CRETE 2023

The 21st Conference on Research on Economic Theory and Econometrics

Naxos, July 10-14, 2023



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 20 years.

CRETE 2023

The 21st Conference on Research on Economic Theory and Econometrics will be held at Naxos, from Monday July 10 through Friday July 14, 2023.

The program includes talks by Costis Daskalakis (MIT), John Geanakoplos (Yale), Michael Haliassos (Goethe Univ. Frankfurt), Hugo Hopenhayn (UCLA), Stelios Michalopoulos (Brown Univ.), Stavros Panageas (UCLA), Elias Papaioannou (LBS), Anders Rahbek (Univ. of Copenhagen), Juuso Välimäki (Aalto Univ.) 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 and Univ. Carlos III de Madrid

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 – 13:00 Registration and welcome

13:00 – 15:30

Parallel Session A: Macroeconomics Chair: Vanghelis Vassilatos (AUEB-Econ)

Dimitris Georgarakos (ECB) “Credibility gains from central bank communication with the public” [with Michael Ehrmann (ECB) and Geoff Kenny (ECB)] - [Slides]

Katerina Karadimitropoulou (Univ. of Piraeus) “Commodity price uncertainty comovement: Does it matter for global economic growth?” [with Laurent Ferrara (SKEMA Business School) and Athanasios Triantafyllou (IESEG School of Management)] - [Slides]

Nektarios Aslanidis (Univ. Rovira i Virgili) “The gold standard and the rules of the game: Lessons from the Uruguayan experience” [with Gastón Diaz (Universidad de la República, Uruguay)] - [Slides]

Dimitrios Papageorgiou (Bank of Greece) “Fiscal distress and banking performance: The role of macroprudential regulation” [with Hiona Balfoussia (Bank of Greece) and Harris Dellas (Univ. of Bern and CEPR)] - [Slides]

Kostas Giakas (AUEB-Econ) “A DSGE model for the European unemployment persistence” - [Slides]

Parallel Session B: Industrial Organization Chair: Raffaele Fiocco (Univ. of Bergamo)

Fabio Antoniou (AUEB-Econ) “Storable goods with time-varying preferences” [with Raffaele Fiocco (Univ. of Bergamo)] - [Slides]

Emmanuel Petrakis (Univ. of Crete and Univ. Carlos III de Madrid) “General equilibrium, welfare and policy when firms have market power” [with Diego Moreno (Univ. Carlos III-Madrid)] - [Slides]

Markos Tselekounis (Univ. of the Piraeus) “Colluding or settling? The role of unilateral overlapping ownership” [with Panagiotis Fotis (Hellenic Competition Commission and Hellenic Open Univ.)] - [Slides]

Konstantinos Serfes (Drexel Univ.) “Supplier encroachment with mutual outsourcing” [with Chrysovalantou Milliou (AUEB-DIEES)] - [Slides]

Georgia Kosmopoulou (Univ. of Oklahoma) “Subcontracting networks, competition and firm participation in public procurement” [with Nancy Alexander (Langston Univ.), Lei He (Moravian Univ.) and Xueqi Zhou (Google LLC)] - [Slides]

15:30 – 16:00 Coffee break

16:00 – 18:30

Parallel Session A: Environmental economics Chair: Daphne Nicolitsas (Univ. of Crete)

Effrosyni Diamantoudi (Concordia Univ.) “Multiple international environmental agreements” [with Olha Hnatyshyn (Concordia Univ.)] - [Slides]

Christos Constantatos (Univ. of Macedonia) “On emissions v. output taxes and the optimality of the regulator’s commitment to a tax rate when consumers are environmentally conscious” [with Apostolos-Ioannis Martis (Univ. of Macedonia)] - [Slides]

George Deltas (Univ. of Illinois at Urbana-Champaign) “Trade clubs and international environmental agreements: Evidence from the Basel convention” [with Prakrati Thakur (Rensselaer Polytechnic Institute)] - [Slides]

Michael Michael (Univ. of Cyprus) “Can small economies act strategically? The case of consumption pollution and non-tradable goods” [with Panos Hatzipanayotou (AUEB-DIEES) and Nikos Tsakiris (Univ. of Ioannina)] - [Slides]

Eftichios Sartzetakis (Univ. of Macedonia) “Climate coalitions cannot avert the crisis only by moving first in choosing emission and abatement targets” [with Effrosyni Diamantoudi (Concordia Univ.) and Stefania Strantza (Thompson Rivers Univ.)] - [Slides]

Parallel Session B: Econometrics and empirical methods Chair: Dimitris Politis (Univ. of California, San Diego)

Katerina Petrova (Univ. Pompeu Fabra) “Uniform and distribution-free inference with general autoregressive processes” - [Slides]

Ioannis Kasparis (Univ. of Cyprus) “Conventional inference in the vicinity of refined nonstationarity boundaries: Regressions with heavy tailed weakly nonstationary processes” [with James Duffy (Oxford Univ.)] - [Slides]

Omiros Papaspiliopoulos (Bocconi Univ.) “Inferring multiple treatment effects from observational studies using confounder importance learning” [with David Rossell (Univ. Pompeu Fabra) and Miquel Torrens (CRG Barcelona)] - [Slides]

Menelaos Karanasos (Brunel Univ.) “The short- and long-run cyclical variation of the cross-asset nexus: MIDAS evidence on financial and ‘financialised’ assets” - [Slides]

Panos Toulis (Univ. of Chicago) “Randomization tests in observational studies with staggered adoption of treatment” [with Azeem M. Shaikh (Univ. of Chicago)] - [Slides]


9:00 – 9:15 Welcome

9:15 – 11:15 Finance and development lectures Chair: Harris Dellas (Univ. of Bern)

Dimitri Vayanos (LSE) “Long-horizon investing in a non-CAPM world” [with Christopher Polk (LSE and CEPR) and Paul Woolley (LSE)] - [Slides]

Elias Papaioannou (LBS) “Private colonialism in Africa” [with Giorgio Chiovelli (Univ. de Montevideo), Etienne Le Rossignol (LBS) and Stelios Michalopoulos (Brown Univ.)] - [Slides]

Michael Haliassos (Goethe Univ. Frankfurt) “Consumption and account balances in crises: Have we neglected cognitive load?” [with Tiziana Assenza (Toulouse School of Economics) and Alberto Cardaci (Goethe Univ. Frankfurt)] - [Slides]

11:15 – 11:30 Coffee break

11:30 – 13:30

Parallel Session A: Education, welfare and labor Chair: George Gatopoulos (IOBE)

Manos Matsaganis (Politecnico di Milano) “Earnings shocks and welfare buffers - Southern Europe in comparative perspective” [with Maria Giulia Montanari (Univ. of Milan), Andrea Parma (Politecnico di Milano) and Costanzo Ranci (Politecnico di Milano)] - [Slides]

Ruzica Savcic (Univ. of Cyprus) “Conscription and educational outcomes” [with Nikolaos Theodoropoulos (Univ. of Cyprus) and Dimitrios Xefteris (Univ. of Cyprus)] - [Slides]

Philip Oreopoulos (Univ. of Toronto) “Teaching teachers to use computer assisted learning for facilitating personalized learning at scale: Experimental and non-experimental evidence” [with Chloe Gibbs (Univ. of Notre Dame), Michael Jensen (Univ. of Notre Dame) and Joseph Price (Brigham Young Univ.)] - [Slides]

Niki Kalavrezou (IOBE) “Intergenerational mobility in education in Greece: An exploration into socioeconomic determinants of students’ performance and future career plans before, during and after the crisis” [with Svetoslav Danchev (IOBE), Georgios Gatopoulos (IOBE) and Nikos Vettas (AUEB-Econ and IOBE)] - [Slides]

Parallel Session B: Finance Chair: Nikolas George Tsetsekos (Drexel Univ.)

Manthos Delis (Audencia Business School and Univ. of Ioannina) “Corporate taxes and economic inequality: A credit channel” [with Emilios Galariotis (Audencia Business School), Maria Iosifidi (Montpellier Business School) and Steven Ongena (Univ. of Zurich. and CEPR)] - [Slides]

Nikos Paltalidis (Durham Univ.) “Local recessions: Evidence from bank liquidity squeezes” [with Rajkamal Iyer (Imperial College and CEPR) and Shohini Kundu (Univ. of California)] - [Slides]

Stelios Giannoulakis (AUEB-Econ) “Effects of fiscal stimulus on credit constraints and the role of firm dynamics” [with Plutarchos Sakellaris (AUEB-Econ)] - [Slides]

George Skiadopoulos (Queen Mary Univ. of London and Univ. of Piraeus) “Dissecting climate risks: Are they reflected in stock prices?” [with Renato Faccini (Danmarks Nationalbank and Centre for Macroeconomics (LSE)) and Rastin Matin (PFA Asset Management)] - [Slides]

13:30 – 14:20 Lecture on optimization and applications Chair: Petros Dellaportas (UCL and AUEB-Statistics)

Costis Daskalakis (MIT) “Game Theory and Machine Learning” - [Slides]

14:20 – 15:15 Lunch break

15:15 – 17:15

Parallel Session A: Industrial Organization Chair: Svetoslav Danchev (IOBE)

Stefanos Kalfas (AUEB-Econ) “The effect on bibliodiversity of FBP in Greece” [with Christos Genakos (Univ. of Cambridge and CEPR)] - [Slides]

Maria Demetriadou (Univ. of Cyprus) “The cross section of household preferences and the marginal propensity to consume: Evidence from high frequency data” [with Elena Andreou (Univ. of Cyprus) and Andreas Tryphonides (Univ. of Cyprus)] - [Slides]

Themistoklis Kampouris (DIW Berlin) “What is the right geographic market definition?” [with Christos Genakos (Univ. of Cambridge and CEPR)] - [Slides]

Parallel Session B: Macroeconomics Chair: Evangelos Dioikitopoulos (AUEB – Econ)

Charalampos Papadakis (Univ. Rovira I Virgili) “Cross-country dependence and financial integration in the last 150 years” [with Nektarios Aslanidis (Univ. Rovira i Virgili)] - [Slides]

Magdalini Tofini (Univ. of Cyprus) “Forecasting the European GDP using the (MI)xed (DA)ta (S)ampling models: The key role of the Consumption Sentiment Leading Indicator” [with Elena Andreou (Univ. of Cyprus)] - [Slides]

Georgios Liontos (AUEB-Econ) “Winners and losers from international cooperation. The case of non-commitment optimal policies in non-symmetric countries” [with Apostolis Philippopoulos (AUEB-Econ)] - [Slides]

Alexandros Loukas (Washington Univ., St. Louis) “Entrepreneurship, Human Capital, and the Misallocation of Talent” - [Slides]

Parallel Session C: Microeconomics and applications Chair: Georges Siotis (Carlos III-Madrid)

Konstantinos Theocharopoulos (Univ. of Siegen) “A theory of favor exchange between politicians and rich media owners” - [Slides]

Stella Papadokonstantaki (Washington Univ., St. Louis) “Lying aversion and vague communication: An experimental study” [with Keh-Kuan Sun (Chapman Univ.)] - [Slides]

Chrysovalantis Vasilakis (Univ. of Bangor) “Migrants' self-selection and the vicious circle of right-wing populism” [with Frederic Docquier (LISER)] - [Slides]

Georgios Koimisis (Manhattan College) “An EZ way to evaluate assets” [with Christos Giannikos (CUNY Baruch College)] - [Slides]


9:30 – 12:00

Parallel Session A: Experimental Economics Chair: Nikos Demiris (AUEB – Statistics)

Orestis Kopsacheilis (Technical Univ. of Munich) “Crowdsourcing the assessment of wine quality – evidence from Vivino ratings” [with Pantelis P. Analytis (Univ. of Southern Denmark), Karthikeya Kaushik (Univ. of California, Berkeley), Stefan M. Herzog (Max Planck Institute for Human Development), Bahador Bahrami (Ludwig Maximilian Univ.) and Ophelia Deroy (Univ. of London)] - [Slides]

Andreas Drichoutis (Agricultural Univ. of Athens) “Incentives and payment mechanisms in preference elicitation” [with Marco A. Palma (Texas A&M) and Paul Feldman (Texas A&M)] - [Slides]

Leonidas Spiliopoulos (Max Planck Institute for Human Development) “Noisy retrieval of experienced probabilities underlies rational judgment of uncertain multiple events” [with Ralph Hertwig (Max Planck Institute for Human Development)] - [Slides]

Sotiris Georganas (City Univ. of London) “Accidents, disasters and crisis: The effect on citizen perceptions and voter preferences” [with Alina Velias (LSE and AUEB), Phoebe Koundouri (AUEB) and Nan Li (IMF)] - [Slides]

Parallel Session B: Macroeconomics Chair: Alexandros Moustakas (IOBE)

Ioanna Avgeri (AUEB-Econ) “Common bank supervision and profitability convergence in the EU” [with Yiannis Dendramis (AUEB-Econ) and Helen Louri (AUEB-Econ)] - [Slides]

Kyriakos Neanidis (Univ. of Manchester) “The bank-lending channel of macroprudential policy: evidence from cross-border bank flows” [with Josefina Fabiani (Univ. of Manchester)] - [Slides]

Rigas Oikonomou (Univ. Catholique de Louvain) “The long and short of financing government spending” [with Jochen Mankart (Deutsche Bundesbank) and Romanos Priftis (ECB)] - [Slides]

Paraskevi Tzika (Univ. of Cyprus) “The effect of war-caused economic uncertainty on output: Evidence from selected European countries” - [Slides]

Stylianos Tsiaras (Swiss Finance Institute – EPFL) “Household inequality and the transmission of unconventional monetary policy” [with Johanna Krenz (Univ. of Hamburg)] - [Slides]

Parallel Session C: Finance Chair: Konstantinos Peppas (IOBE)

Alexandros Vardoulakis (Federal Reserve Board) “Leverage and stablecoin pegs” [with Gary Gorton (Yale SOM), Elizabeth Klee (Federal Reserve Board), Chase Ross (Federal Reserve Board), Sharon Ross (OFR)] - [Slides]

Sotia Xanalatou (Univ. of Luxembourg) “What can inform us about the arrival of daily extreme stock market events” [with Vasiliki Chatzikonstanti (AUEB), Michail Karoglou (Aston Business School) and Christian Wolff (Univ. of Luxembourg)] - [Slides]

Gelly Mitrodima (LSE) “CAViaR models for value at risk and expected shortfall with long range dependency features” [with Jaideep Oberoi (SOAS, Univ. of London)] - [Slides]

Dimitrios Louzis (Bank of Greece) “Trend inflation and inflation expectations in high dimensional vector autoregressions” - [Slides]

Olga Pavlopoulou (AUEB-Finance) “The market informativeness of analyst forecasts in family firms” [with Leonidas Doukakis (AUEB-Finance) and Afroditi Papadaki (AUEB-Finance)] - [Slides]

12:00 – 12:20 Coffee break

12:20 – 13:45 Session to honor the work of Miltos Makris Chair: Nikos Vettas (AUEB-Econ and IOBE)

Christos Kotsogiannis (Univ. of Exeter) “Production efficiency and principles of taxation” [with Miltiadis Makris] - [Slides]

Tassos Magdalinos (Univ. of Southampton) “Learning with endogenous information” [with Subir Bosey (Univ. of Leicester) and Miltiadis Makris] - [Slides]

Marios Zachariadis (Univ. of Cyprus) “Representative democracy with or without elections” [with Theodore Palivos (AUEB-Econ) and Miltiadis Makris] - [Slides]

13:45 – 14:30 Lunch break

14:30 – 15:30 Michael Magdalinos Lecture Chair: Costas Azariadis (Washington Univ., St. Louis)

Stelios Michalopoulos (Brown Univ.) “The impact of the refugees from Anatolia on the Greek economy and polity: A centennial assessment” - [Slides]

15:30 – 15:45 Coffee break

15:45 – 17:45

Parallel Session A: Education and labor economics Chair: Evangelia Chalioti (Yale)

Konstantinos Tatsiramos (Univ. of Luxembourg and LISER) “On the origins of socio-economic inequalities: Evidence from twin families” [with Paul Bingley (VIVE) and Lorenzo Cappellari (Univ. Cattolica Milano and LISER)] - [Slides]

Andros Kourtellos (Univ. of Cyprus) “Equality of Opportunity (EOp), the great Gatsby curve, and polarization” [with Giovanni Bernardo (Univ. of Naples), Steven Durlauf (Univ. of Chicago) and Chih Ming Tan (Univ. of North Dakota)] - [Slides]

Aspasia Bizopoulou (Univ. of York) “The consequences of #MeToo on harassment and inappropriate behaviour in the workplace” [with Janne Tukiainen (Univ. of Turku and VATT Institute)] - [Slides]

Rigissa Megalokonomou (Monash Univ., Melbourne) “Gender interactions in the supreme court with randomly assigned judges” - [Slides]

Parallel Session B: Microeconomics and applications Chair: Panagiotis Fotis (Hellenic Competition Authority)

Dimitrios Xefteris (Univ. of Cyprus) “Weighting votes” [with Laurent Bouton (Georgetown Univ.), Aniol Llorente-Saguer (Queen Mary, London) and Antonin Macé (Paris School of Economics)] - [Slides]

Kostas Koufopoulos (York Univ.) “Can information imprecision be valuable? The case of credit ratings” [with S. Biswas (Univ. of Bristol) and A. Thakor (Washington Univ. St Louis)] - [Slides]

Konstantina Maragkou (Cambridge) “Gender gaps in high-stakes teacher assessments” - [Slides]

Eirini Thomaidou (Sussex Univ.) “Estimating product quality at the firm-level: a Copula approach” [with Dimitris Smyrnakis (AUEB-Econ)]

Parallel Session C: Finance and macro Chair: Seraina Anagnostopoulou (Univ. of Piraeus)

Stelios Sakkas (Univ. of Cyprus) “Intangible Capital and Business Cycles in the Eurozone” [with Vasiliki-Eirini Dimakopoulou (AUEB-Econ) and Petros Varthalitis (AUEB-Econ)] - [Slides]

Anastasios Megaritis (Keele Univ.) “Option-implied expectations and monetary policy” - [Slides]

Romanos Priftis (ECB) “Macroeconomic effects of carbon transition policies: An assessment based on the ECB’s new area-wide model with a disaggregated energy sector” [with Gunter Coenen (ECB) and Matija Lozej (Central Bank of Ireland)] - [Slides]

Arsenios Skaperdas (Federal Reserve Board) “Non-linear effects of inflation expectations” - [Slides]


9:00 –10:30 Lectures on Industrial Organization Chair: Myrto Kalouptsidi (Harvard)

Simon Anderson (Univ. of Virginia) “Ad-financed media competition with endogenous bilateral multi-homing” [with Øystein Foros (Norwegian School of Economics) and Hans Jarle Kind (Norwegian School of Economics)] - [Slides]

Eugenio Miravete (Univ. of Texas at Austin) “Home bias and the effectiveness of industrial policy” [with Maria J. Moral (UNED and GRiEE)] - [Slides]

10:30 – 10:45 Coffee break

10:45 –12:15 Lectures on cities and transport economics Chair: Amedeo Odoni (MIT)

Theodore Papageorgiou (Boston College) “Port technology and investment in infrastructure” [with Giulia Brancaccio (New York Univ.) and Myrto Kalouptsidi (Harvard Univ.)] - [Slides]

Yannis Ioannides (Tufts) “Global leapfrogging of urban growth: 4000 BC – 2000 AD” [with Shengbin Wei (Tufts Univ.)] - [Slides]

12:15 – 12:30 Coffee break

12:30 –13:10 Emmanuel Drandakis Lecture Chair: Gikas Hardouvelis (Univ. of Piraeus and National Bank of Greece)

Stavros Panageas (UCLA, Anderson School of Management) “Running primary deficits forever in a dynamically efficient economy: Feasibility and optimality” [with Andrew B. Abel (Univ. of Pennsylvania)] - [Slides]

13:10 –13:50 Microeconomic Theory Lecture Chair: Emmanuel Petrakis (Univ. of Crete and Univ. Carlos III de Madrid)

Juuso Välimäki (Aalto Univ.) “Endogenous Timing in Social Learning” [with Daniel Hauser (Aalto Univ.) and Pauli Murto (Aalto Univ.)] - [Slides]

13:50 – 14:40 Lunch break

14:40 –15:40 Economic Theory and Finance Lecture Chair: Dimitri Vayanos (LSE)

John Geanakoplos (Yale) ”Fragility, Multiplicity, and Fire Sales with Debt and Default: Thinking Outside the Edgeworth Box” - [Slides]

15:40 – 17:40

Parallel Session A: Econometrics and Data Chair: John Tsoukalas (Univ. of Southampton)

Anders Rahbek (Univ. of Copenhagen) “Tail behavior of dynamic duration models and consequences for likelihood-based estimation: The case of the ACD model” [with G. Cavaliere, T. Mikosch and F. Vilandt] - [Slides]

George Michailidis (Univ. of Florida) “A Bayesian framework for sparse estimation in high-dimensional mixed frequency Vector Autoregressive models” [with Nilanjana Chakraborty (Univ. of Florida) and Kshitij Khare (Univ. of Florida)] - [Slides]

Michael Wolf (Univ. of Zurich) “Improved inference in financial factor models” [with Elliot Beck (Univ. of Zurich) and Gianluca De Nard (Univ. of Zurich)] - [Slides]

Ioannis Souropanis (Loughborough Univ.) “Forecasting exchange rate realized volatility: An amalgamation approach” [with Antonis Alexandridis (Univ. of Macedonia) and Ekaterini Panopoulou (Univ. of Essex)] - [Slides]

Parallel Session B: Finance Chair: Nikolas Topaloglou (AUEB-DIEES)

Nikolaos Artavanis (Virginia Tech.) “Reference-dependent preferences and mutual fund flows” [with Asli Eksi (Salisbury Univ.)] - [Slides]

Georgios Panos (Aristotle Univ. of Thessaloniki and Univ. of Glasgow) “Financial literacy and household finance in Greece” - [Slides]

Ilias Tsiakas (Univ. of Guelph) “The market state and asset pricing anomalies” [with Michael Di Carlo (Univ. of Guelph)] - [Slides]

Athanasios Andrikopoulos (Univ. of Hull) “Do macroprudential policies lower firms’ financial leverage? Firm-level evidence from China?” [with Zhongfei Chen (Jinan Univ.) and Kexin Li (Peking Univ.)] - [Slides]

Parallel Session C: Theory Chair: Dimitrios Minos (King's College London)

Alkis Georgiadis-Harris (Univ. of Bonn) “Smart banks” [with Maxi Guennewig (Univ. of Bonn) and Yuliyan Mitkov (Univ. of Bonn)] - [Slides]

Philip Schnattinger (Bank of England) “State-dependent non-linear search and matching” [with Hanbaek Lee (Univ. of Tokyo) and Francesco Zanetti (Univ. of Oxford)] - [Slides]

Hector Tzavellas (Virginia Tech) “Network games under uncertainty” [with Promit K. Chaudhuri (Virginia Tech) and Sudipta Sarangi (Virginia Tech)] - [Slides]

Orestis Troumpounis (Univ. of Padua) “Communication and the emergence of a unidimensional world” [with Philippos Louis (Univ. of Cyprus) and Nikolas Tsakas (Univ. of Cyprus)] - [Slides]


9:00 – 11:00

Parallel Session A: Finance Chair: Sarantis Kalyvitis (AUEB - DIEES)

Panagiotis Avramidis (ALBA) “The effects of an aging population on the structure of bank assets and liabilities” [with George Pennacchi (Univ. of Illinois)] - [Slides]

Evangelos Charalambakis (Bank of Greece) “How do good, bad, and systemic bond downgrades affect dividend policy?” [with Dimitrios Psychoyios (Univ. of Piraeus) and Konstantinos Kakouris (Univ. of Piraeus)] - [Slides]

Sotiris Kampanelis (Cardiff Business School) “Finance and intergenerational mobility evidence from US banking reforms” [with Dimitris Chronopoulos (Univ. St Andrews) and John O.S.Wilson (Univ. St Andrews)] - [Slides]

Veni Arakelian (Piraeus Bank) “Mind the analyst or the brokerage?” [with Mike Tsionas (Lancaster Univ.)] - [Slides]

Parallel Session B: Empirical microeconomics Chair: Ekaterini Kyriazidou (NYU, Abu Dhabi)

Christos Cabolis (IMD) “Country characteristics that encourage emissions reduction” [with Panayiotis C. Andreou (Cyprus Univ. of Technology and Durham Univ.), Sofia Anyfantaki (Bank of Greece) and Konstantinos Dellis (Univ. of Piraeus)] - [Slides]

Dimitris Christelis (Univ. of Glasgow) “The causal effect of facemask-wearing on symptomatic Infection from COVID-19: Observational data evidence from 26 European countries and Israel” [with Loretti I. Dobrescu (Univ. of New South Wales) and Anna Sanz-de-Galdeano (Univ. of Alicante)] - [Slides]

Manolis Chatzikonstantinou (Georgetown Univ., Qatar) “Firm-firm trade, learning and international trade” - [Slides]

Spyridon Lazarakis (Lancaster Univ.) “Pandemic-induced wealth and health inequality and risk exposure” [with Konstantinos Angelopoulos (Univ. of Glasgow), Rebecca Mancy (University of Glasgow) and Max Schroeder (Univ. of Birmingham)] - [Slides]

Parallel Session C: Education and Labor Chair: Vally Koubi (Univ. of Bern)

Kourtney Koebel (Univ. of Toronto) “Social norms, childcare and maternal labour supply: Evidence using exogenous increases in school entry ages Across US States” [with Elizabeth Dhuey (Univ. of Toronto)] - [Slides]

Dimitris Petmezas (Durham Univ.) “Spillover effects of the opioid epidemic on labor and innovation” [with Christodoulos Louca (Cyprus Univ. of Technology) and Roni Michaely (Univ. of Hong Kong and ECGI)] - [Slides]

Ioannis Laliotis (Univ. of Peloponnese) “Work pay and employee retention: evidence from the 2016 change in the English NHS trainee doctors” [with Giuseppe Moscelli (Univ. of Surrey, IZA), Marco Mello (Univ. of Surrey) and Melisa Sayli (Univ. of Surrey)]

Eleni Kyrkopoulou (Univ. of Piraeus) “Neighborhood effects in education: The case of the Athens Olympic village” [with Christos Genakos (Cambridge and CERP), Ioannis Polycarpou (IRI) and Elias Papaioannou (London Business School)] - [Slides]

11:00 – 11:15 Coffee break

11:15 –12:00 Innovation and Growth Lecture Chair: Harris Dellas (Univ. of Bern)

Hugo Hopenhayn (UCLA) “Innovation and knowledge diffusion with limited appropriation” [with Liyan Shi (Carnegie Mellon Univ.)] - [Slides]

12:00 – 14:00

Parallel Session A: Public and labor economics Chair: Maria Arvaniti (Univ. of Bologna)

Anastasios Karantounias (Univ. of Surrey) “Greed versus fear: Optimal time-consistent taxation with default” - [Slides]

Yota Deli (Univ. College Dublin) “Income tax structure and income distributions: An index of individual tax elasticity” [with Fotis Delis (EC, Joint Research Centre) and Theano Kakoulidou (ESRI and Trinity College Dublin)] - [Slides]

Argyris Sakalis (Univ. of Sheffield) “Pudding, plague and education: Trade and human capital formation in an agrarian economy” [with Pantelis Kammas (AUEB-DIEES) and Vassilis Sarantides (AUEB-Econ)] - [Slides]

Efi Adamopoulou (Univ. of Mannheim) “Staggered contracts and unemployment during recessions” [with Luis Diez Catalan (BBVA Research) and Ernesto Villanueva (Bank of Spain)] - [Slides]

Parallel Session B: Theory and applications Chair: Dimitrios Bakas (Nottingham Trent Univ. and RCEA)

Efstathios Avdis (Univ. of Alberta) “Continuous Heterogeneous Information Large Economy (CHILE)” [with Sergei Glebkin (INSEAD)] - [Slides]

Angelos Diamantopoulos (SOAS, Univ. of London) “Delegation of learning from multiple sources of information” [with Arina Nikandrova (CUL)] - [Slides]

Ioannis Kospentaris (Virginia Commonwealth U.) “How much work experience do I need... to get my first job?” [with Shisham Adhikari (UC Davis) and Athanasios Geromichalos (UC Davis)] - [Slides]

Zacharias Maniadis (Univ. of Cyprus and Univ. of Southampton) “‘Fear of the Light’: Does openness reduce the effect of nudges? A data-driven review” [with Hendrik Bruns (EU JRC), Adrien Fillon (Univ. of Cyprus) and Yavor Paunov (RIT, Stockholm)] - [Slides]

Parallel Session C: Product markets Chair: DFrago Kourandi (National and Kapodistrian Univ. of Athens)

Evgenia Passari (Université Paris-Dauphine) “Unpacking commodity price fluctuations: Reading the news to understand inflation” [with Dimitris Malliaropulos (Bank of Greece and Univ. of Piraeus) and Filippos Petroulakis (Bank of Greece)] - [Slides]

Thanos Dimas (Hellenic Competition Commission) “Using pass-through as an economic tool: Evidence from two imperfectly competitive retail markets” - [Slides]

Georgia Papoutsi (Hellenic Agricultural Organization AGRERI-DEMETER) “The effect of single and multilabeling on extra virgin olive oil consumer choices: the case of organic and PDO labels” - [Slides]

Theodore Tsekeris (KEPE) “Impact of transport cost on the ‘attractiveness’ of export markets for Greek agricultural products” - [Slides]

14:00 – 15:00 End of the conference



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 2023!