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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 Tenth International Workshop on NSE Successfully Held

The Tenth International Annual Workshop on New Structural Economics (NSE) was successfully held in Peking University on December 18 to 19, 2023. 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 four main subjects including “Trade & Knowledge Diffusion”, “Macroeconomics”, “Growth & Development” and “Equity & Inclusion”.

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Tariff barrage hits harder in Washington—Former World Bank economist: 'If the US wants to talk, our door is wide open'

Washington's so-called "reciprocal tariffs" are hurting the United States more than China, and if the US wants to talk, China is expected to be open only to negotiations based on equality and fairness, said a senior economist.

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07/01:Digital Economy and the Global Financial System
Venue：1F, Wanzhong Building, Langrun Garden, Peking University
Speaker：Vincenzo Quadrini

The growth of the Digital Economy could have important implications for international financial markets, including the centrality of traditional reserve assets such as the US dollar. On the one hand, the creation of digital assets, especially Stablecoins, could increase the demand for traditional reserve assets. On the other, digital assets could serve as a substitute for traditional reserve assets, reducing their global demand. We find that, in the long-run, the increase in the demand for reserve assets dominates the substitution of traditional reserve assets. This would lead to lower US interest rates and larger US foreign borrowing. We also find that the expansion of the Digital Economy would result in higher idiosyncratic consumption volatility in the US but lower volatility in the rest of the world.

06/25:Technology-Driven Market Concentration through Idea Allocation
Venue：1F, Wanzhong Building, Langrun Garden, Peking University
Speaker：Yueyuan Ma

Using a newly-created measure of technology novelty, this paper identifies periods with and without technology breakthroughs from the 1980s to the 2020s in the US. It is found that market concentration decreases at the advent of revolutionary technologies. We establish a theory addressing inventors' decisions to establish new firms or join incumbents of selected sizes, yielding two key predictions: (1) A higher share of inventors opt for new firms during periods of heightened technology novelty. (2) There is positive assortative matching between idea quality and firm size if inventors join incumbents. Both predictions align with empirical findings and collectively contribute to a reduction in market concentration when groundbreaking technologies occur. Quantitative analysis shows the overall slowdown in technological breakthroughs can capture 95.9% of the rising trend in market concentration and the correlation between the model-generated and the actual detrended market concentration is 0.910.

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Institute of New Structural Economics