Program Day 2

Day 2 – September 14, 2025
Each presentation, inclusive of discussion, is limited to 30 minutes.

Session V Foreign Reserve (09:00–10:30, Lecture Hall No. 2, Chair: Sang Seok Lee - Asia School of Business)

• Sang Seok Lee (Asia School of Business)
  Output Externalities and Precautionary Savings in Emerging Markets’ Debt and Reserve Accumulation
  Slides
  
  

• Woo Jin Choi (Korea University)
  International Reserves and Firm Investment: Identification through Bank Credit Reallocation
  Slides
  
  

• Chang Ma (Fudan University)
  Foreign Reserves and Capital Controls: A Financial Development Perspective
  Slides
  
  

Session V Macroeconomics of Debt (09:00–10:30, Lecture Hall No. 3, Chair: Keiichiro Kobayashi - Keio University)

• Keiichiro Kobayashi (Keio University)
  Asset Price Booms, Debt Overhang and Debt Disorganization
  Slides
  
  

• Pengfei Wang (Peking University)
  Fiscal Theory of the Price Level
  
  

• Yizhen Wang (Tsinghua University)
  Globalization and Bubbly Government Debt
  Slides
  
  

Session V HANK (09:00–10:30, Lecture Hall No. 8, Chair: Minghao Li - Peking University)

• Minghao Li (Peking University)
  Micro Shocks and Macro Fluctuations in the Information Network
  
  

• David Murakami (University of Milan and University of Pavia)
  Global Determinacy According to HANK
  Slides
  
  

• Yuichiro Waki (Aoyama Gakuin University)
  A Fast and Convergent Hybrid of Value Function Iteration and the Endogenous Grid Method for Discrete-Time Income Fluctuation Problems
  
  

Session VI International Macro (12:45–14:15, Lecture Hall No. 2, Chair: Wenlan Luo - Tsinghua University)

• Wenlan Luo (Tsinghua University)
  Global Production Networks with Global Uncertainty
  Slides
  
  

• Pasquale Della Corte (Imperial College London)
  Beyond Bilateral Flows: Indirect Connection and Exchange Rates
  
  

• Steve Wu (UC San Diego)  Rescheduled from Day 1  
  Monetary Policy and the Secular Decline in Long-Term Interest Rates: A Global Perspective
  
  Changhua Yu (Peking University)  Canceled
  Monetary Policy and Endogenous Crisis Contagion across Borders
  
  

Session VI Behavioral Macro (12:45–14:15, Lecture Hall No. 3, Chair: Yeow Hwee Chua - Nanyang Technological University)

• Yeow Hwee Chua (Nanyang Technological University)
  Carbon Tax Aversion and Macroeconomic Effects
  Slides
  
  

• Zhenghua Qi (Shenzhen University)
  Bank Loan Reliance and Inflation Inattention
  
  

• Donghoon Yoo (Korea University)  Canceled
  What Is Consumer Confidence?
  
  

Session VI Economic Growth II (12:45–14:15, Lecture Hall No. 8, Chair: Shijun Gu - Central University of Finance and Economics)

• Shijun Gu (Central University of Finance and Economics)
  Rising Skill Supply, Technological Changes, and Innovation: A Quantitative Exploration of China
  
  

• Koki Okumura (University of California, Los Angeles)
  Ownership Structure and Economic Growth
  Slides
  
  

• Jianhuan Xu (Singapore Management University)
  Market for Patents and Monopoly-biased Innovations
  
  

Session VII Technical Change (14:30–16:00, Lecture Hall No. 2, Chair: Donghai Zhang - National University of Singapore)

• Donghai Zhang (National University of Singapore)
  Green Business Cycles
  
  

• Yiran Zhang (Fudan University)
  The Impact of the Trade War: Divergence in Chinese and U.S. Innovations in the Post-Conflict Era
  
  

• Lijun Zhu (Peking University)
  Leapfrogging by Switching Lanes: Directed Technical Change in China's Transition to Electric Vehicles
  
  

Session VII Policy Spillover (14:30–16:00, Lecture Hall No. 3, Chair: Xiang Fang - University of Hong Kong)

• Xiang Fang (University of Hong Kong)
  World Interest Rate, Emerging Market Spread and Risk Premium
  
  

• Hibiki ICHIUE (Keio University)
  Time-varying Yield Sensitivity to Domestic Macroeconomic Conditions and U.S. Spillovers
  Slides
  
  

• Jongho Park (Soongsil University)
  Transmission of U.S. Monetary Policy to Emerging Economy Corporate Bond Market
  Slides
  
  

Session VII Policy Communication (14:30–16:00, Lecture Hall No. 8, Chair: Nayeon Kang - Research Centre of the Bundesbank)

• Nayeon Kang (Research Centre of the Bundesbank)
  The Fed Explicitly Speaks: Numerical Inflation Targeting and Smooth Diagnostic Expectations
  Slides
  
  

• Tsung-Hsien Li (Academia Sinica)
  Whatever It Takes: A Good Communication Strategy?
  
  

• Myungkyu Shim (Yonsei University)
  The Effect of Government Debt and Fiscal Policy Communication on Household Spending
  Slides
  
  

Session VIII Macro Labor II (16:15–17:15, Lecture Hall No. 2, Chair: Federico Mandelman - Federal Reserve Bank of Atlanta)

• Federico Mandelman (Federal Reserve Bank of Atlanta)
  Labor Shortages, Immigration, and Inflation
  Slides
  
  

• Sakito Tango (University of Tokyo)
  Tax-Induced Barriers to Female Workers in Japan: Insights from Dynamic Intra-Household Bargaining
  Slides
  
  

Session VIII Uncertainty (16:15–17:45, Lecture Hall No. 3, Chair: Been-Lon Chen - Academia Sinica)

• Been-Lon Chen (Academia Sinica)
  Financial Uncertainty Shocks: Asymmetric Effects for Entrepreneurial and Household Borrowers
  
  

• Melissa Song (University of Sydney)
  Uncertainty Shocks and Macroeconomic Effects: Insights from Volatility Term Structures
  Slides
  
  

• Kevin Tseng (Chinese University of Hong Kong)
  A Simple Approach to Valuing Intangibles and Rents
  
  

Session VIII Fiscal Policy II (16:15–17:15, Lecture Hall No. 8, Chair: Youngsoo Jang - Yonsei University)

• Youngsoo Jang (Yonsei University)
  Redistribution and Government Commitment
  
  

• Yuta Takahashi (The University of Osaka)
  Does Expected Inflation Matter? Evidence from Value-Added Tax Hikes in Japan
  Slides