Publication

1. A Theory of Housing Demand Shock.​  with Zheng Liu,  Pengfei Wang and Tao Zha 
  • Journal of Economic Theory (2022). 
 2.  ​Turbulent Business Cycles. with Zheng Liu and Pengfei Wang 
  • Journal of Monetary Economics (2025)​

Working Paper

3. Information Acquisition and The Finance-Uncertainty Trap  (new version: June 2026) with Allen Hu, Zhaorui Li and Zheng Liu
  • Best Paper Award (3rd place) at the 22nd Chinese Finance Annual Meeting
  • Summary: This paper provides evidence on a two-way feedback loop between firm information acquisition and credit access, and a GE model with endogenous fiance-uncertainty trap. 
4. Inflation Disagreement Weakens the Power of Monetary Policy (new version: July 2026) with Zheng Liu, Pengfei Wang and Min Wei
  • Summary: Household's inflation forecast disagreement attenuates the effects of monetary policy.
5. Rational Bubbles in Dividend-Paying Assets under Balanced Growth (new version: July 2026) with Jianjun Miao and Pengfei Wang 
  • Summary: Rational asset bubbles can emerge on dividend-paying asset in a class of balance growth economies.
6. Uncertainty, Corporate Diversification and Misallocation. (Job Market Paper)  (This version: June 2024) ​​
  • Summary: Corporate diversification redistributes cash flow across sectors, leading to misallocation of credit capacity and synchronized recession with endogenous decline in aggregate productivity.​​​​

Selected Work in Progress

7. Disagreement, Financial Speculation and Optimal Regulation Policy, with Kexin Li, Zheng Liu and Pengfei Wang
  • Presentation: CICM 2026; 10th Macro Workshop of Sargent Institute
8. Supply Chain Adjustment Under Risk. with Zheng Liu, Pengfei Wang and Le Xu
  • Presentation: SJTU, PHBS-HKBU Macro Workshop
9. Experimental Macro with LLM Agents, with Yifu Liu, Thomas J Sargent and Pengfei Wang
  • Presentation: PHBS UK Conference on the Frontiers of AI in Economics

Conference Discussion

  1. Discussion slide on Real Credit Cycle by Pedro Bordalo, Nicola Gennaioli, Andrei Shleifer and Stephen J. Terry, at CICM (2022)
  2. Discussion slide on Endogenous Global Risks by Hao Hu and Ji Huang, at AFR (2022)
  3. Discussion slide on Inefficient Bubbly Boom by Feng Dong, Yang Jiao and Ninghao Sun, at Tshinghua SEM (2022)
  4. Discussion slide on Firm Balance-Sheet Channel of Uncertainty Shocks by Wentao Zhou, at AMES (2023)
  5. Discussion slide on Bubbly Data by Feng Dong, and Jinpu Li, at Tshinghua SEM (2024)
  6. Discussion slide on Financial Development and Housing Laffer Curve  by Zhifeng Cai, Feng Dong, and Ninghao Sun, at Tshinghua SEM (2024)
  7. Discussion slide on Trend, Cycle and Expectation Formation by Heng Chen and Yicheng Liu, at CICM (2024)
  8. Discussion slide on Misperceived Law of Motion in Macroeconomic Expectations by Zhesheng Qiu at RUC Shenzhen Workshop (2024)
  9. Discussion slide on Bank Loan Reliance and Inflation Inattention by Zhenghua Qi and Tiziano Ropele at CICF (2025)
  10. Discussion slide on Leasing, Pecuniary Externality and Aggregate Efficiency by Kai Li, Yicheng Wang and Yiming Xu at CFRC (2025)