Paul W. and Catherine A. Boltz Chair Professor of Economics, University of Illinois Urbana-Champaign
Research Associate, National Bureau of Economic Research
Editor, Journal of Money, Credit and Banking
Board of Editors: American Economic Journal: Macroeconomics
Email: wujing@illinois.edu
Fiscal Policy: Financing and Indebtedness
with Shihan Xie, Yinxi Xie, and Ji Zhang, 2025, R&R.
LLM Survey Framework: Coverage, Reasoning, Dynamics, Identification
with Jin Xi and Shihan Xie, 2025.
A Macroeconomic Model of Central Bank Digital Currency
with Pascal Paul and Mauricio Ulate, 2025, R&R.
Unconventional Policy and Inflation
with Yinxi Xie and Ji Zhang, 2026.
LLM Measurement of Open-Ended Reasoning
with Pedro Simon, Jin Xi, and Shihan Xie, 2026.
25. Unconventional Monetary and Fiscal Policy
Review of Economic Dynamics, 2025, 56, 101259, with Yinxi Xie.
| Code | ECB Conference video |
24. The Role of International Financial Integration in Monetary Policy Transmission
IMF Economic Review, 2024, 72, 944–990, with Yinxi Xie and Ji Zhang.
| Code |
23. Average Inflation Targeting: Time Inconsistency and Ambiguous Communication
Journal of Monetary Economics, 2023, 138, 69-86, with Chengcheng Jia.
| In the news | Online appendix |
22. The Four Equation New Keynesian Model
The Review of Economics and Statistics, 2023, 105(4), 931–947, with Eric Sims and Ji Zhang.
| Code | Online appendix |
21. Wall Street QE vs. Main Street Lending
European Economic Review, 2023, 156, 104475, with Dario Cardamone and Eric Sims.
20. Commentary: Monetary Policy in Times of Structural Reallocation
Proceedings of the Jackson Hole Symposium, 2021, 53-65.
19. Reconstructing the Yield Curve
Journal of Financial Economics, 2021, 142(3), 1395-1425, with Yan Liu.
| Yield data | Online appendix |
18. Evaluating Central Banks' Tool Kit: Past, Present, and Future
Journal of Monetary Economics, 2021, 118, 135-160, with Eric Sims.
| Fed Listens Conference video | Code | Online appendix | In the news |
17. Bond Risk Premia in Consumption-Based Models
Quantitative Economics, 2020, 11(4), 1461–1484, with Drew D. Creal.
| Online appendix |
16. Negative Interest Rate Policy and Yield Curve
Journal of Applied Econometrics, 2020, 35(6), 653-672 (Richard Stone Prize winner; lead article), with Fan Dora Xia.
| Shadow rates |
15. Are QE and Conventional Monetary Policy Substitutable?
International Journal of Central Banking, 2020, 16(1), 195-230, with Eric Sims.
14. A Shadow Rate New Keynesian Model
Journal of Economic Dynamics and Control, 2019, 107, 103728, with Ji Zhang.
| Shadow rates |
13. Global Effective Lower Bound and Unconventional Monetary Policy
Journal of International Economics, 2019, 118, 200–216, with Ji Zhang.
12. Comment on "Safety, Liquidity, and the Natural Rate of Interest"
Brookings Paper on Economic Activity, Spring 2017, 303-310.
11. Inflation Announcements and Social Dynamics
Journal of Money, Credit, and Banking, 2017, 49(8), 1673-1713 (lead article), with Kinda Hachem.
| In the news |
10. Monetary Policy Uncertainty and Economic Fluctuations
International Economic Review, 2017, 58(4), 1317-1354, with Drew D. Creal.
| Video | In the news |
9. Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound
Journal of Money, Credit, and Banking, 2016, 48(2-3), 253-291 (lead article), with Fan Dora Xia.
| Shadow rates | Code | Online appendix | Color figures | In the news |
8. Estimation of Affine Term Structure Models with Spanned or Unspanned Stochastic Volatility
Journal of Econometrics, 2015, 185(1), 60-81, with Drew D. Creal.
| Code | Online appendix | In the news |
7. Effects of Index-Fund Investing on Commodity Futures Prices
International Economic Review, 2015, 56(1), 187-205, with James D. Hamilton.
| In the news |
6. Risk Premia in Crude Oil Futures Prices
Journal of International Money and Finance, 2014, 42, 9-37, with James D. Hamilton.
| Code | In the news |
American Economic Review, 2014, 104(1), 323-337, with Michael D. Bauer and Glenn D. Rudebusch.
| Code | In the news |
4. Testable Implications of Affine Term Structure Models
Journal of Econometrics, 2014, 178, 231-242, with James D. Hamilton.
3. Correcting Estimation Bias in Dynamic Term Structure Models
Journal of Business & Economic Statistics, 2012, 30(3), 454-467, with Michael D. Bauer and Glenn D. Rudebusch.
| Code | Online appendix | In the news |
2. Identification and Estimation of Gaussian Affine Term Structure Models
Journal of Econometrics, 2012, 168(2), 315-331, with James D. Hamilton.
| Code | In the news |
1. The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment
Journal of Money, Credit, and Banking, 2012, 44(s1), 3-46 (lead article), with James D. Hamilton.
| Data | In the news |