Russell Tsz-Nga Wong


Economist, Research Department, Federal Reserve Bank of Richmond
email: Russell.Wong(at)rich(dot)frb(dot)org















 thinking buddy in WashU

Teaching 
ECON820 Money in the Macroeconomy, for grad 2015, Queen's University
ECON1011 Introduction to Microeconomics, for undergrad 2011, Washington University in St Louis


Working Papers

Status: submitted
Most of the bank loans take years of relationship to build. A search and bargaining model of relationship lending is introduced to explain firm-level observations. Loan contact in the model tractably captures bargaining, the cost and benefit of bank lending, and bank competition in the general equilibrium, which match various features like credit line, duration, rejection rate and pass-through in the data.  The optimal policy after a banking crisis is different from the standard one, and it depends on commitment power. The Ramsey planner relies on the forward guidance of the nominal rates. The Markov planner fails to anchor inflation expectation and leads to deflationary bias. 

Status: revising for resubmission and NBER WP

Status: TE forthcoming and NBER WP version
Presented at NBER/CEME 2015 @ UVA, ES World Congress 2015 @ Montreal, Minnesota Macro Workshop 2015, Shanghai Macro 2015, Richmond Fed, Purdue, Indiana, Midwest Macro 2015 @ Wash U, UC Irvine, EIEF, SED 2014 @ Toronto, Search and Matching Workshop 2014 @ UC Riverside, SAET 2014 @ Tokyo, Money Workshop 2014 @ Chicago Fed

Estimation and Inference of Threshold Regression Models with Measurement Errors, 2017 with Terrence Chong (CUHK), Haiqiang Chen (WISE) and Isabel Yan (CityU HK)
Status: SNDE forthcoming

Status: JET 2016 
A mechanism design approach to estimate the lower bound to the welfare cost of inflation without depending on quasi-linear preferences and details of how agent trades

Status: REStud 2016
Presented at UC Irvine, Money Workshop 2013 @ Chicago Fed, Midwest Theory Meeting 2013 Summer @ Michigan State University

Status: submitted, presented at LAEF 2015 @ UCSB, Vanderbilt, Tsinghua Macro Workshop 2014, Midwest Macro 2013 Summer @ UIUC, Econometric Society Summer Meeting 2013 @ USCAcademica Sinica, Econometric Society Asian Meeting 2014 @ Taipei

On the Essentiality of E-money, 2017 revised, with Jonathan Chiu (Bank of Canada)
Status: submitted, presented at Economics of Payment Workshop 2014 @ Boston Fed, Search and Matching Workshop 2014 @ SMU, CMSG-CEA 2014 @ Simon Fraser, Econometric Society Asian Meeting 2014 @ Taipei,  Search and Matching Workshop 2014 @ Philly Fed, U Wisconsin Madison Liquidity Conference 2014

Status: submitted, presented at SED 2014 @ Toronto, Midwest Macro 2013 Fall @ U Minnesota

Equilibrium Default Contagion in Over-the-Counter Markets, 2013, with James Chapman (Bank of Canada)
Status: to be submitted, presented at New York Fed 2014, U of Bern 2014, Chicago Fed Money Workshop 2013, Midwest Macro 2013 Fall @ U Minnesota, Econometric Society Asian Meeting 2014 @ Taipei, BoC brownbag, Queen's

E-Money: Efficiency, Stability and Optimal Policies, 2013, with Jonathan Chiu (Bank of Canada)
Status: to be submitted, BoC WP, presented at BoC department seminar

Status: JEDC 2012

Work-in-progress with coauthors
Unemployment, Aggregate Demand and the Distribution of Liquidity
Communicating with the Dispersedly Informed Public
Over-the-counter Rumor and Liquidity
Liquidity and the Paradox of Thrift
Indeterminacy in Incomplete-market Models


Computing Continuous-time Heterogeneous-agent Monetary Models
I am preparing notes on the following topics, 

Data
Viscosity solution
Approximation methods and PDE stability analysis
Stable arm and transitional dynamics
Optimal stopping time
Delay differential equation
Kolmogorov forward equation
Constrained efficiency and policies








Education 
I am lucky to be benefited from one of the best time in Wash U under the leadership of Ping
macro: Michele Boldrin, Rody Manuelli, Steve Williamson, Costas Azariadis, Ravikumar, Yongs Shin, Ping Wang
micro: David Levine, Haluk Ergin, John Nachbar, Phil Dybvig, Jeroen Swinkels, Marcus Berliant
metrics: Werner Ploberger, James Morley, Sid Chib, Sebastian Galiani
 
Ph.D. in Economics, 2012, (Washington U in St Louis)
Committee: Steve (chair)Rody, Costas

B. Soc Sci and M. Phil in Economics, 2007 (Chinese U of Hong Kong)
wanderer
Friedrich: wanderer above the sea of fog