Published Book Chapter

• Yu, J. and Cao, W. (2024) ‘China’s strategic interest in Guyana’s oil: Present engagement and future outlook’. In: Mair, J. and Beck, A. (eds.) Oil Dorado, Edition 7 (2025 Edition). 

Publication

• Yu, J. (2022) ‘The effects of COVID-19 on the labor market’, Journal of Economics, Business and Management, 10(1), pp. 65–71. doi:10.18178/joebm.2022.10.1.675. 

Work in Progress 

• Global Tehnology Shocks and Labor Dynamics: Aggregate and Sectoral Evidence from OECD Countries [Slides] 

  • Abstract: To what extent does trade facilitate gains from technology diffusion and productivity gains across countries? Using panel local projection, this study examines the aggregate and sectoral diffusion of global technology shocks across 18 OECD countries from 1971 to 2015. To capture the diffusion of global technology shocks beyond traditional domestic TFP measures, I construct World Total Factor Productivity (WTFP)  as an exogenous measure through import-weighted average of trade partners' utilization-adjusted TFP changes. In the short run, global technology shocks diffuse through traded sectors and boost foreign demand and prices for domestic traded goods. This incentivizes firms to expand output and hire more workers along with increase in total hours worked and TFP for long term productivity growth. Over time, global technology shocks create more jobs along with permanent increase in output, domestic TFP with lower hours worked. Borrowing capacity and labor mobility reflects the cross-country heterogeneity in the global technology diffusion: countries with greater external borrowing capacity rely more on imports to meet rising demand while those with higher mobility of labor forces facilitate faster sectoral reallocation and more efficient uptake of productivity gains. In light of recent trade tensions, these findings highlight the importance of maintaining open trade networks to make the most of the global technology diffusion for future productivity growth and labor market resilience. 

  • Presented at (*: scheduled): LSE-Miguel Dols Fellows' Workshop Spring 2024-5 (Video from 1:31:34); Durham University Business School Doctoral Conference: AI and Digital Technologies in Business (2025); MMF PhD Conference (2025); Lancaster Workshop on Empirical and Theoretical Macroeconomics (2025); Lancaster University Graduate College PGR Seminar (2024, 2025); Lancaster University PhD Economics Seminar series (2025); PhD-EVS seminar series (2023, 2024); RGS Doctoral Conference in Economics (2024); RES Easter Training School (2024); NWSSDTP PhD Conference (2024); Lancaster University Macro Reading Group (2023).

• Selecting Relevant Factors in Stock Option Returns — with Boen Liang (University of York)

  • Abstract: This paper investigates which characteristics and option-based factors are most relevant in explaining the cross-section of delta-hedged equity option returns. Motivated by the growing literature on the "factor zoo" in asset pricing, we extend the inquiry to the stock options market, which remains under-explored due to complexities such as short maturities, dynamic moneyness, and limited data availability. Using a large panel of U.S. equity options from 1996 to 2022, we construct 10x10 double-sorted option portfolios based on 19 option characteristics. To identify relevant factors, we employ the sequential elimination method (SEM), informed by the RBIC rank estimator, which can select option factors when N ≤  T/2. Our results highlight a small set of robust factors— particularly idiosyncratic volatility (IVOL) and cash-flow variance (CFV)-that consistently explain option return variation across specifications and time periods. IVOL emerges as the most relevant factor overall.