b"RESEARCH INITIATIVESThe Center engages in several research-related initiatives.PRINCETON INITIATIVEFollowing the Princeton Tradition of incorporating financial frictions in macroeconomicmodels, the Princeton Initiative Camp brings together top 2nd year Ph.D. students fromvarious Universities who wish to write a Ph.D. thesis at the intersection betweenmacroeconomics, monetary economics, and finance. The recent experience starting with therun-up of imbalances and bubbles in the first decade of the 21st century, followed by a severefinancial crisis that ultimately led to the Great Recession, calls for new frameworks to studymacro-prudential policy tools and to design a new international financial architecture. Theaim of this meeting is to bridge the gap between modern finance, monetary, andmacroeconomics and expose the best students from across the country to macroeconomicmodels with financial frictions and/or non-standard expectations. Yuliy Sannikov and MarkusBrunnermeier lead this effort. In 2024, an online summer school was offered as part of thePrinceton 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,this initiative focuses on a systematic exploration of the Chinese economy, its financialsystem, and the associated risks and opportunities for the global economy. Despite being theworld's second-largest economy, China's institutional structure differs significantly frommost Western countries. This initiative aims to foster intellectual exchanges betweenresearchers in China and academics at Princeton. Additionally, it seeks to offer a platform forPrinceton's graduate and undergraduate students to visit and study in China. BCF alsosupports the online platform www.VoxChina.org. The Princeton-BCF China initiative iscoordinated by Wei Xiong, John H. Scully '66 Professor in Finance and Professor ofEconomics, 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 October20, 2023 at the University of Chicago. 18"