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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: ABFER, SED
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. [NBER working paper] [link to journal]
Journal of International Money and Finance, July 2019.
"State-Level Implications of Federal Tax Policies", with Noah Williams. [paper] [link to journal] [Narrative Tax Shocks: 1950-2017]
Journal of Monetary Economics, August 2019.
"Public Financing Under Balanced Budget Rules", with Minjie Deng. [paper] [link to journal]
Review of Economic Dynamics, April 2025.
"Understanding Inflation Dynamics: The Role of Government Expenditure", with Yinxi Xie. [paper]
revise and resubmit, European Economic Review.
"U.S. State-Level Business Cycles Since the Civil War", with Joseph Hoon, Karsten Muller and Zhongxi Zheng. [paper] [data appendix]
reject and resubmit, Quarterly Journal of Economics.
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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