To promote research on macroeconomic theory and China’s macroeconomy, and to enhance international academic exchange and collaboration, Economics and Management School of Wuhan University will host the Seventh China International Conference in Macroeconomics (CICM 2025) on June 14–15, 2025.

Jointly organized by Economics and Management School (EMS) of Wuhan University and the China Forum of Macroeconomic Research (CFMR), the conference will feature keynote speeches and parallel sessions. This year, a special policy forum will also be introduced, bringing together leading policymakers and scholars from around the world for in-depth discussions on major macroeconomic issues facing China and the global economy.

FOUNDING ORGANIZERS:  

China Forum of Macroeconomic Research (CFMR)

ORGANIZERS:  

Wuhan University Economics and Management School

China Forum of Macroeconomic Research (CFMR)

KEYNOTE SPEAKERS:

CONFERENCE CO-CHAIRS

CONFERENCE SECRETARY-GENERAL

LOCAL ORGANIZING COMMITTEE

Chair

Key Member

Conference Registration

CICM 2025 adopts email-based registration. Participants are not required to register via the Conference Maker platform. Registration remains open, and all are welcome to register.

Registration Email: cicm2025@whu.edu.cn

For further inquiries, please do not hesitate to contact the organizing committee.

Day 0 – June 13, 2025 (Friday)

14:00 – 21:00 Registration (at the lobby of Luojia Hills Hotel)

Day 1 – June 14, 2025 (Saturday)

08:00 – 08:15 Registration for speakers, discussants, session chairs, and participants

08:15 – 08:30 Welcome Speech @Jinglin Hall (Room 173)

08:30 – 08:40 Group Photo

08:40 – 09:40 Keynote Speech by Greg Kaplan, University of Chicago

09:40 – 10:00 Break

10:00 – 12:20 Parallel Sessions

- Session: Heterogenous-agent Models and Macro Implications @Room 206

- Session: China’s Monetary Policy Transmission @Room 201

- Session: International Macro @Room 216

- Session: Asset Bubbles and Macroeconomics @Room 222

- Session: Monetary Economics @Room 229

12:20 – 14:20 Lunch

14:30 – 16:50 Parallel Sessions

- Session: General Macroeconomics @Room 206

- Session: Recent Advances in CBDC and Banking @Room 210

- Session: Macro Finance @Room 216

- Session: Firm Investment and Dynamics @Room 222

- Session: Growth and Development @Room 229

Day 2 – June 15, 2025 (Sunday)

08:50 – 09:50 Keynote Speech by Wei Xiong, Princeton University @Jinglin Hall (Room 173), EMS

09:50 – 10:00 Award Presentation

10:00 – 10:20 Break

10:20 – 12:20 Policy Panel Round Table @Jinglin Hall (Room 173), EMS

12:20 – 14:20 Lunch

14:30 – 16:50 Parallel Sessions

- Session: Government Debt and Aggregate Economy @Room 206

- Session: Labor Market @Room 210

- Session: Information and Macroeconomics @Room 216

- Session: Chinese Economy @Room 222

- Session: Macro Public @Room 229

Program (Day 1 – 14 June, 2025)

Morning Sessions: 08:00 – 12:20

08:00 – 08:15

Registration for speakers, discussants, session chairs, and participants

Venue: onsite at Jinglin Hall (Room 173), EMS

08:15 – 08:30

Welcome Speech

Venue: Jinglin Hall (Room 173), EMS

08:30 – 08:40

Group Photo

08:40 – 09:40

Keynote Speech by Greg Kaplan, University of Chicago

Venue: Jinglin Hall (Room 173), EMS

09:40 – 10:00

Break

Parallel Sessions

10:00 – 12:20

Session: Heterogenous-agent Models and Macro Implications

Chair: Jun Nie, Wuhan University

Venue: Room 206

l Operator Learning in Heterogeneous Agent Models

Presenter: Yaolang Zhong, The University of Tokyo

Discussant: Shenghao Zhu, University of International Business and Economics

l On the Trend of Technology, Family Formation and Women's Time Allocations

Presenter: Sagiri Kitao, National Graduate Institute for Policy Studies (GRIPS)

Discussant: Xiying Liu, Wuhan University

l Optimal Taxation for Economy with Idiosyncratic Shocks and Aggregate Uncertainty

Presenter: Shenghao Zhu, University of International Business and Economics

Discussant: Bo Li, Peking University

l Uncover “Gazelles”: The Macroeconomic Implications of Uncertainty and Learning for Entrepreneurship

Presenter: Lichen Zhang, The University of Hong Kong

Discussant: Kai Zhao, University of Connecticut

10:00 – 12:20

Session: China’s Monetary Policy Transmission

Chair: Kaiji Chen, Emory University

Venue: Room 210

l A High-Frequency Measure of Chinese Monetary Policy Shocks

Presenter: Dun Jia, Peking University (HSBC Business School)

Discussant: Haoning Sun, Tsinghua University

l Journey to the (North, South, East, and) West: Global Spillovers of Chinese Monetary Policy

Presenter: Harrison Shieh, Vassar College

Discussant: Wenbin Wu, Fudan University

l The International Spillover of Monetary Policy Shock: New Evidence from Night time Light

Presenter: Juanyi Xu, The Hong Kong University of Science and Technology

Discussant: Fan Xia, Bank for International Settlements (BIS)

10:00 – 12:20

Session: International Macro

Chair: Zhouxiang Shen, Zhejiang University

Venue: Room 216

l Optimal Trade Policies and Labor Markets

Presenter: Dan Lu, The Chinese University of Hong Kong

Discussant: Xi Wang, Peking University

l Trade Wars with FDI Diversion

Presenter: Sifan Xue, Peking University

Discussant: Xiaomei Sui, The University of Hong Kong

l The US as the Global Equity Safe Haven

Presenter: Zefeng Chen, Peking University

Discussant: Zhouxiang Shen, Zhejiang University

l Exchange Rate Models are Better than You Think, and Why They Didn’t Work in the Old Days

Presenter: Steve Pak Yeung Wu, University of California, San Diego

Discussant: Peidi Chen, The University of Hong Kong

10:00 – 12:20

Session: Asset Bubbles and Macroeconomics

Chair: Pengfei Wang, Peking University

Venue: Room 222

l Money is the Root of Asset Bubbles

Presenter: Makoto Watanabe, Kyoto University

Discussant: Shenzhe Jiang, Peking University

l Asset Bubbles, R&D, and Endogenous Growth

Presenter: Ding Dong, Hong Kong Baptist University

Discussant: Wei Cui, University College London

l Negative Bubbles

Presenter: Kosuke Aoki, The University of Tokyo

Discussant: Jing Zhou, Fudan University

l Globalization and Bubbly Government Debt

Presenter: Yizhen Wang, Tsinghua University

Discussant: Bo Zhao, Peking University

10:00 – 12:20

Session: Monetary Economics

Chair: Zhongchao Yang, Wuhan University

Venue: Room 229

l Self-fulfilling Volatility and a New Monetary Policy

Presenter: Marc Dordal Carreras, The Hong Kong University of Science and Technology

Discussant: Zehao Li, The Chinese University of Hong Kong (Shenzhen)

l Credit Conditions, Inflation and Unemployment

Presenter: Liang Wang, University of Hawaii Manoa

Discussant: Jiahong Gao, Zhongnan University of Economics and Law

l Money Demand in the Production Network

Presenter: Bin Wang, Jinan University

Discussant: Zhongchao Yang, Wuhan University

Lunch: 12:20 – 14:20

Afternoon Sessions: 14:30 – 16:50

Parallel Sessions

14:30 – 16:50

Session: General Macroeconomics

Chair: Yong Wang, Peking University

Venue: Room 206

l Leapfrogging by Switching Lanes: Directed Technical Change in China's Transition to Electric Vehicles

Presenter: Yong Wang, Peking University

Discussant: Xiangyu Feng, Xiamen University

l Uncertainty Paradox

Presenter: Jing Zhou, Fudan University

Discussant: Dun Jia, Peking University (HSBC Business School)

l Food Security Risk and Structural Transformation

Presenter: Xiaodong Zhu, The University of Hong Kong

Discussant: Gang Zhang, Cheung Kong Graduate School of Business

14:30 – 16:50

Session: Recent Advances in CBDC and Banking

Chair: Wei Cui, University College London (UCL)

Venue: Room 210

l A Theory of International Offical Lending

Presenter: Vivian Yue, Emory University

Discussant: Xun Gong, Zhejiang University

l Central Bank Digital Currencies and Financial Inclusion

Presenter: Yilei Liu, Southwestern University of Finance and Economics

Discussant: Han Han, Peking University

l Money As Safe Asset: Design of CBDC

Presenter: Kathy Yuan, The London School of Economics and Political Science (LSE)

Discussant: Wei Cui, University College London

l CBDC Financed Fiscal Stimulus

Presenter: Yu Zhu, Renmin University of China

Discussant: Chao Gu, University of Missouri

14:30 – 16:50

Session: Macro Finance

Chair: Shenzhe Jiang, Peking University

Venue: Room 216

l An Evolutionary Approach to Solving Limited Enforcement

Presenter: Alexandre Dmitriev, The University of Auckland

Discussant: Shenzhe Jiang, Peking University

l A New Keynesian Preferred Habitat Model with Repo

Presenter: Qian Wu, Indiana University

Discussant: Jiacheng Zhang, Fudan University

l Financing from Workers: Can Labor Market Power Mitigate Financial Frictions

Presenter: Yajie Wang, University of Missouri

Discussant: Zhouxiang Shen, Zhejiang University

l Incomplete Tariff Pass-Through at the Firm-level: Evidence from U.S.-China Trade

Presenter: Chang Liu, Stony Brook University

Discussant: Yang Su, The Chinese University of Hong Kong

14:30 – 16:50

Session: Firm Investment and Dynamics

Chair: He Nie, Wuhan University

Venue: Room 222

l Ambiguity, Heterogeneity, and the Business Cycle

Presenter: Sara Biadetti, Università di Roma Tor Vergata

Discussant: He Nie, Wuhan University

l Estimating the Real Effect of Endogenous Digital Technology Adoption

Presenter: Guiying (Laura) Wu, Nanyang Technological University

Discussant: Xiaoguang (Shawn) Chen, The University of Western Australia

l Technology Driven Market Concentration through Idea Allocation

Presenter: Shaoshuang Yang, The Chinese University of Hong Kong (Shenzhen)

Discussant: Dan Su, Cheung Kong Graduate School of Business

14:30 – 16:50

Session: Growth and Development

Chair: Xiying Liu, Wuhan University

Venue: Room 229

l The Neoclassical Growth of China

Presenter: Wen Yao, Tsinghua University

Discussant: Qing Chang, Tsinghua University

l Market for Patents and Monopoly-biased Innovations

Presenter: Jianhuan Xu, Singapore Management University

Discussant: Yicheng Wang, Peking University (HSBC Business School)

l Blocking the Giants: Theory and Evidence from the Great Firewall

Presenter: Ruiqi Sun, University of Toronto

Discussant: Zhang Chen, The Hong Kong University of Science and Technology

l Accounting For the International Quantity-Quality Trade-off

Presenter: Xiying Liu, Wuhan University

Discussant: Yongkun Yin, Shandong University

Program (Day 2 – 15 June, 2025)

Morning Sessions: 08:50 – 12:20

08:50 – 09:50  

Keynote Speech by Wei Xiong, Princeton University

Venue: Jinglin Hall (Room 173)

09:50 – 10:00

Award Presentation

Venue: Jinglin Hall (Room 173)

10:00 – 10:20

Break

10:20 – 12:20

Policy Panel Round Table

Chair: Jun Nie, Wuhan Univeristy

Venue: Jinglin Hall (Room 173)

Panelist:

Lunch: 12:20 – 14:20

Afternoon Sessions: 14:30 – 16:50

Parallel Sessions

14:30 – 16:50

Session: Government Debt and Aggregate Economy

Chair: Zhiwei Xu, Fudan University

Venue: Room 206

l Costly Increases in Public Debt when r<g*

Presenter: Adrian Peralta-Alva, International Monetary Fund (IMF)

Discussant: Dongling Su, Shanghai University of Finance and Economics

l The Crowding-In Effects of Local Government Debt in China

Presenter: Zhiwei Xu, Fudan University

Discussant: Haoyu Gao, Renmin University of China

l Evolution of Local Government Equity Assets in China: A New Measure Based on Equity Networks

Presenter: Rong Li, Renmin University of China

Discussant: Xiaoran Ni, Xiamen University

14:30 – 16:50

Session: Labor Market

Chair: Mi Luo, Peking University

Venue: Room 210

l Female Employment and Structural Transformation

Presenter: Xincheng Qiu, Peking University

Discussant: Lichen Zhang, The University of Hong Kong

l Demographic Change, Bargaining Dynamics, and Labor Share

Presenter: C. Y. Kelvin Yuen, The Hong Kong University of Science and Technology (Guangzhou)

Discussant: Mi Luo, Peking University

l Exporting Education or Importing Labor? The Labor Market Impacts of International Students

Presenter: Chen Liu, National University of Singapore

Discussant: Youzhi Yang, Shanghai University of Finance and Economics

14:30 – 16:50

Session: Information and Macroeconomics

Chair: Yunting Liu, Peking University

Venue: Room 216

l Informative Price Pressure

Presenter: Wenwei Lin, Chinese University of Hong Kong (Shenzhen)

Discussant: Yunting Liu, Peking University

l Competition in Government Procurement: Why Inefficient Firms Win Contracts?

Presenter: Di Tian, The Hong Kong University of Science and Technology

Discussant: Zhiming Fu, Sichuan University

l Focusing on What Matters: Information Relevance and Macroeconomic Expectations

Presenter: Penghui Yin, Central University of Finance and Economics

Discussant: Filippo Maurici, Università di Roma Tor Vergata

14:30 – 16:50

Session: Chinese Economy

Chair: Yu Zhang, Peking University

Venue: Room 222

l Industrial Clustering with Production Networks: Micro Evidence and Aggregate Implications in China

Presenter: Zexi Zhou, The University of Hong Kong

Discussant: Xin Liang, Southwestern University of Finance and Economics

l The Effect of House Prices on Fertility: Evidence from House Purchase Restrictions

Presenter: Yu Zhang, Peking University

Discussant: Eugene Oue, Hong Kong Polytechnic University

l Global Misallocation of Local Industry Policies

Presenter: Tuo Chen, Tsinghua University

Discussant: Weize Chen, Renmin University of China

l Finance Lease and Capital Allocation Efficiency in China

Presenter: Yuan Wang, University of Toronto

Discussant: Dan Luo, The Chinese University of Hong Kong

14:30 – 16:50

Session: Macro Public

Chair: Yan Liu, Sun Yat-sen University

Venue: Room 229

l Mobility and Housing: Cash-based Resettlement in China’s Shantytown Renovation

Presenter: Yang Su, Chinese University of Hong Kong

Discussant: Tong Xu, Southwestern University of Finance and Economics

l When in Doubt, Tax More Progressively? Uncertainty and Progressive Income Taxation

Presenter: Chunzan Wu, Peking University

Discussant: Wenjian Li, Zhejiang University

l Migration Frictions, Technology-Skill Complementarity, and Optimal Spatial Distribution of Colleges

Presenter: Ting Ji, Central University of Finance and Economics

Discussant: Qing Liu, Zhongnan University of Economics and Law

l Crushing the Competition: The Pro-Competitive Effects of Relative Performance Evaluation

Presenter: Shihan Shen, Rice University

Discussant: Yan Liu, Sun Yat-sen University