Third IMF-Atlanta Fed Workshop
“China in the Global Economy”

September 6-7, 2018

The International Monetary Fund and the Federal Reserve Bank of Atlanta are holding this third workshop on China’s economy with a theme on “China in the Global Economy”. As the world's second largest economy, China exerts a rising influence on the growth and stability of the global economy. This workshop will bring together experts from around the world to discuss a number of pressing issues facing China: Trade and Misallocations, Capital Account Liberalization, Growth and Inequality.

The conference is open to the public and registration is required. Please note that registration closed on Monday, August 27. Registered attendees will be required to present photo identification on entering the IMF at 700 19th Street N.W., Washington D.C. For questions regarding the conference, please email

[Timing of interventions: Presenter: 25 minutes. Discussant: 15 minutes. Open-floor discussions: 5 minutes.]

Thursday, September 6

8:00–8:45 a.m.

Continental Breakfast and Registration

8:45–9:00 a.m.

Opening Remarks: Maurice Obstfeld (Economic Counsellor, Research Department Director, International Monetary Fund)

Session 1:

Macro Policy and Misallocation

Session Chair: Tao Zha (Federal Reserve Bank of Atlanta)

9:00–9:45 a.m.

Misallocation Under Trade Liberalization

Yan Bai (University of Rochester), Keyu Jin (London School of Economics), and Dan Lu (University of Rochester)


Discussant: Sewon Hur (Federal Reserve Bank of Cleveland)

9:45–10:30 a.m.

Impacts of Monetary Stimulus on Credit Allocation and Macroeconomy: Evidence from China

Kaiji Chen (Emory University), Patrick Higgins (Federal Reserve Bank of Atlanta), Daniel Waggoner (Federal Reserve Bank of Atlanta), and Tao Zha (Federal Reserve Bank of Atlanta).


Discussant: Mark Spiegel (Federal Reserve Bank of San Francisco)

10:30–11:00 a.m.

Coffee Break

11:00–11:45 a.m.

Fiscal Policy Volatility and Capital Misallocation: Evidence from China Sai Ding (University of Glasgow), Wei Jiang (Southwestern University of Finance and Economics), Shengyu Li (Durham University), and Shangjin Wei (Columbia University)


Discussant: Jessica Leight (American University)

12:00–1:30 p.m.

Lunch (by invitation only)

Session 2:

Trade and Capital Accounts

Session Chair: Luis Cubeddu (International Monetary Fund)

1:30–2:15 p.m.

A “China Shock” on the Finance Side: Evidence form Chinese Housing Investment in the U.S.

Zhimin Li (Peking University), Leslie Sheng Shen (University of California, Berkeley), and Calvin Zhang (Federal Reserve Bank of Philadelphia)


Discussant: Kristopher Gerardi (Federal Reserve Bank of Atlanta)

2:15–3:00 p.m.

Implications of China Transition for the Global Economy and the Euro Area

Alistair Dieppe (World Bank), David Lodge (European Central Bank), and Martino Ricci (European Central Bank)


Discussant: Rui Mano (International Monetary Fund)

3:00–3:30 p.m.

Coffee Break

3:30–4:15 p.m.

Household Saving, Financial Constraints, and the Current Account in China

Ayse Imrohoroglu (University of Southern California), and Kai Zhao (University of Connecticut)

Discussant: Hui He (International Monetary Fund)

4:15–5:00 p.m.

Optimal Capital Account Liberalization in China

Zheng Liu (Federal Reserve Bank of San Francisco), Mark Spiegel (Federal Reserve Bank of San Francisco), and Jingyi Zhang (Shanghai Advanced Institute of Finance)


Discussant: Yi Huang (Graduate Institute of International and Development Studies)

 6:00 p.m.  Conference Dinner (by invitation only)
Friday, September 7

8:30–9:00 a.m.

Continental Breakfast and Registration

Session 3:

Trade and Inequality

Session Chair: Chris Papageorgiou (International Monetary Fund)

9:00–9:45 a.m.

Transition and Inequality

Haiyan Ding (Zhejiang University of Finance and Economics), Zhe Fu (University of International Business and Economics), and Hui He (International Monetary Fund)


Discussant: Chao Wei (George Washington University)

9:45–10:30 a.m.

Trade, Growth and Inequality: Evidence from China

Grace Li (International Monetary Fund), Prakash Loungani (International Monetary Fund), and Jonathan D. Ostry (International Monetary Fund)


Discussant: Mary Lovely (Syracuse University)

10:30–11:00 a.m.

Coffee Break

11:00–11:45 a.m.

Global Value Chains and Inequality with Endogenous Labor Supply

Eunhee Lee (University of Maryland), and Kei-Mu Yi (University of Houston)


Discussant: Lei Fang (Federal Reserve Bank of Atlanta)

11:45a.m.–12:30 p.m.

Dynamics of Policy Experimentation in China

Amit Khandelwal (Columbia University), Suresh Naidu (Columbia University), Heiwai Tang (Johns Hopkins University), and Qing Zhang (Columbia University)

Discussant: David Yang (Harvard University)


Event organizers:
Nan Li (RES), Hui He (ICD) and Tao Zha (Atlanta Fed).

Event contact:

Disclaimer: The website contains papers and web links to papers that will be presented at the Third IMF-Atlanta Fed Workshop on “China in the Global Economy” The views expressed in these papers are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.