The Third China International Conference in Macroeconomics
第三届中国宏观经济国际年会
ABOUT THE CONFERENCE
The Third China International Conference in Macroeconomics (CICM) will be held on June 28-30, 2021 in Beijing, China and simultaneously online via the Zoom platform. The conference is jointly sponsored and organized by Institute of New Structural Economics at Peking University (INSE), Tsinghua University PBC School of Finance (PBCSF) and China Forum of Macroeconomic Research (CFMR).
The meeting is the third annual conference organized jointly by the China Forum of Macroeconomic Research and collaborating academic institutions in the Greater China area.
The conference is in English and is composed of 18 regular academic sessions, 2 lecture series and 2 keynote speeches. Acceptance rate from open submissions is 11.2%.
Founding Co-organizers:
Tsinghua University PBC School of FinanceChina Forum of Macroeconomic ResearchCo-organizers:
Institute of New Structural Economics at Peking UniversityTsinghua University PBC School of FinanceChina Forum of Macroeconomic ResearchKeynote Speakers:
Ravi Bansal, J.B. Fuqua Professor of Finance and Economics, Duke UniversityFabrizio Zilibotti, Tuntex Professor of International and Development Economics, Yale UniversityConference Co-Chairs:
Justin Yifu Lin, Peking UniversityJianjun Miao, Boston UniversityHao Zhou, Tsinghua UniversityXiaodong Zhu, Toronto UniversityLocal Organizing Committee:
Shenzhe Jiang, Peking UniversityYong Wang (Chair), Peking UniversityChunzan Wu, Peking UniversityJunjie Xia, Peking UniversityLijun Zhu, Peking UniversityProgram Committee Members:
Hengjie Ai, University of MinnesotaJinhui Bai, Washington State University and Peking UniversityYan Bai, University of RochesterChristophe Chamley, Boston UniversityHui Chen, Massachusetts Institute of TechnologyKaiji Chen, Emory University and Federal Reserve Bank of AtlantaWei Cui, University College LondonFeng Dong, Tsinghua UniversityKevin Huang, Vanderbilt University and Shanghai University of Finance and EconomicsJiandong Ju, Tsinghua UniversitySagiri Kitao, University of TokyoErica Xuenan Li, Cheung Kong Graduate School of BusinessJustin Yifu Lin, Peking UniversityLaura Xiaolei Liu, Peking UniversityXuewen Liu, The University of Hong KongZheng Liu, Federal Reserve Bank of San FranciscoYulei Luo, The University of Hong KongJianjun Miao, Boston UniversityAlexander Michaelides, Imperial College LondonToshihiko Mukoyama, Georgetown UniversityJun Nie, Federal Reserve Bank of Kansas CityNicolas Petrosky-Nadeau, Federal Reserve Bank of San FranciscoVincenzo Quadrini, University of Southern CaliforniaThomas Sargent, New York University and Peking UniversityLiugang Sheng, The Chinese University of Hong KongKang Shi, The Chinese University of Hong KongMichael Zheng Song, The Chinese University of Hong KongMark Spiegel, Federal Reserve Bank of San FranciscoJian Wang, The Chinese University of Hong Kong, ShenzhenPengfei Wang, Peking UniversityYong Wang, Peking UniversityYi Wen, Federal Reserve Bank of St. LouisDaniel Yi Xu, Duke UniversityJenny Juanyi Xu, The Hong Kong University of Science and TechnologyZhiwei Xu, Shanghai Jiao Tong UniversityLiyan Yang, University of TorontoVivian Zhanwei Yue, Emory University and Federal Reserve Bank of AtlantaYuzhe Zhang, Texas A&M University and Peking UniversityJackie Kai Zhao, University of ConnecticutHao Zhou, Tsinghua UniversityZhen Zhou, Tsinghua UniversityShenghao Zhu, University of International Business and EconomicsXiaodong Zhu, University of Toronto关于会议
第三届中国宏观经济国际年会将于2021年6月28日至6月30日在北京举行（同时在线上举行）huangguangyu，由北京大学新结构经济学研究院承办。北京大学新结构经济学研究院、清华大学五道口金融学院以及中国宏观经济研究论坛作为会议的联合主办方共同参与会议的组织工作。
年会由18个学术分会议、2个系列讲座和2个主旨演讲组成huangguangyu，交流语言为英文。本届年会公开提交论文的接受率为11.2%。
创始主办单位：
清华大学五道口金融学院中国宏观经济研究论坛主办单位：
北京大学新结构经济学研究院清华大学五道口金融学院中国宏观经济研究论坛主旨演讲人：
Ravi Bansal，杜克大学J.B. Fuqua 经济学与金融学讲席教授Fabrizio Zilibotti，耶鲁大学Tuntex国际与发展经济学讲席教授联席组织者：
林毅夫，北京大学苗建军，波士顿大学周 皓，清华大学朱晓冬，多伦多大学地方组委会：
江深哲，北京大学王 勇（负责人），北京大学吴春赞，北京大学夏俊杰，北京大学朱礼军，北京大学论文评审委员会成员：
艾恒杰，明尼苏达大学白金辉，华盛顿州立大学、北京大学白 艳，罗彻斯特大学Christophe Chamley，波士顿大学陈 晖，麻省理工学院陈凯迹，埃默里大学、美联储亚特兰大分行崔 巍，伦敦大学学院董 丰，清华大学黄晓东，范德比尔特大学鞠建东，清华大学Sagiri Kitao，东京大学李学楠，长江商学院林毅夫，北京大学刘晓蕾，北京大学刘学文，香港大学刘 铮，美联储旧金山分行罗雨雷，香港大学苗建军，波士顿大学Alexander Michaelides，帝国理工大学Toshihiko Mukoyama，乔治城大学聂 军，美联储堪萨斯分行Nicolas Petrosky-Nadeau，美联储旧金山分行Vincenzo Quadrini，南加州大学Thomas Sargent，纽约大学、北京大学盛柳刚，香港中文大学施 康，香港中文大学宋 铮，香港中文大学Mark Spiegel，美联储旧金山分行王 健，香港中文大学（深圳）王鹏飞，北京大学王 勇，北京大学文 一，美联储圣路易斯分行徐 熠，杜克大学徐隽翊，香港科技大学许志伟，上海交通大学杨立岩，多伦多大学岳占崴，埃默里大学、美联储亚特兰大分行张玉哲，德州农工大学、北京大学赵 开，康涅狄格大学周 皓，清华大学周 臻，清华大学朱胜豪，对外经济贸易大学朱晓冬，多伦多大学//Note: The program is indicated in Beijing time, please carefully convert the time to your local time. For example:
PROGRAM SUMMARY
会议日程
PROGRAM DETAILS
Sunday, June 27, 2021, 14:00 - 20:00
Conference Registration - Hotel Lobby, 1/F, The Lakeview Hotel
Monday, June 28, 2021, 07:30 - 08:00
Conference Registration - Daxuetang 4, B1/F, The Lakeview Hotel
Monday, June 28, 2021, 08:00 - 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, 2021, 08:25 - 08:40
Group Photo
Monday, June 28, 2021, 08:40 - 11:00
Growth, Development and the Chinese Economy - Daxuetang 4, The Lakeview Hotel & Zoom
Session Chair: Zheng (Michael) Song, The Chinese University of Hong Kong
The Unintended Consequence of Eliminating Capital Distortion in China
Kaiji Chen, Emory University
Xuewen Liu, The University of Hong Kong
Zhikun Lu, Emory University
Yong Wang, Peking university
Discussant: Ernest Liu, Princeton University
College Expansion, Trade, and Innovation: Evidence from China
Xiao Ma, University of California, San Diego
Discussant: Jing Hang, Sun Yat-sen University
Growing through Competition: the Reduction of Entry Barriers among Chinese Manufacturing Firms
Helu Jiang, Shanghai University of Finance and Economics
Yu Zheng, Queen Mary University of London
Lijun Zhu, Peking University
Discussant: Tuo Chen, Tsinghua University
An Anatomy of the Patent Quality: China vs. US
Hanming Fang, University of Pennsylvania
Zheng (Michael) Song, The Chinese University of Hong Kong
Hanyi Tao, ShanghaiTech University
Yiran Zhang, The Chinese University of Hong Kong
Discussant: Pengfei Han, Peking 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 Quadrini, University of South California
Qi Sun, Luohan Academy
Junjie Xia, Peking University
Ting Zeng, Southwest University of Finance and Economics
Discussant: Markus Poschke, McGill University
Accounting for Wealth Concentration in the US
Baris Kaymak, University of Montreal
David Leung, National Taiwan University
Markus Poschke, McGill University
Discussant: Xiaowen Lei, University of Oxford
Mistakes in Future Consumption, High MPCs Now
Chen Lian, University of California, Berkeley
Discussant: Yu Zhang, Peking University
Income Risks and Optimal Attention-Consumption Allocation
Yulei Luo, The University of Hong Kong
Jun Nie, Federal Reserve Bank-Kansas City
Penghui Yin, Shandong University
Discussant: Junjie Guo, Central University of Finance and Economics
Monday, June 28, 2021, 11:30 - 12:30
Conference Lunch - Greenery Coffee, 1/F, The 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, 2021, 15:00 - 16:45
Growth and Development - Daxuetang 4, The 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: the Effect of COVID-19 Containment Policies in 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, 2021, 18:45 - 19:30
Conference Dinner - Greenery Coffee, 1/F, The Lakeview Hotel
Monday, June 28, 2021, 19:30 - 21:00
Break
Monday, June 28, 2021, 21:00 - 22:45
Computational Methods for Heterogeneous Agent Models - Zoom
Session Chair: Jinhui Bai, Washington 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
Discussant: Wei 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, University of Southern California
Discussant: Xiaolin (Sylvia) Xiao, Peking University
The S-curve: Understanding the Dynamics of Worldwide Financial Reforms
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, The Lakeview Hotel
Tuesday, June 29, 2021, 12:30 - 14:00
Break
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
Learning, Delay and 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, 2021, 18:00 - 19:00
Conference Dinner - Greenery Coffee, 1/F, The Lakeview Hotel
Tuesday, June 29, 2021, 19:00 - 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, National Bureau of Economic Research (NBER), and Center for economic Policy Research (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
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
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 Fan, Pennsylvania State University
Wednesday, June 30, 2021, 11:30 - 12:30
Conference Lunch - Greenery Coffee, 1/F, The 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, 2021, 18:00 - 19:00
Conference Dinner - Greenery Coffee, 1/F, The Lakeview Hotel
Wednesday, June 30, 2021, 19:00 - 21:20
New Structural Economics - 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 Lin, Peking University
Xin Wang, Peking University
Haochen Zhang, Peking University
Discussant: Ben Zou, Michigan State University
Endowment Structure and Role of State in Industrialization and Reforms
Justin Yifu Lin, Peking University
Yong Wang, Peking University
Yi Wen, Federal Reserve Bank of St. Louis
Yangfan Xu, Peking University
Discussant: Joseph Kaboski, University of Notre-Dame
Optimal Infrastructure Investment in Developing Countries
Shenzhe Jiang, Peking University
Justin Yifu Lin, Peking University
Ling Wang, Peking University
Discussant: Linyi Cao, Shanghai University of Finance and Economics
A Theory of Primitive Accumulation
Michele Boldrin, Washington University in St Louis
Yong Wang, Peking University
Lijun Zhu, Peking University
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, The 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, National University of Singapore
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 - 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
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