Research

Fields of Interest

International Finance/Macroeconomics and Trade

Publications/Accepted Papers

• The Impacts of the U.S. Trade War on Chinese Exporters, with Zhikuo Liu (Fudan), Zhiwei Tian (SUFE), Xiaxin Wang (Fudan),  forthcoming at Review of Economics and Statistics

          We investigate how Chinese exporters adjust export prices and sales across different destinations upon U.S. tariff surges against China

          This article has been awarded 2022 Pu Shan Award for Excellent Papers on International Economics, and 2023 Masahiko Aoki Best Paper Nomination Award. 

          A short summary by the Stanford Center on China's Economy and Institutions

• Bubbly Booms and Welfare, with Feng Dong (Tsinghua SEM), and Haoning Sun (Tsinghua SEM), Review of Economic Dynamics, Vol. 53, July 2024.

        We study the competing effects of a housing bubble on the real economy by developing a two-sector dynamic model with housing production

• Financial Crises, Bailouts and Monetary Policy in Open Economies, Online Appendix, accepted at Journal of International Economics

           I study developing countries' exchange rate policy and financial policy under foreign currency debt

Working Papers

• Imports, Exports, and the Currency Composition of Corporate Debt, with Ohyun Kwon (Drexel), R&R at Journal of Money, Credit and Banking

We investigate how international trade shapes the currency composition of corporate debt with firm-level data from South Korea 

• Geographic Fragmentation in a Knowledge Economy, with Lin Tian (INSEAD and CEPR) 

           The role of information and communications technology (ICT) in shaping the spatial distribution of skills and welfare in the US through the lens of fragmentation

• Globalization Shocks and Governance Reforms, with Shang-Jin Wei (Columbia Business School and NBER)

          The role of globalization in inducing institutional reforms

• Natural Barriers and Policy Barriers, NBER WP28171, with Shang-Jin Wei (Columbia Business School and NBER)

         Do natural trade barriers stimulate more reforms to offset the disadvantage or stimulate more policy barriers to make the disadvantage even worse

• What Does Financial Crisis Tell Us About Credit Reallocation and Exporter Behavior, with Yi Wen (Federal Reserve Bank of St. Louis)

A credit reallocation explanation for aggregate export sales being more sensitive to financial crises compared to aggregate domestic sales

• Capital Flows with Twin Crises

          A model of the joint dynamics of public and private debt in a small open economy

• Monetary Policy with Near-Rational Expectations in Open Economies, with Seunghoon Na (Purdue University) and Anurag Singh (ITAM Business School)

We investigate and estimate a small open economy model under robustly optimal monetary policy

Selected Work-in-Progress

•    Central Bank Swap Lines and Currency Internationalization in Trade, with Ohyun Kwon, Saiah Lee and Shang-Jin Wei

          The competition between major currencies such as the RMB and US dollar or the Japanese Yen and US dollar using firm trade data from Korean Customs

•    On the Role of Trade in Inflation: Evidence from United States in the Pandemic, with Prachi Mishra (IMF) and Antonio Spilimbergo (IMF)

•   Asset Bubbles and Monetary Policy in Open Economies, with Feng Dong (Tsinghua SEM) and Siqing Wang (Tsinghua SEM)

Referee Activities

Review of Economics and Statistics, Journal of International Economics, International Economic Review, Journal of Development Economics, European Economic Review, French National Research Agency