Work in Progress
Financial Structure and the Transmission of Monetary Policy: A New Keynesian DSGE Framework 🧞💭
What Do Markets Think Matters? Downside Pricing Across Dealers vs. Market Participants [Note]
Working Papers
The Sound of Silence: Policy Signals and Risk Premia (2026) [PDF]
Policy pivots are priced through the dynamic sequential FOMC "inter-meeting silence", identified using an AI language model: as accommodative language fades, markets infer a weaker implicit policy backstop, raising term premia while lowering volatility. 🕵👻
Publications
Anchoring in Calm, Crumbling in Crisis: The Paradox of Taming the Long End (2026) [PDF] Finance Research Letters
Long-term belief anchoring compresses equity risk premia yet amplifies tail losses through an extrapolation-and-jump-risk mechanism. 🎄🧑🎄
Others
Beyond Cost Synergies: Demand-Shifting Intangibles and Market Concentration (2025) submitted
Demand-shifting intangible M&As—identified using PPA data—unlike typical deals, amplify industry concentration by raising entry barriers for potential entrants.🌸🪵
Deep Panel Quantile Regression (joint with Joonho Phil Hwang and Chencheng Fang)
Feb 2026 🔧