Associate Professor of Finance, Kellogg School of Management, Northwestern University

Faculty Research Fellow, National Bureau of Economic Research (NBER)

Associate Editor, Journal of International Economics

About Me

My primary field of research is international finance and macroeconomics. I study exchange rates, capital flows, the valuation and sustainability of public debt, and the architecture of the international monetary system. I am also interested in the cognitive process underlying expectation formation and financial decision-making.

View my recent [Research Statement] and [Google Scholar Page].

My research has been published at peer-reviewed journals including Econometrica, Journal of Political Economy, Review of Economics Studies, Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Monetary Economics, Management Science, and IMF Economic Review, and published as invited contributions at American Economic Association, Brookings Papers on Economic Activity, Annual Review of Financial Economics, National Bureau of Economic Research, Center for Economic and Policy Research, and Peterson Foundation. My research has also been interviewed and featured by the Wall Street Journal, Financial Times, Yahoo Finance, and cited by the 2022 and 2025 Economic Report of the President.

I received my Ph.D. in finance from Stanford Graduate School of Business, and my bachelor degree in math and business economics from California Institute of Technology. View my [Curriculum Vitae] and [Department Profile]. 

Short Memo on Recent Market

Dollar Upheaval: This Time is Different, with Arvind Krishnamurthy, Hanno Lustig, Robert Richmond, Chenzi Xu

The Rise of China as an International Lender, VoxEU (2025), Center for Economic and Policy Research

Public Goods

I am working on a lecture note on international finance, and will release a new version once I finish. 

We ran an Online International Finance and Macro Seminar during the 2020--2021 lockdown. Visit our [Website] for archived presentations and discussions.