Research

Research Paper:

Funded by CityU Start-up Grant 7200696 (by June 2024, HKD 400,000)

Monetary Policy in Open Economies with Production Networks (slides)
(with Yicheng Wang, Le Xu, and Francesco Zanetti), Journal of Monetary Economics, Vol. 159, 2026.

Funded by RGC-GRF 1150823 (by Dec 2025, HKD 470,583)

Work in Progress:

- Entrepreneurs bear and transmit a large proportion of aggregate risks.
Funded by RGC-ECS 21501720 (by June 2024, HKD 543,900)

Service Inflation and Missing Pass-Through (slides) (with Yicheng Wang and Le Xu)

- Service industries have lower price pass-through on top of lower price rigidities.

Industry Heterogeneity, Production Networks, and Monetary Policy (slides) (with Jianhong Xin and Le Xu)

- Estimate a model with production networks to match sectoral impulse responses.
Funded by CityU-SRG 7005374 (Sep 2019-Feb 2022, HKD 100,000)

Early Publications

2013. “Housing and Saving with Finance Imperfection”, Annals of Economics and Finance 14(1): 207-248. (with Yanbin Chen and Fangxing Li)

- Housing demand increases the saving rate when home equity withdrawal is limited.

2013. “The Impact of China’s Inflation on Wealth Inequality”, Economic Research Journal (经济研究) 48(8): 4-15. (with Yanbin Chen, Jun Chen, and Weize Chen)
2011. “How does Housing Price Affect Household Saving Rate and Wealth Inequality?”, Economic Research Journal (经济研究), 46(10): 25-38. (with Yanbin Chen)
2010. “Advance in Macroeconomics: Bewley Model”, Economic Research Journal (经济研究), 45(7): 141-151. (with Yanbin Chen and Fangxing Li)

Discussion