Brief Bio:
Current Position
Senior Economist and Policy Advisor, Federal Reserve Bank of Chicago
Major Fields of Study
International Macro/Finance, International Trade, Macroeconomics
Education
Ph.D. Economics, University of Minnesota, 2005
M.S. Management Science, University of Science and Technology of China, P.R.C., 1999
B.E. Transportation Management Engineering, Northern JiaoTong University, P. R. C., 1996
Employment History
Senior Economist and Policy Advisor, Federal Reserve Bank of Chicago, 2013-present
Assistant Professor, University of Michigan, 2005-2013
Research Analyst, Federal Reserve Bank of Minneapolis, 2002-2005
Research Assistant (Prof. Kocherlakota), University of Minnesota, 2001-2002
Publication:
“Solving the Feldstein-Horioka Puzzle with Financial Frictions,” with Yan Bai, Econometrica 2010 (March), vol. 78(2), 603-632.
“Financial Integration and International Risk Sharing,” with Yan Bai, Journal of International Economics 2012 (January), vol 86(1): 17-32.
“Duration of Sovereign Debt Renegotiation”, with Yan Bai, Journal of International Economics 2012 (March), vol 86 (2): 252-268.
“Decentralized Borrowing and Centralized Default”, with Yun Jung Kim, Journal of International Economics, 2012 (September), 121-133.
“Firm Dynamics and Financial Development,” with Cristina Arellano and Yan Bai, Journal of Monetary Economics, 2012(October), vol. 59 (6).
“Comparative Advantage and the Welfare Impact of European Integration”, with Andrei A. Levchenko, Economic Policy, 2012 (October), vol. 72: 567-602.
“Structural Change in an Open Economy”, with Kei-Mu Yi and Tim Uy, Journal of Monetary Economics, 2013 (September), vol. 60(6): 667-682.
“The Global Labor Market Impact of Emerging Giants: a Quantitative Assessment”, joint with Andrei Levchenko, IMF Economic Review, 2013 (August) 61(3): 479-519.
“Ricardian Productivity Differences and the Gains from Trade”, joint with Andrei Levchenko, European Economic Review 2014 (January) 65: 45-65.
“The Global Welfare Impact of China: Trade Integration and Technological Change”, joint with Julian di Giovanni and Andrei A. Levchenko, American Economic Journal: Macroeconomics, 2014 (July) 6(3): 153-183.
“The Impact of Foreign Liabilities on Small Firms: Firm-Level Evidence from the Korean Crisis”, with Yun Jung Kim and Linda Tesar, Journal of International Economics, Vol 97(2), November 2015: 209-230.
“What is a Sustainable Public Debt?,” with Pablo D'Erasmo and Enrique G. Mendoza, Handbook of Macroeconomics II, January 2016.
"The Evolution of Comparative Advantage: Measurement and Welfare Implications", joint with Andrei A. Levchenko, Journal of Monetary Economics, Vol 78, April 2016: 96-111.
“Portfolio Rebalancing in General Equilibrium”, with Miles S. Kimball, Matthew D. Shapiro, and Tyler Shumway, Journal of Financial Economics, 2020 (March) 135 (3): 816-834.
“The Relationship between Debt and Output”, with Yun Jung Kim, IMF Economic Review, IMF Economic Review, 69, February 2021: 230-257.
“Trade Integration, Global Value Chains, and Capital Accumulation”, joint with Mike Sposi and Kei-Mu Yi, IMF Economic Review, 2021, 69(3): 505-539.
“Structural Change and Global Trade,” with Logan Lewis, Ryan Monarch, and Michael Sposi, Journal of the European Economic Association, 2022, 20(1): 476-512.
“International Capital Flows: Private vs. Public Flows in Developing and Developed Countries,” with Yun Jung Kim, 2022, International Economic Review, 2023 (February), 64(1):225-260.
“A Macroeconomic Model of Healthcare Saturation, Inequality and the Output-Pandemia Tradeoff”, joint with Enrique G. Mendoza, Eugenio Rojas, and Linda L. Tesar, 2022, IMF Economic Review, forthcoming.
Other Publications:
“External Rebalancing, Structural Adjustment, and Real Exchange Rates in Developing Asia”, with Andrei Levchenko, in B. Ferrarini and D. Hummels (Eds.), Asia and Global Production Networks. Cheltenhan, UK: Edward Elgar. 2014: 215-248.
“Real Interest Rates over the Long Run”, joint with Kei-Mu Yi, Economic Policy Papers, Federal Reserve Bank of Minneapolis, September 2016, No. 16-10.
“Understanding Global Trends in Long-Run Real Interest Rates”, joint with Kei-Mu Yi, Economic Perspectives, Federal Reserve Bank of Chicago, 2017 (2).
Co-editor (w/ Michael Sposi and Kei-Mu Yi), Recent Developments in the Economics of Structural Change, International Library of Critical Writings in Economics Series, Cheltenham, UK: Edward Elgar Publishers, 2019.
“The Increasing Importance of Services Expenditures and the Dampening Effect on Global Trade”, joint with Logan T. Lewis, Ryan Monarch, and Michael Sposi, Chicago Fed Letter No 456, April 2021.
The Dynamic Relationship between Global Debt and Output, joint with Yun Jung Kim, Chicago Fed Letter, 2021, No. 457.
What is Driving U.S. Inflation amid a Global Inflation Surge? joint with Bart Hobijn, Russell Miles, and James Royal, Chicago Fed Letter, 2022, No. 470.
Discussion of A North-South Model of Structural Change and Growth by Aristizabal Ramirez, Leahy, and Tesar, Journal of Monetary Economics, 2023, forthcoming.
The Recent Steepening of Phillips Curves, joint with Bart Hobijn, Russell Miles, and James Royal, Chicago Fed Letter, 2023, No. 475.
Papers under Revision and Review:
“Deindustrialization and Industry Polarization,” joint with Michael Sposi and Kei-Mu Yi, under revision for Econometrica.
“What Determines State Heterogeneity in Response to US Tariff Changes”, joint with Ana Maria Santacreu and Michael Sposi, 2023, submitted.
“The Labor Market Impact of Covid-19 on Asian Americans”, joint with Chris de Mena and Suvy Qian, 2023, submitted.
“Layoff, Lemons and Temps”, with Chris L. House, submitted.
“Saving Europe? Some Unpleasant Supply-Side Arithmetic of Fiscal Austerity,” with Enrique Mendoza and Linda Tesar, submitted.
Working Papers:
“Leveling the Playing Field: Emerging Markets and Small Lenders”, joint with Astghik Mkhitaryan and Zachary Stangebye, 2021, coming soon.
“International Business Cycles at the High-, Medium- and Low-frequency”, joint with Yun Jung Kim, work in progress.
“Factor Accumulation, Specialization, and Long Run Growth in China,” with Kei-Mu Yi and Vivian Yue.
“Frictions in Chinese Firm Exporting,” with Heiwai Tang and Xiaodong Zhu.
“Optimal Monetary Policy under Limited Commitment in Monetary Union”, with Yan Bai, work in progress.
Full Bio: