Working Paper:
- Takeaway: Export processing sectors are less important in open economy with production networks.
Funded by RGC-GRF 1150823 (by Dec 2025, HKD 470,583) - Method: Misperceived law of motion can be detected by the asymmetry of cov(expectations, outcomes).
- Application: Anatomy of behavioral bias in expectations formation along business cycles.
Funded by CityU Start-up Grant 7200696 (by June 2024, HKD 400,000)
- Evidence: Gross profit margin increases in demand at firm level when prices are highly sticky.
- Implication: Non-inflationary profit margins.
- Monetary Policy in An Open Economy with Production Networks (slides) (with Yicheng Wang, Le Xu, and Francesco Zanetti), updated soon.
- Takeaway: Export processing sectors are less important in open economy with production networks.
Funded by RGC-GRF 1150823 (by Dec 2025, HKD 470,583) - Method: Misperceived law of motion can be detected by the asymmetry of cov(expectations, outcomes).
- Application: Anatomy of behavioral bias in expectations formation along business cycles.
Funded by CityU Start-up Grant 7200696 (by June 2024, HKD 400,000)
- Procyclical Productivity in New Keynesian Models (slides) (with José-Víctor Ríos-Rull), R&R at Review of Economic Studies
- Evidence: Gross profit margin increases in demand at firm level when prices are highly sticky.
- Implication: Non-inflationary profit margins.
- Level-k DSGE and Monetary Policy, updated soon.
Work in Progress:
Funded by RGC-ECS 21501720 (by June 2024, HKD 543,900)
Funded by CityU-SRG 7005374 (Sep 2019-Feb 2022, HKD 100,000)
- The Entrepreneur Channel of Monetary Policy Transmission (preliminary draft) (with Yicheng Wang)
Funded by RGC-ECS 21501720 (by June 2024, HKD 543,900)
- Service Inflation and Missing Pass-Through (slides) (with Yicheng Wang and Le Xu)
- Industry Heterogeneity, Production Networks, and Monetary Policy (slides) (with Jianhong Xin and Le Xu)
Funded by CityU-SRG 7005374 (Sep 2019-Feb 2022, HKD 100,000)
Publications:
- 2013. “Housing and Saving with Finance Imperfection”, Annals of Economics and Finance 14(1): 207-248. (with Yanbin Chen and Fangxing Li)
Publications in Chinese:
- 2013. “The Impact of China’s Inflation on Wealth Inequality”, Economic Research Journal (经济研究) 48(8): 4-15. (with Yanbin Chen, Jun Chen and Weize Chen)
- 2011. “How does Housing Price Affect Household Saving Rate and Wealth Inequality”, Economic Research Journal (经济研究), 46(10): 25-38. (with Yanbin Chen)
- 2010. “Advance in Macroeconomics: Bewley Model”, Economic Research Journal (经济研究), 45(7): 141-151. (with Yanbin Chen and Fangxing Li)