Tsinghua Workshop in Macroeconomics 2018


June 21 - 22, 2018, Tsinghua University, Beijing, China


Conference Program

The 10th Tsinghua Workshop in Macroeconomics

June 21-22, 2018

Weilun Building, Room 508

Tsinghua SEM
Sponsored by:

National Institute for Fiscal Studies, Tsinghua University

Special thanks to:

Yu Bao, Tokenmind AI and United Nations (ESCAP ESBN)

WuSan Yang, TopoScend Capital


June 21, Thursday

8:00 am: Pick up at the hotel lobby
8:20 am - 8:30 am: registration
8:30 am: Opening Remarks

Session I: Labor and Inequality

8:40 am - 11:45 am

Chair: Xue Qiao, SEM, Tsinghua University

  1. Intangibles, Inequality and Stagnation, 8:30 am - 9:10 am
    Nobuhiro Kiyotaki, Princeton University
    Shengxing Zhang, London School of Economics

    Discussant: 9:25 am - 9:35 am
    Toan Phan, Federal Reserve Bank of Richmond

  2. The Elasticity of Intergenerational Substitution, Parental Altruism, and Fertility Choice, 9:35 am - 10:20 am
    Juan Cordoba, Iowa State University
    Marla Ripoll, University of Pittsburgh

    Discussant: 10:20 am - 10:30 am
    Wenlan Luo, Tsinghua University

    Coffee Break: 10:30 am - 10:50 am
  3. Long Live the Vacancy, 10:50 am - 11:35 am
    Christian Haefke, New York University, Abu Dhabi

    Discussant: 11:35 am - 11:45 am
    Jun Nie, Federal Reserve Bank of Kansas City

Lunch 11:45 am - 1:30 pm, YanMing Yuan


Keynote Speech, 1:30 pm -2:30 pm

“Reallocation, Startups, Innovation and Productivity Growth in the U.S. Economy: Facts, Models, and Open Questions”

John Haltiwanger, University of Maryland


Session II: Labor, Savings, and Investment

2:30 pm - 4:40 pm

Chair: Qing Liu, SEM, Tsinghua University

  1. Social Insurance and Occupational Mobility, 2:30 pm - 3:15 pm
    German Cubas, University of Houston
    Pedro Silos, Temple University

    Discussant: 3:15 pm - 3:25 pm
    Chaoran Chen, National University of Singapore

    Coffee Break 3:25 pm - 3:45 pm
  2. Capital Allocation and Investment Dynamics in Credit Crises, 3:45 pm - 4:30 pm
    Jasmine Xiao, University of Notre Dame

    Discussant: 4:30 pm - 4:40 pm
    Ji Zhang, PBC School of Finance, Tsinghua University

Special Session on Data in China and on-site tour of the China Data Center
3:50 pm - 5:00 pm

By Xianchun Xu, Professor, Director of the Tsinghua China Data Center, and the former Vice Director of the National Bureau of Statistics.

6:00 pm and after, Dinner


June 22, Friday

8:10 am: Pick up at the hotel lobby

Session III: Firm Dynamics

8:30 am - 11:30 am

Chair: Xiangbo Liu, Renmin University

  1. The Nature of Firm Growth, 8:30 am - 9:15 am
    Benjamin Pugsley, University of Notre Dame
    Petr Sedlacek, University of Oxford
    Vincent Sterk, University College London

    Discussant: 9:15 am - 9:25 am
    Dan Cao, Georgetown University

  2. Investment under Rational Inattention: Evidence from US Sectoral Data, 9:25 am - 10:10 am
    Peter Zorn, University of Munich

    Discussant: 10:10 am - 10:20 am
    Eric Young, University of Virginia

    Coffee Break: 10:20 am - 10:35 am
  3. Learning, Confidence, and Business Cycles, 10:35 am - 11:20 am
    Cosmin Ilut, Duke University
    Hikaru Saijo, University of California Santa Cruz

    Discussant: 11:20 am - 11:30 am
    Wei Cui, University College London

    Keynote Speech, 11:30 pm - 12:30 pm

    “Technology Diffusion”

    Nancy L. Stokey, University of Chicago



    Lunch: 12:30 am - 2:00 pm, Yanming Yuan


Session IV: Macro Policies

2:00 pm - 5:00 pm

Chair: Zhen Zhou, PBC School of Finance, Tsinghua University

  1. Pushing on a String: State-Owned Enterprises and Monetary Policy Transmission in China, 2:00 pm - 2:45 pm
    Hongyi Chen, Hong Kong Institute for Monetary Research, Hong Kong Monetary Authority
    Ran Li, BIS
    Peter Tillmann, Justus-Liebig-Universität Gießen

    Discussant: 2:45 pm - 2:55 pm
    Min Ouyang, Tsinghua University

    Coffee Break 2:55 pm - 3:10 pm
  2. Fiscal Decentralization and Overborrowing, 3:10 pm - 3:55 pm
    Si Guo, International Monetary Fund
    Yun Pei, University at Buffalo, SUNY
    Zoe Xie, Federal Reserve Bank of Atlanta

    Discussion: 3:55 pm - 4:05 pm
    Jinhui Bai, Washington State University and Tsinghua University

  3. Investing in Public Infrastructure: Roads or Schools? 4:05 pm - 4:50 pm
    Grace Li, International Monetary Fund

    Discussion: 4:50 pm - 5:00 pm
    German Cubas, University of Houston

    5:00 pm and after, trip to the Summer Palace