Brief Description
Shouyong Shi
石寿永
Education:
Ph. D. in Economics, June 1991, University of Toronto;
M.A. in Economics, 1988, University of Toronto;
B. Sc., 1984, Huazhong University of Science and Technology, Wuhan, China
Major: Industrial Engineering and Management Science
Employment History:
Professor (David C. Smith Chair):
2022 - present: Department of Economics, Queen's University
Professor (Liberal Arts Professor):
Professor and Canada Research Chair (tier 1):
2002 - 2014: Department of Economics, University of Toronto
Professor:
2000 - 2002: Department of Economics, Indiana University
2001 (on leave): Department of Economics, Queen's University
Associate Professor:
1997 - 2001: Department of Economics, Queen's University
Assistant Professor:
1994 - 1997: Department of Economics, Queen's University
1991 - 1993: Department of Economics, University of Windsor
Visiting Professor:
2005: Research Department, Federal Reserve Bank of Minneapolis
1998 - 1999: Research Department, Federal Reserve Bank of Chicago
1994: Department of Economics, University of Pennsylvania
Other Titles:
Research Fellow:
Bank of Canada, 2003 - 2012
Hong Kong Institute of Monetary Research, 2006
Research Associate at the Federal Reserve Bank of Cleveland, 2004 - 2007
Thesis Supervision:
A list of Ph.D. students of whom I am the primary or co- supervisor
Grants, Recognitions and Distinctions:
2014 to present: Liberal Arts Professor (Pennsylvania State University)
2002 to 2014: 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 and 2014: 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
(awarded to the best researcher in five years)
1993 to the present: Social Sciences and Humanities Research Council of Canada (SSHRCC);
Titles of SSHRCC Grants (1993 to the present):
• Search Frictions and Macroeconomic Policies;
• 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:
"Viewpoint: A Microfoundation of Monetary Economics," State-of-the-Art Lecture at the Canadian Economic Association meeting, Hamilton, Ontario, 2005.
"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).
Editorial Duties:
Co-editor of Annals of Economics and Finance, 2000-present.
Associate editor: Journal of International Economics, 2000-2002.
Membership:
Econometric Society; Society for Economic Dynamics;
Society for the Advancement of Economic Theory
Research Fields:
Money/Macroeconomics; Macro/Labor Economics; Matching/Pricing Theory;
Banking and Corporate Finance; International Economics; Economic Growth and Learning;
Public Finance; Environmental Economics; Bureaucracy and Corruption.
Some Publications:
(for a complete list of publications and some pdf files, see Publications and Papers):
• "Should Buyers Or Sellers Organize Trade in a Frictional Market?" (with Alain Delacroix), 2018, Quarterly Journal of Economics 133, 2171-2214.
• "Customer Relationship and Sales," Journal of Economic Theory 166 (2016), 483-516.
• "Liquidity, Assets and Business Cycles," Journal of Monetary Economics 70 (2015), 116-132.
• "A Monetary Theory with Non-Degenerate Distributions," (with Guido Menzio and Amy Hongfei Sun), Journal of Economic Theory 148 (2013), 2266-2312.
• "Efficient Search on the Job and the Business Cycle," (with Guido Menzio), Journal of Political Economy 119 (2011), 468-510.
• "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)
• "Sequentially Mixed Search and Equilibrium Price Dispersion," Journal of Economic Theory 213 (2023) 105735.
• "Endogenous Procyclical Liquidity, Capital Reallocation, and q," (with Melanie Cao), International Economic Review 64 (2023), 95-128.
• "Knowledge, Germs, and Output," Review of Economic Dynamics 48 (2023), 297-319.
• "Wealth Accumulation, On the Job Search and Inequality," (with Gaston Chaumont), Journal of Monetary Economics 128 (2022), 51-71.
• "Post-Match Investment and Dynamic Sorting between Capital and Labor," 2018.
• "Learning, On-the-Job Search and Wage-Tenure Contracts," (with Kevin Fawcett), 2018.
• "Efficient Investments, Job Dynamics and Frictional Dispersion," 2018.
• "Long-Run Sectoral Reallocation, Job to Job Transitions, and Earnings Inequality: An Empirical Investigation," (with Florian Hoffmann and Anton Laptiev), 2016.
• "Sectoral Shift, Job Mobility and Wage Inequality," (with Florian Hoffmann), 2009.
Some Presentations:
• "Wealth Accumulation, On the Job Search and Inequality," (with Gaston Chaumont), presented at the Society for Economic Dynamics Meeting (Edinburgh, June 2017) and Shanghai Macro Workshop (SHUFE, June 2017). Presentations by the co-author: the Econometric Society European meeting (Lisbon, August 2017), 7th meeting of the Society for the Study of Economic Inequality (New York, July 2017), the Econometric Society Summer meeting (St Louis, June 2017), 7th Workshop of the European Search and Matching Network (Barcelnona, May 2017), 1st Workshop on Advanced Economics at Universidad Nacional de Cuyo (Mendoza, Argentina, May 2017), 6th Alumni Conference Universidad de San Andres (Buenos Aires Province, Argentina, December 2016), Midwest Macro meeting (Kansas City, November 2016), 11th Annual Economics Graduate Student Conference at Washington University in St. Louis (St. Louis, October 2016), Cornell-PSU (October 2016).
• "Efficient Investments, Job Dynamics and Frictional Dispersion," presented at Tsinghua University (June 2018). An old version: "Efficient Job Upgrading, Search on the Job and Output Dispersion," presented at the Econometric Society Winter meeting (Philadelphia, January 2018), University of Calgary (September 2017), Cornell-PSU macro conference (September 2017), Royal Holloway University (October 2016), the Federal Reserve Bank of Philadelphia (September 2016), the NBER summer institute (July 2016), the Society for Economic Dynamics (Toulouse, June 2016), the Shanghai Macro Workshop (SUFE, June 2016), Kyoto University (June 2016) and Carnegie Mellon University (May 2016).
• "Endogenously Procyclical Liquidity, Capital Reallocation, and q," (with Melanie Cao), presented at University of Wisconsin - Madison conference on money and banking (September 2017), Shanghai Forum (Fudan U., May 2017), University of Chile (November 2016), University College London (October 2016), Michigan State University (September 2016), the Canon Institute conference on recent advance in macroeconomics (Tokyo, June 2016), the St. Louis Fed and Tsinghua University conference (Beijing, May 2016), Federal Reserve Board of Governors (December, 2015), the Canadian Macro Study Group meeting (Montreal, November 2015), Vanderbilt U. (October 2015), Cornell-PSU macro conference (September 2015), Federal Reserve Bank of St. Louis conference on money and banking (August 2015), the Society for Economic Dynamics meeting (Warsaw, June 2015), and Shanghai Macro Workshop (SUFE, June 2015).
• "Financial Frictions, Investment Delay and Asset Market Interventions," (with Christine Tewfik), presented at the Canadian Macro Study Group meeting (Hamilton, November 2014), Federal Reserve Bank of Richmond (October 2014), Cornell-PSU macro conference (September 2014), University of Chile (May 2014), Bank of Chile (May 2014), Queen's University (April 2014), the University of Waterloo (March 2014), the University of Bern - the Swiss National Bank - JMCB conference (Gerzensee, Switzerland, October 2013) and the Chicago Federal Reserve Bank of conference on money, banking, payments and finance (August 2013).
• "Customer Relationship and Sales," presented at the Federal Reserve Bank of Philadelphia (September 2014), the University of Washington (Seattle, May 2014), Pennsylvania State U. (October 2013), the conference on Quantitative Marketing and Economics at the Booth School of Business (U. Chicago, September 2013), the Chicago Federal Reserve Bank of conference on money, banking, payments and finance (August 2013), the Society for Economic Dynamics meeting (Seoul, June 2013), Shanghai Macro Workshop (June 2013), the NBER Summer Institute (Cambridge, July 2012), Boston University (April 2012), the Tokyo Conference of the OEIO (March 2012) and the Econometric Society Winter meeting (Chicago, January 2012).
• "Liquidity, Assets and Business Cycles," presented at the Cireq-Ensai macro conference (Rennes, France, June 2013), University of Southampton (March 2013), University of Waterloo (February 2013), 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 NBER Summer Institute (July 2014), the Society for Economic Dynamics (Toronto, June 2014), the Econometric Society meeting (Philadelphia, January 2014), the Canadian Macro Study Group meeting (Toronto, 2013), University College London (March 2013), Edinburgh (March 2013), 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.