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The Peking University Summer Conference on Macro and Monetary Economic Theory Held Successfully in SEPKU
2017-06-22   

From June 19 to 20,the Peking University Summer Conference on Macro and Monetary Economic Theory was held in SEPKU.

 

The conference was organized by SEPKU and co-organized by Peking University Graduate School. Prof. Felix Kübler from  University of Zurich, Professor Pedro Gomis-Porqueras from  University of Deakin, Associate Professor Tao Zhu from Hong Kong University of Science and Technology, Associate Professor Chao Gu from University of Missouri, Associate Professor Liang Wang from University of Hawaii, Assistant Professor Chao He from Shanghai University of Finance and Economics, Dr. Yu Zhu, Senior Economist at Bank of Canada, Assistant Professor Han Han from SEPKU, and Assistant Professor Kui Huang from National University of Singapore conducted academic reports on a series of frontiers in the field of macro and monetary economics.

 

Prof. Sun Qixiang, Dean of SEPKU, delivered a welcome speech at the opening ceremony. She pointed out that macro-economics and monetary economics are the two branches of economics which closely link with the current economic and social developments, therefore international academic research and exchange platform are required, so that the latest academic achievements can make positive contributions to the development and progress of macro and monetary economics in cross-border mutual blending and collision. Dean Sun said that the nine speakers who were invited to the conference were well-known experts in the international academic circles of macro and monetary economics. They have made outstanding contributions to the development of theories such as economic growth, unemployment and inflation, money supply and monetary policy. She hoped that participants would be able to further promote mutual learning, exchange and discussion through the meeting, and contribute to the development and progress of macroeconomic and monetary economics. Associate Professor Qin Xuezheng, Assistant Dean of SEPKU, presided over the opening ceremony, and Assistant Professor Han Han presided over the subsequent academic report.

 

After the opening ceremony, Prof. Felix Kubler from University of Zurich, Switzerland, reported on his research results "Re-use of Collateral: Leverage, Volatility, and Welfare". He pointed out that in the case of heterogeneous beliefs, re-mortgages will exacerbate asset price volatility, and the moderate restraint of re-mortgage can maximize the level of social welfare. Dr. Yu Zhu, Senior Economist at Bank of Canada, reported on his research results "Model House Prices: Theory and Estimation", which depicts the price distribution of the property market based on dynamic direct search theory and the British real estate market data, and provides a new explanation for the real estate market price of the phenomenon of viscosity.

Associate Professor Tao Zhu of Hong Kong University of Science and Technology reported his research results with collaborators "Welfare-improving Roles of Nominal Bonds", which explored how money and bonds could coexist and whether the coexistence can improve social welfare.

 

Assistant Professor Kui Huang from National University of Singapore reported on her research results "On the Number and Size of Banks: Efficiency and Equilibrium", which describes the model for calculating the optimal number and size of banks under the conditions of limited commitment and endogenous supervision. It is pointed out that the number of banks can only be optimized if the government reasonably restricts the bank access. Assistant Professor Liang Wang from University of Hawaii reported that his works with co-authors "Asset Equilibria with Indivisible Goods". In the new monetarist framework, the inseparable product is introduced into the media as a trading medium, which proves that there is a single equilibrium when the dividend is nonnegative, and there may be multiple equalization when the dividend is negative. Prof. Pedro Gomis-Porqueras from University of Deakin, reported on his work with the collaborators "The Effects of Secondary Markets and Unsecured Credit on Inflation Dynamics", which theoretically explores the impact of the development of US Treasury secondary market and unsecured credit on inflation in the United States during the "moderate easing" period.

 

Associate Professor Chao Gu from University of Missouri reported on her research results with co-authors "Capital Pledgeability, Inflation and Unemployment", pointing out that when the credit conditions are improved, the wage rate increases and the unemployment rate decreases, when the inflation rate increases, the wage rate decreases, but the unemployment rate is uncertain, depending on the credit situation. Assistant Professor Han Han from SEPKU reported the results of his research with the co-author "The Effects of Monetary Policy and Other Announcements", indicating that there was a real effect if and only if the currency shock was predicted, and that the declaration of monetary policy exacerbated economic fluctuations. Assistant Professor Chao He from Shanghai University of Finance and Economics, reported on his research results "Financial Frictions and Monetary Policy Implementations", pointing out that when the financial market is free of friction, the total amount of transfer payments (LST) can be used as a monetary policy tool, and when there is friction in the financial market, it should use the standing loan convenience (SF) or the open market operation (OMO) as a policy tool.

 

Finally, Assistant Professor Han Han made a concluding statement. He congratulated the meeting on its success and expressed his heartfelt gratitude to the speakers, the participants and the staff. He pointed out that there are still many problems in the field of macro and monetary economics. The meeting was fruitful and achieved the desired results, and made positive contributions to the progress and development of macro and monetary economics.



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