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2019中国宏观经济国际年会会议议程



PROGRAM DETAILS


Thursday, June 20, 2019, 2:00 pm - 5:00 pm       

Conference Registration - Hotel Lobby, 1/F, Vienna Hotel

 

Friday, June 21, 2019, 8:00 am - 8:30 am       

Conference Registration - Lobby, 1/F, PHBS Building


Friday, June 21, 2019, 8:30 am - 10:15 am 

Chinese Macroeconomy - Room 323, PHBS Building

Session Chair: Jian Wang, The Chinese University of Hong Kong, Shenzhen

 

Is China Fudging its GDP Figures? Evidence from Trading Partner Data

John Fernald, Federal Reserve Bank of San Francisco

Eric Hsu, Federal Reserve Bank of San Francisco

Mark Spiegel, Federal Reserve Bank of San Francisco

Discussant: Michael Zheng Song, The Chinese University of Hong Kong

 

Misallocation and Trade Imbalance: Theory and Evidence from China

Yiyao He, Zhejiang University

Shiyuan Pan, Zhejiang University

Kang Shi, The Chinese University of Hong Kong

Jenny Juanyi Xu, The Hong Kong University of Science and Technology

Discussant: Jiandong Ju, Tsinghua University

 

Political Distortions and Infrastructure Networks in China: A Quantitative Spatial Equilibrium Analysis

Simon Alder, The University of North Carolina at Chapel Hill

Illenin Kondo, University of Notre Dame

Discussant: Yifan Zhang, The Chinese University of Hong Kong

 

Friday, June 21, 2019, 8:30 am - 10:15 am 

Firm and Labor Markets - Room 321, PHBS Building

Session Chair: Feng Dong, Shanghai Jiao Tong University

 

The Growth of Chinese R&D and Innovation

Xiaodan Gao, National University of Singapore

Jake Zhao, Peking University

Discussant: Xing Guo, University of Michigan

 

Skill Premium and Preferential Policy: The Case of China

Chong-En Bai, Tsinghua University

Qing Liu, Tsinghua University

Wen Yao, Tsinghua University

Discussant: Liugang Sheng, The Chinese University of Hong Kong

 

An Equilibrium Labor Market Model with Internal and External Referrals

Youze Lang, Shanghai University of Finance and Economics

Youzhi Yang, Shanghai University of Finance and Economics

Discussant: Min Zhang, East China Normal University

     

Friday, June 21, 2019, 10:15 am - 10:30 am

Group Photo - Lobby, PHBS Building

 

Friday, June 21, 2019, 10:45 am - 11:00 am

Welcome Speech - Room 509, PHBS Building

Moderator: Jinhui Bai, Associate Professor of Economics, Washington State University; Conference Secretary General, China Forum of Macroeconomic Research

Speakers: Wen Hai, Dean and Professor of Economics, Peking University HSBC Business School

Hao Zhou, Associate Dean and Unigroup Chair Professor of Finance, Tsinghua University PBC School of Finance

Jianjun Miao, Professor of Economics, Boston University; President, China Forum of Macroeconomic Research

 

Friday, June 21, 2019, 11:00 am - 12:00 pm

Keynote Speech - Room 509, PHBS Building

Moderator: Hao Zhou, Associate Dean and Unigroup Chair Professor of Finance, Tsinghua University PBC School of Finance

Speaker: Shang-Jin Wei, N.T. Wang Professor of Chinese Business and Economy, Columbia University

Speech: Monetary Policy in a World of Global Value Chains (joint with Yinxi Xie)

 

Friday, June 21, 2019, 12:00 pm - 1:00 pm                                                                                                          

Conference Lunch - Shangshufang, 1/F, PHBS Building              

           

Friday, June 21, 2019, 1:00 pm - 2:45 pm  

Housing and the Macroeconomy - Room 323, PHBS Building

Session Chair: Tao Zha, Emory University and Federal Reserve Bank of Atlanta

 

Real Estate Boom and Misallocation of Capital in China

Ting Chen, Hong Kong Baptist University

Laura Xiaolei Liu, Peking University

Wei Xiong, Princeton University

Li-An Zhou, Peking University

Discussant: Kaiji Chen, Emory University and Federal Reserve Bank of Atlanta

 

Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission

Sumit Agarwal, National University of Singapore

Yongheng Deng, University of Wisconsin-Madison

Quanlin Gu, Peking University

Jia He, Nankai University

Wenlan Qian, National University of Singapore

Yuan Ren, National University of Singapore

Discussant: Scott Baker, Northwestern University

 

A Theory of Housing Demand Shocks

Zheng Liu, Federal Reserve Bank of San Francisco

Pengfei Wang, The Hong Kong University of Science and Technology

Tao Zha, Emory University and Federal Reserve Bank of Atlanta

Discussant: Ernest Liu, Princeton University

 

Friday, June 21, 2019, 1:00 pm - 2:45 pm                                                                                                        

Growth and Development in China - Room 321, PHBS Building

Session Chair: Gang Gong, Yunnan University of Finance and Economics

 

Firm Life-Cycle Learning and Misallocation

Ying Feng, University of California, San Diego

Discussant: Jing Hang, Sun Yat-sen University

 

Targeted Subsidy and Capital (Mis)Allocation

Hanyi Tao, The Chinese University of Hong Kong

Discussant: Juliana Yu Sun, Singapore Management University

 

State Reform and China's Productivity Deceleration: Firm-level Evidence

Jorge Alvarez, The International Monetary Fund

Tuo Chen, Tsinghua University

Grace Li, International Monetary Fund

Discussant: Zi Wang, Shanghai University of Finance and Economics

 

Friday, June 21, 2019, 3:00 pm - 4:45 pm                                                                                                        

Inequality and Heterogeneity in Macroeconomics - Room 323 PHBS Building

Session Chair: Jinhui Bai, Washington State University and Tsinghua University

 

Flexible Retirement and Optimal Taxation

Abdou Ndiaye, Federal Reserve Bank of Chicago

Discussant: Jackie Kai Zhao, University of Connecticut

 

Capitalist Human Capital

Vincenzo Quadrini, University of Southern California

Qi Sun, Shanghai University of Finance and Economics

Yicheng Wang, University of Oslo

Discussant: Mi Luo, Emory University

 

MPC Heterogeneity in Europe: Sources and Policy Implications

Miguel Ampudia, European Central Bank

Russell Cooper, Pennsylvania State University

Julia Le Blanc, Deutsche Bundesbank

Guozhong Zhu, University of Alberta

Discussant: Chunzan Wu, University of Miami

 

Friday, June 21, 2019, 3:00 pm - 4:45 pm                                                                                                       

Growth and Structural Change - Room 321, PHBS Building

Session Chair: Laura Xiaolei Liu, Peking University

 

Low Interest Rates, Market Power, and Productivity Growth

Ernest Liu, Princeton University

Atif Mian, Princeton University

Amir Sufi, University of Chicago

Discussant: Shenzhe Jiang, Peking University

 

High-Skilled Services and Development in China

Lei Fang, Federal Reserve Bank of Atlanta

Berthold Herrendorf, Arizona State University

Discussant: Yang Tang, Nanyang Technological University

 

The Cyclical Behavior of Factor Shares

Michele Boldrin, Washington University in St. Louis

Yong Wang, Peking University

Lijun Zhu, Peking University

Discussant: Wei Jin, Tianjin University


Friday, June 21, 2019, 5:00 pm - 6:30 pm

Policy Panel - Room 509, PHBS Building

Moderator: Wen Hai, Dean and Professor of Economics, Peking University HSBC Business School

Panelists:

Haizhou Huang, Managing Director and Head of the Equities Department, China International Capital Corporation

Jiandong Ju, Unigroup Chair Professor of Finance, Tsinghua University PBC School of Finance

Zhiwei Zhang, Chief China Economist and Head of China Equity Strategy, Deutsche Bank AG Hong Kong Branch

Hao Zhou, Associate Dean and Unigroup Chair Professor of Finance, Tsinghua University PBC School of Finance

Haibin Zhu, Chief China Economist and Head of China Equity Strategy, J.P. Morgan

 

Friday, June 21, 2019, 6:30 pm                                                          

Departure for Dinner - Lobby, 1/F, PHBS Building

                                                                                     

Saturday, June 22, 2019, 9:00 am - 10:45 am 

Business Cycles - Room 323, PHBS Building

Session Chair: Pengfei Wang, The Hong Kong University of Science and Technology

 

Fiscal Multipliers and Financial Crises

Miguel Faria-e-Castro, Federal Reserve Bank of St. Louis

Discussant: Rong Li, Renmin University of China

 

Low-Frequency Fiscal Uncertainty

Zhao Han, College of William and Mary

Discussant: Fudong Zhang, Tsinghua University

 

The Great Stampede: Financial Crises and Unemployment Traps

Xiaodong Fan, University of New South Wales

Chao He, East China Normal University

Discussant: Marshall Urias, Peking University

                                                                                        

Saturday, June 22, 2019, 9:00 am - 10:45 am 

Robustness and Rational Inattention - Room 321, PHBS Building

Session Chair: Yuzhe Zhang, Texas A&M University and Peking University

 

Multivariate LQG Control under Rational Inattention in Continuous Time

Jianjun Miao, Boston University

Discussant: Yulei Luo, The University of Hong Kong

 

Rational Inattention and the Unemployment Trap

Martin Ellison, University of Oxford

Alistair Macaulay, University of Oxford

Discussant: Alexandre Kohlhas, Stockholm University

 

Ambiguity and Information Processing in a Model of Intermediary Asset Pricing

Leyla Jianyu Han, The University of Hong Kong

Kenneth Kasa, Simon Fraser University

Yulei Luo, The University of Hong Kong

Discussant: Jun Nie, Federal Reserve Bank of Kansas City

                                                                                       

Saturday, June 22, 2019, 11:00 am - 12:00 pm

Keynote Speech - Room 509, PHBS Building

Moderator: Thomas Sargent, William Berkley Professor of Economics, New York University; Professor of Economics, Peking University HSBC Business School; 2011 Nobel Laureate in Economics

Speaker: Lars Peter Hansen, David Rockefeller Distinguished Service Professor of Economics, University of Chicago; 2013 Nobel Laureate in Economics

Speech: Pricing Uncertainty Induced by Climate Change (joint with William A. Brock and Michael Barnett)

 

Saturday, June 22, 2019, 12:00 pm - 1:00 pm                                                                                                      

Conference Lunch - Shangshufang, 1/F, PHBS Building

                                                                                        

Saturday, June 22, 2019, 1:00 pm - 2:45 pm 

International Macro - Room 323, PHBS Building

Session Chair: Jiao Shi, Peking University

 

The Global Business Cycle: Measurement and Transmission

Zhen Huo, Yale University

Andrei Levchenko, University of Michigan

Nitya Pandalai-Nayar, The University of Texas at Austin

Discussant: Kang Shi, The Chinese University of Hong Kong

 

A Geographic Model with Capital Flow

Xiao Chen, Tsinghua University

Jiandong Ju, Tsinghua University

Discussant: Xiao Wang, University of Science and Technology of China

 

On the Optimal Design of a Financial Stability Fund

Arpad Abraham, European University Institute

Eva Carceles-Poveda, Stony Brook University

Yan Liu, Wuhan University

Ramon Marimon, European University Institute and UPF - Barcelona GSE

Discussant: Yan Bai, University of Rochester

                                                                                  

Saturday, June 22, 2019, 1:00 pm - 2:45 pm

银行信贷与中国货币政策 - Room 321, PHBS Building

分会场主席:潘士远,浙江大学

 

僵尸企业、信贷错配与宏观系统风险

许志伟,上海交通大学

 丰,上海交通大学

评论人:贾盾,中国人民大学

 

过桥贷款、金融风险与资源配置效率

彭俞超,中央财经大学

 ,北京大学

高昊宇,中央财经大学

评论人:杨光,南开大学

 

货币政策、宏观审慎监管与银行系统性风险承担

陈国进,厦门大学

蒋晓宇,厦门大学

赵向琴,厦门大学

评论人:郭豫媚,中央财经大学

 

Saturday, June 22, 2019, 3:00 pm - 4:45 pm 

Asset Pricing - Room 323, PHBS Building

Session Chair: Kai Li, The Hong Kong University of Science and Technology

 

Endogenous Price War Risks

Winston Wei Dou, University of Pennsylvania

Yan Ji, The Hong Kong University of Science and Technology

Wei Wu, Texas A&M University

Discussant: Tao Jin, Tsinghua University

 

Macro-Financial Volatility under Dispersed Information 

Jieran Wu, Zhejiang University

Jianjun Miao, Boston University

Eric Young, University of Virginia

Discussant: Kenneth Kasa, Simon Fraser University

 

Capital Heterogeneity, Time-To-Build, and Return Predictability

Ding Luo, City University of Hong Kong

Discussant: Yan Ji, The Hong Kong University of Science and Technology

 

Saturday, June 22, 2019, 3:00 pm - 4:45 pm 

Money and Banking - Room 321, PHBS Building

Session Chair: Yiyao He, Zhejiang University

 

Shadow Banking: China's Dual-Track Interest Rate Liberalization

Hao Wang, Tsinghua University

Honglin Wang, Hong Kong Monetary Authority

Lisheng Wang, The Chinese University of Hong Kong

Hao Zhou, Tsinghua University

Discussant: Wenlan Luo, Tsinghua University

 

A Unified Measure of Fed Monetary Policy Shocks

Chunya Bu, University of Rochester

John Rogers, Federal Reserve Board; Fudan University; Shanghai University of Finance and Economics

Wenbin Wu, Fudan University

Discussant: Xuguang Simon Sheng, American University

 

The Effects of News When Liquidity Matters

Chao Gu, University of Missouri

Han Han, Peking University

Randall Wright, University of Wisconsin-Madison

Discussant: Sylvia Xiaolin Xiao, Peking University

                                                                                                                                                                   

Saturday, June 22, 2019, 5:15 pm

Departure for Dinner - Lobby, 1/F, PHBS Building

                                                                                    

Sunday, June 23, 2019, 9:00am-10:45am 

Banking - Room 323, PHBS Building

Session Chair: Di Li, Peking University

 

Disruption of Long Term Bank Credit

Jonathan Payne, New York University

Discussant: Ji Huang, The Chinese University of Hong Kong

 

A Dynamic Theory of Learning and Relationship Lending

Yunzhi Hu, The University of North Carolina at Chapel Hill

Felipe Varas, Duke University

Discussant: Zongbo Huang, The Chinese University of Hong Kong, Shenzhen

 

Diversification and Systemic Bank Runs

Xuewen Liu, The Hong Kong University of Science and Technology

Discussant: Chao Gu, University of Missouri

                                                                                     

Sunday, June 23, 2019, 9:00 am - 10:45 am 

Monetary Policy - Room 321, PHBS Building

Session Chair: Shenghao Zhu, University of International Business and Economics

 

Global Effective Lower Bound and Unconventional Monetary Policy

Jing Cynthia Wu, University of Notre Dame

Ji Zhang, Tsinghua University

Discussant: Wenbin Wu, Fudan University

 

Fisherian Debt-Deflation Zero Lower Bound

Dan Cao, Georgetown University

Wenlan Luo, Tsinghua University

Guangyu Nie, Shanghai University of Finance and Economics

Discussant: Ji Zhang, Tsinghua University

 

Managing Expectation in the New Keynesian Model

Robert G. King, Boston University

Yang K. Lu, The Hong Kong University of Science and Technology

Discussant: Donghai Zhang, University of Bonn

 

Sunday, June 23, 2019, 11:00 am - 12:00 pm

Keynote Speech - Room 509, PHBS Building

Moderator: Jianjun Miao, Professor of Economics, Boston University; President, China Forum of Macroeconomic Research

Speaker: Mikhail Golosov, Homer J. Livingston Professor in Economics, University of Chicago

Speech: Inequality, Business Cycles, and Fiscal-Monetary Policy

 

Sunday, June 23, 2019, 12:00 pm - 12:15 pm

Best Papers Awards Ceremony - Room 509, PHBS Building

Moderator: Pengfei Wang, Professor of Economics, The Hong Kong University of Science and Technology

Award Presenter:

Wen Hai, Dean and Professor of Economics, Peking University HSBC Business School

Hao Zhou, Associate Dean and Unigroup Chair Professor of Finance, Tsinghua University PBC School of Finance

 

Sunday, June 23, 2019, 12:15 pm - 1:15 pm                                                                                                        

Conference Lunch - Shangshufang, 1/F, PHBS Building