CITIZENSHIP

Taiwan, R.O.C. 

EDUCATION

Ph.D. in Economics, University of Wisconsin-Madison, August 1996.

M.A. in Economics, National Taiwan University, June 1988.

B.A. in Economics, National Taiwan University, June 1986.

EMPLOYMENT 

• 2012-present: Professor, Dept. of Economics, National Central Univ.

• 2020-2023 : EMBA Program Director, School of Management, National Central Univ.      

• 2008-2011: Department Chair, Dept. of Economics, National Central Univ.

• 2004-2012: Associate Professor, Dept. of Economics, National Central Univ. 

• 1996-2004: Associate Professor, Dept. of Economics, Fu-Jen Catholic Univ. 

SHORT-TERM VISITING EXPERIENCES

• 2013.08-2014.07: Visiting Scholar, Dept. of Economics and Regional Economics Applications Laboratory, U. of Illinois at Urbana-Champaign

• 2009.07-2009.09: Visiting Scholar, Institute for Advanced Studies in Humanities and Social Sciences, National Taiwan U.

• 2007.08-2008.07: Fulbright Visiting Scholar, Dept. of Economics, U. of California, San Diego

• 1999.08-2000.07: Visiting Scholar, Dept. of Economics, U. of California, San Diego

HONORS

• Fulbright research grant, 2007-2008

• National Science Council short-term abroad research grant, 2007, 2014

• National Science Council research principal investigator stipend, 2002-2012

• Teaching Award, Management School, National Central University, 2018 

• National Science Council Research Award, 1996 

• Chiang Ching-Kuo Foundation Dissertation Fellowship, 1995

• Best Annual Master Thesis Prize, Chinese Economic Association, Taiwan, 1988

FIELDS OF INTERESTS

Macroeconomics, Applied Time Series Analysis, Economic Forecasting,  Monetary Policy

EXTERNAL PROFESSIONAL SERVICES

• Board Director

- Independent Director of Sporton International Inc. (2015/06-present)

• Audit Committee Member of Sporton International Inc. (2021/07-present)

• Compensation Committee Member 

- Sporton International Inc. (2012/12-present)

- Wise Chip Semiconductor Inc. (2011/12-2013/08)

• Supervisor, Taiwan Association of Environmental Resource Economics

• Consulting Experiences

- Central Bank of China (Taiwan): money growth targeting meeting (2016)

- Commerce Development Research Institute, Taiwan (2012-2013)

- GLG Council Member (2019)

PUBLISHED JOURNAL ARTICLES

• "The effects of Taiwan's government spending in a low-interest-rate environment", Taiwan Economic Forecast and Policy, Vol. 55 (2), pp.53-99, 2025. (with C.W. Yo)(in Chinese) 

• “Assessing energy subsidy policies in a structural macroeconomic model,” Energy Economics, Vol. 103, 105509, 2021. (with Guan-Han Chen)

• “Nowcasting GDP growth for small open economies with a mixed-frequency structural model”, Computational Economics, Vol. 54 (1), pp.177-198, 2019. (with C.J. Hueng)  

• “Country-specific idiosyncratic risk and global equity index returns,” International Review of Economics and Finance, Vol. 25, pp. 326-337, 2013. (with C.J. Hueng)

• “Foreign direct investment and business cycle co-movements: The panel data evidence,” Journal of Macroeconomics, Vol. 33 (4), pp. 770-783, 2011. (with C.-C. Hsu and J. Y. Wu)

• “The real-time information problem in estimating Taiwan’s Taylor rules,” Taiwan Economic Forecast and Policy, Vol. 41 (1), pp. 85-117, 2010. (with J. Chu and J.Y. Wu)(in Chinese) 

• “Traditional view or revisionist view? The effects of monetary policy on exchange rates in Asia,” Applied Financial Economics, Vol. 20 (9), pp. 753-760, 2010. (with P. Huang and C.J. Hueng)

• “Asymmetric exchange rate exposure and industry characteristics: Evidence from Japanese data,” Hitotsubashi Journal of Economics, Vol. 50 (1), pp. 57-69, 2009. (with C.-C. Hsu and J. Y. Wu) 

• “A dual-target monetary policy rule for open economies: An application to France,” Applied Economics Letters, Vol. 15 (12), pp.945-948, 2008. (with C.J. Hueng)

• “Output convergence revisited: New time series results on industrialized countries,” Applied Economics Letters, Vol. 14 (1), pp.75-77, 2007. (with C.J. Hueng)

• “Investor preferences and portfolio selection: Is diversification an appropriate strategy?” Quantitative Finance, Vol. 6 (3), pp.255-271, 2006. (with C.J. Hueng)

• “Forecasting business cycles using deviations from long-run economic relationships,” Macroeconomic Dynamics, Vol. 7 (5), pp.734-758, 2003. (with C.W.J. Granger and N. Francis)

• “Are policy rules better than the discretionary system in Taiwan?” Contemporary Economic Policy, Vol. 20 (1), pp.60-71, 2002. (with J.P. Cover and C.J. Hueng)

• “Sources of persistence in cross-country income disparities: A structural analysis,” Journal of Macroeconomics, Vol. 22 (4), pp.611-630, 2000. (with C.J. Hueng)

OTHER PUBLICATIONS

• "Building a mid- to large-scale DSGE-VAR model for Taiwan," in Quarterly Bulletin, Central Bank of the Republic of China (Taiwan), Vol. 44, No.2, pp. 27-69, June, 2022. (with Y.C. Tsai, K.H. Chin, and S.Y. Lin)(in Chinese)

• “Building a mixed frequency structural macroeconomic model for Taiwan,” in Quarterly Bulletin, Central Bank of the Republic of China (Taiwan), Vol. 38, No. 2, pp.3-31, June, 2016. (with C.J. Hueng)(in Chinese)

• “Assessing the performance of the monetary policies in Taiwan,” in Current Issues: Monetary and Financial Problems – Proceedings of the Fifth Conference in Memory of Professor Kuo-shu Liang, ed. by Chien-Fu Lin, Department of Economics, National Taiwan University, pp.161-174, September, 2001. (with C.J. Hueng)

WORKING PAPERS

• “Energy subsidy and its impacts on the efficacy of environmental policy,” The 30th International Conference on Computing in Economics and Finance, Singapore, June 20-22, 2024.  (with Bohong Liu)

• “A welfare analysis for Taiwan's environmental policy,” 2021 Conference on International Economics and Industrial Development, National DongHua University, November, 2021. (with B.H. Liu) 

• “Estimating equilibrium exchange rates from a DSGE model,”, 4th HenU / INFER Workshop on Applied Macroeconomics, Kaifeng, China, June 23-24, 2018 . (with C.J. Hueng)

• "Optimal monetary policy in a New Keynesian model with energy”, Conference on Economic Policy Research: Methods and Applications, Academia Sinica, Taipei, September, 2017. (with Yu-Rong Lian), 

• “A DSGE-based forecast model with monthly indicators,” 9th International Symposium on Econometric Theory and Applications (SETA), Seoul, Korea, July 2013. 

• “Forecasting in a DSGE model with mixed frequency data,” 18th International Conference on Computing in Economics and Finance, Prague, Czech Republic, June 2012. 

• “Separating the effects of idiosyncratic volatility and skewness on expected returns,” paper presented at the International Conference on Computational and Financial Econometrics, London, UK, December 2010.

• “Policy effects in an estimated DSGE model for the Taiwanese economy,” paper presented at the Taipei Conference on DSGE Modeling and Monetary Policy, National Taiwan University, Taipei, March 2010. (with C.M. Kuan, J.Y. Wu, and Y.H. Ying) 

• “The effects of monetary policy and foreign exchange intervention: Evidence from a FAVAR model,” poster presented at the International Conference on Factor Structures for Panel and Multivariate Time Series Data, Maastricht, The Netherlands, September 2008.

• “Macroeconomic forecasting with independent component analysis,” manuscript, 2004.

• “Macroeconomic Forecasting and Dynamic Factors,” Western Economic Association International’s 5th Biennial Pacific Rim Conference, Taipei, Taiwan, January 2003.

RECENT RESEARCH GRANTS 

• "Impacts of environmental policy in a small open economy", August 2022 ~ July 2023, Sponsor: Ministry of Science and Technology of Taiwan

• "US monetary policy and fiscal policy spillovers",  December 2021 - September 2022; Sponsor: Taipei Foreign Exchange  Development Foundation, Taiwan

• “Building a Mixed Frequency Structural Macroeconomic Model for Taiwan”, March 2015 – Feb 2016; Sponsor: Central Bank of R.O.C. (Taiwan)

• “The effects of monetary policy in a small open economy: A factor-augmented VAR analysis”, September 2007 - June 2008; Sponsor: Fulbright Foundation, Council for International Exchange of Scholars, USA