Tsinghua Workshop in Macroeconomics 2009

July 6-8, 2009
SEM, Tsinghua University, Beijing, China

Keynote Speakers: Steven Davis and Kjetil Storesletten

Monday, July 6

8:30-8:45      Registration

8:45-9:00      Welcoming Remarks: Chong-En Bai (Tsinghua University)

Session 1  Growth and Structural Change
Chair: Yi Wen (Tsinghua and St. Louis Fed.)   

9:00-10:00       Zheng Song (Fudan), Kjetil Storesletten (Oslo) and Fabrizio Zilibotti (Zurich):

                           "Growing Like China"

10:00-11:00     Keyu Jin (Harvard/LSE):

                           "Industrial Structure and Financial Capital Flows"

11:00-11:15     Coffee Break

11:15-12:15     Radoslaw Stefanski (Minnesota): "Structural Transformation and the Oil Price"

12:15-1:15    Lunch

Session 2       Housing and Business Cycles
Chair: Xue Qiao (Tsinghua)           

1:15-2:15        Raoul Minetti (Michigan State) and Tao Peng (Southwestern U of Finance and                                        Economics):

                          "Lending Constraints, Real Estate Prices and Business Cycles in Emerging Economies"

2:15-3:15        Jianjun Miao (Boston) and Pengfei Wang (HKUST):

                          “Does Lumpy Investment Matter for Business Cycles?”

3:15-3:30      Coffee Break

3:30-4:30         Michael Devereux (UBC), Kang Shi (Chinese U. of Hong Kong) and Jenny Xu (Hong                                  Kong U. of Science and Technology):

                           "Oil Currency and the Dollar Standard: A Simple Analytical Model of an International                                  Trade Currency"

6:00              Dinner (Zui Ai Restaurant)

Tuesday, July 7

Session 3  Saving and Global Imbalances
Chair: Shouyong Shi (Toronto and Tsinghua)

8:30-9:30        Suparna Chakraborty (Baruch College) and Robert Dekle (USC):

                           "Global Imbalances, Productivity Differentials, and Financial Integration"

9:30-10:30       Kaiji Chen (Oslo), A. Imrohoroglu (USC) and S. Imrohoroglu (USC):

                           "A Quantitative Assessment of the Decline in the US Saving Rate and the Current                                  Account Balance"

10:30-10:45  Coffee Break

10:45-11:45  Charles Horioka (Osaka):

                        "The Saving Behavior of the Aged in Japan"

12:00-1:00    Lunch

Session 4       Intergenerational Transfer and Political Economy
Chair: Qing Liu (Tisnghua)

1:00-2:00         Zheng Song (Fudan), Kjetil Storesletten (Oslo) and Fabrizio Zilibotti (Zurich):

                           “Rotten Parents and Disciplined Children: A Politicao-Economic Theory of Public                                          Expenditure and Debt.

2:00-3:00         Fang Yang (SUNY Albany):

                           "Social Security Reform with Impure Intergenerational Altruism"

3:00-3:15      Coffee Break

3:15-4:45  Panel Discussion:

Wednesday, July 8

Session 5  Macro/Labor 
Chair: Xiaodong Zhu (Toronto and Tsinghua)

8:30-9:30         Steven Davis (Chicago), Jason Faberman (Fed Philadelphia) and John Haltiwanger                                   (Maryland):

                            "Establishment Level Behavior of Vacancies and Hiring"

9:30-10:30       Guido Menzio (Penn) and Shouyong Shi (Toronto and Tsinghua):

                           "Efficient Search on the Job and the Business Cycle"

10:30-10:45       Coffee Break

10:45-11:45      Suqin Ge (Virginia Tech) and Dennis Yang (Chinese U of HK):

                            “Accounting for Rising Wages in China”

12:00-1:00    Lunch

Session 6       Dynamic Contracts
Chair: Zheng Song (Fudan)           
                     
1:00-2:00         Cheng Wang (Iowa State ) and Youzhi Yang (Iowa State):

                           "On the Dynamic Contract Search"

2:00-3:00         Shuyun Li (Melbourne):

                           "Optimal lending contracts with long run borrowing constraints"

3:15-6:00      Local Tour (Beijing Summer Palace)

6:00                 Dinner (Ting Li Guan in the Summer Palace)