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China International Conference in Macroeconomics (CICM 2022)
June 19-21, 2022
Shenzhen, China
PROGRAM SUMMARY
Last Update: 06/15/2022
Sunday, June 19
08:30-09:10 Welcome Speech
09:15-11:00 Session: Labor Markets in East Asia and the United States
09:15-11:00 Session: Stock and Bond Markets
20:00-21:00 Keynote Speech: Xiaodong Zhu, University of Toronto
21:15-23:00 Session: Covid-19 and Macroeconomy
21:15-23:35 Session: Global Liquidity, Currency and Capital Controls
Monday, June 20
08:00-09:45 Session: Fiscal and Monetary Policy
08:00-09:45 Session: Business Cycles
10:00-11:45 Session: Monetary Policy
20:00-21:00 Invited Board Meeting: Annual Executive Directors Meeting of China Forum of Macroeconomic Research
21:15-23:00 Session: Macro Finance
21:15-23:35 Session: Understanding China with big data
Tuesday, June 21
08:00-09:45 Session: Micro Shocks and Macro Fluctuations
08:00-09:45 Session: Growth, Trade and Structural Changes
10:00-11:45 Session: Saving, Inequality and Equilibrium Computation
20:30-20:45 Best Paper Award
21:00-22:00 Keynote Speech: Per Krusell, Stockholm University
22:15-24:00 Session: Banking
22:15-24:00 Session: Land and Misallocation in Chinese Economy
PRELIMINARY PROGRAMS
Sunday, June 19, 2022, 8:30 am - 9:00 am
Welcome Speech
Speaker 1: Jianjun Miao, Boston University
Speaker 2: Hao Zhou, Southern University of Science and Technology and Tsinghua University
Sunday, June 19, 2022, 9:15 am - 11:00 am
Labor Markets in East Asia and the United States
Session Chair: Jun Nie, Federal Reserve Bank of Kansas City
Why Women Work the Way They Do in Japan: Roles of Fiscal Policies
Sagiri Kitao, University of Tokyo
Minamo Mikoshiba, University of Tokyo
Discussant: Shenghao Zhu, University of International Business and Economics
Social Security and Female Labor Supply in China
Han Gao, University of New South Wales
Discussant: Lei Fang, Federal Reserve Bank of Atlanta
“Golden Ages”: A Tale of the Labor Markets in China and the United States
Hanming Fang, University of Pennsylvania
Xincheng Qiu, University of Pennsylvania
Discussant: Jun Nie, Federal Reserve Bank of Kansas City
Sunday, June 19, 2022, 9:15 am - 11:00 am
Stock and Bond Markets
Session Chair: Juanyi Jenny Xu, Hong Kong University of Science and Technology
Foreign Official Demand for U.S. Debt and U.S. Yields: Accounting for Common Factors
Rashad Ahmed, University of Southern California
Alessandro Rebucci, Johns Hopkins University
Discussant: Sihao Chen, Fudan University
Foreign Discount in International Corporate Bonds
Zhe Geng, Shanghai Jiao Tong University
Discussant: Chang Ma, Fudan University
Impact of Demand Shocks on the Stock Market: Evidence from Chinese IPOs
Jie Li, Shanghai Jiao Tong University
Neil Pearson, University of Illinois at Urbana-Champaign
Qi Zhang, Durham University
Discussant: Yousha Liang, Zhejiang University
Sunday, June 19, 2022, 20:00 pm - 21:00 pm
Keynote Speech
Moderator: Hao Zhou, Southern University of Science and Technology and Tsinghua University
Speaker: Xiaodong Zhu, University of Toronto
Sunday, June 19, 2022, 21:15 pm - 23:00 pm
Covid-19 and Macroeconomy
Organizer: Zhiwei Xu, Peking University
Social Distancing and Supply Disruptions in a Pandemic
Martin Bodenstein, Board of Governors of the Federal Reserve System
Giancarlo Corsetti, University of Cambridge
Luca Guerrieri, Board of Governors of the Federal Reserve System
Discussant: Chao He, East China Normal University
Transfers vs Credit Policy: Macroeconomic Policy Trade-offs during Covid-19
Saki Bigio, University of California Los Angeles
Mengbo Zhang, Shanghai University of Finance and Economics
Eduardo Zilberman, Pontifical Catholic University of Rio de Janeiro
Discussant: Chang Liu, National University of Singapore
A Theory of Credit Cycles under Pandemic
Feng Dong, Tsinghua University
Pengfei Wang, Peking University
Zhiwei Xu, Peking University
Discussant: Zehao Li, The Chinese University of Hong Kong
Sunday, June 19, 2022, 21:15 pm - 23:35 pm
Global Liquidity, Currency and Capital Controls
Organizer: Yi Huang, Fudan University
The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital Controls
Philippe Bacchetta, University of Lausanne
Rachel Cordonier, Swiss National Bank
Ouarda Merrouche, Université Paris Nanterre
Discussant: Jian Wang, The Chinese University of Hong Kong (Shenzhen)
A Ramsey Theory of Financial Distortions
Marco Bassetto, Federal Reserve Bank of Minneapolis
Wei Cui, University College London
Discussant: Yang Jiao, Fudan University
U.S. Banks and Global Liquidity
Ricardo Correa, Board of Governors of the Federal Reserve
Wenxin Du, Chicago Booth
Gordon Liao, Board of Governors of the Federal Reserve
Discussant: Xiang Fang, The University of Hong Kong
Currency Risk Under Capital Controls
Xiang Fang, The University of Hong Kong
Sining Liu, The University of Hong Kong
Yang Liu, The University of Hong Kong
Discussant: Nuno Coimbra, Banque de France
Monday, June 20, 2022, 8:00 am - 9:45 am
Fiscal and Monetary Policy
Organizer: Hengjie Ai, University of Wisconsin-Madison
The Trump Tax Cuts and Corporate Investment
Francois Gourio, Federal Reserve Bank of Chicago
Discussant: Kai Li, Peking University
Monetary Policy, Segmentation, and the Term Structure
Rohan Kekre, University of Chicago
Moritz Lenel, Princeton University
Federico Mainardi, University of Chicago
Discussant: Vadim Elenev, Johns Hopkins University
Determinacy without the Taylor Principle
George-Marios Angeletos, Massachusetts Institute of Technology
Chen Lian, University of California, Berkeley
Discussant: Hengjie Ai, University of Wisconsin-Madison
Monday, June 20, 2022, 8:00 am - 9:45 am
Business Cycles
Session Chair: Can Tian, University of North Carolina at Chapel Hill
Endogenous Production Networks under Supply Chain Uncertainty
Alexandr Kopytov, The University of Hong Kong
Bineet Mishra, Cornell University
Kristoffer Nimark, Cornell University
Mathieu Taschereau-Dumouche, Cornell University
Discussant: Yueyuan Ma, UC Santa Barbara
Collateral Quality and House Prices
Jing Zhou, Fudan University
Discussant: Min Fang, University of Lausanne and the University of Geneva
Differentiable State Space Models and Hamiltonian Monte Carlo Estimation
David Childers, Carnegie Mellon University
Jesus Fernandez-Villaverde, University of Pennsylvania
Jesse Perla, University of British Columbia
Cameron Pfiffer, University of Oregon
Christopher Rackauckas, Massachusetts Institute of Technology and University of Maryland
Peifan Wu, University of British Columbia
Discussant: Fei Tan, Saint Louis University
Monday, June 20, 2022, 10:00 am - 11:45 am
Monetary Policy
Session Chair: Xuenan Erica Li, Cheung Kong Graduate School of Business
The Impact of Securities Regulation on New Keynesian Firms
Xuenan Erica Li, Cheung Kong Graduate School of Business
Jin Xie, Peking University
Ji Zhang, Tsinghua University
Discussant: Xiang Fang, The University of Hong Kong
The Markup Elasticity of Monetary Non-Neutrality
Christian Höynck, Bank of Italy
Minghao Li, Peking University
Donghai Zhang, University of Bonn
Discussant: Jingyi Zhang, Shanghai University of Finance and Economics
Asset Bubbles and Monetary Policy in Open Economies
Feng Dong, Tsinghua University
Yang Jiao, Fudan University
Siqing Wang, Tsinghua University
Discussant: Jing Zhou, Fudan University
Monday, June 20, 2022, 20:00 pm - 21:00 pm
Invited Board Meeting
Annual Executive Directors Meeting of China Forum of Macroeconomic Research
Monday, June 20, 2022, 21:15 pm - 23:00 pm
Macro Finance
Session Chair: Alex Michaelides, Imperial College London
Firm Quality Dynamics and the Slippery Slope of Credit Intervention
Wenhao Li, University of Southern California
Ye Li, The Ohio State University
Discussant: Fabrice Tourre, Copenhagen Business School
Leasing as a Mitigation Channel of Capital Misallocation
Kai Li, Peking University
Yiming Xu, Cambridge University
Discussant: Paymon Khorrami, Imperial College London
Pension Plan Systems and Asset Prices
Nuno Coimbra, Bank of France
Francisco Gomes, London Business School
Alex Michaelides, Imperial College London
Jialu Shen, University of Missouri
Discussant: Vadim Elenev, Johns Hopkins University
Monday, June 20, 2022, 21:15 pm - 23:35 pm
Understanding China with big data
Organizer: Laura Xiaolei Liu, Peking University
Franklin Allen, Imperial College London
Junhui Cai, University of Pennsylvania
Xian Gu, Durham University
Jun Qian, Fudan University
Linda Zhao, University of Pennsylvania
Wu Zhu, Tsinghua University
Discussant: Mai Li, Peking University
Special Deals from Special Investors: The Rise of State-Connected Private Owners in China
Chong-En Bai, Tsinghua University
Chang-Tai Hsieh, University of Chicago
Michael Zheng Song, The Chinese University of Hong Kong
Xin Wang, The Chinese University of Hong Kong
Discussant: Yifan Zhang, The Chinese University of Hong Kong
Mapping U.S.-China Technology Decoupling, Innovation, and Firm Performance
Pengfei Han, Peking University
Wei Jiang, Columbia University
Danqing Mei, Cheung Kong Graduate School of Business
Discussant: Michael Zheng Song, The Chinese University of Hong Kong
Law enforcement and Cost of Debt -- Evidence from the Introduction of Special Court in China
Bo Li, Tsinghua University
Mai Li, Peking University
Songnan Li, Central University of Finance and Economics
Laura Xiaolei Liu, Peking University
Discussant: Xian Gu, Durham University
Tuesday, June 21, 2022, 8:00 am - 9:45 am
Micro Shocks and Macro Fluctuations
Organizer: Zheng Liu, Federal Reserve Bank of San Francisco
Pedro Bordalo, University of Oxford
Nicola Gennaioli, Bocconi University
Andrei Schleifer, Harvard University
Stephen Terry, Boston University
Discussant: Ding Dong, Hong Kong University of Science and Technology
Uncertainty, Liquidity Constraint, and Entrepreneurship
Pengfei Wang, Peking University HBSC Business School
Daniel Yi Xu, Duke University
Sichuang Xu, The Chinese University of Hong Kong, Shenzhen
Zhiwei Xu, Peking University
Discussant: Yajie Wang, University of Rochester
Automation, Market Concentration, and the Labor Share
Hamid Firooz, University of Rochester
Zheng Liu, Federal Reserve Bank of San Francisco
Yajie Wang, University of Rochester
Discussant: Yueran Ma, University of Chicago Booth School of Business
Tuesday, June 21, 2022, 8:00 am - 9:45 am
Growth, Trade and Structural Changes
Session Chair: Yong Wang, Peking University
Population Aging, Credit Market Frictions, and Chinese Economic Growth
Michael Dotsey, Federal Reserve Bank of Philadelphia
Wenli Li, Federal Reserve Bank of Philadelphia
Fang Yang, Louisiana State University
Discussant: Jackie Kai Zhao, University of Connecticut
Services Trade and Structural Transformation
Yuancheng Han, University of Queensland
Jorge Miranda-Pinto, Central Bank of Chile
Satoshi Tanaka, University of Queensland
Discussant: Michael Sposi, Southern Methodist University
Technological Rivalry and Optimal Policy in an Open Economy
Yan Bai, University of Rochester
Keyu Jin, London School of Economics
Dan Lu, The Chinese University of Hong Kong
Discussant: Edwin Lai, Hong Kong University of Science and Technology
Tuesday, June 21, 2022, 10:00 am - 11:45 am
Saving, Inequality and Equilibrium Computation
Session Chair: Jinhui Bai, Washington State University and Peking University
How Does Access to Credit Impact Consumer Expenditure and Savings?
Sumit Agarwal, National University of Singapore
Shashwat Alok, Indian School of Business
Pulak Ghosh, Indian Institute of Management
Xiaoyu Zhang, Sun Yat-sen University
Discussant: Zhenyu Gao, The Chinese University of Hong Kong
Unequal Transition: The Making of China's Wealth Gap
Yangtian Jiang, Peking University
Yu Zheng, Queen Mary University of London
Lijun Zhu, Peking University
Discussant: Byoungchan Lee, Hong Kong University of Science and Technology
DeepHAM: A Global Solution Method for Heterogeneous Agent Models with Aggregate Shocks
Jiequn Han, Flatiron Institute
Yucheng Yang, Princeton University
Weinan E, Peking University and Princeton University
Discussant: David Childers, Carnegie Mellon University
Tuesday, June 21, 2022, 20:30 pm - 20:45 pm
Best Paper Award
Tuesday, June 21, 2022, 21:00 pm - 22:00 pm
Keynote Speech
Moderator: Jianjun Miao, Boston University
Speaker: Per Krusell, Stockholm University
Tuesday, June 21, 2022, 22:15 pm - 24:00 pm
Banking
Session Chair: Shengxing Zhang, London School of Economics
Open Banking with Depositor Monitoring
Itay Goldstein, University of Pennsylvania
Chong Huang, University of California, Irvine
Liyan Yang, University of Toronto
Discussant: Jing Zeng, University of Bonn
Yan Ji, Hong Kong University of Science and Technology
Songyuan Teng, Yale University
Robert Townsend, Massachusetts Institute of Technology
Discussant: Xiao Ma, Peking University
Deputizing Financial Institutions to Fight Elder Abuse
Bruce Carlin, Rice University
Tarik Umar, Rice University
Hanyi (Livia) Yi, Boston College
Discussant: Mengbo Zhang, Shanghai University of Finance and Economics
Tuesday, June 21, 2022, 22:15 pm - 24:00 pm
Land and Misallocation in Chinese Economy
Session Chair: Kaiji Chen, Emory University
Land Security and Mobility Frictions
Tasso Adamopoulos, York University
Loren Brandt, University of Toronto
Chaoran Chen, York University
Diego Restuccia, University of Toronto
Xiaoyun Wei, Shanghai Jiao Tong University
Discussant: Rachel Ngai, London School of Economics
Is There an Industrial Land Discount in China? A Public Finance Perspective
Zhiguo He, University of Chicago
Scott Nelson, University of Chicago
Yang Su, University of Chicago
Anthony Lee Zhang, University of Chicago
Fudong Zhang, Tsinghua University
Discussant: Ting Chen, Hong Kong Baptist University
Misallocation under Heterogeneous Markups and Non-Constant Returns to Scale
Xiaoyue Zhang, Tilburg University
Junjie Xia, Central University of Finance and Economics and Peking University
Discussant: Guiying Laura Wu, Nanyang Technological University