Fields of Interest
International Economics, Macroeconomics
Publications/Accepted Papers
The Impacts of the U.S. Trade War on Chinese Exporters, with Zhikuo Liu (Fudan), Zhiwei Tian (SUFE), Xiaxin Wang (Fudan), Review of Economics and Statistics, Volume 106, Issue 6, November 2024
We investigate how Chinese exporters adjust export prices and sales across different destinations upon U.S. tariff surges against China
A short summary by the Stanford Center on China's Economy and Institutions and a short summary on the VoxDev
This article has been awarded 2022 Pu Shan Award for Excellent Papers on International Economics, and 2023 Masahiko Aoki Best Paper Nomination Award.
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, Journal of International Economics, Vol. 151, September 2024.
I study developing countries' exchange rate policy and financial policy under foreign currency debt
International Trade and the Currency Composition of Corporate Debt, with Ohyun Kwon (Drexel) and Saiah Lee (UNIST), accepted by Journal of Money, Credit and Banking
We investigate firm-level linkage between international finance and trade
Working Papers
Does RMB Internationalization Promote Cross-Border Trade?, with Ohyun Kwon (Drexel), Saiah Lee (UNIST)
We investigate the trade creation effects of the RMB internationalization on China's bilateral trade.
Asset Bubbles and Monetary Policy in Open Economies, with Feng Dong (Tsinghua SEM)and Siqing Wang (CUFE), Reject and Resubmit, Journal of International Economics
We study how monetary policy should respond to asset prices in an open economy setting.
Dissecting the International Transmissions of U.S. Monetary Policy, with Peidi Chen (HKU) and Wenbin Wu (Fudan)
We study the international transmission of U.S. monetary policy, distinguishing between expected changes and unexpected shocks.
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
Legal Information Transparency and Capital Misallocation: Evidence from China, with Zhengwen Liu (Peking) and Xiao Tang (Tsinghua) , Revise and Resubmit, American Economic Journal: Microeconomics
The role of transparency in firms' lawsuit information in reducing capital misallocation in China
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
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, Bank Risk Management and Currency Choice in Trade, with Ohyun Kwon, Saiah Lee and Shang-Jin Wei, draft coming soon
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)
Financial Sanctions and Russian Trade, with Shang-Jin Wei (Columbia and NBER), preliminary draft available
Referee Activities
Review of Economics and Statistics (x2), Journal of International Economics (x8), International Economic Review, Journal of Development Economics, Review of International Economics (x2), Journal of Economic Geography, European Economic Review, Macroeconomic Dynamics, French National Research Agency