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The NBER Reporter 2018 Number 3: Program and Working Group Meetings



Economic Fluctuations and Growth
Chinese Economy

Economic Fluctuations and Growth

Members of the NBER's Economic Fluctuations and Growth Program met July 14 in Cambridge. Research Associates Virgiliu Midrigan of New York University and Hélène Rey of London Business School organized the meeting. These researchers' papers were presented and discussed:

    Alessandra Fogli, Federal Reserve Bank of Minneapolis, and Veronica Guerrieri, University of Chicago and NBER, "The End of the American Dream? Inequality and Segregation in U.S. Cities"

    Gauti B. Eggertsson, Brown University and NBER, and Jacob Robbins and Ella Wold, Brown University, "Kaldor and Piketty's Facts: The Rise of Monopoly Power in the United States" (NBER Working Paper No. 24287)

    Gita Gopinath and Jeremy C. Stein, Harvard University and NBER, "Banking, Trade, and the Making of a Dominant Currency" (NBER Working Paper No. 24485)

    Anmol P. Bhandari and Ellen McGrattan, University of Minnesota and NBER, "Sweat Equity in U.S. Private Business" (NBER Working Paper No. 24520)

    Davide Debortoli, Universitat Pompeu Fabra, and Jordi Galí, CREI and NBER, "Monetary Policy with Heterogeneous Agents: Insights from TANK Models"

    Fatih Karahan and Ayşegül Şahin, Federal Reserve Bank of New York, and Benjamin Pugsley, University of Notre Dame, "Demographic Origins of the Startup Deficit"

Summaries of these papers are at www.nber.org/conferences/2018/EFGs18/summary.html

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Chinese Economy

Members of the NBER's Chinese Economy Working Group met in Beijing on September 10–11. Research Associates Hanming Fang of the University of Pennsylvania, Zhiguo He of the University of Chicago, Shang-Jin Wei of Columbia University, and Wei Xiong of Princeton University organized the meeting. These researchers' papers were presented and discussed:

    Thomas J. Chemmanur, Boston College; Bibo Liu, Tsinghua University; and Xuan Tian, Indiana University, "Rent Seeking, Brokerage Commissions, and the Pricing and Allocation of Shares in Initial Public Offerings"

    Wei Xiong, "The Mandarin Model of Growth"

    Lily Fang, INSEAD; Josh Lerner, Harvard University and NBER, and Chaopeng Wu and Qi Zhang, Xiamen University, "Corruption, Government Subsidies, and Innovation: Evidence from China"

    Quanlin Gu, Peking University; Jia He, Nankai University; and Wenlan Qian, National University of Singapore, "Housing Booms and Shirking"

    Ying Bai, Chinese University of Hong Kong, and Ruixue Jia, University of California, San Diego, "The Oriental City: Political Hierarchy and Regional Development in China, AD1000–2000"

    Haoyuan Ding, Shanghai University of Finance and Economics; Yichuan Hu, Chinese University of Hong Kong; and Ninghua Zhong, Tongji University, "Informal Financing via University Alumni: The Substitution of Political Connections"

    Ning Zhu, Yinglu Deng, and An Hu, Tsinghua University, "Real Life Experience and Financial Risk-Taking: Natural Experiment Evidence from Automobile Traffic Accidents"

    Huasheng Gao, Fudan University; Donghui Shi, Shanghai Stock Exchange; and Bin Zhao, Shanghai Advanced Institute of Finance, "Does Good Luck Make People Overconfident? Evidence from a Natural Experiment in China"

    Jiangze Bian, University of International Business and Economics; Zhiguo He; Kelly Shue, Yale University and NBER; and Hao Zhou, Tsinghua University, "Leverage-Induced Fire Sales and Stock Market Crashes"

    Valerie J. Karplus, MIT; Shuang Zhang, University of Colorado at Boulder; and Douglas Almond, Columbia University and NBER, "Did Scrubbing the Government Clean Up the Air? Polluter Responses to China's Anticorruption Campaign"

    Kun Jiang, University of Nottingham; Wolfgang Keller, University of Colorado at Boulder and NBER; Larry Qiu, University of Hong Kong; and William C. Ridley, University of Colorado at Boulder, "International Joint Ventures and Internal vs. External Technology Transfer: Evidence from China" (NBER Working Paper No. 24455)

    Christopher Hansman, Imperial College London; Harrison Hong, Columbia University and NBER; Wenxi Jiang, Chinese University of Hong Kong; and Yu-Jane Liu and Juanjuan Meng, Peking University, "Riding the Credit Boom" (NBER Working Paper No. 24586)

Summaries of these papers are at www.nber.org/conferences/2018/CEf18/summary.html

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