logo_50ans_process_blue3rd ERMEES Macroeconomics Workshop 2019

“20 Years of the Euro :Paths for the Future ?”

Friday December 13, 2019, Strasbourg

The University of Strasbourg, the Bureau d’Economie Théorique et Appliquée and the ERMEES research team are delighted to announce a one-day macroeconomics workshop to be held on Friday December 13, 2019 in Strasbourg.

The main purpose of this workshop is to produce high quality debates to learn from past experience and draw some perspectives for a better future in the Eurozone. We invite paper submission on various topics; both empirical and theoretical papers are welcome. Paper topics include:

  • Monetary policy, optimal currency area
  • Banking system, financial integration, financial stability
  • Fiscal policy and public finance, fiscal federalism, fiscal discipline, Eurozone budget
  • Policy mix
  • Transmission channels of economic policy
  • Internal and external imbalances
  • Structural heterogeneities between EU or EMU member countries
  • Convergence and growth issues
  • Business cycle
  • Labor markets and social cohesion

Participants are expected to prepare a 5 minutes discussion on another paper within the session. All presentations and discussions will be in English.

Keynote speaker: Antonio Afonso (Lisbon School of Economics and Management, University of Lisbon), Hubert Kempf (Ecole Normale Supérieure de Cachan)

pdf-logo  Call_for paper ERMEES

Local Organization

Scientific Committee:

Amélie Barbier-Gauchard (BETA, University of Strasbourg)

Francesco de Palma (BETA, University of Strasbourg)

Meixing Dai (BETA, University of Strasbourg)

Moïse Sidiropoulos (BETA, University of Strasbourg)

Jamel Trabelsi (BETA, University of Strasbourg).

Organization Committee:

Marine André (BETA, University of Strasbourg)

Amélie Barbier-Gauchard (BETA, University of Strasbourg)

Kéa Baret (BETA, University of Strasbourg)

Francesco de Palma (BETA, University of Strasbourg)

Benoit Dicharry (BETA, University of Strasbourg)

Meixing Dai (BETA, University of Strasbourg)

Moïse Sidiropoulos (BETA, University of Strasbourg)

Agathe Simon (BETA, University of Strasbourg)

Yann Thommen (BETA, University of Strasbourg)

Jamel Trabelsi (BETA, University of Strasbourg).

For any further information:

Submission procedure

Submission Procedure:

Full papers should be submitted by email to Papers should mention: title of communication, name(s) of the author(s), affiliation, corresponding author’s e-mail address, postal address, telephone number.

Important dates:

  • Before May 24, 2019: Authors are invited to send their contributions before the submission deadline.
  • By June 17, 2019: Authors will be informed of the decision of the scientific committee.
  • By June 30, 2019: Authors have to confirm their participation.
  • On December 13, 2019: Day of the ERMEES Macroeconomics Workshop 2019.

Registration fees: There will be no registration fees for intervening participants. For non intervening participants, fees are 50 €.

Workshop Program

3rd ERMEES Macroeconomics Workshop – Friday December 13th, 2019

 Collège doctoral européen – 48 boulevard de la Victoire – Strasbourg – FRANCE



8:30 – 9:00 Registration and Welcome Coffee (Jardin Intérieur – first floor)

 9:00 – 9:15 Opening speech Moise SIDIROPOULOS

9:15 – 10 :30 Plenary session: António Afonso (ISEG-Lisbon School of Economics and Management, University of Lisbon)(Amphithéatre – Ground floor)

 10:30 – 11:00 Coffee break (Jardin Intérieur – First floor)

 11 :00 – 12 :30 Parallel Sessions (1h30)

Session 1a – Monetary Policy I

chairman: Meixing DAI,  Amphitheater – Ground floor

  • Maximilian HORST, The Impact of Quantitative Easing on Bank Loan Supply and Monetary Policy Implementation in the Euro Area, Reviewer: Aristea VIDRA
  • Christophe BLOT, Inside the black box of the transmission of monetary policy in the Euro area: explaining heterogeneity, Reviewer: Maximilian HORST
  • Aristea VIDRA, Investigating the effect of monetary policy on intermediation margin, output and inflation at zero-lower bound: Evidence from a PVAR analysis in Euro Area, Reviewer: Christophe BLOT

Session 1b – Fiscal Policy I

chairman: Thierry BETTI,  Auditorium- Ground floor

  • Kéa BARET, Effectiveness of fiscal performance in the EU: Contributions of Propensity Score Matching, Reviewer: Patrick GRUNING
  • Benoit DICHARRY, How to Make EMU More Synchronous? Role of ESI funds in Merging Europe, Reviewer: Kéa BARET
  • Patrick GRUNING, Estimated Fiscal DSGE Model for Latvia, Reviewer: Benoit DICHARRY

Session 1c – Labour market

chairman: Francesco DE PALMA,  Salle de Séminaire – First floor

  • Kristina SARGENT, International Migration: Unemployment Differences and Costs to Move, Reviewer: Povilas LASTAUSKAS
  • Xakousti CHRYSANTHOPOULOU, Monetary and labor interactions in an open economy, Reviewer: Kristina SARGENT
  • Povilas LASTAUSKAS, Does It Matter When Labor Market Reforms Are Implemented? The Role of the Monetary Policy, Reviewer: Xakousti CHRYSANTHOPOULOU

12:30 – 14:00 Lunch break (Jardin Intérieur – First floor)

14 :00 – 15 :15 Plenary session : Hubert Kempf (École Normale Supérieure, Cachan) (Amphithéâtre – Ground floor)

  15 :15 – 16 :45 Parallel Sessions (1h30)

Session 2a – Monetary Policy II

chairman: Moïse SIDIROPOULOS,  Amphitheater – Ground floor

  • Christos MAVRODIMITRAKIS, Debt Stabilisation and Financial Stability in a Monetary Union: Market vs. Authority-based Preventive Solutions, Reviewer: Salima OUERK
  • Hamza BENNANI, Does a Sentiment Shock Help to Predict Monetary Policy: Evidence from the ECB, Reviewer: Christos MAVRODIMITRAKIS
  • Salima OUERK, Unconventional monetary policy in the Euro Area: Shadow rates and light effects, Reviewer: Hamza BENNANI

Session 2b – International Economics

chairman: Jamel TRABELSI,  Auditorium- Ground floor

  • Bas VAN AARLE, Effects of Brexit on the Irish economy: Estimates from a stylized macroeconomic model, Reviewer:  Lukas VOGEL
  • Lukas VOGEL, The role of domestic versus foreign drivers for external (im)balances of euro area countries, Reviewer: Borek VASICEK
  • Borek VASICEK, Determinants of macroeconomic resilience in the euro area:  An empirical assessment of policy levers, Reviewer: Bas VAN AARLE

Session 2c – Growth and cycles

chairman: Samuel LIGONNIERE,  Salle de Séminaire – First floor

  • Markus EPP and Anastasia GOLUBEVA, Uncertainty and Hysteresis, Reviewer: Fabio MILANI
  • Fabio MILANI, Evolving Beliefs and Animal Spirits in the Euro Area, Reviewer: Michaela SCHMOLLER
  • Michaela SCHMOLLER, Stagnant wages, sectoral misallocation and slowing productivity growth, Reviewers: Markus EPP and Anastasia GOLUBEVA

 16:45 – 17:15 Coffee break (Jardin Intérieur – First floor)

17:15 – 18:15 Parallel Sessions (1h30)

Session 3a – Financial Issues

chairman: Aristomène VAROUDAKIS,  Amphitheater – Ground floor

  • Robert UNGER, Revisiting the finance and growth nexus – A deeper look at sectors and instruments, Reviewer: Thanassis KAZANAS
  • Thanassis KAZANAS, An open economy forward looking threshold monetary policy rule model: Evidence from Japan, Reviewer: Robert UNGER

Session 3b – Fiscal Policy II

chairman: Jamel SAADAOUI,  Auditorium- Ground floor

  • Henri STERDYNIAK, Euro area macroeconomics – where do we stand 20 years later?, Reviewer: Piotr STANEK
  • Piotr STANEK, Twin Deficits Revisited: a role for fiscal institutions?, Reviewer: Henri STERDYNIAK

18:15 – 18:30 Closing remarks: Moïse SIDIROPOULOS


Macroeconomics Workshop (Strasbourg) will take place at Collège Doctoral Européen (CDE), located in the campus of University of Strasbourg. This link explains how to get to the College.

Collège Doctoral Européen 

46 Boulevard de la Victoire, 67000 Strasbourg

03 68 85 17 13

  • By Train:

From Train Station (Gare Centrale): Take the tram C into the direction “Neuhof Rodolphe Reuss” and stop at the station “Observatoire”. Please, see city Map.

  • Taxi Information:

The company taxi 13 Phone: + 33 (0)3 88 36 13 13

  • From Entzheim Airport:

From Strasbourg-Entzheim Airport: Take the train from the airport to the central Train Station, for further informations . Take the tram C into the direction “Neuhof Rodolphe Reuss” and stop at the station “Observatoire”.

  • From Karlsruhe Baden Airpark:

Take Bus line 205 to Baden-Baden Train station and take the train to Strasbourg Gare Centrale. Shuttles are also available from Baden-Baden Airpark to Strasbourg – Place Austerlitz (see

  • Other possibilities:

From Basel-Mulhouse Airport or Frankfurt International Airport with correspondence by train or bus to Strasbourg

  • Further details about public transport:

Compagnie des Transports Strasbourgeoise :

  • Support and Assistance: 

In case of troubles or urgent help is needed, please contact one of the organizers:

Tel: +33 (0)3 68 85 20 78 (Amélie Barbier-Gauchard)

Tel: +33 (0)3 68 85 21 79 (Jamel Saadaoui)

Tel: +33 (0)3 68 85 20 69 (Secretary)


You will find here different ways to book a room.

1 quai de Paris, Strasbourg
Tél : 03 88 15 17 17
Fax : 03 88 15 17 15
E-Mail :

Hôtel de France, BEST WESTERN***
20 rue du Jeu des Enfants, Strasbourg
Tél : 03 88 32 37 12
Fax : 03 88 22 48 08
E-Mails : ;
Website :

HOTEL MERCURE Strasbourg Seant-Jean Petite France
3, rue du Maire Kuss, Strasbourg
Tél : 03 88 32 80 80
Fax : 03 88 23 05 39
E-Mail :

2 rue Thiergarten, Strasbourg
Tél : 03 88 32 71 88
Fax : 03 88 32 22 01
E-Mail :

14 rue du Maire Kuss, Strasbourg
Tél : 03 88 22 60 40
Fax : 03 88 32 22 25
E-Mail :

Hôtel de L’ILL**
8 rue des Bateliers, Strasbourg
Tél : 03 88 36 20 01
Fax : 03 88 35 30 03
Website :

14 rue du Maire Kuss, Strasbourg
Tél : 03 88 22 60 40
Fax : 03 88 32 22 25
E-Mail :

Appart’Hôtel CITADINES Strasbourg Kléber
50 54 rue du Jeu des Enfants, Strasbourg
E-Mail :

4,rue des Francs-Bourgeois, Strasbourg
Tél : 03 88 32 08 60
web site :

7, rue de Zurich, Strasbourg
Tél : 03 88 36 56 95
web site :

6,rue de Bitche
Tél : 03 88 24 81 24
web site :