SAIF Conference on "Business Cycles and Macroeconomic Policies"
March 24, 2014
Macroeconomic Policies and Business Cycles
Date： March 24-25, 2014
Address: Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
211 West Huaihai Road, Shanghai, China
Sponsor： Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University
Northwestern University
Tsinghua University
Bank of Canada
Federal Reserve Bank of Atlanta
Day 1 (March 24, 2014)
__________________________________________________________________________________________
9:00am - 9:10am Welcome remarks
Chun Chang Shanghai Advanced Institute of Finance,
Shanghai Jiao Tong University
Jun Ma People’s Bank of China
------------------------------------------------------------------------------------------------
9:10am - 12:50am Morning session
Session chair: Jun Qian, SAIF, Shanghai Jiao Tong University
------------------------------------------------------------------------------------------------
9:10am-10:00am Presentation 1: High Discounts and High Unemployment
Bob Hall, Stanford University
Discussant: Andy Levin, IMF
9:10am-9:40am Presentation
9:40am-9:50am Discussion
9:50am-10:00am Open-floor Questions
------------------------------------------------------------------------------------------------
10:00am-10:50am Presentation 2: International Liquidity and Exchange Rate Dynamics
Matteo Maggiori, New York University
Xavier Gabaix, New York University,NBER and CEPR
Discussant: Federico Mandelman, Atlanta Fed
10:00am-10:30am Presentation
10:30am-10:40am Discussion
10:40am-10:50am Open-floor Questions
------------------------------------------------------------------------------------------------
10:50am-11:10am Tea Break
------------------------------------------------------------------------------------------------
11:10am-12:00pm Presentation 3: Non-linear Effects of Taxation on Growth
Sergio Rebelo, Northwestern University
Nir Jaimovich, Duke University
Discussant: Wen Yao, Tsinghua University
11:10am-11:40am Presentation
11:40am-11:50am Discussion
11:50am-12:00pm Open-floor Questions
------------------------------------------------------------------------------------------------
12:00pm-12:50pm Presentation 4: Measuring Income and Wealth of Chinese Households
Gan Li, Texas A&M University and Southwestern University of Finance and Economics
Jijun Tan, Southwestern University of Finance and Economics
Discussant: Mark Kruger, Bank of Canada
12:00pm-12:30pm Presentation
12:30pm-12:40pm Discussion
12:40pm-12:50pm Open-floor Questions
------------------------------------------------------------------------------------------------
12:50pm - 1:50pm Lunch
------------------------------------------------------------------------------------------------
1:50pm - 3:30pm Afternoon session
Session chair: Yi Wen, St. Louis Fed and Tsinghua University
------------------------------------------------------------------------------------------------
1:50pm-2:40pm Presentation 1: Valuation Risk and Asset Pricing
Marty Eichenbaum, Northwestern University
Rui Albuquerque, Boston University, Portuguese Catholic University
Sergio Rebelo, Northwestern University
Discussant: Jun Liu, SAIF, Shanghai Jiao Tong University
1:50pm-2:20pm Presentation
2:20pm-2:30pm Discussion
2:30pm-2:40pm Open-floor Questions
------------------------------------------------------------------------------------------------
2:40pm-3:30pm Presentation 2: Optimal Time-Consistent Macroprudential Policy
Javier Bianchi, University of Wisconsin
Enrique G. Mendoza University of Pennsylvania
Discussant: Zheng Liu, San Francisco Fed and SAIF
2:40pm-3:10pm Presentation
3:10pm-3:20pm Discussion
3:20pm-3:30pm Open-floor Questions
------------------------------------------------------------------------------------------------
3:30pm - 3:50pm Tea Break
------------------------------------------------------------------------------------------------
3:50pm - 5:50pm Policy round-table
Subject: Current challenges facing monetary policy
Moderator: Marty Eichenbaum
Panelists: Dave Altig, Executive Vice President, FRB Atlanta
Jim Bullard, President, FRB St Louis
Chun Chang, Executive Dean, SAIF (leading the discussion)
Charlie Evans, President, FRB Chicago
Tao Guan, Head, Balance of Payment Department, SAFE, People's Bank of China
Haizhou Huang, Chief Strategist, China International Capital Corporation
John Murray, Deputy Governor, Bank of Canada
------------------------------------------------------------------------------------------------
7:00pm - 9:30pm Dinner
------------------------------------------------------------------------------------------------
Day 2 (March 25, 2014)
__________________________________________________________________________________________
9:00am - 12:40am Morning session
Session chair: Xiaodong Zhu, University of Toronto and SAIF
------------------------------------------------------------------------------------------------
9:00am-9:50am Presentation 1: The Safety Trap
Emmanuel Farhi, Harvard University
Ricardo J. Caballero, MIT
Discussant: Bing Li, Tsinghua University
9:00am-9:30am Presentation
9:30am-9:40am Discussion
9:40am-9:50am Open-floor Questions
------------------------------------------------------------------------------------------------
9:50am-10:40am Presentation 2: On the Importance of Sales for Aggregate Price Flexibility
Oleksiy Kryvtsov, Bank of Canada
Nicolas Vincent , HEC Montr′eal
Discussant: Xue Qiao, Tsinghua University
09:50am-10:20am Presentation
10:20am-10:30am Discussion
10:30am-10:40am Open-floor Questions
------------------------------------------------------------------------------------------------
10:40am-11:00am Tea Break
------------------------------------------------------------------------------------------------
11:00am-11:50am Presentation 3: The Great Housing Boom in China
Yi Wen, Federal Reserve Bank of St Louis and Tsinghua University
Kaiji Chen, Emory Universit
Discussant: Jun Qian, SAIF, Shanghai Jiao Tong University
11:00am-11:30am Presentation
11:30am-11:40am Discussion
10:40am-11:50am Open-floor Questions
------------------------------------------------------------------------------------------------
11:50am-12:40pm Presentation 4: Banks, Liquidity Management and Monetary Policy
Saki Bigio, Columbia University
Javier Bianchi, University of Winsconsin and NBER
Discussant: Yuan Xu, Tsinghua University
11:50am-12:20pm Presentation
12:20pm-12:30pm Discussion
12:30pm-12:40pm Open-floor Questions
------------------------------------------------------------------------------------------------
12:40pm - 1:50pm Lunch
------------------------------------------------------------------------------------------------
1:50pm - 4:50pm Afternoon session
Session chair: Jun Liu, SAIF, Shanghai Jiao Tong University
------------------------------------------------------------------------------------------------
1:50pm-2:40pm Presentation 1: Understanding the Great Recession
Lawrence Christiano, Northwestern University
Martin S. Eichenbaum, Northwestern University
Mathias Trabandt, Board of Governors of the Federal Reserve System
Discussant: Rhys Mendes, Bank of Canada
1:50pm-2:20pm Presentation
2:20pm-2:30pm Discussion
2:30pm-2:40pm Open-floor Questions
------------------------------------------------------------------------------------------------
2:40pm-3:00pm Tea Break
------------------------------------------------------------------------------------------------
3:00pm-3:50pm Presentation 2: Trends and Cycles in China’s Macroeconomy: A Multivariate Approach
Tao Zha, Federal Reserve Bank of Atlanta, SAIF and Emory University
Chun Chang, SAIF, Shanghai Jiao Tong University
Daniel F. Waggoner, Federal Reserve Bank of Atlanta
Mei Zhu, Shanghai University of Finance and Economics
Discussant: Xiaodong Zhu, University of Toronto and SAIF
3:00pm-3:30pm Presentation
3:30pm-3:40pm Discussion
3:40pm-3:50pm Open-floor Questions
------------------------------------------------------------------------------------------------
3:50pm-4:40pm Presentation 3: Good and Bad Uncertainty: Macroeconomic and Financial Market Implications
Amir Yaron, University of Pennsylvania
Gill Segal, University of Pennsylvania
Ivan Shaliastovich, University of Pennsylvania
Discussant: Kaiji Chen, Emory University
3:50pm-4:20pm Presentation
4:20pm-4:30pm Discussion
4:30pm-4:40pm Open-floor Questions
------------------------------------------------------------------------------------------------
6:30pm - 9:00pm Dinner
-----------------------------------------------------------------------------------------------