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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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INSE Wins the 2024 Belt and Road International Cooperation Award

On November 22, 2024, the Institute of New Structural Economics at Peking University was awarded the inaugural Belt and Road International Cooperation Award at the 21st Global Annual Meeting of the International Finance Forum (IFF).

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02/26:Bottom-up Institutional Change and Growth in China
Venue：1F, Wanzhong Building, Langrun Garden, Peking University
Speaker：Xiaodong Zhu

This paper investigates the role of bottom-up reforms in driving China's economic growth. Using granular documentation from county-level gazetteers, we identify local reform events from 1976 to 2005, capturing de facto policy innovations and their diffusion. Our findings show that bottom-up reforms primarily drive growth through productivity improvements, while top-down (centrally sponsored) reforms operate mainly through capital accumulation. Evidence from firm entry and structural transformation further corroborates the productivity-enhancing effects of bottom-up reforms. Notably, these reforms were more likely to originate in politically peripheral regions and the diffusion of these reforms was more driven by local conditions than centrally sponsored reforms.

02/21:The Effects of Startup Acquisitions on Innovation and Economic Growth
Venue：1F, Wanzhong Building, Langrun Garden, Peking University
Speaker：Tom Schmitz

Innovative startups are frequently acquired by large incumbent firms. Such acquisitions have recently come under scrutiny, as policymakers suspect that incumbents might acquire startups just to “kill” their ideas. However, acquisitions also provide an incentive for startup creation, and have ambiguous effects on incumbents' own innovation. Our paper assesses the net effect of these forces. To do so, we build an endogenous growth model with heterogeneous multi-product firms and startup acquisitions, and calibrate its parameters to match micro-level evidence from the United States. Our calibrated model implies that a startup acquisition ban lowers the startup rate, but increases incumbent innovation as well as the implementation rate of startup ideas. As the negative forces are slightly stronger, the ban lowers growth by 0.03 percentage points per year. These results crucially depend on transaction prices: in the presence of higher acquisition premia, bans would increase growth.

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