Tsinghua Workshop in Macroeconomics


Tsinghua Uinversity, Beijing, China


TWMacro 2019

**The 11th Tsinghua Workshop in Macroeconomics 2019**
(To be Updated)
Organized by
National Institute of Fiscal Studies, Tsinghua University
Cheung Kong Graduate School of Business
Keynote Speakers: **Mikhail Golosov** and **Greg Kaplan**

**June 17, 2019**

Session I: 8:30 - 10:30
Labor Market and the Macroeconomy

  1. The Wages of Nonemployment

Michael Elsby, University of Edinburgh
Ryan Michaels, Federal Reserve Bank of Philadelphia
David Ratner, Federal Reserve Board
Matthew Shapiro University of Michigan

Discussant: Chao He, East China Normal University

  1. Capitalist Human Capital

Vincenzo Quadrini, University of Southern California
Qi Sun, Shanghai University of Finance and Economics
Yicheng Wang, University of Oslo

Discussant: Abdou Ndiaye, NYU Stern and Chicago Fed.

Coffee Break: 10:30 - 10:45

Session II: 10:45 – 12:45
Search Frictions and the Macroeconomy

  1. Trade Collapse and Time-to-Ship

Juliana Yu Sun, Singapore Management University
Jianhuan Xu, Singapore Management University

Discussant: Xiao Wang, University of Science and Technology of China

  1. Two-sided Market, R&D and Payments System Evolution

Grace Li, IMF
James McAndrews, TNBUSA
Zhu Wang, Federal Reserve Bank of Richmond

Discussant: Pengfei Han, Peking University


Lunch: 12:45 – 14:00 at the Yan Min Yuan

Keynote Speech: 14:15 – 15:15
“Markups, Profits and Labor Market Inequality”
**Greg Kaplan**, University of Chicago

Session III: 15:15 - 17:30
China’s Macroeconomy

5. Corruption as Collateral

Min Ouyang, Tsinghua SEM
Shengxing Zhang, London School of Economics

Discussant: Wei Cui, University College London

Coffee Break: 16:15 - 16:30

  1. Zombie Firm Dynamics and China’s Monetary Policy

Wei Guo, International Monetary Fund
Dun Jia, Renmin University of China
Tony Wei Li, Beihang University

Discussant: Sanjay Singh, UC-Davis


17:30 - 18:30 Special session on Macroeconomic Measures in China
**Xianchun Xu**, Professor of SEM and Former VP of the National Bureau of Statistics

18:30 and after
Conference Dinner at the Bai House


**June 18, 2019**

Session IV: 8:30 - 10:30
the Business Cycle

  1. Understanding Persistent Stagnation

Pablo Cuba-Borda, Federal Reserve Board
Sanjay Singh, University of California, Davis

Discussant: Changhua Yu, NSD Peking University

  1. The Role of Corporate Saving over the Business Cycle: Shock Absorber or Amplifier?

Xiaodan Gao, National University of Singapore
Shaofeng Xu, Bank of Canada

Discussant: Gang Zhang, Cheung Kong Graduate School of Business


Coffee Break: 10:30 - 10:45

Session V: 10:45 - 12:45
Uncertainty and the Macroeconomy

  1. Macro Uncertainty and Unemployment Risk

Joonseok Oh, European University Institute
Anna Rogantini Picco European University Institute

Discussant: Simon Xuguang Sheng, American University

  1. Uncertainty, Pessimism and Economic Fluctuations

Guangyu Pei, The Chinese University of Hong Kong

Discussant: Leyla Jianyu Han, The University of Hong Kong


Lunch at the YanMin Yuan: 12:45 – 14:00

Keynote Speech: 14:15 – 15:15
“Inequality, Business Cycles, and Fiscal-Monetary Policy”
**Mikhail Golosov**, University of Chicago

Session VI: 15:15 - 18:30
Macro Policies

  1. Quantitative Easing

Wei Cui, University College London
Vincent Sterk University College London

Discussant: Yicheng Wang, University of Olso


Coffee Break: 16:15 - 16:30

  1. Fiscal Multipliers and Financial Crises

Miguel Faria-e-Castro, Federal Reserve Bank of St. Louis

Discussant: Wataru Miyamoto, University of Hong Kong

  1. A Unified Measure of Fed Monetary Policy Shocks

John Rogers, Federal Reserve Board, FISF Fudan, and SHUFE
Wenbin Wu, Fudan University

Discussant: Tony Wei Li, School of Economics and Management, BeiHang University


18:30 and after
Dinner at the Quan Ju De

_________________________________________________________________________ ***Itinerary***

June 17, 2019

7:45 - 8:00. pick up at the Wenjin Hotel Lobby with student volunteers

8:30 - 10:30. Session I: Labor Market and the Macroeconomy

10:30 - 10:45. Coffee Break

10:45 - 12:45. Session II: Search Frictions and the Macroeconomy

12:45 - 14:00. Lunch: at the Yan Min Yuan

14:15 - 15:15. Keynote Speech by Greg Kaplan

15:15 - 16:15. Session III: China’s Macroeconomy

16:15 - 16:30. Coffee Break

16:30 - 17:30. Session III continues

17:30 - 18:30. Special speech by Xianchun Xu

18:30 and after. Conference Dinner at the Bai House


June 18, 2019

7:45 - 8:00. pick up at the Wenjin Hotel Lobby with student volunteers

8:30 - 10:30. Session IV: the Business Cycle

10:30 - 10:45. Coffee Break

10:45 - 12:45. Session V: Uncertainty and the Macroeconomy

12:45 - 14:00. Lunch: at the Yan Min Yuan

14:15 - 15:15. Keynote Speech by Mikhail Golosov

15:15 - 16:15. Session VI: Macro Policies

16:15 - 16:30. Coffee Break

16:30 - 18:30. Session VI continues

18:30 and after. Dinner at the Quan Ju De