IMPORTANT DATES
  • Conference Registration
  • Before June 14th, 2018

  • Hotel Reservation
  • Before June 14th, 2018

  • Paper Submission
  • Before February 28th, 2018

2018 China International Conference in Macroeconomics Conference Program


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

 

The Leased Capital Premium

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, June 23, 10:00 am - 11:45 rnam                                                                                                        

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: Jinhui Bai, Associate Professor of Economics, Washington State University; Visiting Professor, Tsinghua University; Conference Secretary 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: Justinrn 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

 

劳动力老龄化与服务业——工业相对结构变化

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

 

要素市场化改革与供需结构错配

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

 

中国特色土地制度与中国经济增长

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

 

流动性冲击下的银行间市场利率波动

黄志刚,中央财经大学

评论人芦东,中国人民大学

 

经济“脱实向虚与最优货币政策

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, Samuel Candler Dobbs Professor of Economics, Emory University; Executive Director, Center for Quantitative Economic Research, Federal Reserve Bank 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