Stella X. Huangfu

Research interests:  Theory on Money, Credit, Banking and Payments; Theory on Frictional Markets; Macroeconomic Theory

CV (pdf)

Published or Forthcoming

• Macroeconomics 5th Australasian Edition (with Olivier Blanchard, Jeffery Sheen, and Ben Wang), Pearson Australia, 2024.

• Travellers’ Prior Knowledge and Search Advertising (with Steven Lu and Yupin Yang), Tourism Analysis, July 2022.

• Macroeconomic Theory of Banking Oligopoly (with Mei Dong, Hongfei Sun and Chenggang Zhou), European Economic Review, vol. 138, 103864, 2021.

• Money and Costly Credit (with Mei Dong), Journal of Money, Credit and Banking, vol. 53, pp. 1449-1478, 2021.

• The Role of Frictions  in the Long-Run Relationships Between Inflation, Unemployment and Capital (with Pedro Gomis-Porqueras and Hongfei Sun), European Economic Review, vol. 123, 103396, 2020.

•  Inflation and Real Wage Dispersion: A Model of Frictional Markets (with Min Zhang), Macroeconomic Dynamics, vol. 22, pp.1001-1034, 2018.

• The Effects of Inflation on Market Participation and Search Intensity, Economic Record, vol. 94, pp.25-38, 2018.

• Private Money and Bank Runs (with Hongfei Sun), Canadian Journal of Economics, vol. 44, pp. 859-879, 2011.

• Contingent Prices and Money (with Richard Dutu and Benoit Julien), International Economic Review, vol. 52, pp.1291-1308, 2011.

• Competitive Search Equilibrium with Private Information on Monetary Shocks, The B.E. Journal of Macroeconomics, vol. 9, Article 10, 2010.

• Competitive Search Equilibrium in Monetary Economies (with Miquel Faig), Journal of Economic Theory, vol. 136, pp.709-718, 2007. 

Working Papers

• Banking Competition and Loan Market Power in a Frictional Loan Market (with Mei Dong, Tim Kam, Sam Ng).  Revise and resubmit.

• Are Social Media Influencers the Right Choice for Global Luxury Brands? (with Steven Lu, Madhumita Nanda). Revise and resubmit

• Insufficient Supply of Inside Liquidity (with Alessio Galluzzi). Submitted.

• Unemployment and Imperfections in Labour and Credit Markets (with Mei Dong). Submitted.

• Optimal Design of Central Bank Digital Currency (with Yanjie Cui).