1. Jess Benhabib, Feng Dong, Pengfei Wang, Zhenyang Xu. Aggregate demand externality and self-fulfilling default cycles.
Journal of Monetary Economics, published online. (link)
2. Zhenyang Xu, Liutang Gong, Feng Dong, Zhiwei Xu. Stock price fluctuaions and optimal two-pillar policy regulations.
Journal of Financial Research《金融研究》, 2025, 544(10): 21-39. (link)
3. Feng Dong, Siqing Wang, Zhenyang Xu, Haoning Sun. New advances in the study of natural rate of interest.
Economic Perspectives《经济学动态》, 2024, (10): 144-160. (link)
4. Yuqing Wang, Zhenzhu Chen, Zhenyang Xu, The time-varying effect and policy coordination of the two-pillar framework.
Economic Science《经济科学》, 2022, (04): 18-33. (link)
5. Ping Yan, Huabin Wu, Zhenyang Xu, Financial repression, SOE reform and fiscal-monetary policy Coordination.
China Economic Quarterly《经济学（季刊）》, 2021, 21(06): 1903-1924. (link)
6. Zhenyang Xu, Ping Yan, Huabin Wu, Price index divergence, financial frictions and “deleveraging”.
China Economic Quarterly《经济学（季刊）》, 2019, 18(04): 1187-1208. (link)