Research

Work-In-Progress

Under Revision

[09] Lumpy Investment, Fluctuations in Volatility and Monetary Policy, with Wentao Zhou

Review of Economic Studies, Rej&R (1st Round Revising)

[08] Short-term Finance, Long-term Effects, with Kenza Benhima, Omar Chafik, Wenxia Tang

Journal of Political Economics Macroeconomics, R&R (1st Round Revising)

[07] Monetary Policy and Firm Heterogeneity: The Role of Leverage Since the Financial Crisis, with Aeimit Lakdawala, Timothy Moreland

Management Science, R&R (2nd Round Resubmitted)

Publications

[06] Sex and the City: Demographics, Spatial Sorting, and the Marriage Market

with Zibin Huang, Yushi Wang, Yu Yang | links: [to appear soon]

International Economic Review, Conditionally Accepted

[05] Place-based Land Policy and Spatial Misallocation: Theory and Evidence from China

with Libin Han, Zibin Huang, Ming Lu, Li Zhang | links: [doi] [ssrn] [slides] [codes] [note]

International Economic Review, Forthcoming

[04] The Rise of AI Pricing: Trends, Driving Forces, and Implications for Firm Performance

with Jonathan Adams, Zheng Liu, Yajie Wang | links: [doi] [ssrn] [slides]

Journal of Monetary Economics, January 2026, Volume 157: 103875

[03] A Note on Nonconvex Adjustment Costs in Lumpy Investment Models: Mean versus Variance

solo author | links: [doi] [ssrn] [slides] [codes]

Macroeconomic Dynamics, June 2023, Volume 27, Issue 4, pp.1166-1177

[02] Migration, Housing Constraints, and Inequality: A Quantitative Analysis of China

with Zibin Huang | links: [doi] [ssrn] [slides]

Labour Economics, October 2022, Volume 78: 102200

[01] Debt Maturity Heterogeneity and Investment Responses to Monetary Policy

with Minjie Deng | links: [doi] [ssrn] [slides] [codes]

European Economic Review, May 2022, Volume 144: 104095

Discussions

[10] "Banks and the State-Dependent Effects of Monetary Policy" by Eichenbaum, Puglisi, Rebelo, and Trabandt

Midwest Finance Association Annual Meeting (MFA Chicago), March 2026

[09] "Can Growth Stabilize Debt? A Fiscal Theory Perspective" by M. Elfsbacka-Schmöller and N. McClung

New Challenges for Fiscal and Monetary Policy (UMiami), February 2025

[08] "Aggregate Demand and Irreversible Investment" by Lintong Li

The 5th China International Conference in Macroeconomics (CUHK), June 2024

[07] "Local Leaders’ Hometown Connections and Spatial Development" by Xiangyu Shi

The 17th Urban Economics Association (Toronto), July 2023

[06] "Too Levered for Pigou" by Robin Dottling and Magdalena Rola-Janicka

The 2023 China International Conference in Finance (Shanghai), July 2023

[05] "Endogenous Economic Structure, Climate Change, and the Optimal Abatement Path" by H. Liao and H. Ye

The 2023 ASSA Annual Meetings (New Orleans), January 2023

[04] "Collateral Quality and House Prices" by Jing Zhou

The 4th China International Conference in Macroeconomics (Shenzhen), June 2022

[03] "The Real Estate Consequences of Repatriations" by Gustavo Cortes and Vinicios Sant’Anna

The 10th European Meeting of the Urban Economics Association (Copenhagen), April 2021

[02] "College Location and Migration" by Shu Cai, Xiaozhou Ding, and Rui Du

The 2021 ASSA Annual Meetings (Chicago), January 2021

[01] "Entrepreneurship, Financial Frictions, and the Market for Firms" by Rafael Guntin and Federico Kochen

The 2020 Young Economist Symposium (UPenn), August, 2020

Media Coverage

[03] Sex and the City: Demographics, Spatial Sorting, and the Marriage Market

VoxChina: A Bridge on Economic Issues between China and the World, April 2026

[02] Financial Frictions and Policy Uncertainty Matter for Pollution Abatement Investment

The FinReg Blog: By the Duke Financial Economics Center, April 2023

[01] Does China’s Place-Based Land Policy Lead to Spatial Misallocation?

VoxChina: A Bridge on Economic Issues between China and the World, November 2021