Ying Tung Chan

I am interested in studying environmental macroeconomics and its connection to climate change. Specifically, my focus lies in investigating the most effective environmental policies in settings marked by various forms of macroeconomic uncertainty. To accomplish this, I usually employ an Environmental Dynamic Stochastic General Equilibrium (E-DSGE) model. Of particular interest to me is exploring the concept of second-best optimal policies, considering the strategic responses of households and firms to governmental actions.

2023 – present Associate Professor, Bay Area International Business School, Beijing Normal University (Zhuhai)

2022 – 2023 Associate Research Fellow, Bay Area International Business School, Beijing Normal University (Zhuhai)

2018 – 2021 Associate Professor, Research Institute of Economics and Management, Southwestern University of Finance and Economics

2017 – 2018 Assistant Professor, Research Institute of Economics and Management, Southwestern University of Finance and Economics

2012 - 2017  Ph.D. in Economics, McGill University

2010 - 2012 M.Phil. in Economics, The Chinese University of Hong Kong

2007 - 2010 B.Soc.Sci. in Economics, The Chinese University of Hong Kong (1st class honor) Double minors in Statistics and mathematics

Climate Macroeconomics: Foundations, Methods, and Computational Analysis. Springer Nature, 2025.

Link: https://link.springer.com/book/10.1007/978-981-96-7967-6 

Code is available at: https://www.cnefn.com/publicationlist/climate-macroeconomics/

1. Chan, Y. T., Punzi, M. T., & Zhao, H., 2024. Green transition and financial stability: The role of green monetary and macroprudential policies and vouchers. Energy Economics, 132 , 107449.
   Our E-DSGE model shows that a dual interest rate policy and carbon tax revenue redistribution can support the green transition while maintaining financial stability.

2. Chan, Y. T., Ji, Q., & Zhang, D., 2024. Optimal monetary policy responses to carbon and green bubbles: A two-sector DSGE analysis. Energy Economics, 130, 107281.
   This paper examines the emergence of carbon and green bubbles in a DSGE model, analyzing their impact on the economy and environment. It finds that contractionary monetary policy can effectively reduce both emissions and bubbles, with optimal policy responses calculated to maximize social welfare.

3. Chan, Y. T., Punzi, M. T., & Zhao, H., 2024. Navigating geopolitical crises for energy security: Evaluating optimal subsidy policies via a Markov switching DSGE model. Journal of Environmental Management, 349, 119619.
   This paper analyzes optimal energy security subsidies during geopolitical conflicts using a novel Markov switching-DSGE model, advocating for flexible policies based on economic conditions and crisis risk.

4. Chan, Y.T. and Qiao H., 2023. Volatility spillover between oil and stock prices: Structural connectedness based on a multi-sector DSGE model approach with Bayesian estimation. International Review of Economics & Finance, 106109.
   The famous Diebold-Yilmaz connectedness measure is currently estimated in a reduced-form VAR model, we estimate it in a DSGE model with structural estimation.

5. Chan, Y.T. and Yip C.M., 2023. On the ambiguity of job search. Economic Inquiry.
   We build a job search model with pessimistic workers and firms who do not know the productivity distribution.

6. Chan, Y.T. and Zhao H., 2023. Optimal carbon tax rates in a dynamic stochastic general equilibrium model with a supply chain. Economic Modelling, 106109.
   We solve for a Ramsey-optimal carbon policy in a DSGE model with supply chain. 

7. Chan, Y. T., & Punzi, M. T. (2023). E-DSGE model with endogenous capital utilization rate. Journal of Cleaner Production, 414, 137640.
   This paper finds that a carbon tax below 25% maximizes welfare in a dynamic model, considering the impact of energy on capital utilization.

8. Chan, Y.T. and Dong Y.L., 2022. How does oil price volatility affect unemployment rates? A dynamic stochastic general equilibrium model. Economic Modelling, 105935.
   We show theoretically how the fluctuations in the variance of oil prices (not just the level) can increase unemployment rate. 

9. Chan, Y.T., Yang, Y.B. and Zheng Z.J., 2022. Effects of R&D policy on income inequality in a growth model with heterogeneous assets and skills. Economics Letters, 110371.
   We study patent protection policy in a Schumpeterian growth model with heterogeneous households.

10. Chan, Y.T., 2022. The macroeconomic impacts of the COVID-19 pandemic: A SIR-DSGE model approach. China Economic Review, 71, 101725.
    I merged the NK-DSGE model with a epidemic model and solved for the Ramsey optimal monetary policy.

11. Chan, Y.T., 2020. Optimal emissions tax rates under habit formation and social comparisons. Energy Policy, 146, 111809.
    I calculate the best emissions policy in a E-DSGE model, where households are envious of each other and have specific spending habits.

12. Chan, Y.T., 2020. Carbon policies and productivity uncertainty: An intertemporal analysis. Technological Forecasting and Social Change, 158, 120165.
    I compared the three policies (carbon taxation, capacity regimes, and carbon intensity regime) in a two-period model with uncertain productivity  variance (not just the level) for firms to determine which one is the best.

13. Chan, Y.T. and Wong, Y.F., 2020. Estimating the tourism‐induced province‐specific environmental Kuznets curve: Evidence from panel analyses of Chinese provinces. International Journal of Tourism Research, 22(6), p.751-766.
    We empirically show that provincial tourism development in China can affect its environmental Kuznets curve.
    
    

14. Chan, Y.T., 2020. Are macroeconomic policies better in curbing air pollution than environmental policies? A DSGE approach with carbon-dependent fiscal and monetary policies. Energy Policy, 141, 111454.
    I study the potential effects of fiscal and monetary policies responding to the carbon emissions level of an economy. Will our overall situation improve?

15. Chan, Y.T., 2020. Collaborative optimal carbon tax rate under economic and energy price shocks: A dynamic stochastic general equilibrium model approach. Journal of Cleaner Production, 256, 120452.
    Should countries cooperate on carbon policy? I considered a Ramsey-optimal policy in a two-country E-DSGE model, where each country's social planner engages in a strategic game.

16. Chan, Y.T., 2020. On the impacts of anticipated carbon policies: A dynamic stochastic general equilibrium model approach. Journal of Cleaner Production, 256, 120342.
    Is pre-announcing carbon policies beneficial? Pre-announcing the carbon tax rate is unfavorable, while pre-announcing an intensity target is more favorable than pre-announcing a capacity target and implementing carbon taxation.

17. Chan, Y.T., 2019. Optimal environmental tax rate in an open economy with labor migration—An E-DSGE model approach. Sustainability, 11(19), 5147.
    I theoretically show how environmental policy could lead to labor outflow and how to set up environmental policy to take that into account.

18. Chan, Y.T., 2019. The environmental impacts and optimal environmental policies of macroeconomic uncertainty shocks: A dynamic model approach. Sustainability, 11(18), 4993.
    I find out the optimal carbon policy in a model where firms are unknown about the productivity variance (not just the level).

1. Beijing Normal University, Zhuhai
   - Intermediate Macroeconomics
   - Ordinary differential equation

2. Southwestern University of Finance and Economics
   - International economics (Undergraduate level)
   - International economics (Master level)
   - Advanced macroeconomics (Ph.D. level)

3. McGill University
   - Mathematics for economists (Master and Ph.D. level)