NORTHWESTERN UNIVERSITYEconomics · Kellogg
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Conference program

Business Cycles, Financial Markets, and Monetary Policy with Special Applications to China

August 2016

Beijing, China

Co-sponsored with the European Central Bank, Tsinghua University, the Federal Reserve Bank of San Francisco, the Shanghai Advanced Institute of Finance, and the Federal Reserve Bank of Atlanta.

Tuesday, August 30, 2016

Session 1: Growth in China

09:00–10:00

Firm Entry and Regional Growth Disparities: the Effect of SOEs in China

Loren Brandt, University of Toronto
Gueorgui Kambourov, University of Toronto
Kjetil Storesletten, University of Oslo

Discussant: Min Ouyang, Tsinghua University

10:15–11:15

Institutional Foundations of China's Growth and Slowdown

Chong-En Bai, Tsinghua University
Chang-Tai Hsieh, University of Chicago
Zheng Song, Chinese University of Hong Kong

Discussant: John Fernald, Federal Reserve Bank of San Francisco

11:15–12:15

The Making of an Economic Superpower-Unlocking China’s Secret of Rapid Industrialization

Yi Wen, Federal Reserve Bank of St. Louis

Discussant: Nancy Qian, Yale University

12:15–14:00

Structural reforms – A European perspective

Klaus Masuch, European Central Bank

Keynote address

Session 2: Monetary policy in China

14:00–15:00

China’s Pro-Growth Monetary Policy and its Asymmetric Transmission

Kaiji Chen, Emory University
Patrick Higgins, Federal Reserve Bank of Atlanta
Daniel Waggoner, Federal Reserve Bank of Atlanta
Tao Zha, Federal Reserve Bank of Atlanta

Discussant: Bing Li, Tsinghua University

15:00–16:00

Reserve Requirements and Optimal Chinese Stabilization Policy

Chun Chang, Shanghai Advanced Institute of Finance
Zheng Liu, Federal Reserve Bank of San Francisco
Mark Spiegel, Federal Reserve Bank of San Francisco
Jingyi Zhang, Shanghai Advanced Institute of Finance

Discussant: Alistair Dieppe, European Central Bank

Session 3: Income inequality in China

16:15–17:15

Income and Consumption Inequality in China

Haiyan Ding, Shanghai University of Finance and Economics
Hui He, International Monetary Fund

Discussant: Lei Fang, Federal Reserve Bank of Atlanta

Wednesday, August 31, 2016

Session 4: Financial Markets

09:00–10:00

Empirical Determinants of Exchange Rates

Martin Eichenbaum, Northwestern University
Ben Johannsen, Board of Governors of the Federal Reserve System
Sergio Rebelo, Northwestern University

Discussant: Oreste Tristani, European Central Bank

10:00–11:00

Impact of Securitization on Commodity Price Volatility

Lawrence Christiano, Northwestern University

Discussant: Anastasios Karantounias, Federal Reserve Bank of Atlanta

Session 5: The Economy at the Zero Lower Bound

11:15–12:15

Capital Flows and Global Imbalances at the ZLB

Ricardo J. Caballero, Massachusetts Institute of Technology (MIT)
Emmanuel Farhi, Harvard University
Pierre-Olivier Gourinchas, University of California, Berkeley

Discussant: Meixin Guo, Tsinghua University

12:15–14:00

Can China Transition to a More Innovative Economy?

Shang-Jin Wei, Asian Development Bank

Keynote address

Session 6: Banking and Credit

14:00–15:00

Do Banks Pass Through Credit Expansions to Households that Want to Borrow?

Sumit Agarwal, National University of Singapore
Souphala Chomsisengphet, Office of the Comptroller of the Currency
Neale Mahoney, University of Chicago
Johannes Stroebel, New York University

Discussant: Feng Dong, Shanghai Jiao Tong University

15:15–17:15

Policy panel: International Monetary Policy

Yudong Yao, Director of Research Department, People’s Bank of China

Presentation: International Monetary Policy

Peter Praet, Executive Board Member, European Central Bank

Presentation: Financial Cycles and Monetary Policy

Charles Evans, President, Federal Reserve Bank of Chicago

Presentation: Are Low Monetary Policy Rates the New Normal?

Eric Rosengren, President, Federal Reserve Bank of Boston

Presentation: Observations on Financial Stability Concerns for Monetary Policymakers

Yiping Huang, Member of Monetary Policy Committee, People’s Bank of China; Professor of Economics, Peking University

Thursday, September 1, 2016

09:00–14:30

Recent development and Challenge of China’s Fin-tech and Payment System

Speakers

Yudong Yao Director of Research Department, People’s Bank of China

Long Chen Chief Strategist, Ant Financial Services Group (the Financial Arm of Alibaba)

Jinlao Huang Executive Vice President, Suning Financial Group

Naisheng Yao Vice President, JD Finance Co.,Ltd

Ye Zhou CEO, ChinaPnR Co., Ltd

Jie Hu Professor of Practice, Shanghai Advanced Institute of Finance

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