The 9th International Macroeconomics and Finance Conference

“Fragmentation and Turbulence in the Global Economy”

June 7-8 2025,

National School of Development, Peking University

Day 1: June 7

8:30 - 8:50am          Registration

8:50 - 9:00am          Opening Remarks

Yiping Huang, Dean of National School of Development, Peking University

9:00 - 10:00am        Keynote Speech

Session Chair: Ippei Fujiwara, Keio University, ANU, ABFER and CEPR

                                 “World Financial Cycles and Global Trade”

Yan Bai, University of Rochester, NBER, CEPR and ABFER [2]

Minjie Deng, Simon Fraser University

Chang Liu, University of Rochester

Gabriel Mihalache, Ohio State University

10:00 - 10:30am      Group Photo and Coffee Break

10:30 - 12:30pm     Session 1

Session Chair: Jinill Kim, Korea University

                                 “Global Supply Chains and International Transmission of the

Global Financial Crisis”

Haoyuan Ding, Shanghai University of Finance and Economics

Yuying Jin, Shanghai University of Finance and Economics

Shu Lin, Chinese University of Hong Kong

Tong Qi, Zhejiang Gongshang University

“Sudden Stops and the Macro-prudential Role of Monetary

Policy”

Paolo Cavallino, Bank for International Settlements

Jeongwon Son, Johns Hopkins University

12:30 - 1:45pm       Conference Lunch (by invitation)

1:45 - 3:45pm         Session 2

                                 Session Chair: David Cook, HKUST

“Industrial Policy Wars and Inequality: Who Loses and When?”

Ziran Ding, Bank of Lithuania

Adam Hal Spencer, University of Bonn

Zinan Wang, Tianjin University

“Aggregation Bias in International Business Cycles”

Wataru Miyamoto, University of Hong Kong

Thuy Lan Nguyen, Federal Reserve Bank of San Francisco

Chang Sun, University of Hong Kong

3:45 - 4:00pm         Coffee Break

4:00 - 6:00pm         Session 3

Session Chair: Minghao Li, Peking University

                                 “Global Shocks and Local Response: Currency Risk and

Monetary Policy”

Hüsnü C. Dalgic, University of Mannheim

Galip Kemal Ozhan, International Monetary Fund and NBER

“Managing Emerging Market Currency Risk”

Nanyu Chen, Columbia Business School

Haonan Zhou, University of Hong Kong Business School

6:30pm                    Dinner (by invitation)

Day 2: June 8

9:00 - 10:00am        Keynote Speech

Session Chair: Changhua Yu, Peking University

“Tariffs and Retaliation: A Brief Macroeconomic Analysis”

Stéphane Auray, CREST-Ensai and Rennes School of Business

Michael Devereux, University of British Columbia, NBER and CEPR

Aurélien Eyquem, University of Lausanne

10:00 - 10:15am      Coffee Break

10:15 - 12:15pm     Session 4

Session Chair: Kwanho Shin,  Korea University

“Long-Run UIP and Sovereign Risk”

Alessandro Rebucci, Johns Hopkins Carey Business School, NBER, CEPR and ABFER

Sinem Yagmur Toraman, Johns Hopkins University

Giorgio Valente, Hong Kong Institute for Monetary and Financial Research and Hong Kong Monetary Authority

“A Model of Global Currency Pricing”

Michael Devereux, University of British Columbia, NBER and CEPR

Rui Lu, Chinese University of Hong Kong

Kang Shi, Chinese University of Hong Kong

Juanyi (Jenny) Xu, Hong Kong University of Science & Technology

12:15 - 1:45pm       Conference Lunch (by invitation)

1:45 - 2:45pm         Session 5

                                 Session Chair: Qing Liu, Tsinghua University

“Long-Term Interest Rates: A Global Perspective”

Boris Hofmann, Bank for International Settlements

Zehao Li, Chinese University of Hong Kong, Shenzhen

Steve Pak Yeung Wu, University of California, San Diego

2:45 - 3:00pm         Coffee Break

3:00 - 5:00pm         Session 6

Session Chair: Kang Shi, Chinese University of Hong Kong

“Investment Giants and Their Impacts in Emerging Markets”

Daisoon Kim, North Carolina State University

Jee Won Park, Ministry of Economy and Finance of Korea

Inhwan So, Bank of Korea

“The US as the Global Equity Safe Haven”

Zefeng Chen, Peking University

Zhiquan Shao, Peking University

Yintao He, Peking University

Changhua Yu, Peking University

5:00 - 5:10pm         Concluding Remarks

                                 Changhua Yu, Peking University

5:30pm                    Dinner (by invitation)

Organizing Committee:

David Cook              Hong Kong University of Science and Technology

Michael Devereux    University of British Columbia, NBER and CEPR

Ippei Fujiwara         Keio University, ANU, ABFER and CEPR

Jinill Kim                 Korea University

Kwanho Shin            Korea University

Changhua Yu          Peking University