. of Agricultural Sciences) “The zoom city: working from home and urban structure” [with Pierre Picard (Univ. of Luxembourg)]

Konstantinos Papadopoulos (Aristotle Univ. of Thessaloniki) “Advantageous symmetric cross-ownership

Konstantinos Serfes (Drexel Univ.) “The role of regulation and competition in credit allocation: evidence from small business lending” [with Panagiotis Avramidis (Alba Graduate Business School) and Kejia Wu (Federal Reserve Bank of Philadelphia)] - [Slides]


9:45 – 12:00

Microeconomic theory and applications Chair: Christos Constantatos (Univ. of Macedonia)

Jakša Cvitanić (Caltech) “Optimal fund menus” [with Julien Hugonnier (Swiss Federal Institute of Technology, Lausanne)] - [Slides]

Vasiliki Skreta (Univ. of Texas at Austin) “Test design under falsification” [with Eduardo Perez-Richet (Sciences Po)] - [Slides]

Dylan Possamai (ETH Zurich) “Is there a golden parachute in Sannikov’s principal–agent problem?” [with Nizar Touzi (École Polytechnique)] - [Slides]

Theodore Papageorgiou (Boston College) “Beyond Cobb-Douglas: flexibly estimating matching functions with unobserved matching efficiency” [with Fabian Lange (McGill Univ.)] - [Slides]

12:00 – 12:15 Break

12:15 – 13:15 Macroeconomics Lecture Chair: Harris Dellas (Univ. of Bern)

Hugo Hopenhayn (UCLA) “Big push in distorted economies” [with Francisco Buera (Washington Univ. in St. Louis), Yongseok Shin (Washington Univ. in St. Louis) and Nicholas Trachter (Richmond Fed.)] - [Slides]

13:15 – 14:15 Lunch break

14:15 – 16:35

Parallel Session A: Health and disease Chair: George Tsetsekos (Drexel Univ.)

Sotiris Georganas (City Univ. of London) “On the measurement of disease prevalence” [with Alina Velias (City Univ. Of London) and Sotiris Vandoros (King's College London and Harvard)] - [Slides]

Dimitrios Minos (King's College London) “Spreading the disease: the role of culture” [with Ioannis Laliotis (City Univ. of London)] - [Slides]

Niki Kalavrezou (IOBE) “Inequalities in access to healthcare services before, during and after the Greek sovereign debt crisis” - [Slides]

Parallel Session B: Industrial Organization Chair: Kostas Peppas (IOBE)

Georges Siotis (Carlos III-Madrid) “Market definition and competition policy enforcement in the pharmaceutical industry” [with Carmine Ornaghi (Univ. of Southampton) and Micael Castanheira (Univ. Libre de Bruxelles)] - [Slides]

Frago Kourandi (Univ. of Athens) “Vertical integration and bargaining: linear vs two-part tariffs” [with Ioannis Pinopoulos (Univ. of Athens)] - [Slides]

Despoina Balouktsi (Goethe Univ. Frankfurt) “Regional technological capacity and entrepreneurship: heterogeneous agents and occupational choice in a directed search market” - [Slides]

Georgia Kosmopoulou (Univ. of Oklahoma) “Posthumous trading patterns affecting artwork prices” [with Dakshina G. De Silva (Lancster Univ.), Rachel A. J. Pownall (Maastricht Univ.) and Robert Press (Univ. of Oklahoma)] - [Slides]


9:30 –11:15

Market analysis and historical perspectives Chair: Anna Hardman (Tufts)

Yannis Ioannides (Tufts) “The diffusion of epichoric scripts and coinage in the ancient Hellenic poleis” [with Yuxian Chen (Brown Univ.)] - [Slides]

Nektarios Aslanidis (Univ. Rovira i Virgili) “The integration of West Africa in the global economy, 1842-1938” [with Oscar Martinez (Univ. Rovira i Virgili) and Federico Tadei (Univ. of Barcelona)] - [Slides]

Evgenia Passari (Univ. Paris-Dauphine) “Reading the news: telling supply from demand in commodity markets” [with Sarah Mouabbi (Banque de France) and Adrien Rousset Planat (London Business School)] - [Slides]

11:15 – 11:30 Break

11:30 –12:45 Michael Magdalinos Lecture Chair: Yannis Ioannides (Tufts)

Dimitri Vayanos (LSE) “A preferred-habitat model of term premia, currency risk and monetary policy spillovers” [with Pierre-Olivier Gourinchas (UC Berkeley) and Walker Ray (LSE)] - [Slides]

12:45 – 14:30

Parallel Session A: Greek economy Chair: Dimitris Malliaropulos (Bank of Greece and Univ. of Piraeus)

Dimitrios Papageorgiou (Bank of Greece) “The impact of the recovery and resilience facility on the Greek economy” [with Dimitrios Malliaropulos (Bank of Greece and Univ. of Piraeus), Melina Vasardani (Bank of Greece) and Evangelia Vourvachaki (Bank of Greece)] - [Slides]

Georgios Gatopoulos (IOBE and ACG) “Evaluating the impact of labour market reforms in Greece during 2010-2018” [with Alexandros Louka (IOBE), Ioannis Polycarpou (AUEB-Econ) and Nikos Vettas (AUEB-Econ and IOBE)] - [Slides]

Christos Cabolis (IMD) “Competitiveness under duress: global trends and the case of Greece” - [Slides]

Parallel Session B: Theory, data and applications Chair: Fabio Antoniou (AUEB-Econ)

Anastasios Dosis (ESSEC Business School, Paris) “The ownership of data” [with Wilfried Sand-Zantman (Toulouse School of Economics)] - [Slides]

Christiana Marina Sintou (Goethe Univ. Frankfurt) “Does financial literacy reduce wealth inequality? Quantile regression evidence from 14 European countries” - [Slides]

14:30 – 15:30 Lunch break

15:30 –17:15

Parallel Session A: Labor economics Chair: Margarita Katsimi (AUEB-DIEES)

Marina-Selini Katsaiti (Agricultural Univ. of Athens) “Life satisfaction and desires to emigrate: a cross-national analysis of 127 countries” [with Tatiana Karabchuk (United Arab Emirates Univ.) and Karin Johnson (Texas A&M)] - [Slides]

Nikos Benos (Univ. of Ioannina) “The long-shadow of the 1923 population exchange between Greece and Turkey on female labor and social emancipation in Greece” [with Stelios Karagiannis (European Training Foundation), Anastasia Litina (Univ. of Macedonia) and Sofia Tsitou (Univ. of Ioannina)] - [Slides]

Theodore Koutmeridis (Univ. of Glasgow) “Corporate inequality and disadvantage in the workplace: payroll evidence from a financial firm” [with Barbara Eberth (Newcastle Univ.)] - [Slides]

Parallel Session B: Applied microeconomics Chair: Evangelia Chalioti (Yale)

Svetoslav Danchev (IOBE) “The impact of the concession of 14 regional Greek airports on passenger traffic” [with Nikos Paratsiokas (IOBE) and Nikos Vettas (AUEB-Econ and IOBE)] - [Slides]

Susana Iranzo (Univ. Rovira i Virgili) “Immigrants and entrepreneurship: a road for talent or just the only road?” - [Slides]

Alexandros Moustakas (AUEB-Econ and IOBE) “A new method to update Input-Output tables” - [Slides]


10:00 – 11:45

Parallel Session A: Taxation and voting Chair: Evangelos Dioikitopoulos (AUEB-Econ)

Christos Kotsogiannis (Univ. of Exeter) “Do tax audits deter corporate income noncompliance? Evidence from Rwanda” [with Luca Salvadori (Univ. of Exeter), John Karangwa (Rwanda Revenue Authority) and Theonille Mukamana (Rwanda Rev. Authority)] - [Slides]

Anastasia Leontiou (Univ. of Ioannina) “Bandwagons in costly elections: the role of loss aversion” [with Georgios Manalis (Univ. of Cyprus) and Dimitrios Xefteris (Univ. of Cyprus)]” - [Slides]

Antonios Mavropoulos (OvG Univ.) “Real estate transaction taxes and credit supply” [with Michael Koetter (OvG Univ. and Deutsche Bundesbank) and Philipp Marek (Deutsche Bundesbank and Halle Institute for Economic Research)] - [Slides]

Parallel Session B: Methods and measurement Chair: Menelaos Karanasos (Brunel Univ.)

Alexandros Karakitsios (AUEB-DIEES) “Unemployment transitions and the role of minimum wage: from pre-crisis to crisis and recovery” [with Eirini Andriopoulou (Greek Ministry of Finance, Council of Economic Advisors)] - [Slides]

Veni Arakelian (Piraeus Bank) “Efficient Bayesian inference of systemic risk interlinkages” [with Apostolos Chalkis (Univ. of Athens)] - [Slides]

Tryfon Christou (AUBE-Econ) “Distributional aspects of rent seeking activities in a DSGE setup” [with Apostolis Philippopoulos (AUEB-Econ) and Vanghelis Vassilatos (AUEB-Econ)] - [Slides]

11:45 – 12:00 Break

12:00 – 14:20

Parallel Session A: Markets and institutions Chair: Vally Koubi (Univ. of Bern)

Georgios Manalis (EUI) “Land rights and risk sharing in rural West Africa” - [Slides]

Andreas Savvides (Cyprus Univ. of Technology) “The economic effects of trade policy uncertainty on emerging market economies” [with Snezana Eminidou (Univ. of Cyprus)] - [Slides]

Petros Sekeris (Montpellier Business School) “Theoretical foundations of the modernization hypothesis” - [Slides]

Parallel Session B: Applied microeconomics Chair: Konstantinos Valaskas (AUEB-Econ and IOBE)

Orestis Troumpounis (Lancaster Univ.) “Technological change, campaign spending and polarization” [with Pau Balart (Univ. de les Illes Balears) and Agustin Casas (CUNEF)] - [Slides]

Theodore Tsekeris (KEPE) “Analysis of the EU regional competitiveness in global value chains” - [Slides]

Ilias Boultzis (AUEB-Econ) “Can informal payments increase allocative efficiency?” - [Slides]

Eirini Thomaidou (AUEB-DIEES) “Quality, innovation, and credit constraints in exporting” [with Sarantis Kalyvitis (AUEB-DIEES)] - [Slides]

14:20 – 15:20 End of the conference



Lists of participants

Senior participants

More recent PhDs

Doctoral candidates


Accommodation should be arranged independently by the participants

About Naxos

The island

Naxos is the largest island in the Cyclades, located at the center of the archipelago. The oldest, to date, archaeological find on the island and among the oldest in Greece was located in Stelida- pyrite processing workshops of the Middle and Upper Paleolithic Period (c. 80000-10000 BC). Naxos has been uninterruptedly inhabited since the 4th millennium BC. The first inhabitants are thought to have come from the northeastern Greek region of Thrace. The Thracians dominated for 200 years and were succeeded by the Carians. The latter came from Asia Minor and were led by Naxos, who imposed his name on the island.

The Classical era on Naxos –as in the rest of Greece- was marked by tremendous cultural achievements but also numerous and long wars. After 41 BC, Naxos was part of the Roman province of the islands which was governed from Rhodes, until the Byzantine period between 7th and early 13th century. Like other islands in the region, Naxos was under Venetian rule for most of its recent history (early 13th through early 16th century). It was ruled by the Ottomans for more than two centuries, before it became part of the modern Greek state on May 6, 1821.

The largest town and capital of the island is Chora or Naxos City, with 7,374 inhabitants (2011 census). The main villages are Filoti, Apiranthos, Vivlos, Agios Arsenios, Koronos and Glynado. It is a mostly mountainous island, with a widely alternating landscape with mountaintops, torrents, gorges and caves, predominantly encountered in the northwestern, northeastern and southeastern sections of the island. Naxos has an area of and a coastline of 148km, with almost the entire western coast being an endless string of long, sandy beaches.

Utilizing the significant alternations in geomorphology and geological structure, the island is famous as a source of emery, a rock rich in corundum, which until modern time was one of the best abrasives available, but also, Naxos has always nurtured art, ever since the first statuettes, the first vessels and the first creations in marble by known and unknown technicians in the Proto-Cycladic period (3200-2000 BC).

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Travel information

There are two basic was to get to Naxos, by sea and by air. You can reach the island by boat from the port of Piraeus (a 3.5-6 hour trip, depending on the ferry) or from the port of Rafina (a 3-6 hour trip, depending on the ferry). In July there are direct flights from many European cities to Naxos.

For ferry schedules you may visit Blue Star Ferries, Hellenic Seaways, Fast Ferries, or Seajets. For airplane tickets you may visit Aegean Airlines or Olympic Air.

You may also visit travel agencies such as airtickets,, or OpenSeas.

Conference venue

The conference will take place at the Ursuline School of Naxos. The former all-girls school started to be built in 1739 and was attended by girls from the Ursuline order from Greece, Constantinople, Middle East, where they were taught reading and writing, teachings of Christianity and embroidery. The school quickly gained a stellar reputation for its academic program and was considered one of the best in Greece.

The school was in operation until 1970 and was restored in 2009, when it reopened as a state-of-the-art cultural center. Since opening, it has hosted international conferences and symposiums in various scientific fields as well as artistic and cultural events and exhibitions.


Contact us

For further details please contact the organizing committee at

Thank you for visiting CRETE 2021!