Research

• International Energy Trade and Inflation Dynamics: The Role of Invoicing Currency Use during the Low Carbon Transition.  Hui Qiao, Ping Qin, Yang Liu, and Yugang Yang.  Energy Economics 128: 107178, 2023. (first author)

Summary: We develop a three-country open economy model to investigate how invoice currency use impacts a firm's response to government monetary policy in the international energy market competition.

• Volatility Spillover between Oil and Stock Prices: Structural Connectedness Based on a Multi-Sector DSGE Model Approach with Bayesian Estimation. Ying Tung Chan and Hui Qiao. International Review of Economics & Finance 87: 265–86, 2023. (corresponding author)

Summary:  We use a structural approach to analyze the welfare consequence of the volatility spillover from oil prices to the stock market, and solve for an optimal oil tax rule when the social planner is risk-averse. 

• When Carbon Emission Trading Meets a Regulated Industry: Evidence from Coal-fired Power Generation Sector in China. Dong-Hyuk Kim, Hui Qiao, Ying Zheng. [Working Paper]

Summary: We discuss the carbon market design within an industry with pre-existing distortions.  In particular, we demonstrate that intensity-based carbon trading (i.e., the TPS) could result in higher social welfare than mass-based policy (i.e., C&T) when the market is price-regulated and highly concentrated. 

• A Comparison Study of Two CO2 Emissions Trading Schemes. Hui Qiao, Ping Qin, Lili Li, Jie-Sheng Tan-Soo. [Under Review]

Chinese Paper

• Energy Transition, Market Competitiveness, and Invoicing Currency Choice. Yang Liu, Hui Qiao, Liyan Han. [R&R at Economic Research Journal, in Chinese]

• The Differentiated Path of Environmental Governance in the Yangtze River Basin and its Economic Effects. Shiyi Chen, Qinzhu Sun, Hui Qiao. [In submit, in Chinese]