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The Fifth Symposium (Winter Camp) on New Structural Economics Successfully Concluded

The Institute of New Structural Economics at Peking University (INSE) hosted the Fifth Symposium (Winter Camp) on New Structural Economics (NSE) from December 15 to 18, 2019 in Beijing. Inaugurated in 2015, the annual symposium demonstrates the theoretical framework, latest research and database construction outcome, and future research prospects of NSE. This 5th edition of the symposium brings together well-known economists and young researchers at home and abroad to discuss issues related to NSE to deepen NSE research.

Winter Camp

The Ninth International Workshop on NSE Successfully Concluded

The Ninth International Annual Workshop on New Structural Economics (NSE) was successfully held online on August 2, 2022. The Workshop, hosted by the Institute of New Structural Economics (INSE) at Peking University, brought together worldwide scholars to exchange research ideas and findings on three main subjects including “Resource Allocation, Productivity, and Market Efficiency”, “Regions, Industries, and Macroeconomics” and “Growth and Political Economy.”

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INSE Hosted the Fourth Annual Conference of GReCEST

From the 14th to 16th of November 2022, the Institute of New Structural Economics at Peking University (INSE) hosted the fourth annual conference of the Global Research Consortium on Economic Structural Transformation (GReCEST). The conference brought together over 50 government officials, think tank leaders, scholars, and practitioners to address critical development issues facing developing countries regarding economic structural transformation.

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12/06:Mechanics of Spatial Growth
Venue：Zoom
Speaker：Fernando Parro

We study the role that trade and internal migration play in the process of spatial and aggregate growth. We consider an economy in which growth is shaped by the best global and local ideas that contribute to the local stock of knowledge. Global ideas diffuse to locations that are more exposed to international trade. Local ideas diffuse across space when workers move to another location. We embed the diffusion of ideas through trade and migration into a dynamic spatial framework with trade, forward-looking migration decisions, and capital accumulation. We characterize the equilibrium properties of the model, and apply the framework to study China’s spatial and aggregate growth during the 1990s and 2000s. International trade and internal migration are important mechanisms for idea diffusion that contributed to China’s spatial and aggregate growth, with heterogeneous effects across space. Using patent data we provide further evidence of idea diffusion through trade and migration.

12/02:Finance, Managerial Inputs, and Misallocation
Venue：Zoom
Speaker：Xiaodong Zhu

In standard macro-finance models, financial constraints mainly affect small or young firms but not large or old ones due to the self-financing mechanism, and the dispersion of marginal revenue product of capital (MRPK) of a firm cohort is less persistent than in the data. We extend a standard model by allowing firms to hire managers and large firms hire disproportionately more managers, consistent with data. In our model, financial constraints and the dispersion of MRPK persist, and even large firms are likely to be constrained. The productivity loss from financial frictions is also substantially amplified.

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Institute of New Structural Economics