The 10th Shanghai Macroeconomics Workshop

June 18th – 19th, 2019

School of Economics, Shanghai University of Finance and Economics

Institute for Advanced Research, Shanghai University of Finance and Economics

Key Laboratory of Mathematical Economics(SUFE)


    School of Economics, Shanghai University of Finance and Economics

Program Chair:

    Kevin Huang (Vanderbilt University)

Local Committee:

    Guan Gong, Zhe Li, Youzhi Yang, Rongsheng Tang, Jingyi Zhang


    8th Floor, School of Economics, Shanghai University of Finance and Economics

Social Events

    June 17 6:30 Welcome Dinner

                 Meet in the lobby of Howard Johnson Caida Hotel, 6:00pm

    June 18 6:30 Conference Dinner

                 Meet in front of Howard Johnson Caida Hotel, 6:00pm

    June 19 6:30 Conference Dinner

                 Meet in front of Howard Johnson Caida Hotel, 6:00pm

Contact information

    Rongsheng Tang (;

    Jingyi Zhang (


(pdf download)

(updated on 6/5/2019)

June 18th

8:20 - 8:30 am

Opening remark:
Kevin Huang (Vanderbilt University)

8:30 - 9:30am

Keynote speech.
Room: 807     Chair: Yang Yu (SUFE)
Alessandro Pavan (Northwestern University)
Wall Street and Silicon Valley: A Delicate Interaction



9:45 - 11:45 am

Session 1.
Room: 807     Chair: Yang Yu (SUFE)
Youzhi Yang (SUFE)
Optimal CEO Compensation and Termination
David Wiczer (Stony Brook University)
Cyclical Earnings and Employment Transitions

11:45 am - 1:30pm

Lunch: Room 412

1:30 - 2:30 pm

Keynote speech.
Room: 807     Chair: Zixi Liu (SUFE)
Manuel Santos (University of Miami)
Sovereign Default, TFP, and Financial and Fiscal Frictions

2:30 - 2:40 pm


2:40 - 5:50 pm

Session 2.1. (Parallel Session)
Chair: Zixi Liu (SUFE)
Lin Shao (Bank of Canada)
Firm Dynamics and Economic Development with Corruption and Financial Frictions
Ernest Liu (Princeton University)
Low Interest Rates, Market Power, and Productivity Growth
Kai Zhao (University of Connecticut)
How Important Is Health Inequality for Lifetime Earnings Inequality?
Session 2.2. (Parallel Session)
Chair: Tongbin Zhang (SUFE)
Xiaowen Wang (SUFE)
Rational inattention, long run risk and real exchange rate
Jun Nie (Federal Reserve Bank of Kansas City)
Growth and Welfare Gains from Financial Integration under Model Uncertainty
Liang Wang (University of Hawaii at Manoa)
Capital Pledgeability, Inflation and Unemployment

June 19th

8:30 - 9:30am

Keynote speech.
Room:807       Chair: Zhe Li (SUFE)
Dirk Krueger (University of Pennsylvania)
Macroeconomics and Inequality
9:30 - 9:45amBreak and Group Photo
9:45 - 11:45 amSession 3
Room:807       Chair: Zhe Li (SUFE)
Yong Wang (Peking University)
Human Capital, Skill Premium and Industrial Dynamics
Chaoran Chen (National University of Singapore)
Health, Health Insurance, and Income Inequality
11:45 am - 1:30pmLunch:Room 412
1:30 - 2:30 pmKeynote speech.
Room:807      Chair: Xiaowen Wang (SUFE)
Vivian Yue (Emory University)
Export Growth and Aggregate Dynamics in Large Devaluations
2:30 - 2:40 pmBreak
2:40 - 5:50 pm
Session 4.1. (Parallel Session)
Chair: Xiaowen Wang (SUFE)
Tongbin Zhang (SUFE)
New Tests of Expectation Formation with Application to Asset Pricing Models
Francesco Zanetti (University of Oxford)
State Dependence of Fiscal Multipliers: the Source of Fluctuations Matters
Andrea Lanteri (Duke University )
Credit Shocks and Equilibrium Dynamicsin Consumer Durable Goods Markets
Session 4.2. (Parallel Session)
Chair: Youzhi Yang (SUFE)
Qiang Gong(Zhongnan University of Economics and Law)

Shiyi Chen (Fudan University)
Yuqin Wang(SUFE )
Zombie Firms and Labor Market Dynamics: the Crowding Out Effect of Credit Misallocation
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