Tsinghua Workshop in Macroeconomics 2010

June 28-30, 2010

SEM, Tsinghua University
Venue: Room 302, Shunde Building

Keynote Speakers: Nobuhiro Kiyotaki and Richard Rogerson

Monday June 28      
8:15-8:30           Registration
8:30-8:40          Welcoming remark

Session 1:  Financial Crisis

8:40-9:4 Paul Beaudry (Oxford) and Amartya Lahiri (UBC)
"Risk Allocation, Debt Fueled Expansion and Financial Crisis"

9:40-10:40  Pengfei Wang (HKST) andYi Wen (FRB St. Louis and Tsinghua)
"Speculative Bubbles and Financial Crisis"

10:40-11:00 Coffee Break

11:00-12:00 Keynote Speech: Nobu Kiyotaki (Princeton)
"Financial Intermediation and Credit Policy in Business Cycle Analysis"
(joint with Mark Gertler of NYU)

12:00-2:00  Lunch (Yan Ming Yuan)

Session 2:  Money and Policy

2:00-3:00Guido Menzio (UPenn), Shouyong Shi (U of Toronto and Tsinghua) and Hongfei Sun (Queen's)
      "A Monetary Theory with Non-Degenerate Distributions"

3:00-4:00 Ben S.C. Fung (Bank of Canada) and Enchuan Shao (Bank of Canada)
 "Counterfeit Quality and Verification in a Monetary Exchange"

4:00-4:15   Coffee Break

4:15-5:15     Aleksander Berentsen(University of Basel) and Christopher Waller (University of Notre Dame and FRB-St. Louis)
"Optimal Stabilization Policy with Endogenous Firm Entry"

5:15-6:15   Nicolas Jacquet (Singapore Management University) and Serene Tan (National University of Singapore)
"The Liquidity Effects of Monetary Policy on Asset Prices"

6:30    Dinner (Zui Ai)

Tuesday June 29

Session 3：Life Cycle Models

8:30-9:30  Michael Zheng Song (CUHK and Fudan) and Dennis Yang (CUHK)
"Life Cycle Earnings and Saving in a Fast Growing Economy"

9:30-10:30  Tim Halliday, Hui He and Hao Zhang; (University of Hawaii)
"Health Investment over the Life-Cycle"

10:45-11:45 Keynote Speech: Richard Rogerson (Arizona State)
"Fixed Costs, Retirement and the Elasticity of Labor Supply"
(joint with Johanna Wallenius of Stockholm School of Economics)

11:45-1:45 Lunch (Yan Ming Yuan)

Session 4:  China

2:00-3:00 Russell Cooper (Texas at Austin and the European University Institute)
Guan Gong(SUFE)  and Ping Yan (Peking University)
"Dynamic Labor Demand in China: Public and Private Objectives"

3:00-4:00 Loren Brandt (UToronto) and Xiaodong Zhu (UToronto and Tsinghua)
"Accounting for China’s Growth"

4:00-4:15 Coffee Break

Session 5： Credit and Contracts

4:15-5:15  Zheng Liu (FRB of San Francisco) and Pengfei Wang (HKUST)
"Indeterminate Credit Cycles"

5:15-6:15  Xue Qiao (Tsinghua)
"Unemployment Insurance and Layoffs with Dynamic Labor Contracts"

Wednesday, June 30

Session 6:    Structural Change

8:30-9:30  Radoslaw Stefanski and Karlygash Kuralbayeva; (Oxford)
"De-Specialization, Dutch Disease and Sectoral Productivity Differences"

9:30-10:30  Trevor Tombe (UToronto)
"Regions, Frictions, and Migrations in a Model of Structural Transformation"

10:30-10:45     Coffee Break

10:30-11:30      Kei-Mu Yi (FRB of Philadelphia) and Jing Zhang(U of Michigan)
"Structural Change in an Open Economy"

12:00-13:30        Lunch (Zui Ai)

13:30                  Travel to the Summer Palace