Published Papers:
1. Information Frictions, Monetary Policy, and the Paradox of Price Flexibility 2021
with Shengliang Ou and Renbin Zhang
Journal of Monetary Economics 120, 70-82
Local copy: click here. Older version: SSRN Working Paper
PwC 3535 Finance Forum Best Paper Award
Outstanding Research Paper Award 2021, China Information Economics Society
with Shengliang Ou and Renbin Zhang
Journal of Monetary Economics 120, 70-82
Local copy: click here. Older version: SSRN Working Paper
PwC 3535 Finance Forum Best Paper Award
Outstanding Research Paper Award 2021, China Information Economics Society
2. Term Structure, Forecast Revision and the Signaling Channel of Monetary Policy 2022
Journal of the European Economic Association 20 (4), 1522–1553
Local copy: click here
Online Appendix.
Journal of the European Economic Association 20 (4), 1522–1553
Local copy: click here
Online Appendix.
3. Bubbly Firm Dynamics and Aggregate Fluctuations 2022
with Haozhou Tang
Journal of Monetary Economics
Local copy: click here.
Online Appendix.
with Haozhou Tang
Journal of Monetary Economics
Local copy: click here.
Online Appendix.
4. Assessing Macroeconomic Tail Risk 2025
with Francesca Loria and Christian Matthes.
The Economic Journal
First version 2019, FEDS Working Paper
with Francesca Loria and Christian Matthes.
The Economic Journal
First version 2019, FEDS Working Paper
5. The Return of Greenspan: Mumbling with Great Incoherence, 2025
with Shengliang Ou and Renbin Zhang. [Replication Package]
Journal of the European Economic Association
First version April 2022, SSRN Working Paper
with Shengliang Ou and Renbin Zhang. [Replication Package]
Journal of the European Economic Association
First version April 2022, SSRN Working Paper
6. Quantifying the Federal Reserve's Objectives Using a Structural Vector Autoregressive Model, 2025
with Shengliang Ou
Economica
First version 2020, SSRN Working Paper
with Shengliang Ou
Economica
First version 2020, SSRN Working Paper
7. Monetary Policy, Firm Heterogeneity, and the Distribution of Investment Rates, 2025
with Matthias Gnewuch. [Online Appendix] [Replication Package] [VoxEU Column]
Journal of Monetary Economics
First version Sep 2021, SSRN Working Paper
with Matthias Gnewuch. [Online Appendix] [Replication Package] [VoxEU Column]
Journal of Monetary Economics
First version Sep 2021, SSRN Working Paper
Working Papers:
6. A Theory of Lumpy Innovation and Aggregate Dynamics, May 2025 (Submitted)
with Lixing Wang.
First version May 2024, SSRN Working Paper
with Lixing Wang.
First version May 2024, SSRN Working Paper
5. The Macroeconomic Effects of Unemployment Insurance Extensions: A Policy Rule-Based Identification Approach
Feb 2025 (Submitted)
with Rubén Domínguez-Díaz.
First version March 2024, SSRN Working Paper
Feb 2025 (Submitted)
with Rubén Domínguez-Díaz.
First version March 2024, SSRN Working Paper
4. Nominal Rigidities, Rational Inattention, and the Optimal Monetary Policy, Jan 2025
with Shengliang Ou, Penghui Yin, and Renbin Zhang.
Revise & Resubmit (2nd Run) at the Journal of Economic Theory
First version July 2023, SSRN Working Paper
with Shengliang Ou, Penghui Yin, and Renbin Zhang.
Revise & Resubmit (2nd Run) at the Journal of Economic Theory
First version July 2023, SSRN Working Paper
2. The (Unequal) Rise of Market Power, Nominal Rigidities, and Monetary Non-Neutrality, March 2023 (Submitted)
with Christian Höynck and Minghao Li. SSRN Working Paper
Reject & Resubmit at European Economic Review
with Christian Höynck and Minghao Li. SSRN Working Paper
Reject & Resubmit at European Economic Review
1. The Ambiguous Signaling Channel of Monetary Policy, May 2022
Reject and resubmit at the Economic Journal
First version 2017, SSRN Working Paper
Reject and resubmit at the Economic Journal
First version 2017, SSRN Working Paper