b"RESEARCH INITIATIVESThe Center engages in several research-related initiatives.PRINCETON INITIATIVEFollowing the Princeton Tradition of incorporating financial frictions in macroeconomic models,the Princeton Initiative Camp brings together top 2nd year Ph.D. students from variousUniversities who wish to write a Ph.D. thesis at the intersection between macroeconomics,monetary economics, and finance. The recent experience starting with the run-up of imbalancesand bubbles in the first decade of the 21st century, followed by a severe financial crisis thatultimately led to the Great Recession, calls for new frameworks to study macro-prudential policytools and to design a new international financial architecture. The aim of this meeting is to bridgethe gap between modern finance, monetary, and macroeconomics and expose the best studentsfrom across the country to macroeconomic models with financial frictions and/or non-standardexpectations. Yuliy Sannikov and Markus Brunnermeier lead this effort. In 2023, an online summerschool was offered as part of the Princeton Initiative program and made available to Ph.D.students worldwide. BCF CHINA INITIATIVE The Princeton-BCF China Initiative seeks to create an interface that promotes collaborativeresearch and academic exchanges between faculty and students in both Princeton and China.Addressing the rapidly growing demands from academic and policy communities worldwide, thisinitiative focuses on a systematic exploration of the Chinese economy, its financial system, andthe associated risks and opportunities for the global economy. Despite being the world's second-largest economy, China's institutional structure differs significantly from most Western countries.This initiative aims to foster intellectual exchanges between researchers in China and academicsat Princeton. Additionally, it seeks to offer a platform for Princeton's graduate and undergraduatestudents to visit and study in China. BCF also supports the online platform www.VoxChina.org.The Princeton-BCF China initiative is coordinated by Wei Xiong, John H. Scully '66 Professor inFinance and Professor of Economics, and BCF Director Markus Brunnermeier.FINANCIAL INSURANCE WORKSHOP The purpose of the workshop is to teach Ph.D. students about research at the intersection ofinsurance and financial economics. Topics include risks in the insurance sector, pricing ofinsurance liabilities, reinsurance, and asset management. It is taught by BCF faculty MotohiroYogo and Ralph Koijen of Booth School of Business. The fourth workshop was held October 20,2023 at the University of Chicago. The previous workshops were held on Princetons campus onJune 8-9, 2019, and June 7-8, 2020. The initial two years were financially supported by an NSFgrant and the BCF.19"