Associate Professor, Fudan International School of Finance (FISF), Fudan University

PhD in Economics, 2017, University of California - San Diego (UCSD)

Fields: Monetary Economics; Applied Macro and Finance; Chinese Economy

Publications

"A Unified Measure of Fed Monetary Policy Shocks", with Chunya Bu and John Rogers.

Journal of Monetary Economics, March, 2021.

We identify a US monetary policy shock series that usefully bridges periods of conventional and unconventional policymaking and is effectively devoid of the central bank information effect.

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"The Effects of U.S. Monetary Policy on International Mutual Fund Investment", with Gabriele Ciminelli and John Rogers, Journal of International Money and Finance, 2022, 102676.

We find that an increase in interest rates driven by a pure monetary policy shock leads to persistent outflows from emerging markets and to a lesser extent global and U.S. mutual funds. On the other hand, when rates increase following a positive information shock investors reallocate capital out of U.S. bonds and into riskier mutual funds. 

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“Sales of Durable Goods and the Real Effects of Monetary Policy ”, Sole Author, Review of Economic Dynamics, 2022, 43: 80-92.

Despite their prevalence in the microdata, sales (i.e., temporary price cuts) are often ignored by macroeconomists. If sales of durable goods are taken into account, price rigidity and thus the output effect of monetary policy is very small.

An earlier version of this paper has been circulated under the title "Sales, Monetary Policy, and Durable Goods".

“The Credit Channel at the Zero Lower Bound Through the Lens of Equity Prices ”, Sole Author, Journal of Money, Credit and Banking, 2018, 50: 435-448.

This study examines the impact of unconventional monetary policies on the stock market. In agreement with existing credit channel theories, I find that firms subject to financial constraints react more strongly to unconventional monetary policy shocks.

"Should Governments Promote or Restrain Urbanization?", with Wei You.  Journal of International Economics, May, 2025.

(Honorable Mention of the Gregory Chow Best Paper Award, Chinese Economists Society, 2020) 

This paper empirically studies presumably the largest intervention on internal migration in human history–the Hukou system in China. Completely removing Hukou-related migration restrictions between 2000 and 2010 would have resulted in an approximately 8%-18% increase in GDP and welfare.

An earlier version of this paper has been circulated under the title "The Welfare Implications of Internal Migration Restrictions: Evidence from China".

"Drivers of the Global Financial Cycle", with John Rogers and Bo Sun.

Forthcoming at Journal of International Economics (Special Issue).

(We thank Haiqin Liu for outstanding research assistance.)

We examine how important U.S. monetary policy shocks are relative to others in an estimation framework that allows for simultaneous identification of multiple shocks without timing or sign restrictions. We find that the most important driver is a shock to U.S. corporate bond spreads.

Working Papers

“Unconventional Monetary Policy and U.S. Firm Stock Prices: the Information Effect Revisited", with John Rogers, Juanyi (Jenny) Xu, and Jingbo Yao.

"Dissecting the International Transmissions of U.S. Monetary Policy", with Peidi Chen and Yang Jiao.

"A High-frequency Measure of Chinese Monetary Policy Shocks", with Jianyao He (UT Dallas), Dun Jia (PKU), and Kai Li (PKU).

We construct a high-frequency interest rate-based measure of Chinese monetary policy shocks and examine its impacts on financial markets.

"Forward-Looking Monetary Policy and the Transmission of Conventional Monetary Policy Shocks", with Chunya Bu and John Rogers.

Federal Reserve Board, Finance and Economics Discussion Series, Feb 2020. 

Other Publications

“Are Financial Markets Less Responsive to Monetary Policy Shocks at the Zero Lower Bound? ”(Sole Author), 

Economics Letters , 2016, 145: 258-261.

“Closed-form Estimation of a Regression Model with a Mismeasured Binary Regressor and Heteroskedasticity ,"

with Y. Liu,  Statistics and Probability Letters, 2017, 125: 202-206.

Journal Referee:

Review of Economic Studies (RES), Review of Economics and Statistics (RESTAT), Quantitative Economics (QE), Journal of International Money and Finance (JIMF), Journal of Money, Credit, and Banking (JMCB), China Economic Review (CER), Journal of Banking and Finance (JBF), Journal of Asian Economics, Economics Letters, etc.

Conferences:

• 2025, CICM, CICF*, CES*

• 2024, FISF-MNB Workshop

• 2024 PKU CCER Summer Institute

• 2024 CFRC*,  Tsinghua University

• 2024 Asia Finance Association*

• 2024 NBER International Seminar on Macroeconomics*

• 2023 PKU CCER Summer Institute

• 2023 PKU-NUS conference

• 2023 CUHK, Shenzhen

• 2023 Nanjing U

• 2022 SUFE Macro Workshop

• 2022 CUEB seminar

• 2021 Asia Economic Policy Conference*

• 2021 EFG Conference, Jinan U

• 2020 FISF Fudan U

• 2020 SUFE seminar

• 2019 ABFER Annual Meeting, Central Bank Session

• 2019 Renmin U, Peking U (seminar)

• 2019 Federal Reserve Board*, Federal Reserve Bank  of San Francisco*, Tsinghua Macroeconomics Workshop*, Main programme of the joint Banque de France – Bocconi University conference*

• 2019 The Second China International Conference in Macroeconomics (CICM), Shenzhen

• 2019 Fudan University, FISF brown bag seminar, FISF Finance and Economics Workshop

• 2018 Tsinghua PBCSF seminar

*presented by coauthors