Research

WORKING PAPERS

Sterilized Intervention, Bank Credit, and Chinese Monetary Policy, 2025, with Jie Li. R&R at Journal of Banking and Finance.
SOE Inspections and Corporate Policies in China, 2025, with Vincenzo Quadrini, Qi Sun and Junjie Xia. (2025 CICF Best Paper)

Conference presentation: 2025 China International Conference in Finance; Guanghua International Symposium on Finance (2025); The 7th International Conference of China and Development Studies (2024)

Large Banks and Endogenous Credit Cycles, 2026.

Conference presentation: 2024 Asian Meeting of the Econometric Society; 2023 Annual Meeting of Economic Fluctuation and Growth Forum

Banking in Production Networks: Evidence and Theory from Supply Chain Finance, 2024, with Dongmei Guo, Juejie Xia and Changhua Yu.

Conference presentation: 2025 NBER East Asian Seminar on Economics; 2025 China Financial Research Conference; 2024 China Banking and Corporate Finance Conference; 2024 Annual Meeting of Economic Fluctuation and Growth Forum

Bank Expansion: Corporate Acquisitions as Catalysts, 2026, with Wei Jia, Jie Li and Wenyan Wang.

PUBLICATIONS

Endogenous Dispersion and Volatility in Stock Returns, 2026, with Junjie Xia, Journal of Economic Dynamics and Control, Volume 187.
Dynamics of Trade Credit in China, 2022, with Vincenzo Quadrini, Qi Sun and Junjie Xia, Economic Journal, Volume 132, Issue 648.
Endogenous Lemons Market and Information Cycles, 2022, Journal of Economic Dynamics and Control, Volume 141.
A Spatiotemporal Equilibrium Model of Migration and Housing Interlinkages, 2022, with M. Hashem Pesaran, Journal of Housing Economics, Volume 57. [Data and Codes]

WORK IN PROGRESS

Contractionary Effects of Central Bank Asset Purchases: The Other Side of QE, 2025.
Foreign Reserves and the Cost of International Debt, 2025, with Jie Li and Xiangzhou Zhang.
Beyond the Trilemma: Exchange Market Pressure and Asymmetric Monetary Responses in Emerging Economies, 2025, with Sihao Du and Jie Li.