The Chazen Institute of International Business at Columbia Business School; The National Institute for Fiscal Studies at the Tsinghua University (Sponsors: Asian Development Bank and Hong Kong Institute for Monetary Research)

Columbia –Tsinghua Conference: International Economics after the Crisis


30 June 2010 (Wednesday) - 02 July 2010 (Friday)



June 30, 2010
08:30 - 08:40 Opening remarks

08:40-10:40 Exchange Rates

International and Intra-national Real Exchange Rates: Theory and Evidence by Michael Devereux (UBC and NBER) and Viktoria Hnatkovska (UBC)
A Macro-Finance Approach to Exchange Rate Determination by Yu-chin Chen (U of Washington) and Kwok Ping Tsang (Virginia Tech)

Discussant: Qing Liu (Tsinghua University)

10:40 - 11:00 Coffee/tea break

11:00 Keynote Speech

Kenneth West (Univ of Wisconsin, Madison and NBER): Exchange Rate Economics

12:10 - 13:30 Lunch

13:45 – 15:45 Current Account Adjustments
Labor Market Rigidity, Goods Trade, and Current Account Adjustment by Jiandong Ju (Tsinghua Univ and Univ of Oklahoma), Kang Shi (CUHK), and Shang-Jin Wei (Columbia Univ, Tsinghua Univ and NBER)

The Consequences of Current Account Reversals by Abdul Abiad, Daniel Leigh and Marco E. Terrones (all International Monetary Fund)

Discussant: Jon Steinsson (Columbia University and NBER)

15:45 – 16:15 Break

16:15 -18:15 Cross-national Interdependence
Understanding the Effect of Productivity Changes on International Relative Prices: the Role of News Shocks by Deokwoo Nam (CUHK) and Jian Wang (Dallas Fed)
Asia’s Business Cycles by Carol Wei Liao (HKIMR) and Dong He (HKMA and HKIMR)

Discussant: Akiko Tarada-Hagiwara (Asian Development Bank)

19:00 Dinner

July 1, 2010
08:30 – 09:15 Optional Walk on Tsinghua Campus

09:15 – 09:30 Coffee/tea Break

09:30 - 11:30 Foreign Exchange Reserves and Real Exchange Rates

A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds by Christopher D. Carroll (Johns Hopkins University and NBER) and Olivier Jeanne (Johns Hopkins University and NBER)

Goods Market Frictions and Real Exchange Rate Puzzles by Qing Liu (Tsinghua University)

Discussant: Viktoria Hnatkovska (UBC)

12:00 - 13:15 Lunch

13:30 – 15:00 Macroeconomics
Crises and Recoveries in an Empirical Model of Consumption Disasters by Emi Nakamura (Columbia Univ and NBER), Jon Steinsson (Columbia and NBER), Robert Barro (Harvard University and NBER), Jose Ursua (Harvard University)

Discussant: Kang Shi (CUHK)

15:00 – 15:20 Coffee/tea Break

15:20 – 17:20 International Financial Market
International Commodity Price Shocks, Democracy, and External Debt by Rabah Arezki (IMF) and Markus Bruckner (Pompeu Fabra)

From Sovereign to Corporate Default Risks: Evidence from CDS Spreads around the World by Jennie Bai (NY Fed) and Shang-Jin Wei (Columbia University, Tsinghua Univ and NBER)

Discussant: TBA

19:00 Dinner

July 2, 2010
08:30 - 10:30 International Trade and Crisis

How Do Different Exporters React to Exchange Rate Changes? Theory, Empirics, and Aggregate Implications

by Nicolas Berman (Graduate Institute of International and Development Studies), Philippe Martin*, (Sciences Po, Paris and CEPR), Thierry Mayer (Sciences Po, Paris, CEPII and CEPR)

Trade and the Global Recession by Jonathan Eaton (Penn State and NBER), Sam Kortum (U of Chicago and NBER), Brent Neiman (U of Chicago and NBER), and John Romalis (U of Chicago and NBER)

Discussant: Jenny Xu (HKUST)

10:30 – 10:50 Coffee/tea break

10:50 – 12:15 Policy Panel: The Chinese Currency in the World Economy

Jong-Wha Lee (Chief Economist, ADB): “Will the RMB Become an International Reserve

He Dong (Chief Economist, HKMA): “The Internationalization of the RMB”

Yingyi Qian (Dean and Professor, Tsinghua University, and UC Berkeley)

Official from the Chinese government

12:30-13:30 Lunch

13:45 Leave for the Great Wall (Simatai Section)