The Fifteenth NBER-CCER Conference on China and the World Economy


Time: June 25-June 28, 2014

Venue: CCER, Peking University


June 25 (Wednesday)


6:30 pm NBER participants and companions meet in the hotel lobby

7:00 pm Reception at the CCER


June 26 (Thursday)


8:45 – 8:50am: Opening remarks

Yang Yao (CCER), Shang-Jin Wei (NBER), Chong-En Bai (Tsinghua)


8:50-9:50am: China and the global economy


Chair: Chair: Yang Yao (CCER)

Justin Lin (CCER): China and the World Economy

Rene Stulz (Ohio State and NBER): Bank Performance during a Crisis.


9:50 – 10:15am:  Group photo and Coffee/tea break


10:15am-11:15am: Financial Market

Chair:  Pol Antras (Harvard University and NBER)

Joshua Aizenman (NBER and USC): Real Estate Valuation in the Open Economy

Yiping Huang (CCER): Ownership and Credit Rationing in China


11:15 – 12:45: Intergenerational mobility


Chair: Justin Lin (CCER)


Nathaniel Hendren (Harvard University and NBER): Intergenerational Mobility in the United States: Lessons from the Equality of Opportunity Project

Chih Ming Tan (University of Dakota), Zhibo Tan (CCER), and Xiaobo Zhang (CCER): Sins of the Father: The Intergenerational Legacy of the 1959-61 Great Chinese Famine on Children’s Cognitive Development

Xiaoyan Lei (CCER): Intergenerational Mobility in Education: Evidence from CHARLS.

12:45– 2 pm: Lunch

2:00-3:30 pm Trade


Chair: Rene Stulz (Ohio State and NBER)


Pol Antras (Harvard University and NBER): Contract Theory and Global Value Chains

Shang-Jin Wei (Columbia University and NBER): Sizing up Market Failures in Export Pioneering Activities

Miaojie Yu (CCER): Multiproduct Firms, Export Product Scope, and Trade Liberalization: The Role of Managerial Efficiency


3:30 -4 pm Coffee/tea break


4 – 5:30 pm: International finance I

Chair: Yiping Huang (CCER)

Menzie Chinn (Wisconsin, Madison and NBER): The Trilemma and Reserves: Measurement and Policy Implications  

Yang Yao (CCER): Financial Structure and Current Account Imbalances

Jianguo Xu (CCER): China A-share Stock Valuation: Fundamental Risk and Speculation premium



7:00 pm:  Dinner hosted by the CCER

Keynote speech by YI Gang, Deputy Governor of China Central Bank (TBC)

Chair:  Yang Yao (NSD Peking University)



June 27 (Friday)


8:30 – 9:30 am International finance II


Chair: Chong-en Bai


Pierre-Olivier Gourinchas (UC Berkeley and NBER): Global Safe Assets

JU Jiandong (Tsinghua), Justin Lin (CCER), LIU Qing (Tsinghua), and SHI Kang (Tsinghua): A Dynamic Structural Analysis of Real Exchange Rate and Current Account Imbalances: Theory and Evidences from China


9:30-9:45 am Coffee/tea break


9:45 –11:15 am: Policy and market

Chair: Rene Stulz (NBER and Ohio State University)

Bruce Weinberg (Ohio State and NBER): Strengthening Scientific Performance: Lessons and Benefits

Li Jin (Peking University and Oxford University): The Effect of Political Career Concerns on Media Slant and Market Return: Evidence from China

BAI Chong-en (Tsinghua), LIU Qing (Tsinghua) and YAO Wen (Tsinghua): Distortions to the Capital Market and their Implications on the Economic Structure: the Case of China


11:15 am – 12:00 pm: Lunch


Afternoon: Trip to the Great Wall (Simatai)

Bus leaves from CCER at 12:00 pm and from Lakeview Hotel at 12:30 pm


Casual dinner at/near the Great Wall



June 28 (Saturday)


8:45 am NBER participants check out the Lakeview Hotel (optional)

9:00-10:30 am: Retirement

Chair: Xiaobo Zhang (CCER)

Alan L. Gustman (Dartmouth and NBER): Pensions, Social Security and Retirement

Yaohui Zhao (CCER): Working After Processing Retirement: Evidence from CHARLS

Bo Zhao (CCER): Too Poor to Retire? House prices and Retirement


10:30-10:45 Coffee/tea break

10:45am-12:15 pm: College education

Chair: Menzie Chinn (Wisconsin and NBER)

Bridget T. Long (Harvard University and NBER): Making College Education Accessible to Disadvantaged Students (1)

Susan Dynarski (Michigan and NBER): Making College Education Accessible to Disadvantaged Students (2)”

Hongbin Li (Tsinghua): China’s College Education


12:15-12:20 Concluding remarks


12:20-1:30 pm: Lunch (Open to Alumni)


1:30 pm: Adjourn

1:30 pm Bus leaves from the CCER for Lakeview Hotel (or for Grand Hyatt)
Other information:


Emergency contact:


CCER contact persons:

Prof. Xiaobo Zhang: 1355-222-8062 (cell), 6275-8563 (office)

Ms. Tiechang Gao: +(86)-1391-199-6273, +(86)-6276-6005 (office)

NBER contact person:

Prof. Shang-Jin Wei: (NY) (212) 854-9139, (China cell): 1580-1700-315


Lakeview Hotel

Address: No.127, Zhongguancun North Road, Haidian District, Beijing


Phone: (010) 8268-9999   Fax: (010) 8268-9998



Program Committee: Xiaobo Zhang (CCER), Chong-En Bai (Tsinghua), and Shang-Jin Wei (NBER)