Research

With Manuscript

10. Debt Dilution, Debt Covenants, and Macroeconomic Fluctuations

      with Wentao Zhou 

      revising/updates soon


09. Financial Frictions and Pollution Abatement Over the Life Cycle of Firms

      with Po-Hsuan Hsu and Chi-Yang Tsou | The FinReg Blog

      revising/updates soon


08. Short-term Finance, Long-term Effects

      with Kenza Benhima, Omar Chafik, and Wenxia Tang 

      updated on 2024/04


07. Financing Innovation with Innovation: A Quantitative Analysis of Patent Collateral in China

      with Zhiyuan Chen and Minjie Deng

      updated on 2024/04


06. Place-based Land Policy and Firm Productivity: Evidence from China’s Eastern-Inland Regional Border

      with Libin Han, Zibin Huang, Ming Lu, and Li Zhang | Supplementary to FHHLZ'22

      updated on 2024/03

Under Revision

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

      with Libin Han, Zibin Huang, Ming Lu, and Li Zhang | Appendix | FHHLZ'24 | VoxChina

      reject/resubmitted to International Economic Review

      

04. Lumpy Investment, Fluctuations in Volatility and Monetary Policy

      Sole Author (Job Market Paper@Rochester)

      reject/revise at Review of Economic Studies

Publications

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

  Sole Author | Links: [doi] [working paper] [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] [working paper] [slides] [online appendix]

  Labour Economics, October 2022, Volume 78: 102200


01. Debt Maturity Heterogeneity and Investment Responses to Monetary Policy

      with Minjie Deng | Links: [doi] [working paper] [slides] [codes] [online appendix]

  European Economic Review, May 2022, Volume 144: 104095

In Progress

06. Incomplete Information and Investment Inaction

      with Jonathan Adams, Cheng Chen, Takahiro Hattori, and Eugenio Rojas


05. The Rise of AI Pricing and the Macroeconomic Implications

      with Zheng Liu and Yajie Wang


04. Conglomerate Market Power

      with Xiaomei Sui, Yulin Wang, and Qilin Zhang


03. Development Zones in Space: Theory and Evidence from China

      with Binkai Chen, Zibin Huang, Ming Lu, Christopher Timmins, and Kuanhu Xiang


02. What Do Alibaba Data Tell Us about Inflation and Quality Growth in China?

      with Mark Bils, Zibin Huang, and Ming Lu


01. Unequal Debt Crisis: Sovereign Default Risk and (Wealth) Inequality

      with Minjie Deng, Philipp Renner, and Simon Scheidegger

Media Coverage

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

Discussions

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

      2023/10 | The 17th Urban Economics Association (Toronto)


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

      2023/07 | The 2023 China International Conference in Finance (Shanghai)


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

      2023/01 | The 2023 ASSA Annual Meetings (New Orleans)


04. "Collateral Quality and House Prices" by Jing Zhou

      2022/06 | The 4th China International Conference in Macroeconomics (Shenzhen)


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

      2021/04 | The 10th European Meeting of the Urban Economics Association (Copenhagen)


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

      2021/01 | The 2021 ASSA Annual Meetings (Chicago)


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

      2020/08 | The 2020 Young Economist Symposium (UPenn)