Research
Working Papers
"GPV as a Robust Bound," with Serafin Grundl.
"Identification of First-Price Auctions with Endogenous Entry and Possibly Biased Beliefs," with Tong Li, coming soon.
"Central Bank Digital Currencies and Banking: Literature review and New Questions", with James Chapman, Jonathan Chiu, Mohammad Davoodalhosseini, Janet Hua Jiang, Francisco Rivadeneyra.
"Bank Market Power and Central Bank Digital Currency: A Case of Imperfect Substitution," with Grace Xun Gong and Han Han.
"Central Bank Digital Currency and Banking Choices," with Jiaqi Li and Andrew Usher.
"Monetary Policy in A Digital Economy," with Scott Hendry.
Previously circulated under the title "A Framework for Analyzing Monetary Policy in an Economy with E-Money"
"Best Before? Expiring Central Bank Digital Currency and Loss Recovery" with Charles Kahn and Maarten van Oordt, conditionally accepted at Journal of Money, Credit, and Banking. VoxEU column
"How Well Does Search Theory Explain Housing Prices" with Marie Rekkas and Randy Wright.
"Monetary Policy Pass-Through with Central Bank Digital Currency" with Janet Jiang.
"Safe Payments,'' with J. Chiu, M. Davoodalhosseini and J. Jiang.
Publications
"Endogenous Liquidity and Capital Reallocation,'' with Wei Cui and Randall Wright, accepted at Journal of Political Economy.
"Market Freezes" with Chao Gu, Guido Menzio and Randall Wright, accepted at Journal of Money, Credit, and Banking.
"Two Results on Auctions with Endogenous Entry," with Serafin Grundl, Economics Letters, 2024, 234.
"Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment,'' with J. Chiu, M. Davoodalhosseini and J. Jiang, Journal of Political Economy, 2023, 131(5), 1213-1248. Codes
Previously circulated under the title "Central Bank Digital Currency and Banking""Robust Inference in First-Price Auctions: Overbidding as An Identifying Restriction" with Serafin Grundl, Journal of Econometrics, 2023.
"Inference in Non-Parametric/Semi-Parametric Moment Equality Models with Shape Restrictions" Quantitative Economics 11 (2020), 609–636.
"Identification and Estimation of Risk Aversion in First-Price Auctions with Unobserved Auction Heterogeneity" with Serafin Grundl, Journal of Econometrics 210(2), June 2019, 363-378. ( Online Appendix, Additional Online Appendix).
"Empirical Relevance of Ambiguity in First Price Auctions" with Gaurab Aryal, Serafin Grundl and Dong-Hyuk Kim, Journal of Econometrics, 204(2), June 2018, 189-206.
"Median-Based Estimation of Dynamic Panel with Fixed Effect" with Geert Dhaene. Computer Statistics and Data Analysis, 2017.
"Frictional Capital Reallocation with Ex-Post Heterogeneity'' with Randall Wright and Sylvia Xiao. Review of Economic Dynamics Volume 37, Supplement 1, August 2020, Pages S227-S253. Codes
"Housing and Liquidity" with Chao He and Randall Wright, Review of Economic Dynamics Volume 18, Issue 3, July 2015, Pages 435–455 , lead article.
"A Note on Simple Strategic Bargaining for Models of Money or Credit". Journal of Money, Credit and Banking 51 (2-3), 739-754.
"Frictional Capital Reallocation I: Ex-Ante Heterogeneity'' with Randall Wright and Sylvia Xiao, Journal of Economic Dynamics and Control, Volume 89, April 2018, Pages 100-116 . Online appendix.
Old Manuscript
“Nonparametric Tests in Moment Equality Models with an Application to Infer Risk Aversion in First-Price Auctions” with Serafin Grundl.