M.A. in Economics, 1988, University of Toronto;
B. Sc., 1984, Huazhong University of Science and Technology, Wuhan, China
2001 (on leave): Department of Economics, Queen's University
1994 - 1997: Department of Economics, Queen's University
1991 - 1993: Department of Economics, University of Windsor
1998 - 1999: Research Department, Federal Reserve Bank of Chicago
1994: Department of Economics, University of Pennsylvania
Hong Kong Institute of Monetary Research, 2006
Grants, Recognitions and Distinctions:
2002 to the present: Canada Research Chair (tier 1)
2008 to 2012: the second-term of the Bank of Canada Fellowship
2003 to 2007: Bank of Canada Fellowship
(one of the two inaugural recipients)
2010: John Weatherall Distinguished Visitor at Queen's University
2003: Ranked highly in the world among economists
2000: John Rae Prize of the Canadian Economic Association
• Decentralized exchanges, market efficiency and macroeconomic policies;
• Equilibrium in frictional macroeconomic markets;
• Model transactions cost in monetary economies;
• Money, prices and economic activity: models of search and bargaining.
Keynote Speeches and Lectures:
"Liquidity, Assets and Business Cycles," Bank of Canada Lecture at the Canadian Economic Association meeting, Ottawa, Ontario, 2011.
"Directed Search," invited lectures at University of British Columbia (2013), University College London (2013), Aarhus University (Denmark, 2012), Osaka School of International Public Policy (Japan, 2012) and the Central University of Finance and Economics (CEMA, China, 2012).
Associate editor: Journal of International Economics, 2000-2002.
Econometric Society; Society for Economic Dynamics;
Society for the Advancement of Economic Theory
Money/Macroeconomics; Macro/Labor Economics; Matching/Pricing Theory;
Banking and Corporate Finance; International Economics; Economic Growth;
Public Finance; Environmental Economics; Bureaucracy and Corruption.
(for a complete list of publications and some pdf files, see Publications and Papers):
• "An Equilibrium Theory of Learning, Search and Wages," (with Francisco M. Gonzalez), Econometrica 78 (2010), 509-537.
• "Block Recursive Equilibria for Stochastic Models of Search on the Job," (with Guido Menzio), Journal of Economic Theory 145 (2010), 1453-1494.
• "Directed Search for Equilibrium Wage-Tenure Contracts," Econometrica 77 (2009), 561-584.
• "The Variability of the Velocity of Money in a Search Model," (with Weimin Wang), Journal of Monetary Economics 53 (2006), 537-571.
• "A Directed Search Model of Inequality with Heterogeneous Skills and Skill-Biased Technology," Review of Economic Studies 69 (2002), 467-491.
• "Frictional Assignment. I. Efficiency," Journal of Economic Theory 98 (2001), 232-260.
• "Pricing and Matching with Frictions," (with Kenneth Burdett and Randall Wright), Journal of Political Economy 109 (2001), 1060-1085.
• "Search, Inflation, and Capital Accumulation," Journal of Monetary Economics 44 (1999), 81-103.
• "Search for a Monetary Propagation Mechanism," Journal of Economic Theory 81 (1998), 314-352.
• "A Divisible Search Model of Fiat Money," Econometrica 65 (1997), 75-102.
• "Credit and Money in a Search Model with Divisible Commodities," Review of Economic Studies 63 (1996), 627-652.
• "Money and Prices: A Model of Search and Bargaining," Journal of Economic Theory 67 (1995), 467-496.
Some Working Papers / Ongoing Research:
(See Publications and Papers for more)
• "Financial Frictions, Investment Delay and Asset Market Interventions," (with Christine Tewfik), 2013.
• "Sectoral Shift, Job Mobility and Wage Inequality," (with Florian Hoffmann), 2009.
• "Customer Relationship and Sales," 2011.
• "Liquidity, Assets and Business Cycles," 2011.
• "Emission Tax or Standard? The Role of Productivity Dispersion," (with Zhe Li), 2010.
• "Chebyshev Projection of Multivariate Functions," 2012. (MATLAB codes are available upon request)
• "Liquidity, Assets and Business Cycles," presented at the Canadian Macro Study Group meeting (Montreal, November 2012), the Fall Conference at the St. Louis Federal Reserve Bank (St. Louis, October 2012), the Econometric Society Summer meeting (Evanston, June 2012), Zhejiang University (China, June 2012), Fudan University (Shanghai, June 2012), the Federal Reserve Bank of Chicago Workshop on Money, Banking, and Payments (Chicago, August 2011), the Asian Econometric Society meeting (Seoul, August 2011), the Canon Institute for Global Studies (Tokyo, August 2011), the International Economic Association meeting (Beijing, July 2011), and the Canadian Economic Association meeting (as the Bank of Canada Lecture,
Ottawa, May 2011).
• “Sectoral Shift, Job Mobility and Wage Inequality,” (with Florian Hoffmann), presented at the Conference on Cycles, Adjustment and Policy (Sandbjerg, Denmark,October 2012), Shanghai Macroeconomic Workshop (June 2012), Yale (March 2012), Osaka (March 2012), Yonsei University (Seoul, August 2011), the Society for the Advancement of Economic Theory (Portugal, June 2011).
• "A Monetary Theory with Non-Degenerate Distributions," (with Guido Menzio and Amy Hongfei Sun), presented at Sixty Years Since Baumol-Tobin (New York U., September 2012), the Canadian Macro Study Group meeting (Vancouver, November 2011), the Society for Economic Dynamics (Montreal, 2010), Tsinghua Macro Workshop (Beijing, 2010), Singapore Management U. (2010), National Taiwan U. (2010), Texas Monetary Conference (Austin, 2009), Chicago FED Conference on Money, Banking, Payments and Finance (Chicago, 2009), the Society for Economic Dynamics (Istanbul, 2009), and the Society for the Advancement of Economic Theory (Ischia, Italy, 2009).
• "An Equilibrium Theory of Learning, Search and Wages," (With Francisco M. Gonzalez), presented at Econometric Society Winter meeting (Atlanta, 2010), NBER conference on macro perspectives of the labor market (FED Minneapolis, 2009), U. Wisconsin-Madison (2009), U. Illinois-Urbana/Champaign (2009), Soceity for Economic Dynamics meeting (Istanbul, 2009), U. Pennsylvania (2008), NBER Summer Institute (2005), and Canadian Macro Study Group meeting (Vancouver 2005).
• "Vehicle Currency" (with Michael B. Devereux), presented at the Monetary Economics Conference in London (Ontario, 2005), NBER summer institute (Cambridge, 2005), Minnesota summer workshop on macroeconomic theory (Minneapolis, 2005), and Canadian Macro Study Group meeting (Vancouver, 2005).
• "A Microfoundation of Monetary Economics," State-of-the-Art Lecture at the Canadian Economic Association meeting, Hamilton, Ontario, 2005.
• "Liquidity, Interest Rates and Output," presented at Michigan State University (2004), Bank of Canada (2004), Federal Reserve Bank of Cleveland (2004), Federal Reserve Bank of Atlanta (2004), the Monetary Economics Conference in London (Ontario, 2005), and SAET conference (Vigo, Spain, 2005).