Tsinghua Workshop in Macroeconomics 2017
June 16 - 18, 2017, Tsinghua University, Beijing, China
Call for Papers Conference Organization Previous Conferences Contact


Tsinghua Workshop in International Finance and Monetary Policy 2017

May 25 - 26, 2017

PBCSF, SEM, Tsinghua University

Room 418, Shunde Building, SEM


Keynote Speakers: Charles Engel and Roger Farmer



Thursday, May 25   

8:15-8:35           Registration
8:35-8:45           Opening Remarks Chong-En Bai (Mansfield Freeman Professor and Executive Associate Dean, School of                         Economics and Management, Tsinghua University)


Morning Academic Session: (Presenters: 45 minutes; Discussants: 10 minutes; Q&A: 5 minutes)

Chair: Yi Wen (The St. Louis Fed and Tsinghua University)


8:45-9:45      Ambrogio Cesa-Bianchi (Bank of England), Andrea Ferrero (University of Oxford),

                        Alessandro Rebucci (The Johns Hopkins University):

                           "International Credit Supply Shocks"


                        Discussant: Jing Zhou (Fudan University) (slides)


9:45-10:45    Yun Pei (University at Buffalo, SUNY):

                           "Optimal Sovereign Defaults in the Presence of Financial Frictions"


                        Discussant: Tianxiao Zheng (Shanghai Advanced Institute of Finance) (slides)


10:45-11:00      Coffee Break


11:00-12:00     Keynote Speech by Charles Engel (University of Wisconsin at Madison):

                           "Debauchery and Original Sin: The Currency Composition of Sovereign Debt"



12:00-1:30    Lunch    


Afternoon Policy Session:

Moderator: Chong-En Bai (Executive Associate Dean, School of Economics and Management, Tsinghua University)


1:30-2:00       Policy Keynote by Min Zhu (Chair, National Institute of Financial Research, Tsinghua University; Former Deputy Governor at the People's Bank of China, and Former Deputy Managing Director at the IMF):

                          "Trump Uncertainty"


2:00-2:30       Policy Keynote by Chris Waller (Executive Vice President and Research Director at the St Louis Fed):

                          "U.S. Monetary Policy"


2:30-3:00       Policy Keynote by Hao Zhou (Unigroup Chair Professor and Associate Dean, PBC School of Finance at Tsinghua University):

                          "Systemic Risk of China's Financial System 1Q17"


3:00-3:15      Coffee Break


3:15-5:30      Policy Panel

Moderator: Hao Zhou, Unigroup Chair Professor and Associate Dean, PBC School of Finance at Tsinghua University


                        Charles Engel (Professor of Economics, University of Wisconsin at Madison)

                        Roger Farmer (Professor of Economics, University of California at Los Angeles)

                        Kai Guo: Deputy Director General, International Department, People's Bank of China

                        Alex Michaelides (Professor of Finance, Imperial College London               


6:30-8:30        Conference Dinner


Friday, Friday 26   

Morning Academic Session (Presenters: 45 minutes; Discussants: 10 minutes; Q&A: 5 minutes)

Chair: Jiandong Ju (Tsinghua University)


8:45-9:45      Rosen Valchev (Boston College):

                           "Bond Convenience Yields and Exchange Rate Dynamics"


                        Discussant: Meixin Guo (Tsinghua University) (slides)


9:45-10:45    Michael Devereux (University of British Columbia), Changhua Yu (Peking University):

                           "Exchange Rate Adjustment in Financial Crises"


                        Discussant: Hao Jin (Xiamen University) (slides)

10:45-11:00     Coffee Break


11:00-12:00     Keynote Speech by Roger Farmer (University of California at Los Angeles) :

                           “Animal Spirits in a Monetary Model



12:00-1:30    Lunch    


Afternoon Academic Session: (Presenters: 45 minutes; Discussants: 10 minutes; Q&A: 5 minutes):

Chair: Jinhui Bai (Tsinghua and Washington State University)


1:30-2:30       Jing Cynthia Wu (University of Chicago), Ji Zhang (Tsinghua University):

                          "A Shadow Rate New Keynesian Model"


                        Discussant: Rong Li (Renmin University of China) (slides)

2:30-3:30      Martin Bodenstein  (Federal Reserve Board),Junzhu Zhao (National University of Singapore):

                          "Employment, Wages and Optimal Monetary Policy"


                        Discussant: Feng Dong (Shanghai Jiao Tong University) (slides)


3:30-4:00      Coffee Break


3:45-4:45        Haitao Li (Cheung Kong Graduate School of Business), Tao Li (City University of Hong Kong),

                        Cindy Yu (Iowa State University):

                           "Optimal Monetary Policy and Term Structure in a Continuous-Time DSGE Model"


                        Discussant: Zhan Shi (Tsinghua University) (slides)


6:00-8:00    Conference Dinner