Macroeconomics Workshop

“The Euro Crisis: Where Do We Stand?”

Strasbourg, Friday, October 16th, 2015

Final Program

8:30 - 9:00 Registration and welcome coffee (Jardin Intérieur - first floor)

9:00 - 9:15 Opening speech

9:15 - 10:15 Plenary session I

Ansgar BELKE, IBES, University of Duisburg-Essen

The Specter of a Grexit

(Room: Amphithéatre - Ground floor)

10:15 - 10:45 Coffee break (Jardin Intérieur - First floor)

10:45 - 13:00 Parallel Sessions I

Session I.1: Exit Strategies and Support to Growth (Room: Amphithéatre - Ground floor)

Chairman: Jamel SAADAOUI

• Catherine MATHIEU∗ and Henri STERDYNIAK, OFCE, “How to Manage the Euro Area?” Dis-

cussant: Hanno DIHLE.

• Giovanni DOSI, Mauro NAPOLETANO∗, Andrea ROVENTINI and Tania TREIBICH, University

of Maastricht, “The Short- and Long-Run Damages of Fiscal Austerity: Keynes beyond Schum-

peter.” Discussant: Henri STERDYNIAK.

• Hanno DIHLE∗, Stefanie FLOTHO and Rafael MENTGES, University of Freiburg, “Economic

Policy Uncertainty and Investment in the Euro Crisis.” Discussant: Mauro NAPOLETANO.

• Oxana BABECKÁ KURCHARCUKOVÁ, Peter CLAEYS and Borek VAŠICEK∗, Czech National

Bank and European Commission, “Spillover of the ECB’s Monetary Policy Outside the Euro

Area: How Different is Conventional From Unconventional Policy?” Discussant: Catherine

MATHIEU.

Location: Collège Doctoral Européen, 46 boulevard de la Victoire, 67000, Strasbourg, France.

Session I.2: European Policy-Mix (Room: Auditorium - Ground floor)

Chairman: Athanasios P. PAPADOPOULOS

• António AFONSO∗ and Luís MARTINS, University of Lisbon, “Monetary Developments and

Expansionary Fiscal Consolidations.” Discussant: Jean-Bernard CHATELAIN.

• Jean-Bernard CHATELAIN∗ and Kirsten RALF, Paris School of Economics, “Determinacy and

Identification with Optimal Policy.” Discussant: Moïse SIDIROPOULOS.

• Nicolas MAZUY∗ and Moïse SIDIROPOULOS, University of Strasbourg, “Heterogeneous Effect

on Single Monetary Policy in Eurozone Countries: an Empirical Evidence to Justify Fiscal Trans-

fers?” Discussant: António AFONSO.

• Vivien DJIAMBOU, UCL, “Impact of Government Debt During Financial Market Stress on the

Rise of Bond Spreads : An Empirical Evidence Based on Dynamic Panel Threshold Regressions.”

Discussant: Nicolas MAZUY.

Session I.3: Labor Markets in Crisis (Room: Salle de Séminaire - First floor)

Chairman: Francesco DE PALMA

• Florence HUART∗ and Médédé TCHAKPALLA, University of Lille 1, “Labour mobility in the

Euro area during the great recession”. Discussants: Thierry BETTI.

• Thomas COUDERT, University of Strasbourg, “Inflation Persistence and Bargain Firing Cost.”

Discussant: Julia BACHTRÖGLER.

• Thierry BETTI, University of Strasbourg, “Assessing the Effect of Public Expenditure Shocks on

the Labor Market in the Euro Area.” Discussant: Florence HUART.

• Julia BACHTRÖGLER, Vienna University of Economics and Business, “Regional Heterogene-

ity in Labour Markets, Institutional Quality and Sectoral Structures, and the Absorption of EU

Structural Funds.” Discussant: Thomas COUDERT.

Location: Collège Doctoral Européen, 46 boulevard de la Victoire, 67000, Strasbourg, France.

13:00 - 14:45 Lunch break (Jardin Intérieur - First floor)

14:45 - 17:00 Parallel Sessions II

Session II.1: External Imbalances (Room: Amphithéatre - Ground floor)

Chairman: Thomas COUDERT

• Alessandro BARATTIERI, Collegio Carlo Alberto and ESG UQAM, “Asymmetric Trade Liberal-

izations and Current Account Dynamics.” Discussant: Robert UNGER.

• Robert UNGER, Deutsche Bundesbank, “Asymmetric Credit Growth and Current Account Im-

balances in the Euro Area.” Discussant: Mariarosaria COMUNALE.

• Mariarosaria COMUNALE, Bank of Lithuania, “Euro-Dollar Polarization and Heterogeneity in

Exchange Rate Pass-Through Within the Euro Zone.” Discussant: Jamel SAADAOUI.

• Vincent DUWICQUET, Jacques MAZIER and Jamel SAADAOUI∗, University of Strasbourg, “In-

terest Rates, Eurobonds and Intra-European Exchange Rate Misalignments: the Challenge of

Sustainable Adjustments in the Eurozone.” Discussant: Alessandro BARATTIERI.

Session II.2: Fiscal Policy, Public Finance Sustainability (Room: Auditorium - Ground floor)

Chairman: Thierry BETTI

• Werner ROEGER, Lukas VOGEL∗, European Commission, “Do Fiscal Transfers Strengthen Risk

Sharing in Monetary Union? a Model-Based Analysis.” Discussant: Christos MAVRODIMI-

TRAKIS.

• Etienne FARVAQUE and Florence HUART∗, University of Lille 1, “Unemployment Insurance

System Design for the Euro Area: Where Do We Stand?” Discussant: Lukas VOGEL.

• Christos MAVRODIMITRAKIS, University of Athens, “Country-Specific Debt Stabilization and

the Common Monetary Policy in a Monetary Union: a Strategic Analysis.” Discussant: Paolo

D’IMPERIO.

• Paolo D’IMPERIO, Sapienza University of Rome, “Risk Sharing towards the European Fiscal

Union.” Discussant: Thierry BETTI.

Location: Collège Doctoral Européen, 46 boulevard de la Victoire, 67000, Strasbourg, France.

Session II.3: Monetary Policy and Financial Integration (Room: Salle de Séminaire - First floor)

Chairman: Moïse SIDIROPOULOS

• Ralf FENDEL and Christina STROBACH∗, De Nederlandsche Bank, “Regional Information

and Euro Area Monetary Policy: a Generalized Ordered Choice Approach.” Discussant: Olena

OGROKHINA.

• Olena OGROKHINA∗, María José LUENGO-PRADO and Bent E. SØRENSEN, Lafayette College,

“Price Adjustment During the Great Recession Inside and Outside the Eurozone.” Discussant:

Christina STROBACH.

• Matteo BONDESAN, University of Turin, “The Bank Lending Channel in Monetary Transmis-

sion in the Euro Area: Evidence from Bayesian VAR Analysis.” Discussant: Marine ANDRÉ.

• Marine ANDRÉ∗ and Meixing DAI, University of Strasbourg, “Central Bank Accountability Un-

der Adaptive Learning.” Discussant: Matteo BONDESAN.

17:00 - 17:30 Coffee break (Jardin Intérieur - First floor)

17:30 - 18:30 Plenary session III

Gunther SCHNABL, IEP, University of Leipzig

The New Normal in the European Monetary Policy

(Room: Amphithéatre - Ground floor)

18:30 - 18:45 Closing remarks and information about special issue

20:00 - 22:00 Conference dinner (Bateaux de l’Ill)

Location: Collège Doctoral Européen, 46 boulevard de la Victoire, 67000, Strasbourg, France.

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Location: Collège Doctoral Européen, 46 boulevard de la Victoire, 67000, Strasbourg, France.

Participant list

1 Ansgar BELKE University of Duisburg-Essen2 Géraldine DEL FABBRO University of Strasbourg3 Jane LOEGEL University of Strasbourg4 Virginie GOTHIE University of Strasbourg5 Catherine MATHIEU OFCE6 Henri STERDYNIAK OFCE7 Mauro NAPOLETANO OFCE8 Hanno DIHLE University of Freiburg9 Peter CLAEYS Vrije Universiteit Brussel10 Borek VASICEK Czech National Bank and European Commission11 Antonio AFONSO University of Lisbon12 Jean-Bernard CHATELAIN Paris School of Economics13 Nicolas MAZUY University of Strasbourg14 Moïse SIDIROPOULOS University of Strasbourg15 Vivien DJIAMBOU UCL16 Florence HUART University of Lille 117 Thomas COUDERT University of Strasbourg18 Thierry BETTI University of Strasbourg19 Julia BACHTROGLER Vienna University of Economics and Business20 Alessandro BARATTIERI College Carlo Alberto and ESG UQAM21 Robert UNGER Deutsche Bundesbank22 Mariarosaria COMUNALE Bank of Lithuania23 Jacques MAZIER University of Paris North24 Vincent DUWICQUET University of Lille 125 Jamel SAADAOUI University of Strasbourg26 Lukas VOGEL European Commission27 Christos MAVRODIMITRAKIS University of Athens28 Paolo D’IMPERIO Sapienza University of Rome29 Christina STROBACH De Nederlandsche Bank30 Olena OGROKHINA Lafayette College31 Matteo BONDESAN University of Turin32 Marine ANDRE University of Strasbourg33 Gunther SCHNABL University of Leipzig34 Giuseppe DIANA University of Strasbourg35 Francesco DE PALMA University of Strasbourg36 Amélie BARBIER-GAUCHARD University of Strasbourg37 Athanasios P. PAPADOPOULOS University of Crete38 Rafael MENTGES University of Freiburg

Location: Collège Doctoral Européen, 46 boulevard de la Victoire, 67000, Strasbourg, France.