IMPORTANT DATES
  • Paper Submission
  • Before February 28th, 2021
  • Decision Notification
  • Before April 15th, 2021

Note: The program is indicated in Beijing time, please carefully convert the time to your local time. For example:

Melbourne

Tokyo

Beijing

Moscow

Berlin

London

New York

Seattle

UCT+10

UTC + 9

UTC + 8

UTC + 3

UTC + 2

UTC + 1

UTC - 4

UTC - 7


PROGRAM SUMMARY

Monday, June 28                                        

08:00-08:25    Welcome Speech: Justin Yifu Lin, Peking University

08:25-08:40    Group Photo

08:40-11:00    Session 1: Growth, Development, and Chinese Economy

08:40-11:00    Session 2: Wealth and Consumption

14:00-15:00    Keynote Speech: Fabrizio Zilibotti, Yale University

15:00-16:45    Session 3: Growth and Development

17:00-18:45    Session 4: Migration

21:00-22:45    Session 5: Computational Methods for Heterogeneous Agent Model  

21:00-22:45    Session 6: Macro Finance I

Tuesday, June 29                                        

08:00-09:00    Keynote Speech: Ravi Bansal, Duke University

09:15-11:00    Session 7: International Macro

09:15-11:00    Session 8: International Finance and Crises

14:00-15:45    Session 9: Information in Macroeconomics

16:00-17:45    Session 10: Asset Pricing and Asset Bubble

20:00-21:00    Lecture Series: Jianjun Miao, Boston University

21:00-22:45    Session 11: Unconventional Fiscal and Monetary Policy 

21:00-22:45    Session 12: Macro Macro Finance II

Wednesday, June 30                                     

08:00-09:00    Lecture Series: Xiaodong Zhu, University of Toronto

09:15-11:00    Session 13: Banking and Monetary Policy: Perspectives from China 

09:15-11:00    Session 14: Networks

14:00-15:45    Session 15: Fintech

16:00-17:45    Session 16: Heterogeneity and Monetary Policy Transmission

19:00-21:20    Session 17: New Structural Economics  

19:00-21:20    Session 18: Firm and Labor Frictions  

21:20-21:30    Best Paper Award


PROGRAM DETAILS


Sunday, June 27, 202114:00 - 20:00        

Conference Registration Hotel Lobby, 1/F, Lakeview Hotel

 

Monday, June 28202107:30 - 08:00       

Conference RegistratioDaxuetang 4, B1/F, Lakeview Hotel

 

Monday, June 28, 202108:00 - 08:25

Welcome Speech - Daxuetang 4, The Lakeview Hotel & Zoom

Moderator: Yong Wang, Academic Deputy Dean and Associate Professor of Economics, Institute of New Structural Economics at Peking University

Speakers: Justin Yifu Lin, Peking University Boya Chair Professor; Dean, Institute of New Structural Economics at Peking University

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

 

Monday, June 28, 202108:25 - 08:40

Group Photo

 

Monday, June 28, 202108:40 - 11:00  

Growth, Development and the Chinese Economy - Daxuetang 4, Lakeview Hotel & Zoom

Session Chair: Zheng (Michael) Song, The Chinese University of Hong Kong


Preferential Credit Policy Under Vertical Production Linkage

Kaiji Chen, Emory University

Xuewen LiuThe University of Hong Kong

Zhikun LuEmory University

Yong WangPeking university

Discussant: Ernest Liu, Princeton University

 

College Expansion, Trade, and Innovation: Evidence from China

Xiao Ma, University of California, San Diego

Discussant: Jing HangSun Yat-sen University 


Growing through Competition: the Reduction of Entry Barriers among Chinese Manufacturing

Helu Jiang, Shanghai University of Finance and Economics

Yu ZhengQueen Mary University of London

Lijun ZhuPeking University

Discussant: Tuo Chen, Tsinghua University 

 

An Anatomy of the Patent Quality: China vs. US

Hanming Fang, University of Pennsylvania

Zheng (Michael) SongThe Chinese University of Hong Kong

Hanyi TaoShanghaiTech University

Yiran Zhang, The Chinese University of Hong Kong

Discussant: Pengfei HanPeking University

 

Monday, June 28, 2021, 08:40 - 11:00

Wealth and Consumption - Daxuetang 2, The Lakeview Hotel & Zoom

Session Chair: Yulei Luo, The University of Hong Kong


Getting Rich in China an Empirical and Structural Investigation of Wealth Mobility

Vincenzo QuadriniUniversity of South California

Qi SunLuohan Academy

Junjie XiaPeking University

Ting ZengSouthwest University of Finance and Economics

Discussant: Markus PoschkeMcGill University 

 

Accounting for Wealth Concentration in the US

Baris KaymakUniversity of Montreal

David LeungNational Taiwan University

Markus PoschkeMcGill University

Discussant: Xiaowen Lei, University of Oxford 

 

Mistakes in Future Consumption, High MPCs Now

Chen LianUC Berkeley

Discussant: Yu Zhang, Peking University

 

Income Risks and Optimal Attention-Consumption Allocation

Yulei LuoThe University of Hong Kong

Jun NieFederal Reserve Bank-Kansas City

Penghui YinShandong University

Discussant: Junjie GuoCentral University of Finance and Economics 

 

Monday, June 28, 2021, 11:30 - 12:30

Conference Lunch - Greenery Coffee, 1/F, Lakeview Hotel

 

Monday, June 28, 2021, 12:30 - 14:00                                                                                                         

Break


Monday, June 28, 2021, 14:00 - 15:00

Keynote Speech - Daxuetang 4, The Lakeview Hotel & Zoom

Moderator: Yong Wang, Academic Deputy Dean and Associate Professor of Economics, Institute of New Structural Economics at Peking University

Speaker: Fabrizio Zilibotti, Tuntex Professor of International and Development Economics, Yale University

Speech: From Imitation to Innovation: Where Is All That Chinese R&D Going?



Monday, June 28, 202115:00 - 16:45   

Growth and Development - Daxuetang 4, Lakeview Hotel & Zoom

Session Chair: Yong Wang, Peking University

 

Firm Dynamics and SOE Transformation During China's Economic Reform

Shijun Gu, Central University of Finance and Economics 

Chengcheng Jia, Federal Reserve Bank of Cleveland 

Discussant: Helu Jiang, Shanghai University of Finance and Economics 

 

Rule of Law, Economic Structure and Development

Roberto Samaniego, George Washington University

Juliana Yu Sun, Singapore Management University

Discussant: Yang Tang, Nanyang Technological University

 

Structural Change within the Services Sector, Baumol's Cost Disease, and Cross-Country Productivity Differences

Ali Sen, University of Hamburg

Discussant: Wen Yao, Tsinghua University

 

Monday, June 28, 2021, 17:00 - 18:45

Migration - Daxuetang 4, The Lakeview Hotel & Zoom

Session Chair: Jiandong Ju, Tsinghua University

 

Trade, Migration, and Pandemics Theory and Evidences from the United States

Xiao Chen, University of International Business and Economics

Hanwei Huang, The City University of Hong Kong

Jiandong Ju, Tsinghua University

Ruoyan Sun, University of Alabama at Birmingham

Jialiang Zhang, Tsinghua University

Discussant: Yang Jiao, Fudan University

 

Rural-Urban Migration, Structural Transformation, and Housing Markets in China

Carlos Garriga, Federal Reserve Bank of St. Louis

Aaron Hedlund, University of Missouri

Yang Tang, Nanyang Technological University

Ping Wang, Washington University in St. Louis

Discussant: Wei You, Peking University 

 

Migration Controls, Inequality, and Access to Educational Opportunities in China

Holger Sieg, University of Pennsylvania

Chamna Yoon, Korea Advanced Institute of Science and Technology

Jipeng Zhang, Southwestern University of Finance and Economics

Discussant: Rongsheng Tang, Shanghai University of Finance and Economics 

 

Monday, June 28, 202118:45 - 19:30                                                                                                           

Conference Dinner - Greenery Coffee, 1/F, Lakeview Hotel

 

Monday, June 28, 202119:30 - 21:00                                                                                                           

Break

 

Monday, June 28, 202121:00 - 22:45

Computational Methods for Heterogeneous Agent Models - Zoom

Session Chair: Jinhui BaiWashington State University and Peking University

 

Automated Solution of Heterogeneous Agent Models

David Childers, Carnegie Mellon University

Discussant: Michael Reiter, Institute for Advanced Studies (Vienna); New York University Abu Dhabi


Global DSGE Models

Dan Cao, Georgetown University

Wenlan Luo, Tsinghua University

Guangyu Nie, Shanghai University of Finance and Economics

Discussant: SeHyoun Ahn, Norges Bank


Pareto Extrapolation: An Analytical Framework for Studying Tail Inequality

Emilien Gouin-Bonenfant, Columbia University

Alexis Akira Toda, University of California at San Diego

Discussant: Shenghao Zhu, University of International Business and Economics 

 

Monday, June 28, 2021, 21:00 - 22:45

Macro Finance I Zoom

Session Chair: Yi Wen, Federal Reserve Bank of St. Louis

 

Information Acquisition and the Pre-Announcement Drift

Hengjie Ai, University of Minnesota

Ravi Bansal, Duke University

Leyla Jianyu Han, University of Hong Kong

Discussant: Jun Li, Shanghai Jiao Tong University


Credit Horizons

Nobuhiro Kiyotaki, Princeton University

John Moore, University of Edinburgh

Shengxing Zhang, London School of Economics

Discussant: Sichuang Xu, The Chinese University of Hong Kong, Shenzhen


Contagious Bubbles

Feng Dong, Tsinghua University

Zhen Huo, Yale University

Yi Wen, Federal Reserve Bank of St. Louis

DiscussantWei Cui, University of College London

 

Tuesday, June 29, 2021, 08:00 - 09:00

Keynote Speech - Daxuetang 4, The Lakeview Hotel & Zoom

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

Speaker: Ravi Bansal, J.B. Fuqua Professor of Finance and Economics, Duke University

Speech: Uncertainty-Induced Reallocations, Innovation, and Growth


 

Tuesday, June 29, 2021, 09:15 - 11:00

International Macro - Daxuetang 4, The Lakeview Hotel & Zoom

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


Inflation and Income Inequality in an Open Economy

Ruiyang Hu, University of Macau

Jian Wang, The Chinese University of Hong Kong, Shenzhen

Yibai Yang, University of Macau

Zhijie Zheng, Beijing Normal University at Zhuhai

Discussant: Xing Guo, Bank of Canada


Sudden Stop with Local Currency Debt

Siming Liu, Shanghai University of Finance and Economics

Chang Ma, Fudan University

Hewei Shen, University of Oklahoma 

Discussant: Jian Wang, The Chinese University of Hong Kong, Shenzhen 

 

Faking Trade for Capital Control Evasion: Evidence from Dual Exchange Rate Arbitrage in China

Renliang Liu, University of Guelph

Liugang Sheng, The Chinese University of Hong Kong

Jian Wang, The Chinese University of Hong Kong, Shenzhen

Discussant: Changhua Yu, Peking University

 

Tuesday, June 29, 2021, 09:15 - 11:00

International Finance and Crises - Daxuetang 2, The Lakeview Hotel & Zoom

Session Chair: Vivian Zhanwei Yue, Emory University and Federal Reserve Bank of Atlanta

 

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment

Arvind Krishnamurthy, Stanford University

Wenhao Li, USC Marshall School of Business

Discussant: Xiaolin (Sylvia) Xiao, Peking University 


The S-curve: Understanding the Dynamics of Worldwide Financial Liberalization

Nan Li, International Monetary Fund

Chris Papageorgiou, International Monetary Fund

Tong Xu, Southwestern University of Finance and Economics

Tao Zha, Emory University

Discussant: Jinfan Zhang, The Chinese University of Hong Kong, Shenzhen

 

International Equity and Debt Flows to Emerging Market Economies: Composition, Crises, and Controls

Chang Ma, Fudan University

Shang-Jin Wei, Columbia University, Fudan University and National Bureau of Economic Research (NBER)

Discussant: Ling Feng, Shanghai University of Finance and Economic 

 

Tuesday, June 29, 2021, 11:30 - 12:30                                                                                                          

Conference Lunch - Greenery Coffee, 1/F, Lakeview Hotel

 

Tuesday, June 29, 2021, 12:30 - 14:00                                                                                                        

Break - Lakeview Hotel 

 

Tuesday, June 29, 2021, 14:00 - 15:45

Information in Macroeconomics - Daxuetang 4, The Lakeview Hotel & Zoom

Session Chair: Zhen Zhou, Tsinghua University


A Rational Theory of Limited Attention

Alexandre Kohlhas, Institute for International Economic Studies

Donald Robertson, Cambridge University

Discussant: Jieran Wu, Zhejiang University

 

Central Bank Balance Sheet Policies Without Rational Expectations

Luigi Iovino, Bocconi University 

Dmitriy Sergeyev, Bocconi University

Discussant: Alexandre Kohlhas, Institute for International Economic Studies

 

Delay and Learning in Coordination

Christophe Chamley, Boston University

Zhen Zhou, Tsinghua University

Discussant: Liang Dai, Shanghai Jiao Tong University

 

Tuesday, June 29, 2021, 16:00 - 17:45

Asset Pricing and Asset Bubble - Daxuetang 4, The Lakeview Hotel & Zoom

Session Chair: Pengfei Wang, Peking University HSBC School of Finance


China's Housing Bubble, Infrastructure Investment, and Economic Growth

Shenzhe Jiang, Peking University

Jianjun Miao, Boston University

Yuzhe Zhang, Texas A&M University

Discussant: Zhiwei Xu, Shanghai Jiao Tong University 

 

Asset Pricing with Misallocation

Winston Dou, University of Pennsylvania

Yan Ji, The Hong Kong University of Science and Technology 

Di Tian, University of Pennsylvania

Pengfei Wang, Peking University

Discussant: Bo Zhao, Peking University


Self-Fulfilling Risk, Land Price and Macroeconomic Fluctuations

Xuewen Liu, The University of Hong Kong

Pengfei Wang, Peking University

Sichuang Xu, The Chinese University of Hong Kong, Shenzhen

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

 

Tuesday, June 29, 202118:00 - 19:00                                                                                                        

Conference Dinner - Greenery Coffee, 1/F, Lakeview Hotel

 

Tuesday, June 29, 202119:00 - 20:00                                                                                                         

Break

 

Tuesday, June 29, 2021, 20:00 - 21:00

Lecture Series - Zoom

Moderator: Pengfei Wang, Associate Dean and PHBS Chair Professor of Economics, Peking University HSBC School of Finance

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

Speech: Asset Bubbles and The Macroeconomy

 

Tuesday, June 29, 2021, 21:00 - 22:45

Unconventional Fiscal and Monetary Policy - Zoom

Session Chair: Feng Dong, Tsinghua University


Targeted Reserve Requirements for Macroeconomic Stabilization

Zheng Liu, Federal Reserve Bank of San Francisco

Mark Spiegel, Federal Reserve Bank of San Francisco

Jingyi Zhang, Shanghai University of Finance and Economics

Discussant: Ji Zhang, Tsinghua University

 

How Does Local Government Financing Affect Bond Market in China: Evidence from Municipal Corporate Bond

Keqi Chen, Tsinghua University

Yi Huang, Graduate Institute, Geneva

Kathy Yuan, London School of Economics and Political Sciences

Hao Zhou, Tsinghua University

Discussant: Claire Yurong Hong, Shanghai Jiao Tong University

 

Fiscal and Monetary Policy interactions in a Model with Low Interest Rates

Jianjun Miao, Boston University

Dongling Su, Boston University

Discussant: Feng Dong, Tsinghua University


Tuesday, June 29, 2021, 21:00 - 22:45

Macro Finance II - Zoom

Session Chair: Ye Li, The Ohio State University 


The SOE Premium and Government Support in China’s Credit Market

Zhe Geng, Shanghai Jiao Tong University 

Jun Pan, Shanghai Jiao Tong University

Discussant: Wukuang Cun, Shanghai University of Finance and Economics 

 

State Ownership Structure and Asset Prices: Return Predictability in China

Frederico Belo, INSEAD, NBER and CEPR

Dapeng Hao, Renmin University of China

Xiaoji Lin, University of Minnesota

Zhigang Qiu, Renmin University of China

Jincheng Tong, University of Toronto

Discussant: Chengcheng Jia, Federal Reserve Bank of Cleveland

 

Dynamic Banking and the Value of Deposits

Patrick Bolton, Columbia University

Ye Li, The Ohio State University Fisher College of Business

Neng Wang, Columbia University

Jinqiang Yang, Shanghai University of Finance and Economics

Discussant: Chao Ying, University of Minnesota

 

Wednesday, June 30, 2021, 08:00 - 09:00

Lecture Series - Daxuetang 4, The Lakeview Hotel & Zoom

Moderator: Yong Wang, Academic Deputy Dean and Associate Professor of Economics, Institute of New Structural Economics at Peking University

Speaker: Xiaodong Zhu, Professor of Economics, University of Toronto

Speech: Migration Barriers in China: Micro Evidence and Macro Effects

 

Wednesday, June 30, 2021, 09:15 - 11:00

Banking and Monetary Policy: Perspectives from China - Daxuetang 4, The Lakeview Hotel & Zoom

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

 

The Collateral Channel of Monetary Policy: Evidence from China

Hanming Fang, University of Pennsylvania

Yongqin Wang, Fudan University

Xian Wu, Xiamen University

Discussant: Zhuo Chen, Tsinghua University

 

Bank Risk Taking and Monetary Policy Transmission: Evidence from China

Xiaoming Li, Shanghai Advanced Institute of Finance

Zheng Liu, Federal Reserve Bank of San Francisco 

Yuchao Peng, Central University of Finance and Economics

Zhiwei Xu, Shanghai Jiao Tong University

Discussant: Zheng (Michael) Song, Chinese University of Hong Kong

 

Bank Wholesale Funding, Monetary Transmission and Systemic Risks: Evidence from China

Kaiji Chen, Emory University and Federal Reserve Bank of Atlanta 

Yiqing Xiao, Emory University

Tao Zha, Emory University and Federal Reserve Bank of Atlanta

Discussant: Chang Ma, Fudan University


Wednesday, June 30, 2021, 09:15 - 11:00

Networks - Daxuetang 2, The Lakeview Hotel & Zoom

Session Chair: Ernest Liu, Princeton University


Dynamical Structure and Spectral Properties of Input-Output Networks

Ernest Liu, Princeton University

Aleh Tsyvinski, Yale University

Discussant: Wu Zhu, University of Pennsylvania

 

Dynamic Formation of Knowledge Networks and Innovating Firm

Jie Cai, Shanghai University of Finance and Economics

Can Tian, University of North Carolina

Discussant: Song Ma, Yale University School of Management

 

Decentralized Industrial Policy

Wei Chen, The Chinese University of Hong Kong

Ernest Liu, Princeton University

Zheng (Michael) Song, The Chinese University of Hong Kong

Discussant: Jingting FanPennsylvania State University

 

Wednesday, June 30, 2021, 11:30 - 12:30                                                                                                          

Conference Lunch - Greenery Coffee, 1/F, Lakeview Hotel

 

Wednesday, June 30, 2021, 12:30 - 14:00                                                                                                           

Break

 

Wednesday, June 30, 2021, 14:00 - 15:45

Fintech - Daxuetang 4, The Lakeview Hotel & Zoom

Session Chair: Yi Huang, Graduate Institute, Geneva

 

FinTech as a Financial Liberator

Greg Buchak, Stanford University

Jiayin Hu, Peking University 

Shang-Jin Wei, Columbia University, Fudan University, and National Bureau of Economic Research (NBER)

Discussant: Danqing Mei, Cheung Kong Graduate School of Business

 

Technology Adoption and Leapfrogging_ Racing for Mobile Payments

Pengfei Han, Peking University

Zhu Wang, Federal Reserve Bank of Richmond

Discussant: Shumiao Ouyang, Princeton University 

 

Central Bank Digital Currency: A Corporate Finance Perspective

Mei Dong, University of Melbourne

Xiaolin(Sylvia) Xiao, Peking University

Discussant: Yizhou Xiao, The Chinese University of Hong Kong

 

Wednesday, June 30, 2021, 16:00 - 17:45

Heterogeneity and Monetary Policy Transmission - Daxuetang 4, The Lakeview Hotel & Zoom

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


Rational Inattention, Financial Heterogeneity and Effectiveness of Monetary Policy

Zijian Wang, Bocconi University 

Discussant: Jing Zhou, Fudan University 

 

Monetary Policy Transmission with Heterogeneous Banks and Firms: The Case of China

Guofeng Sun, People's Bank of China

Ji Zhang, Tsinghua University

Xiaodong Zhu, University of Toronto

Discussant: Jingyi Zhang, Shanghai University of Finance and Economics

 

Consumption Heterogeneity and Monetary Policy In Open Economy

Sihao Chen, Fudan University

Michael Devereux, University of British Columbia 

Kang Shi, The Chinese University of Hong Kong

Juanyi Xu, The Hong Kong University of Science and Technology

Discussant: Jiao Wang, The University of Melbourne 

 

Wednesday, June 30, 202118:00 - 19:00                                                                                                           

Conference Dinner - Greenery Coffee, 1/F, Lakeview Hotel 

 

Wednesday, June 30, 2021, 19:00 - 21:20

New Structural Economics - Daxuetang 4, The Lakeview Hotel & Zoom

Session Chair: Justin Yifu Lin, Peking University


Agglomeration Economies, Factor Endowment, and Local Economic Development: Evidence from China’s Early-Stage Industrial Investment

Justin Yifu LinPeking University

Xin WangPeking University

Haochen ZhangPeking University

Discussant: Ben Zou, Michigan State University

  

Endowment Structure and Role of State in Industrialization and Reforms

Justin Yifu LinPeking University

Yong WangPeking University

Yi WenFederal Reserve Bank of St. Louis

Yangfan XuPeking University

Discussant: Joseph KaboskiUniversity of Notre-Dame 

 

Optimal Infrastructure Investment in Developing Countries

Shenzhe JiangPeking University

Justin Yifu LinPeking University

Ling Wang, Peking University

Discussant: Linyi Cao, Shanghai University of Finance and Economics

 

A Theory of Factor Shares and Endogenous Growth

Michele BoldrinWashington University in St Louis

Yong WangPeking University

Lijun ZhuPeking University

David Levine, European University Institute

Discussant: Jackie Kai Zhao, University of Connecticut


Wednesday, June 30, 2021, 19:00 - 21:20

Firm and Labor Frictions - Zoom

Session Chair: Junjie Xia, Peking University


Occupational Reallocations within and across Firms: Implications for the Labor-Market Polarization

Toshihiko Mukoyama, Georgetown University

Naoki Takayama, Hitotsubashi University

Satoshi Tanaka, University of Queensland

Discussant: Alexandr Kopytov, University of Hong Kong 

 

Superstar Firms and Frictional Labor Market

Ji-Woong Moon, Shanghai University of Finance and Economics

Discussant: Jeong Ho (John) Kim, Emory University

 

Constant Pass-Through

Kiminori Matsuyama, Northwestern University

Philip Ushchev, HSE University 

Discussant: Margaret Jacobson, Federal Reserve Board 

 

Capital Budgeting, Uncertainty, and Misallocation

Ben Charoenwong, NUS Business School

Yosuke Kimura, Tokyo Institute of Technology

Alan Kwan, Hong Kong University

Eugene Tan, University of Toronto

Discussant: Zu Yao Hong, University of Maryland College Park

 

Wednesday, June 30, 2021, 21:20 - 21:30

Best Pape Award - Daxuetang 4, The Lakeview Hotel & Zoom

Moderator: Yong Wang, Academic Deputy Dean and Associate Professor of Economics, Institute of New Structural Economics at Peking University

Award Presenters: Justin Yifu Lin, Peking University Boya Chair Professor; Dean, Institute of New Structural Economics at Peking University

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