Google Scholar

Research Interests

Money and Banking, Monetary Economics, Experimental Macroeconomics, Experimental Finance

Publications

1. Is Money Essential? An Experimental Approach, 2024, with Peter Norman, Daniela Puzzello, Bruno Sultanum and Randall Wright, Journal of Political Economy, Bank of Canada Working Paper version

2. Pricing Indefinitely Lived Assets: Experimental Evidence, 2024, with John Duffy and Huan Xie, Management Science, Bank of Canada Working Paper version 

   • Previous title: Experimental Asset Markets with An Indefinite Horizon

3. Adoption of a New Payment Method: Evidence from the Laboratory, 2023, with Jasmina Arifovic and John Duffy, European Economic Review 154

4. Inflation, Output and Welfare in the Laboratory, 2023, with Daniela Puzzello and Cathy Zhang, European Economic Review 152

5. Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment, 2023, with Jonathan Chiu, Mohammad Davoodalhosseini and Yu Zhu, Journal of Political Economy 131(5)

   • Previous title: Central Bank Digital Currency and Banking

6. How Long is Forever in the Laboratory? Three Implementations of an Infinite-Horizon Monetary Economy, 2021, with Daniela Puzzello and Cathy Zhang, Journal of Economic Behavior & Organization 184, 278-301

7. The Cash Paradox, 2020, with Enchuan Shao, Review of Economic Dynamics 36, 177-197

   • Previous title: Understanding the Cash Demand Puzzle, Bank of Canada Working Paper Version

8. Strategic Uncertainty and the Power of Extrinsic Signals – Evidence from an Experimental Study of Bank Runs, 2019, with Jasmina Arifovic, Journal of Economic Behavior & Organization 167, 1-17

   • Previous title: Do sunspots Matter? -- Evidence from an Experimental Study of Bank Runs, Bank of Canada Working Paper Version

9. Competing Currencies in the Laboratory, 2018, with Cathy Zhang, Journal of Economic Behavior & Organization, 154(C), 253-280.

10. Interest on Cash, Fundamental Value Process, and Bubble Formation on Experimental Asset Markets, 2016, with Giovanni Giusti and Yiping Xu, Journal of Behavioral and Experimental Finance, 11(C), 44-51

11. Money and Price Posting under Private Information, 2014, with Mei Dong, Journal of Economic Theory 150, 740-777

12. Experimental Evidence of Bank Runs as Pure Coordination Failures, 2013, with Jasmina Arifovic and Yiping Xu, Journal of Economic Dynamics and Control 37(12), 2446-2465

13. One or Two Monies? 2010, with Mei Dong, Journal of Monetary Economics 57, 439-450

14. Banking Crises in Monetary Economies, 2008,  Canadian Journal of Economics 41, 80-104.

Under Revision

• Credit Condition, Inflation and Unemployment, with Chao Gu and Liang Wang, for Journal of Economic Theory

• Information, Prices and Buyer Entry, with Mei Dong and Ling Sun, for European Economic Review

Submitted

• How Do Households Respond to Expected Inflation? An Investigation of Transmission Mechanisms, with Rupal Kamdar, Kelin Lu and Daniela Puzzello, Bank of Canada Working Paper

Working Papers

• Safe Payments, with Jonathan Chiu, Mohammad Davoodalhosseini and Yu Zhu, Bank of Canada Working Paper Version

• Monetary Policy Pass-Through with Central Bank Digital Currency, with Yu Zhu, Bank of Canada Working Paper Version

• Dealer Inventory and Market Frictions, with Jonathan Chiu, Mohammad Davoodalhosseini, and Jessica Li

• Data Externalities, Market Power, and the Optimal Design of CBDC, with Yuteng Cheng, Jonathan Chiu, and Mohammad Davoodalhosseini 

Policy Papers

• Central Bank Digital Currencies and Banking: Literature Review and New Questions, with James Chapman, Jonathan Chiu, Mohammad Davoodalhosseini, Francisco Rivadeneyra and Yu Zhu, Bank of Canada Staff Discussion Paper 2023-4

• CBDC Adoption and Usage: Some Insights from Field and Laboratory Experiments, Bank of Canada Staff Analytical Note 2020-12