My research focuses on applied macroeconomics, particularly, monetary policy, banking, household finance and Chinese economic studies.
Journal articles
1. The Credit Risk of Chinese Households: A Micro-Level Assessment (with M. Funke and L. Zhu), 2022, Pacific Economic Review, 27(3): 254-276.
2. Social Networks and Household Financial Decisions: Evidence from China (with M. Jiang and B. Zhang), 2022, Journal of Empirical Economics, 25(1): 58-92.
3. Requiem for the Interest Rate Controls in China, 2021, Pacific Economic Review, 26(2): 139-160 [lead article].
4. Monetary Policy Announcements and Market Interest Rates’ Response: Evidence from China, 2020, Journal of Banking & Finance, 113.
5. Macroprudential Policy, Central Banks and Financial Stability: Evidence from China (with J. Klingelhöfer), 2019, Journal of International Money and Finance, 93: 19-41.
6. A Narrative Indicator of Monetary Conditions in China, 2018, International Journal of Central Banking, 14(4): 1-42 [lead article].
7. China’s Regime-Switching Monetary Policy (with J. Klingelhöfer), 2018, Economic Modelling, 68: 32-40.
8. What Measures Chinese Monetary Policy?, 2015, Journal of International Money and Finance, 59: 263-286.
9. Nominal Rigidity and Some New Evidence on the New Keynesian Theory of the Output-Inflation Tradeoff, 2014, International Economics and Economic Policy, 11(4): 575-597.
10. Does Monetary Policy Matter in China? A Narrative Approach, 2013, China Economic Review, 26C: 56-74.
11. Monetary Policy and European Unemployment (with R. Schettkat), 2009, Oxford Review of Economic Policy, 25 (1): 94-108.
Book chapters
Monetary Policy in China: A Different Model? (with E. Girardin), forthcoming, in D. Cobham (Ed.) Experiences of Monetary Policy: The First Quarter of the 21st Century. Cambridge University Press.
On Non-Neutrality of Monetary Policy (with R. Schettkat), 2011, in Hagemann et al. (eds.) Ökonomie und Gesellschaft / Keynes 2.0. Metropolis-Verlag. p. 337-352.
On Persistent Unemployment in Germany (with R. Schettkat), 2008, in Hagemann et al. (eds.) Aus gesamtwirtschaftlicher Sicht. Metropolis-Verlag. p. 307-320.
Working papers
Imprinted by the Past? Lifetime Experiences and Farmers’ Risk Preferences (with L. Hakim) (under review)
Abstract: Are farmers’ risk preferences imprinted by lifetimes of agricultural hardship and climatic stress? Using incentivized lottery experiments with 664 European farmers, we recover individual-level Cumulative Prospect Theory parameters via Maximum Simulated Likelihood and link these to recency-weighted lifetime histories of agricultural output and precipitation. We find that roughly three-quarters of farmers are risk-averse, 86% exhibit inverse-S probability weighting, and loss aversion is sizable but dispersed. More favorable production and precipitation histories are associated with lower risk aversion and reduced loss sensitivity, with associations sharpening under crop-specific and growing-season measures. Probability weighting is near-universal but unrelated to either experience measure, a dissociation suggesting that outcome valuation and probability transformation have distinct developmental origins. Estimated recency parameters are close to 1 across all specifications, indicating that recent agricultural experiences carry more weight than distant ones but in roughly direct proportion to elapsed time, with the recency gradient directionally stronger under income-relevant measures. These findings have implications for the design and targeting of support schemes, insurance instruments, and technology adoption programs in farm populations with heterogeneous risk preferences.
Discouraged, Not Rejected: Credit Constraints among China’s Self-Employed (with J. Klingelhöfer)
Measuring the Impact of Monetary Policy on Stock Prices in China (with L. Zhang).
Measuring Income Decomposition Inequality in China (with J. Klingelhöfer & M. Tu)
Resource Curse: Evidence from China (with Y. Han-Xiao)
Review over Empirical Evidence on Real Effects of Monetary Policy, 2014, MPRA no. 58513.