Publications
22. Bank Risk-Taking and Monetary Policy Transmission: Evidence from China (with Xiaoming Li, Zheng Liu, and Yuchao Peng), 2020, [paper], a brief summary: [voxchina], Conditionally accepted at American Economic Journal: Macroeconomics.
21. The Pricing of Local Government Bonds in China: a Bank-government Relationship Perspective (with Xi Qu and Jinxiang Yu), 2023, [paper], accepted at China Economic Review.
20. Understanding the Distributional Effects of Income Uncertainty Shock (with Jianpo Xue and Zhewei Zhang), 2025, forthcoming at China Economic Review, [paper].
19. Temporary Prosperity or Sustainable Development: The Long-Run Impact of Developing Pollution Intensive Industries (with Hongyu Nian, Haitao Yin), 2023, Macroeconomic Dynamics, [paper].
18. Market Uncertainty and International Trade (with Haichao Fan and Guangyu Nie), 2023, Review of Economic Dynamics, [paper].
17. Understanding Local Government Debt in China: a Regional Competition Perspective (with Xi Qu, Jinxiang Yu, and Jun Zhu), 2023, Regional Science and Urban Economics, final version: [paper]
16. Bubbly Bailout (with Feng Dong), 2022, Journal of Economic Theory, [paper]
15. Sentiments and Real Business Cycles (with Fei Zhou and Jing Zhou), 2022, Journal of Economic Dynamics and Control, [paper].
14. Flight to Housing in China (with Feng Dong, Jianfeng Liu, and Bo Zhao), 2021, Journal of Economic Dynamics and Control, [paper].
13. Greening through Finance? (with Haichao Fan, Yuchao Peng, and Huanhuan Wang), 2021, Journal of Development Economics, [paper].
12. Bubbly Bitcoin (with Feng Dong and Yu Zhang), 2021, Economic Theory, [paper].
11. Economic Slowdown and Housing Dynamics in China: A Tale of Two Investments by Firms (with Feng Dong, Yumei Guo, and Yuchao Peng), 2021, Journal of Money, Credit and Banking, [paper].
10. Interest Rate Liberalization and Capital Allocation (with Zheng Liu and Pengfei Wang), 2021, American Economic Journal: Macroeconomics, [paper].
9. Trump's Effect on the Chinese Stock Market (with Shijun Guo and Yang Jiao), 2021, Journal of Asian Economics, [paper].
8. Cycles of Credit Expansion and Misallocation: The Good, The Bad, and The Ugly (with Feng Dong), 2020, Journal of Economic Theory, [paper].
7. Financial Development and Long-Run Volatility Trends (with Yi Wen and Pengfei Wang), 2018, Review of Economic Dynamics, [paper] [appendix]
6. Two-Way Capital Flows and Global Imbalances (with Pengfei Wang and Yi Wen), 2017, Economic Journal. [paper].
5. News Shock, Firm Dynamics, and Business Cycles: Evidence and Theory (with Haichao Fan, Xiang Gao, and Jenny Xu), 2016, Journal of Economic Dynamics and Control, [paper]
4. A Bayesian DSGE Model of Stock Market Bubbles and Business Cycles (with Jianjun Miao and Pengfei Wang), 2015, Quantitative Economics, [paper], [appendix], [codes].
3. What Inventories Tell Us about Aggregate Fluctuations -- A Tractable Approach to (S,s) Policies (with Pengfei Wang and Yi Wen), 2014, Journal of Economic Dynamics and Control, [paper]
2. Firm Dynamics in News-Driven Business Cycles: The Role of Endogenous Survival Rate (with Haichao Fan), 2014, Applied Economics, [paper]
1. Univariate Unobserved-Component Model with a Non-Random Walk Permanent Component, 2013, Applied Economics, [paper]
Working Papers
1. A Theory of Credit Cycles in Pandemic. (with Feng Dong and Pengfei Wang), 2020, [paper].
3. International Credit Cycles (with Feng Dong and Jinxiang Yu), 2022, [paper].
4. Local Government Debt and Bank Credit Allocation: Evidence from China (with Xiaoming Li, Zheng Liu, and Yuchao Peng), 2022, [paper].
5. Debt Management and Strategic Interactions in Top-down Bureaucracy: Evidence from China (with Xi Qu and Jinxiang Yu), 2023, [paper], a short summary at [voxchina].
6. Bank Capital Regulation and Credit Allocation along Supply Chains (with Shu Lin, Yuchao Peng, and Fangxing Zhou), 2023.
7. Banking Innovations in China: Evidence and Welfare Implications (with Yicheng Wang and Weimin Zhou), 2023.
8. Bubbly Cycles of Global Imbalances (with Feng Dong, Siqing Wang, and Zhenyang Xu), 2023, [paper].
9. Financing R&D (with Chang Liu, Yuchao Peng, and Jinxiang Yu), 2024.
10. Dilemmas in Integrating Environment into R&D Policy (with Hongyu Nian, Huanhuan Wang, and Jinxiang Yu), 2024.
11. Financial Liberalization and Capital Allocation in China (with Zhewei Zhang and Fangxing Zhou), 2024, [paper]
12. Monetary Policy in a Data Economy (with Zhaorui Li and Francesco Zanetti), 2025, draft coming soon.
Policy Review:
1. Saving China from the coronavirus and economic meltdown: Experiences and lessons (with Yi Huang, Chen Lin, Pengfei Wang), 2020, in VOX e-book Mitigating the COVID Economic Crisis: Act Fact and Do Whatever It Takes. [pdf], link at Voxeu.
2. Pandemic and Panic: Government as the Supplier of Last Resort (with Yi Huang, Chen Lin, Pengfei Wang), 2020, ABFER working paper [pdf] in book: Impact of COVID-19 on Asian Economies and Policy Responses.