Publications

International journals

1. Flight to Housing in China, (with Feng Dong, Jianfeng Liu and Bo Zhao), 2017, forthcoming at Journal of Economic Dynamics and Control.

2. Greening through Finance? (with Haichao Fan, Yuchao Peng, Huanhuan Wang), 2020, forthcoming at Journal of Development Economics.

3. Bubbly Bitcoin, (with Feng Dong and Yu Zhang), accepted at Economic Theory.

4. Economic Slowdown and Housing Dynamics in China: A Tale of Two Investments by Firms, (with Feng Dong, Yumei Guo and Yuchao Peng), conditionally accepted at Journal of Money, Credit and Banking.

5. Interest Rate Liberalization and Capital Misallocation (with Zheng Liu and Pengfei Wang), 2021, American Economic Journal: Macroeconomics.

6. Trump's Effect on the Chinese Stock Market, (with Shijun Guo and Yang Jiao), 2020, Journal of Asian Economics.

7. Cycles of Credit Expansion and Misallocation: The Good, The Bad, and The Ugly, (with Feng Dong), Journal of Economic Theory, 2020, awarded Outstanding Research Paper Award 2020, China Information Economics Society

8. Financial Development and Long-Run Volatility Trends, (with Pengfei Wang and Yi Wen), Review of Economic Dynamics, 2018.

9. Two-Way Capital Flows and Global Imbalances: A Neoclassical Approach (with Pengfei Wang and Yi Wen), 2016, Economic Journal, awarded 2016 Pushan Prize.

10. News Shock, Firm Dynamics and Business Cycles: Evidence and Theory (with Haichao Fan, Xiang Gao and Jenny Xu), 2016, Journal of Economic Dynamics and Control.

11. A Bayesian DSGE Model of Stock Market Bubbles and Business Cycles (with Jianjun Miao and Pengfei Wang), 2015, Quantitative Economics.

12. What Inventories Tell Us about Aggregate Fluctuations -- A Tractable Approach to (S,s) Policies (with Pengfei Wang and Yi Wen), 2014, Journal of Economic Dynamics and Control.

13. Firm Dynamics in News-Driven Business Cycles: The Role of Endogenous Survival Rate (with Haichao Fan), 2014, Applied Economics.

14. Univariate Unobserved-Component Model with a Non-Random Walk Permanent Component, 2013, Applied Economics.

Selected Publications in Chinese Journal

1. Financial Constraint and Chinese Business Cycles: A Dynamic Analysis in the New Keynesian Framework, (with Hexiang Xue and Daqing Luo), China Economic Quarterly(经济学季刊), October, 2010.

2. Expectation effects and Macroeconomic Implications of Fiscal Policy, (with Huabin Wu, Pin Yan and Yonggang Hu), Management World (管理世界), September, 2011.

3. Organizational Capital and Chinese Business Cycles, (with Huabin Wu), Management World (管理世界), March, 2012.

4. On the Cyclical Behavior of Chinese Inventory Investment, (with Hexiang Xue and Dawei Che), Economic Research Journal (经济研究), August, 2012.

5. Welfare Analysis of Chinese Progressive Income Taxation Reform, (with Huabin Wu and Jing Zhou), Management World(管理世界), December, 2013.

6. Public Expectation, Money Supply and Inflation Dynamics, (with Haichao Fan and Hexiang Xue), China Economic Quarterly (经济学季刊), October, 2015.

7. Financial Development and National Savings Rate, (with Lifang Xu and Pengfei Wang), Economic Research Journal (经济研究), 2017.

8. Fiscal Decentralization, Regional Fiscal Competition and Macroeconomic Fluctuations in China, (with Jun Zhu), Economic Research Journal (经济研究), 2018.

9. Macroeconomic Consequences of Economic Policy Uncertainty: A Quantitative Evaluation, (with Wenfu Wang),China Economic Quarterly(经济学季刊),2018.

10. Economic Uncertainty, Asset Allocationand Monetary Policy, (with Jianfeng Liu),Economic Research Journal(经济研究), 2019.

11. The Economic Slowdown in Chinese Economy: A Perspective of Official Assessment (with Jun Zhang, Haichao Fan and Longfei Zhou), Economic Research Journal(经济研究), 2020.

12. Guaranteed Bubble (with Feng Dong),Economic Research Journal(经济研究), 2020.

Working Papers

1. Financial Development and Aggregate Saving Rates: A Hump-Shaped Relationship (with Pengfei Wang and Lifang Xu), updated version: October, 2019.

2. Human Resource Management and Employee Incentives to Make Firm-Specific Human Capital Investments: A Dynamic Perspective, (with Guoguang Wan, Ruixue Zhang and Wei Shi and Jay Barney), 2015.

3. Local Government Debt and Regional Competition in China, (with Xi Qu, Jingxiang Yu and Jun Zhu), 2019.

4. Market Uncertainty and International Trade(with Haichao Fan and Guangyu Nie), 2019.

5. Bubbly Bailout (with Feng Dong), 2019, R&R, Journal of Economic Theory,

6. Managing Credit Panic in Pandemic, (with Feng Dong and Pengfei Wang), 2020.

7. Bank Risk-Taking and Monetary Policy Transmission: Evidence from China, (with Xiaoming Li, Zheng Liuand Yuchao Peng), 2020.

8. Sentiments and Real Business Cycles, (with Fei Zhou and Jing Zhou), 2021

9. Temporary Prosperity or Sustainable Development: The Long-Run Impact of Developing Pollution Intensive Industries, (with Hongyu Nian, HaitaoYin), 2021.

10. Uncertainty Shock and Productivity Selection, (with Pengfei Wang, Daniel Xu, Sichuang Xu), draft coming soon.