My research focuses on applied macroeconomics, particularly, monetary policy, banking, household finance and Chinese economic studies.
Journal articles
11. The Credit Risk of Chinese Households: A Micro-Level Assessment (with M. Funke and L. Zhu), 2022, Pacific Economic Review, 27(3): 254-276.
10. Social Networks and Household Financial Decisions: Evidence from China (with M. Jiang and B. Zhang), 2022, Journal of Empirical Economics, 25(1): 58-92.
9. Requiem for the Interest Rate Controls in China, 2021, Pacific Economic Review, 26(2): 139-160 [lead article].
8. Monetary Policy Announcements and Market Interest Rates’ Response: Evidence from China, 2020, Journal of Banking & Finance, 113.
7. 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].
5. China’s Regime-Switching Monetary Policy (with J. Klingelhöfer), 2018, Economic Modelling, 68: 32-40.
4. What Measures Chinese Monetary Policy?, 2015, Journal of International Money and Finance, 59: 263-286.
3. 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.
2. Does Monetary Policy Matter in China? A Narrative Approach, 2013, China Economic Review, 26C: 56-74.
1. Monetary Policy and European Unemployment (with R. Schettkat), 2009, Oxford Review of Economic Policy, 25 (1): 94-108.
Book chapters
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
Understanding Farmers’ Risk Preferences: The Role of Life Experiences (with L. Hakim) (under review)
Abstract: We estimate farmers’ risk preferences using cumulative prospect theory and examine how lifetime agricultural output and precipitation experiences shape these preferences. Using European data from incentivised experiments, we find that 75% of farmers are risk-averse, 45% are loss-averse, and most overweight small probabilities. Adverse output and precipitation experiences increase risk and loss aversion but do not significantly affect probability weighting. Farmers with such adverse experiences demand higher risk premiums, reinforcing risk-averse behaviour. These findings highlight the importance of addressing risk aversion, particularly among farmers facing persistent agricultural shocks, to enhance resilience and promote adaptive decision-making.
Measuring the Impact of Monetary Policy on Stock Prices in China (with L. Zhang).
Self-Employment, Credit Demand and Credit Constraints: Evidence from China (with J. Klingelhöfer)
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.