Speaker: CHEN Tuo (School of Economics and Management, Tsinghua University) Chair: LIU Ruiming (National Academy of Development and Strategy, Renmin University of China) Time: 15:30-17:00, September 29, 2021 (Wednesday) Venue: Conference room 815, Chongde West Building, Renmin University of China Abstract This paper develops a new model in which heterogeneous agents simultaneously make location and consumption choices. We show that the regional wedge on the price caused by the quantitative policy would introduce a new type of regional misallocation. We then apply the model to the US-China trade war and find that the extra welfare loss caused by the regional misallocation is as significant as the welfare loss caused by the tariff increase on US goods. Introduction to the speaker CHEN Tuo is an Assistant Professor at the School of Economics and Management, Tsinghua University. Prof. CHEN graduated from the Department of Economics of Columbia University with a Ph.D. degree in economics, and he is engaged in macroeconomic research and applying microeconomic data to macro analysis.