I'm Vice President and Director of the Center for Pacific Basin Studies at the Federal Reserve Bank of San Francisco.  This is my personal web page.  If you are interested in knowing more about my research and policy work, please visit my Fed homepage or download my CV.  Most of my research papers and citation information can be found at the Google Scholar site.  I also have a LinkedIn page, where I post some articles occasionally.

Recnet updates:

• August 27, 2025: The published article "Turbulent Business Cycles" is now online in the Journal of Monetary Economics.  We have posted the data and replication code on Mendeley.

• July 2025: Issued a new working paper “Information Acquisition and the Finance-Uncertainty Trap.” The paper documents evidence of two-way causal relations between information acquisition and credit access using firm-level data combined with online job postings.  We present a quantitative model with heterogeneous firms facing costly information acquisition and borrowing constraints to explain the empirical findings.

• July 2025: The paper "Bank Risk-Taking, Credit Allocation, and Monetary Policy Transmission: Evidence from China" is forthcoming in AEJ: Macro.  We have posted the data and replication code on OPENICPSR.

• May 2025: I presented the paper "The Rise of AI Pricing: Trends, Driving Forces, and Implications for Firm Performance" at the Carnegie-Rochester-NYU Conference on Public Policy.  The proceedings are scheduled to publish in the Journal of Monetary Economics in early 2026.  [Slides]

•  April 2025: The paper "Reshoring, automation, and labor markets under trade uncertainty" was published in the Journal of International Economics.  We have posted the data and replication code are posted on Mendeley.

• April 2025: The paper "Automation and the Rise of Superstar Firms" was published in the Journal of Monetary Economics.  We have posted the data and replication code are posted here.