Tsinghua Workshop in Macroeconomics 2011

August 15-17, 2011
SEM, Tsinghua University

Keynote Speakers: Martin Eichenbaum and Fabrizio Zilibotti

Monday August 15      
7:30-8:00           Registration
8:00-8:15          Welcoming remark

Session 1:  Business Cycles
Chair:   

8:15-9:15       Vivian Yue (New York University)

                       "Export Dynamics and Business Cycles in Emerging Economies"

9:15-10:15     Wen Yi (St.Louis Fed and Tsinghua University)

                       "Financial Development and Diverging Trends in Economic Volatility: A Unified Explanation"

10:15-10:30     Coffee Break

Session 2:  Investment and Asset Prices
Chair:   

10:30-11:30       Dan Cao (Georgetown University)
                          "Collateral Shortages, Asset Price and Investment Volatility with Heterogeneous Beliefs"

11:30-12:30       Keynote Speech: Martin Eichenbaum (Northwestern University)
                          "Understanding Booms and Busts in Housing Prices"

12:30-2:00        Lunch (TBA)

Session 3:  Financial Market Frictions
Chair:   

2:00-3:00       Yan Bai (Arizona State University)
                      "Financial Markets and Fluctuations in Uncertainty"

3:00-4:00       Keyu Jin (London School of Economics)
                      "Credit Constraints and Growth in a Global Economy"

4:00-4:15       Coffee Break

4:15-5:15       Joseph Kaboski (University of Notre Dame)
                      "Macroeconomics of Microfinance"

Tuesday August 16

Session 4:  Human Capital Investment and Risk Sharing
Chair:   

8:45-9:45      Yongseok Shin (Washington University in St. Louis)

                      "Lifetime Labor Supply and Human Capital Investment"

9:45-10:45     Heng Chen (University of Hong Kong)

                      "Mortgage Loans, the Decline of the Household Saving Rate and the Increase in Risk-Sharing"

10:45-11:00     Coffee Break

11:00-12:00       Kjetil Storesletten (Minneapolis Fed)
                          "Redistributive taxation in a partial-insurance economy"

12:00-1:30        Lunch (TBA)

Session 5:  Financial System
Chair:   

1:30-2:30       Charles Kahn (University of Illinois Urbana-Champaign)
                        "Private Payment Systems Collateral and Interest Rates"

2:30-3:30       Benjamin Bental (University of Haifa)
                       "Should We Have or Should We Have Not, and Who Should Have Paid?"

3:30-3:45       Coffee Break

Session 6:  Energy
Chair:   

3:45-4:45       William Gavin (St. Louis Fed)
                        "Monetary Policy, the Tax Code, and Energy Price Shocks"

4:45-5:45       Xinya Zhang (Rice University)
                       "Energy Sector Innovation and Growth: An Optimal Energy Crisis"

Wednesday, August 17

Session 7: China   
Chair:   

8:30-9:30      Xue Qiao (Tsinghua University)

                      "Job creation and destruction in China"

9:30-10:30     Laura Wu (Nanyang Technological University)

                      "A Structural Estimation on Capital Market Distortions in UK and Chinese Manufacturing Firms"

10:30-10:45     Coffee Break

10:45-11:45      Xiaodong Zhu (University of Toronto)
                          "Factor Market Distortions Across Time, Space and Sectors in China"

11:45-1:15        Lunch (TBA)

1:15-2:15       Chong-En Bai (Tsinghua University)
                        "Payroll Tax and Consumption"

2:15-3:15       Keynote Speech Fabrizio Zilibotti (University of Zurich)
                       "The Growth of China in the Face of a Demographic Transition"

3:15-3:30       Coffee Break

3:10-5:15       Panel Discussion

                       Debt Crisis and China's Role in World Economy