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The Implications of European Integration

May 15 - 16, 2008

The Research Division of the Federal Reserve Bank of St. Louis and the The European Union Studies Association (Economics Section) will co-host a two-day workshop on the Implications of European Integration, May 15-16, 2008.

Attendance is by invitation only. To request to be invited, please contact Dan Thornton at daniel.l.thornton@stls.frb.org.

Thursday, May 15

Welcome
James Bullard, President, Federal Reserve Bank of St. Louis

Session I: Business Cycles and European Integration
Chair: David G. Mayes, University of Auckland and Bank of Finland
Discussant: Silvio Contessi, Federal Reserve Bank of St. Louis

"Currency Union, Free-Trade Areas, and Business Cycle Synchronization"
Pierangelo De Pace, The Johns Hopkins University

"Analyzing Convergence and Synchronicity of Business and Growth Cycles in the Euro Area using Cross Recurrence Plots"
Patrick M. Crowley, Texas A&M University – Corpus Christi

Session II: Globalization and the EU
Chair: Ivo Maes, National Bank of Belgium
Discussant: Benedicta Marzinotto, Università degli Studi di Udine

"Trade Performance and Structural Competitiveness Developments in the Euro Area: Are Member States Equipped to Meet the Globalisation Challenges of the 21st Century?"
Olivia Galgau, EU Commission (with Adriaan Dierx, Fabienne Ilzkovitz, and Karolina Leib, EU Commission)

"Europeanization or Globalization? Transnational Wage Bargaining and the Distribution of Activity in European Labor Markets"
Andrew Hughes Hallett, George Mason University (with Maria Demertzis, De Nederlandsche Bank and University of Amsterdam, and Nicolien Schermer, University of Amsterdam)

Session III: ECB Monetary Policy and Its Effects
Chair: David Lutton, Strathclyde University
Discussant: Olivia Galgau, European Commission

"Ten Years of European Monetary Union"
David Mayes, Bank of Finland and University of Auckland (with Matti Viren, Bank of Finland and University of Turku)

"Is M3 Still a Useful Indicator of Medium Term Inflation in the EU-27?"
Federico Guerrero, University of Nevada (with Vanessa Bangert, University of Reno)

Session IV: EU Financial Markets and Financial Integration
Chair: Slavi Slavov, Pomona College
Discussant: Don Bellante, University of South Florida

"A Single European Financial Market: a Progress Report After Half a Century"
Ivo Maes, National Bank of Belgium, Universite Catholique de Louvain, and University of Leuven

"Resolving the Unbiasedness and Forward Premium Puzzles"
Daniel L. Thornton, Federal Reserve Bank of St. Louis

"The Regulation of Hedge Funds at an EU Level: The US Sub-Prime Crisis in Context"
David Lutton, Strathclyde University

Friday, May 16

Session V: Capital Flows in Europe
Chair: Pierangelo De Pace, The Johns Hopkins University
Discussant: Andrew Hughes-Hallett, George Mason University

"Do Common Currencies Facilitate the Net Flow of Capital Among Countries?"
Slavi Slavov, Pomona College

"Do International Capital Flows Comove? Evidence from Europe"
Silvio Contessi, Federal Reserve Bank of St. Louis (with Pierangelo De Pace, The Johns Hopkins University)

Session VI: Fiscal Policy and the SGP
Chair: Patrick M. Crowley, Texas A&M University – Corpus Christi
Discussant: Federico Guerrero, University of Nevada

"Beyond Monetary Credibility: The Impact of Globalisation on the Output-Inflation Trade-Off in Euro-Area Countries"
Benedicta Marzinotto, Università degli Studi di Udine

"The EMU and Worsening Budgetary Balances: Fiscal Management or Fiscal Fatigue"
Jason Jones, University of North Carolina - Chapel Hill

Session VII: Governing EMU
Chair: Jana Grittersova, Cornell University
Discussant: Jason Jones, University of North Carolina - Chapel Hill

"Governing EMU Through Risk and Uncertainty: Governance in the Aftermath of the Stability and Growth Pact Crisis"
Bartholomew Paudyn, Carleton University

"Do All Fit One Size? An Evaluation of the ECB Policy Response to the Changing Economic Conditions in Euro Area Member States"
Patrick M. Crowley, Texas A&M University – Corpus Christi (with Jim Lee, Texas A&M University – Corpus Christi)


Schedule of Events and Participants (PDF)

Hotel Accomodations and Information (PDF)