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.DEMAND SYSTEM ASSET PRICING The purpose of this workshop is to teach Ph.D. students, faculty, and those from policyinstitutions and the industry how to use asset demand systems to answer questions in assetpricing and macrofinance using modern AI and machine learning tools. Topics include dataconstruction, asset and investor embeddings, model estimation, identification, andapplications. It is taught by BCF faculty Motohiro Yogo and Ralph Koijen of Chicagos BoothSchool of Business. The annual virtual workshop was held on May 5, 12, and 19, 2025.VOX CHINA INITIATIVE VOXChina continues to be a leading platform for research-driven insights on China'seconomy, policies, and financial markets. Over the past year, it has advanced academic andpolicy discussions by publishing articles from renowned economists on topics likemacroeconomic trends, labor markets, trade policies, and the digital economy. Recently, itexpanded its reach with engaging videos summarizing key research and featuring expertsdiscussing issues such as monetary policy, financial reforms, and international trade. TheVOXChina initiative is coordinated by Wei Xiong, John H. Scully '66 Professor in Finance andProfessor of Economics, and BCF Director Markus Brunnermeier.19"