Publications

Articles 

1. “Optimal Monetary Policy in Production Networks with Distortions”, with Zhihao Xu. Journal of Economic Theory, Volume 225 (April 2025), Article 105979. DOI: 10.1016/j.jet.2025.105979

2. "Exchange Rate Regime and Optimal Policy: The Case of China", with Yujeong Cho, Yintao He, Yiping Huang, Jieru Wang.  Journal of International Money and Finance 152 (March 2025), Article 103277

3. “Monetary policy shocks and the signaling channel of monetary policy in China”, with Zhenzhu Chen and Li Li. China Economic Quarterly International 3 (2023) 46–59

4. "Production Networks and International Fiscal Spillovers", with Michael B. Devereux and Karine Gente,  The Economic Journal, Volume 133, Issue 653, July 2023, Pages 1871–1900. (Featured Article)

5. “Sudden Stops and Optimal Foreign Exchange Intervention” with J. Scott Davis and Michael B. Devereux, Journal of International Economics, Volume 141, March 2023, 103728

6. "The impact of the digital economy on China’s economic growth and productivity performance", with Harry X Wu, China Economic Journal, 2022

7. “International Capital Flows, Portfolio Composition, and the Stability of External Imbalances”, with Michael B. Devereux and Makoto Saito, Journal of International Economics (2020) Volume 127, Article 103386.

8. "International Financial Integration and Crisis Contagion", with Michael B. Devereux,  Review of Economic Studies (2020) 87, Pages 1174–1212

9. “Evaluating the Role of Capital Controls and Monetary Policy in Emerging Market Crises”, with Michael B. Devereux, Journal of International Money and Finance,95, 2019, Pages 189–211 

10. “Capital Controls and Monetary Policy in Sudden-Stop Economies”, with Michael B. Devereux and Eric R. Young. Journal of Monetary Economics, Volume 103, May 2019, Pages 52-74  (Previously circulated title “A New Policy Dilemma: Capital controls and monetary policy in sudden-stop economies”) 

11. “Models of  International Fiscal Spillovers”, with Michael B. Devereux, Economics Letters, Volume 175, Pages 76-79, 2019

12. "Exchange Rate Adjustment in Financial Crises", with Michael B. Devereux, IMF Economic Review, Palgrave Macmillan; International Monetary Fund, 2017, vol. 65(3), pages 528-562.

13. “Evaluating International Financial Integration in a Center-Periphery Economy”, Journal of International Economics, Volume 95, Issue 1, January 2015, Pages 129-144.

中文论文

14. “货币政策与宏观审慎政策共同支持宏观经济稳定” ，黄益平，曹裕静，陶坤玉，余昌华，《金融研究》  2019,   Vol. 474  Issue (12): 70-91 （《金融研究》2019年优秀论文）。

15. “我国货币政策传导效率及信号效应研究”，陈贞竹，李力，余昌华，《经济学（季刊）》，2023年1月，58-75。

16. “生产网络视角下的中国经济周期”，黄益平，徐诗语，余昌华，陆浩锋，伍晓鹰，《经济研究》，2024 年第 9 期。

Book Chapters

17. “Monetary Policy Responses to External Spillovers in Emerging Market Economies”, with Michael B. Devereux, pp. 183-222, in book “Monetary policy and global spillovers: Mechanisms, effects and policy measures”, edited by Enrique G. Mendoza, Ernesto Pasten and Diego Saravia, Central bank of Chile, Santiago, Chile, 2018.