On the afternoon of November 25, 2023, the seventh lecture of the Song Zexing Overseas Lecture Series was held in the Academic Lecture Hall of the Puhe Campus administration building. Professor Randall Wright was invited to give an academic presentation titled ‘Frictional Capital Relocation’. He is the Chair Professor in the Department of Finance and Economics at the University of Wisconsin Madison, Advisor to the Minneapolis and Chicago branches of the Federal Reserve, Researcher at the National Bureau of Economic Research (NBER), and Associate Editor in Chief of the International Journal of Economic Theory. Professor Yu Miaojie, a representative of the 14th National People's Congress, a member of the Standing Committee of the 14th Liaoning Provincial People's Congress, and Vice Secretary of the Party Committee and President of Liaoning University, attended the report and delivered a welcome speech. The meeting was chaired by Associate Professor He Chao from the China Economic Research Institute at Liaoning University.

At the report meeting, Professor Wright elaborated on the latest research on secondary markets and shared the experience of how to conduct macroeconomics research. He first introduced the importance of the secondary investment market through data, and then demonstrated some typical facts of the market, such as searching for different types of transactions with strong friction, which are correlated strongly between these transactions and economic cycles and inflation, as well as searching for differences in performances in the long and short-term. Professor Wright then introduced the framework of the new monetarist model, as well as how to use it to characterize a company's demand for cash and how to search for matching and trading in the secondary market. Finally, Professor Wright showed how to use the model for parameter calibration and quantitative analysis, and demonstrated that the model explains the relationship between inflation and secondary capital trading, the phenomenon of opposite short-term effects, also revealing that the performance of the model in the economic cycle is astonishingly close to real data. During the reporting process, Professor Wright had friendly communication and interactions with the participating teachers and students, and patiently answered the questions raised by the participating teachers.

At the end of the meeting, President Yu Miaojie presented Professor Randall Wright with a commemorative plaque for Song Zexing's overseas renowned lecture hall of Liaoning University and a lifelong honorary professor appointment letter of Liaoning University. Wang Dandan, a representative of the Li Anmin Institute of Economics, and Xu Rui, a representative of the China Economic Research Institute, respectively, presented the school emblem and a school hat as well as flowers to Professor Randall. The attending guests took a group photo to commemorate the occasion.

The report meeting was organized by the Department of Economics of Liaoning University and co-organized by the School of Finance and Trade of Liaoning University, and hosted by the China Economic Research Institute of Liaoning University. The personnel in charge of the affiliated units of the Department of Economics and more than 370 representatives of teachers and students attended the meeting.

As part of the visit, Professor Wright also participated as a commentator in a macro theory seminar on the morning of November 25. Assistant Professor Hou Shangdi and Associate Professor He Chao from the Chinese Academy of Economics, as well as Assistant Professor Yu Li from the Li Anmin Research Institute, gave presentations at the seminar.

Biography Professor Randall Wright is Ray B. Zemon Chair Professor in the Department of Finance and Economics at the University of Wisconsin Madison in the United States. He currently serves as an advisor to the Minneapolis and Chicago branches of the Federal Reserve, as well as a researcher at the National Bureau of Economic Research (NBER). He is responsible for co-organizing his Macro Perspectives group. He is also a Fellow of the Econometric Society and Society for the Advancement of Economic Theory. He has been elected as a National Fellow at Stanford University's Hoover Center. Professor Wright currently serves as the deputy editor in chief of the internationally renowned Journal of Economic Theory and the editor in chief consultant of the renowned macroeconomic journal Macroeconomic Dynamics. He has worked at Cornell University and the University of Pennsylvania. He also served as the editor in chief of the International Economic Review, a leading international economics journal from 1998 to 2008.

Professor Wright has made outstanding contributions to the macro searching and matching theory and is one of the main pioneers of the ‘new monetarism’ theory. He has published over 100 academic papers in renowned international economic journals. Among them, he has published 23 papers in the top 5 economic journals, including American Economic Review, Journal of Political Economy, Review of Economic Studies, and Economics. He has also published 45 papers in international first-class journals including Journal of Monetary Economics, Journal of Economic Theory, International Economic Review, Journal of Public Economics, and Journal of Labor Economics.