Huiyu (Huey) Li

Contact:

        Economic Research,

        Federal Reserve Bank of San Francisco,

        101 Market Street, San Francisco, CA 94105

tohuiyu@gmail.com, FRB SF,   CV

Position:   

        Research Advisor, FRB SF, since August 2021

   Senior Economist, FRB SF, April 2019 - July 2021

        Economist, FRB SF, May 2015 - April 2019

Education:                  

        Ph.D. in Economics, Stanford University, 2015

        M.A. in Economics, University of Tokyo, 2009

        B.A. in Economics, University of Tokyo, 2007

Publications:

• Entry Costs Rise with Growth

Journal of Political Economy Macroeconomics, 3(1), March 2025.

with Pete Klenow

• A Theory of Falling Growth and Rising Rents   Online Appendix

Review of Economic Studies, 90(6), 2675–2702, Nov 2023. 

with Philippe Aghion, Antonin Bergeaud, Timo Boppart, and Pete Klenow 

• The Impact of COVID on Productivity and Potential Output. September 2022.

     The conference volume of the Jackson Hole Economic Symposium

    with John Fernald 

• Productivity Slowdown: Reducing the Measure of Our Ignorance. April 2022.  

The conference volume of "The Economics of Creative Destruction, a Festschrift in Honor of Aghion-Howitt" Harvard University Press

     with Timo Boppart

• Leverage and Productivity, Journal of Development Economics, Vol 154, Jan 2022.

• BLP Estimation Using Laplace Transformation and Overlapping Simulation Draws   appendix

Journal of Econometrics, 222 (1), Part A, 56-72, May 2021.

with Han Hong and Jessie Li

• Innovative Growth Accounting    slides

NBER Macroeconomics Annual,  2020 

with Pete Klenow

• Missing Growth from Creative Destruction    online appendix   

American Economic Review,  109(8), 2795–2822, Aug 2019.

with Philippe Aghion, Antonin Bergeaud, Timo Boppart and Pete Klenow

• Policy Error Bounds for Strongly Concave Stochastic Dynamic Programming with Non-interior Solutions 

Computational Economics, 46(2), 171-187, Aug 2015.

• Solving the Income Fluctuation Problem with Unbounded Reward

Journal of Economic Dynamics and Control, 45, 353-365, Aug 2014.

with John Stachurski

• Generalized Look-Ahead Methods for Computing Stationary Densities

Mathematics of Operations Research, 37(3), 489-500, Aug 2012.

with R. Anton Braun and John Stachurski

Work in progress/Working papers:

• Borrowing Constraints, Markup Dispersion and Misallocation (with Chen Lian, Yueran Ma, and Emily Martell), Jun 2025

• Idea Rents and Firm Growth (with Timo Boppart, Pete Klenow, and Reiko Laski), Mar 2025, slides only

• Good Rents versus Bad Rents: R&D Misallocation and Growth (with Philippe Aghion, Antonin Bergeaud, Timo Boppart, and Pete Klenow), May 2024, new draft coming soon!

• What Drives Trends in Employment to Population Ratios? (with Shelby Buckman and Nicolas Petrosky-Nadeau)

• The Effect of Aging on Entrepreneurship and Aggregate Productivity (with Takeo Hoshi and Naomi Kodama)

Fallow working papers:

• The Asymptotic Distribution of Estimators with Overlapping Simulation Draws    (with Tim Armstrong, Ron Gallant and Han Hong), submitted to Econometric Review, Aug 2018.

Short publications:

• Productivity During and Since the Pandemic. FRBSF Economic Letter 2024-31 (with Fernald, Meisenbacher, and Yalcin) video summary

• Are Markups Driving the Ups and Downs of Inflation?. FRBSF Economic Letter 2024-12 (with Leduc and Liu)

• Does Working from Home Boost Productivity Growth?. FRBSF Economic Letter 2024-02 (with Fernald, Goode, and Meisenbacher)

• Labor Productivity in a Pandemic. FRBSF Economic Letter 2021-22 (with Fernald and Ochse)

• Future Output Loss from COVID-Induced School Closures. FRBSF Economic Letter 2021-04 (with Fernald and Ochse)

• Disruptions to Starting a Business during COVID-19. FRBSF Economic Letter 2020-25 (with Ochse)

• Innovative Growth Accounting. Vox EU, August 2020 (with Klenow)

• Innovation by Young and Small Firms. in Japanese. Nikkei Newspaper. April 20 2020 (with Klenow)

• Is Rising Concentration Hampering Productivity Growth? FRBSF Economic Letter 2019-28 (with Klenow and Naff)

• Is Slow Still the New Normal for GDP Growth? FRBSF Economic Letter 2019-17 (with Fernald)

• Nonmanufacturing as an Engine of Growth. FRBSF Economic Letter 2019-03

• Missing Growth from Creative Destruction. FRBSF Economic Letter 2017-31  (with Klenow)

• Missing growth: How imputation and creative destruction affect TFP measurement. Vox EU, August 2017 (with Aghion, Bergeaud, Boppart, and Klenow)

• What’s Holding Back Business Formation? FRBSF Economic Letter 2017-20 (with Kiernan)

• How Does Business Dynamism Link to Productivity Growth? FRBSF Economic Letter 2017-01

Other professional activities:

• U.S. Census Bureau Special Sworn Status Researcher, since 2015

• Macro Finance Society member, since 2015.

• Referee experience:  Econometrica  |  Journal of Political Economy  | Quarterly Journal of Economics  |  Review of Economic Studies | American Economic Review | AER Insights  |  AEJ Macro  |  JPE Macro | Journal of European Economic Association | Journal of Monetary Economics | Economic Journal | Journal of Financial Economics | Management Science | Journal of Development Economics  |  Journal of Economics Theory  |  Review of Economic Dynamics  | Review of Economics and Statistics |  European Economic Review  |  Quantitative Economics   | Journal of Economic Dynamics and Control  |  the B.E. Journal of Macroeconomics  |  Computational Economics | Economics Letters

Awards:

2021      Excellence in Refereeing Award, AER: Insights 

2020      Excellence in Refereeing Award, AER: Insights 

2014-15 Leonard W. Ely and Shirley R. Ely Graduate Student Fund Fellowship, SIEPR

2013-14 Dissertation Fellow, IRiSS Stanford 

2013-14 Japan Fund Dissertation Fellowship, FSI 

2012-13 Shultz Graduate Student Fellowship in Economic Policy, SIEPR 

2012-13 Shorenstein Predoctoral Fellowship in Contemporary Asia 

2009-10 Stanford Department Fellowship 

2009       JSPS Research Fellowships for Young Scientists 

2008      CEMANO-COE Distinguished TA Award for Core Graduate Macroeconomics II, The University of Tokyo 

2007-09 Japanese Government Scholarship for Master Studies

2007      Presidential Award, The University of Tokyo 

2002-06 Japanese Government Scholarship for Undergraduate Studies 

Last Updated : March 2025.

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