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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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03/22:Market vs. Planning: Abating Carbon Emissions under Incomplete Information and with Local Externalities
Venue：Zoom
Speaker：Guojun He

To achieve a pre-determined target of emission abatement, one can adopt a planning approach, i.e., to carefully distribute and enforce non-tradable permits onto emitters, or use a market approach, i.e., to allow them to trade the permits with each other. We compare the welfare implications of the two approaches under incomplete information about the abatement cost, and with local externalities of such abatement, which may incur, for example, via changes in emissions of other substances. We show that market can address incomplete information but not heterogeneous local externalities; the opposite is true for planning. Therefore, the policy choice depends on the relative significance of the informational and externality problems. Applying the theoretical results to China’s abatement of carbon emissions, we show that while a national carbon market can achieve a slightly better welfare outcome than a carefully designed national abatement plan, it will be substantially outperformed by a hybrid scheme, in which planning is applied to regions with the least incomplete information, while the rest are sorted into a limited number of subnational carbon markets by their local externalities of abatement.

03/17:Will Central Bank Digital Currency Disintermediate Banks?
Venue：Zoom
Speaker：Kairong Xiao

This paper studies how introducing a central bank digital currency (CBDC) can affect the banking system. We show that a CBDC need not reduce bank lending unless frictions and synergies bind deposits and lending. We estimate a dynamic banking model to quantify the role of these frictions in shaping the impact of a CBDC on the banking system. Our counterfactual analysis shows that a CBDC can replace a significant fraction of bank deposits, especially when it pays interest. However, a CBDC has a much smaller impact on bank lending because banks can replace a large fraction of lost deposits with wholesale funding. Substitution with wholesale funding makes banks’ funding costs more sensitive to changes in short-term rates, increasing their exposure to interest rate risk. We also show that a CBDC amplifies the impact of monetary policy shocks on bank lending.

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Institute of New Structural Economics