Research Interests
Asset Bubbles, Monetary Economics, Economic Networks, Chinese Economy
Asset Bubbles, Monetary Economics, Economic Networks, Chinese Economy
- Lemon Cycles, with Ernest Liu (Princeton).
- Endogenous credit cycles (even chaos) with periodic market collapse arising from the dynamics of adverse selection.
- Contagious Bubbles, with Zhen Huo (Yale) and Yi Wen (SJTU).
- Asset Bubbles with Dynamic Networks for Financial Contagion.
- Aggregate Demand Externality and Self-fulfilling Default Cycles (NBER Working Paper), with Jess Benhabib (NYU), Pengfei Wang (PKU) and Zhenyang Xu (Tsinghua).
- Dynamic Default Contagion with the Analysis of Global Dynamics.
- Self-fulfilling Business Cycles with Production Networks, with Fei Zhou (HKBU), R&R, International Economic Review.
- Implications of Dynamic Production Networks for Endogenous Business Cycles.
- International Credit Cycles, with Zhiwei Xu (Fudan) and Jinxiang Yu (SJTU), R&R, Journal of International Economics.
- Bubbly Leverage Cycles, with Mengbo Zhang (SUFE) and Jihang Zhou (Tsinghua).
- A tractable framework of endogenous leverage cycles with asset bubbles in an infinite-horizon production economy.
- Financial Development and Housing Kuznets Curve, with Zhifeng Cai (Rutgers) and Haoning Sun (Tsinghua).
- This paper documents and rationalizes a housing Kuznets curve: countries with the lowest and highest levels of financial development have relatively low house price-to-rent ratios, while countries falling in the middle range exhibit the highest housing prices relative to rents.
- Dynamic Efficiency Redux: Evidence from China, with Jinpu Li (Tsinghua), Haoning Sun (Tsinghua), and Siqing Wang (Tsinghua).
- The relationship between varying rates of return r and growth g in China.
- Asset Bubbles and Monetary Policy in Open Economies, with Yang Jiao (SMU) and Siqing Wang (Tsinghua).
- Optimal monetary policy for asset bubbles in open macro.
- Bubbly Data, with Jinpu Li (Tsinghua).
- A dynamic general equilibrium model with a vertical production chain to characterize the role of rational bubbles in the data economy.
- Cycles of Global Imblanace, with Siqing Wang (Tsinghua), Zhenyang Xu (Tsinghua), Zhiwei Xu (Fudan).
- Bubbly Government Debt and Globalization, with Haozhou Tang (DUFE) and Yizhen Wang (Tsinghua).
- A Theory of Credit Cycles under Pandemic, with Pengfei Wang (PKU) and Zhiwei Xu (Fudan).
- A pandemic may cripple credit markets and even cause a credit collapse by freezing the labor supply.
- Liquidity Trap and Monetary Policy under Negative Interest Rate, with Yi Wen (SJTU).
- A Framework for the Macroeconomic Analysis of Negative Interest Rate.
- A Tale of Two Dispersion: Wage and Firm Size, with Fei Zhou (HKBU).
- Effects of Search Frictions in Labor Markets on the Dispersion of Wage and Firm Size.