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I'm an Assistant Professor of Economics at the National University of Singapore. I received my PhD degree in Economics from the University of Wisconsin-Madison in 2020.
My research interest broadly focuses on macro, monetary and macro-finance. I'm currently working on: (i) inflation, and (ii) macroeconomics with heterogeneous regions. See my CV for more.
Contact: chang.liu AT nus.edu.sg
Upcoming Talks: NBER SI, ESWC (Seoul), AEA (Philadelphia)
Research Papers
Research Papers
"The Uncovered Interest Parity Puzzle, Exchange Rate Forecasting, and Taylor Rules", with Charles Engel, Dohyeon Lee, Chenxin Liu and Steve Pak Yeung Wu. Journal of International Money and Finance, July 2019. [NBER working paper] [link to journal]
"State-Level Implications of Federal Tax Policies", with Noah Williams. Journal of Monetary Economics, August 2019. [paper] [link to journal] [Narrative Tax Shocks: 1950-2017]
"Public Financing Under Balanced Budget Rules", with Minjie Deng. Review of Economic Dynamics, April 2025. [paper] [link to journal]
"Dynamic Risk Sharing in a Fiscal Union" [paper]
"Understanding Inflation Dynamics: The Role of Government Expenditure", with Yinxi Xie. [paper]
"Attention to Inflation", with Zhihao Xu. [paper]
Best Paper Award, the Ninth Annual Symposium on Quantitative History (2023)
"Universities and the Rise of Services", with Kohei Takeda. [paper]
"U.S. State-Level Business Cycles Since the Civil War", with Joseph Hoon, Karsten Muller and Zhongxi Zheng. [paper] [data appendix]
"The Costs of Financial Crises in the United States", with Joseph Hoon, Karsten Muller, Jonathan Payne and Zhongxi Zheng. [paper]
Teaching
Teaching
At NUS:
International Finance II (undergraduate)
Advanced Topics in Macroeconomics (PhD)
Quantitative Macroeconomics and Finance with Python (master and undergraduate)
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