Publications

1. Do Asset Prices Help Predict Inflation? Evidence from Individual Stock Prices, with Yumeng Cui (CUFE), Yongmiao Hong (University of Chinese Academy of Sciences), Naijing Huang (CUFE), Journal of Business & Economic Statistics, 2026, Forthcoming.

2. Monetary Policy in Open Economies with Production Networks, with Zhesheng Qiu (HKUST), Le Xu (Shanghai Jiao Tong U.), Francesco Zanetti (Oxford U.) . Journal of Monetary Economics, Volume 159, April 2026, Article 103918.

3. Forecasting GDP Growth Rates: A Large Panel Micro Data Approach, with Yumeng Cui (CUFE), Yongmiao Hong (University of Chinese Academy of Sciences), Naijing Huang (CUFE), Management Science, 2026, Forthcoming.

4. “Limited Firm Insurance and Aggregate Implications,” single-authored, Management Science, 71(7):5997-6046, 2025.

5. “Quantifying the Macroeconomic Impact of Credit Expansions," with Corina Boar (NYU), Matthew Knowles (City, University of London) and Kjetil Storesletten (Minnesota) International Economic Review, 66(5):1913-1928, 2025.

6. “Taxation and Entrepreneurship in the United States," with Hans Holter (U. of Oslo, Delaware, and Nova) and Serhiy Stepanchuk (U. of Southampton) American Economic Journal: Macroeconomics, 2025, Forthcoming.

7. “Income Volatility and Portfolio Choices,” with Yongsung Chang (Seoul National U.), Jay H. Hong (Seoul National U.), Marios Karabarbounis (Richmond Fed), Tao Zhang (Ragnar Frisch Data Centre for Economic Research, U. Oslo). Review of Economic Dynamics, 44 (2022), 65–90.

8. “Debt Market Friction, Firm-speciffc Knowledge Capital Accumulation and Macroeconomic Implications,” single-authored, Review of Economic Dynamics, 26 (2017), 19-39.

9. “Macroeconomic and Distributional Effects of Mortgage Guarantee Programs for the Poor,” with Jiseob Kim (Yonsei U.) Journal of Economic Dynamics and Control, 87 (2018), 124-151.

Working Papers

1. Leasing, Pecuniary Externality, and Aggregate Efffciency, with Kai Li (Peking U. HSBC), Yiming Xu (Peking U. HSBC) .

2. Allocative Efffciency of Green Finance Instruments, with Kai Li (Peking U. HSBC), Chenjie Xu (SHUFE).

3. Entrepreneurship and Credit Crunch, with Zhiwei Xu (Fudan U.), Jinxiang Yu (SHUFE), Liyan Yang (Toronto).