Publications:
1.Optimal attention and heterogeneous precautionary saving behavior
Journal of Economic Dynamics and Control, 2021, 131, 104230
Summary: People with different levels of wealth pay different amounts of attention to the capital income risk and display heterogeneous precautionary saving behavior.
2. Navigating Fiscal Fog: Household Expectations in an Uncertain Fiscal Environment (with Junjie Guo, Li Tang, and Shihan Xie)
Journal of Economic Behavior and Organization, 2025, 240, 107321
Summary: Fiscal policy uncertainty plays an important role in shaping households' macroeconomic expectations and consumption-saving decisions.
3. Nominal Rigidities, Rational Inattention, and the Optimal Monetary Policy (with Shengliang Ou, Donghai Zhang and Renbin Zhang)
Journal of Economic Theory, 2025, 232, 106129
Summary: Under rational inattention, central bank would optimally allocate larger (smaller) weight to sectors with more flexible (stickier) prices.
Working papers:
Expectation formation, rational inattention and behavioral macroeconomics
Summary: Consumption model with both labor and capital income risks, limited attention and recursive utility can help to explain consumption responses to the income risks and the relative volatility of consumption to income observed in the U.S. economy, and we also find that the welfare losses due to limited attention are insignificant.
Revise and Resubmit at Journal of Money, Credit, and Banking.
2. Information acquisition, macroeconomic expectations, and economic behavior (with Markus Kontny)
Summary: Individual's attention allocation behavior depends on some certain characteristics and attention allocation affects expectation updating, forecasting bias and purchasing attitudes toward durable goods and home.
Revise and Resubmit at Macroeconomic Dynamics.
3. Consumption Dynamics and Welfare Implications under Diagnostic Expectations (with Jinting Guo and Yulei Luo) [Appendix]
Best paper award, WEHIA 2025
Summary: Diagnostic expectation due to representativeness heuristic can help explain the puzzling empirical consumption behavior: current consumption change responds positively to the current income shock, but negatively to the previous income shock (excess sensitivity puzzle).
Summary: Paying attention plays an important role in households' information acquisition and expectation formation, as well as their subjective model of macroeconomics.
Revise and Resubmit at European Economic Review.
5. Signaling Effects of Government Spending: The Financing Schemes Matter (with Junjie Guo）
Summary: The signaling effect of fiscal policy depends on how the spending is financed.
China-related topics
Financial liberalization, innovation value, and firm R&D strategy (with Yang Ming, Hongguang Sui, Meng Wu, and Chun Yuan)
Summary: The Hong Kong-Mainland stock market connection programs significantly increase the market value of patents through an information channel. This financial liberalization policies also increase firms' R&D spendings and the scientific value of patents.
Stock Market Liberalization and Supply Chain Diversification: Evidence from China (with Lei Li, Mengjie Li, Hongguang Sui)
Summary: The Hong Kong-Mainland stock market connection programs significantly decrease the supplier concentration .
Revise and Resubmit at Journal of Empirical Finance.
Household Cooking Energy Transition in China: The Role of Environmental Regulation (with Hongguang Sui and Yinuo Zhao)
Summary: Stricter environmental regulation significantly increases households’ adoption of clean cooking fuels.
Does Digital Transformation Promote Gender Equality? Evidence from Rural China (with Yufei Guo, Fangbin Qiao and Xin Zhao)
Summary: The expansion of rural e-commerce in China reduces gender inequality in self-perceived social status.
中文文章 （Articles in Chinese）
粮食安全、结构转型与经济增长 “Food Security, Structural Transformation and Economic Growth” （合作者：张舰）
主要发现：农业部门效率变动会对中国结构转型与经济增长产生显著的短期影响，但长期影响有限。与之形成对比，非农部门无论短期还是长期均可显著推动人均GDP增长、降低农业GDP占比，但对农业就业占比影响不大。
政府长期导向与动态资源配置效率 “Government Long-Term Orientation and Dynamic Resource Allocation Efficiency ” (合作者：王红梅，孙鲲鹏，袁淳，崔馨予)
主要发现：地方政府长期导向程度每提升1个标准差，区域内企业资源错配程度下降1.2个百分点。长期导向的作用机制在于减少了政府补贴和税收征管等政策对低效企业的扭曲性支持。
Work in progress:
Ambiguity Aversion and Infrequent Durables Adjustment (with Yulei Luo and Chenchuan Shi)
Attention, information, and reference-dependent preferences
Diagnostic Expectations and Inventory Dynamics (with Yulei Luo, Jianjun Miao, and Xiaowen Wang)
Do Family-Support Policies Shift Fertility Intentions? (with Jian Li, Zehao Wu)
Costly Liquidity Regulation via Central Bank Digital Currencies (with Zhiwei Sun)
Discussions:
“Financial Fragibility in a Data Economy” by Jiahong Cao, Yiyang Xu, Zhiwei Xu, and Jun Zhang
China Banking and Corporate Finance Conference 2026
"Costly Inexpensive Information: Endogenous Competition for Attention and Corporate (In)efficiency" by Jianjun Miao, Zhiqiang Ye, and Minxing Zhu
8th China International Conference in Macroeconomics 2026