PROGRAM DETAILS
Friday, June 22, 2018, 6:00 pm - 7:30 pm
Conference Reception- Shenyang Ballroom, 7/F, Liaoning International Hotel
Saturday, June 23, 2018, 8:00 am - 9:45 am
China’s Macroeconomic Policy- Room 1-100,1/F Building 1, PBC School of Finance
Session Chair: Kang Shi, The Chinese University of Hong Kong
Optimal Capital Account Liberalization in China
Zheng Liu, Federal Reserve Bank of San Francisco
Mark Spiegel, Federal Reserve Bank of San Francisco
Jingyi Zhang, Shanghai Advanced Institute of Finance
Discussant: Vivian Yue, Emory University and Federal Reserve Bank of Atlanta
Impacts of Monetary Stimulus on Credit Allocation and Macroeconomy: Evidence From China
Kaiji Chen, Emory University
Patrick Higgins, Federal Reserve Bank of Atlanta
Daniel Waggoner, Federal Reserve Bank of Atlanta
Tao Zha, Emory University and Federal Reserve Bank of Atlanta
Discussant: Mark M. Spiegel, Federal Reserve Bank of San Francisco
Credit Allocation under Economic Stimulus: Evidence from China
Lin William Cong, University of Chicago
Haoyu Gao, Central University of Finance and Economics
Jacopo Ponticelli, Northwestern University
Xiaoguang Yang, Chinese Academy of Sciences
Discussant: Xiaodong Zhu, University of Toronto
Saturday, June 23, 8:00 am - 9:45 am
Firm and Labor Markets- Room 1-200, 2/F Building 1, PBC School of Finance
Session Chair: Jenny Juanyi Xu,The Hong Kong University of Science and Technology
Firm Growth through New Establishments
Dan Cao, Georgetown University
Toshihiko Mukoyama, Georgetown University
Erick Sager, Bureau of Labor Statistics
Discussant: Min Ouyang, Tsinghua University
The Efficiency of Surplus Sharing in Sequential Labor and Goods Markets
Nicolas Petrosky-Nadeau, Federal Reserve Bank of San Francisco
Etienne Wasmer, Sciences Po
Philippe Weil, Université libre de Bruxelles
Discussant: Guannan Luo, City University of Hong Kong
Job Search under Debt: Aggregate Implications of Student Loans
Yan Ji, The Hong Kong University of Science and Technology
Discussant: Pedro Silos, Temple University
Saturday, June 23, 2018, 10:00 am - 11:45 am
Macro Corporate Finance- Room 1-100, 1/F Building 1, PBC School of Finance
Session Chair: Jiao Shi, Peking University HSBC Business School
Contracting Frictions with Managers, Financial Frictions, and Misallocation
Chaoran Chen, National University of Singapore
Ashique Habib, IMF
Xiaodong Zhu, University of Toronto
Discussant: Michael Zheng Song, The Chinese University of Hong Kong
Corporate Governance, Managerial Compensation, and Disruptive Innovations
Murat Alp Celik, University of Toronto
Xu Tian, University of Toronto
Discussant: Di Li, Peking University HSBC Business School
Kai Li, The Hong Kong University of Science and Technology
Chi-Yang Tsou, The University of Hong Kong
Discussant: Jake Zhao, Peking University HSBC Business School
Saturday,rn June 23, 10:00 am - 11:45 am
Inequality in Macroeconomics- Room 1-200, 2/F Building 1, PBC School of Finance
Session Chair: Shenghao Zhu, University of International Business and Economics
Intangibles, Inequality and Stagnation
Nobuhiro Kiyotaki, Princeton University
Shengxing Zhang, The London School of Economics and Political Science
Discussant: Jinhui Bai, Tsinghua University and Washington State University
The Dynamics of the Racial Wealth Gap
Dionissi Aliprantis, Federal Reserve Bank of Cleveland
Daniel Carroll, Federal Reserve Bank of Cleveland
Eric Young, University of Virginia
Discussant: Zhigang Feng, University of Nebraska at Omaha
The Welfare and Distributional Effects of Fiscal Volatility: a Quantitative Evaluation
Ruediger Bachmann, University of Notre Dame
Jinhui Bai, Tsinghua University and Washington State University
Minjoon Lee, Carleton University
Fudong Zhang, Tsinghua University
Discussant: Toshihiko Mukoyama, Georgetown University
Saturday, June 23, 2018, 12:00 pm - 1:00 pm
Conference Lunch- Cafeteria, B1/F Building 3, PBC School of Finance
Saturday, June 23, 2018, 1:00 pm - 1:05 pm
Welcome Speech- Room 3-300, 3/F Building 3, PBC School of Finance
Moderator: Jinhui Bai, Associate Professor of Economics, Washington State University; Visiting Professor, Tsinghua University; Conference Secretary General, China Forum of Macroeconomic Research
Speaker: Jianjun Miao, Professor of Economics, Boston University; President, China Forum of Macroeconomic Research
Saturday, June 23, 2018, 1:05 pm - 1:15 pm
Best Papers Awards Ceremony- Room 3-300, 3/F Building 3, PBC School of Finance
Moderator:rn Jinhui Bai, Associate Professor of Economics, Washington State rnUniversity; Visiting Professor, Tsinghua University; Conference rnSecretary General, China Forum of Macroeconomic Research
Award Presenter: Hao Zhou, Associate Dean and Unigroup Chair Professor of Finance, Tsinghua University PBC School of Finance
Saturday, June 23, 2018, 1:15 pm - 2:15 pm
Keynote Speech- Room 3-300, 3/F Building 3, PBC School of Finance
Moderator: Jianjun Miao, Professor of Economics, Boston University; President, China Forum of Macroeconomic Research
Speaker: Thomas Sargent, William Berkley Professor of Economics, New York University; Professor of Economics, Peking University HSBC Business School; 2011 Nobel Laureate in Economics
Speech: Risk Aversion or Mistaken Beliefs
Saturday, June 23, 2018, 2:15 pm - 3:15 pm
Keynote Speech- Room 3-300, 3/F Building 3, PBC School of Finance
Moderator: Hao Zhou, Associate Dean and Unigroup Chair Professor of Finance, Tsinghua University PBC School of Finance
Speaker: Justin Yifu Lin, Dean, Institute of New Structural Economics; Dean, Institute of South-South Cooperation and Development; Professor and Honorary Dean, National School of Development, Peking University
Speech: New Structural Economics and Some of Its Insights for Macroeconomics
Saturday, June 23, 2018, 3:30 pm - 5:15 pm
Policy Symposium- Room 3-300, 3/F Building 3, PBC School of Finance
Moderator: Jiandong Ju, Unigroup Chair Professor of Finance, Tsinghua University PBC School of Finance
Panelists:
Zheng Liu, Senior Research Advisor and Director, Federal Reserve Bank of San Francisco
Mark Spiegel, Vice President, Federal Reserve Bank of San Francisco
Hao Zhou, Associate Dean and Unigroup Chair Professor of Finance, Tsinghua University PBC School of Finance
Shang-Jin Wei, N.T. Wang Professor of Chinese Business and Economy, Columbia University
Yi Wen, Assistant Vice President, Federal Reserve Bank of St Louis
Saturday, June 23, 2018, 5:30 pm - 7:00 pm
Conference Dinner- Cafeteria, B1/F Building 3, PBC School of Finance
Sunday, June 24, 2018, 8:00 am - 9:45 am
Asset Bubbles- Room 1-100, 1/F Building 1, PBC School of Finance
Session Chair: Guangyu Nie, Shanghai University of Finance and Economics
Recurrent Bubbles, Economic Fluctuations, and Growth
Pablo Guerron-Quintana, Boston College
Tomohiro Hirano, The University of Tokyo
Ryo Jinnai, Hitotsubashi University
Discussant: Bo Zhao, Peking University
Asset Bubbles and Monetary Policy
Feng Dong, Shanghai Jiao Tong University
Jianjun Miao, Boston University
Pengfei Wang, The Hong Kong University of Science and Technology
Discussant: Kosuke Aoki, University of Tokyo
Risky Bubbles, Public Debt and Monetary Policies
Tomohiro Hirano, The University of Tokyo
Daisuke Ikeda, The Bank of England
Toan Phan, The Federal Reserve Bank of Richmond
Discussant: Jing Zhou, Fudan University
Sunday, June 24, 8:00 am - 9:45 am
中国增长与结构变迁- Room 1-200, 2/F Building 1, PBC School of Finance
分会场主席：黄乃静，中央财经大学
茅锐，浙江大学
徐建炜，北京师范大学
邹静娴，中国人民大学
评论人：严成樑，中央财经大学
徐朝阳，对外经济贸易大学
白艳，罗切斯特大学
王韡，对外经济贸易大学
评论人：张斌，中国社会科学院
刘凯，中国人民大学
评论人：杨欣桐，首都经贸大学
Sunday, June 24, 2018, 10:00 am - 11:45 am
International Macro- Room 1-100, 1/F Building 1, PBC School of Finance
Session Chair: Jian Wang, The Chinese University of Hong Kong, Shenzhen
Household Saving, Financial Constraints, and the Current Account in China
Ayşe İmrohoroğlu, University of Southern California
Kai Zhao, The University of Connecticut
Discussant: Yan Bai, University of Rochester
Growth and Welfare Gains from Financial Integration under Uncertainty
Yulei Luo, The University of Hong Kong
Jun Nie, Federal Reserve Bank of Kansas City
Eric R. Young, University of Virginia
Discussant: Jianjun Miao, Boston University
Knowledge Diffusion, Trade and Innovation across Countries and Sectors
April Jie Cai, Shanghai University of Finance and Economics
Nan Li, International Monetary Fund
Ana Maria Santacreu, Federal Reserve Bank of St. Louis
Discussant: Dan Lu, University of Rochester
Sunday, June 24, 10:00 am - 11:45 am
中国货币政策- Room 1-200, 2/F Building 1, PBC School of Finance
分会场主席：李戎，中国人民大学
房地产企业融资、影子银行与中国货币政策信贷传导——来自中国委托贷款的实证研究
杜立，华中科技大学
黄晓东，范德堡大学
钱雪松，华中科技大学
评论人：陈凯迹，埃默里大学
黄志刚，中央财经大学
评论人： 芦东，中国人民大学
彭俞超，中央财经大学
沈吉，北京大学
郭豫媚，中央财经大学
评论人：彭涛，西南财经大学
Sunday, June 24, 2018, 12:00 pm - 1:00 pm
Conference Lunch- Cafeteria, B1/F Building 3, PBC School of Finance
Sunday, June 24, 2018, 1:00 pm - 2:00 pm
Keynote Speech- Room 3-300, 3/F Building 3, PBC School of Finance
Moderator: Jianjun Miao, Professor of Economics, Boston University; President, China Forum of Macroeconomic Research
Speaker: Tao Zha, Samuelrn Candler Dobbs Professor of Economics, Emory University; Executive rnDirector, Center for Quantitative Economic Research, Federal Reserve rnBank of Atlanta
Sunday, June 24, 2018, 2:15 pm - 4:00 pm
Monetary Economics- Room 1-100, 1/F Building 1, PBC School of Finance
Session Chair: Ji Zhang, Tsinghua University
Active Monetary or Fiscal Policy and Stock-Bond Correlation
Erica Li, Cheung Kong Graduate School of Business
Ji Zhang, Tsinghua University
Hao Zhou, Tsinghua University
Discussant: Pengfei Wang, The Hong Kong University of Science and Technology
Regional Liquidity Shocks, Financial Markets, and Central Bank Policy
Pamela Labadie, George Washington University
Discussant: Ji Huang, National University of Singapore
On Targeting Frameworks and Optimal Monetary Policy
Martin Bodenstein, Federal Reserve Board
Junzhu Zhao, Nanjing Audit University
Discussant: Yulin Liu, ETH Zurich
Sunday, June 24, 2:15 pm - 4:00 pm
Production Networks- Room 1-200, 2/F Building 1, PBC School of Finance
Session Chair: Yong Wang, Peking University
Industrial Policies in Production Networks
Ernest Liu, Princeton University
Discussant: Feng Dong, Shanghai Jiao Tong University
Cyclical Dynamics of Trade Credit with Production Networks
Wukuang Cun, University of Southern California
Vincenzo Quadrini, University of Southern California
Junjie Xia, Peking University
Discussant: Xican Xi, Fudan University
Production Network and International Fiscal Spillovers
Michael B. Devereux, University of British Columbia
Karine Gente, Aix-Marseille University
Changhua Yu, Peking University
Discussant: April Jie Cai, Shanghai University of Finance and Economics
Sunday, June 24, 2018, 4:15 pm - 6:15 pm
Financial Intermediation- Room 1-100, 1/F Building 1, PBC School of Finance
Session Chair: Shiyuan Pan, Zhejiang University
Search-Based Endogenous Asset Liquidity and the Macroeconomy
Wei Cui, University College London
Soren Radde, European Central Bank
Discussant: Yi Wen, Federal Reserve Bank of St Louis
The Real Effects of Entrusted Lending in China
Qi Sun, Shanghai University of Finance and Economics
Discussant: Hao Wang, Tsinghua University
The Consumer Credit Channel of Monetary Policy
Wenlan Luo, Tsinghua University
Discussant: Bingbing Dong, Central University of Finance and Economics
Cycles of Credit Expansion and Misallocation: The Good, The Bad and The Ugly
Feng Dong, Shanghai Jiao Tong University
Zhiwei Xu, Shanghai Jiao Tong University
Discussant: Chao He, Shanghai University of Finance and Economics
Sunday, June 24, 4:15 pm- 6:15 pm
Firm Pricing and Investment- Room 1-200, 2/F Building 1, PBC School of Finance
Session Chair: Yi Huang, Graduate Institute of Geneva
Sticky Prices and the Value of Public Information: What Can Financial Markets Tell Us?
Jin Xie, The Chinese University of Hong Kong
Jenny Juanyi Xu, The Hong Kong University of Science and Technology
Discussant: Laura Xiaolei Liu, Peking University
Minimum Wage and Corporate Investment
Heng Geng, Victoria University of Wellington
Yi Huang, Graduate Institute of Geneva
Chen Lin, The University of Hong Kong
Sibo Liu, The University of Hong Kong
Discussant: Yao Lu, Tsinghua University
Financial Frictions, Investment and Tobin’s Q
Dan Cao, Georgetown University
Guido Lorenzoni, Northwestern University
Karl Walentin, Sveriges Riksbank
Discussant: Yicheng Wang, University of Oslo
Investment under Rational Inattention: Evidence from US Sectoral Data
Peter Zorn, University of Munich
Discussant: Yulei Luo, The University of Hong Kong
Saturday, June 24, 6:30 pm - 7:45 pm
Conference Dinner- Cafeteria, B1/F Building 3, PBC School of Finance