Vice President, International Research, and Director, Center for Pacific Basin Studies
Macro, Money, Chinese Economy
CV (pdf, 254.91 kb) | Bio (pdf, 1.26 mb)
Profiles: Google Scholar | LinkedIn | Personal website
Fiscal Stimulus Under Average Inflation Targeting
2022-22 | with Miao and Su | November 2022abstract (+)
Automation and the Rise of Superstar Firms
2022-05 | with Firooz and Wang | November 2022abstract (+)
Turbulent Business Cycles
2021-22 | with Dong and Wang | February 2023abstract (+)
Bank Risk-Taking, Credit Allocation, and Monetary Policy Transmission: Evidence from China
2020-27 | with X. Li, Peng, and Xu | May 2022abstract (+)
Can Pandemic-Induced Job Uncertainty Stimulate Automation?
2020-19 | with Leduc | May 2020abstract (+)
Capital Flows and Income Inequality
2020-14 | with Spiegel and Zhang | March 2023abstract (+)
Automation, Bargaining Power, and Labor Market Fluctuations
2019-17 | with Leduc | February 2023abstract (+)
Published Articles (Refereed Journals and Volumes)
A Theory of Housing Demand Shocks
Journal of Economic Theory 203, 2022 | with Dong, Wang, and Zhaabstract (+)
Monetary Policy under Global Uncertainty: 2019 Asia Economic Policy Conference Summary
Journal of International Money and Finance 114, June 2021, 1-2 | with Spiegel
Interest-Rate Liberalization and Capital Misallocations
American Economic Journal: Macroeconomics 13(2), April 2021, 373-419 | with Wang and Xuabstract (+)
LWX-code.zip – Supplemental data code
LWX-data_part1.zip – Data part 1
LWX-data_part2.zip – Data part 2
LWX-data_part3.zip – Data part 3
Optimal Capital Account Liberalization in China
Journal of Monetary Economics 117, January 2021, 1041-1061 | with Spiegel and Zhangabstract (+)
LSZ_ReplicationCode.zip – Replication code
Capital Regulations, Bank Risk-Taking, and Monetary Policy in China
VoxChina, 2020 | with X. Li, Peng, and Xuabstract (+)
Robotic Labour: The Automation Channel of Pandemic-Induced Uncertainty
VoxEU, 2020 | with Leducabstract (+)
The Weak Job Recovery in a Macro Model of Search and Recruiting Intensity
American Economic Journal: Macroeconomics 12(1), January 2020, 310-343 | with Leducabstract (+)
Leduc-Liu-replication-files.zip – Replication files
Reserve Requirements and Optimal Chinese Stabilization Policy
Journal of Monetary Economics 103, May 2019, 33-51 | with Chang, Spiegel, and Zhangabstract (+)
CLSZ_rep_code.zip – Replication code (zip)
Breaking the “Iron Rice Bowl:” Evidence of Precautionary Savings from the Chinese State-Owned Enterprises Reform
Journal of Monetary Economics 94, 2018, 94-113 | with He, Huang, and Zhuabstract (+)
Dollar Appreciation and Asian Economies
Vox China, 2017 | with Spiegel and Taiabstract (+)
Measuring the Effects of Dollar Appreciation on Asia: A FAVAR Approach
Journal of International Money and Finance 74, June 2017, 353-370 | with Spiegel and Taiabstract (+)
Uncertainty Shocks Are Aggregate Demand Shocks
Journal of Monetary Economics 82, September 2016, 20-35 | with Leducabstract (+)
Land Prices and Unemployment
Journal of Monetary Economics 80, June 2016, 86-105 | with Miao and Zhaabstract (+)
Capital Controls and Optimal Chinese Monetary Policy
Journal of Monetary Economics 74, September 2015, 1-15 | with Chang and Spiegelabstract (+)
wp2012-13supplement_replication_files.zip – data for replication (276 kb)
Optimal Monetary Policy and Capital Account Restrictions in a Small Open Economy
IMF Economic Review 63, September 2015, 298-324 | with Spiegelabstract (+)
Temptation and Self-Control: Some Evidence and Applications
Journal of Money, Credit and Banking 47(4), June 2015, 581-615 | with Huang and Zhuabstract (+)
Discussion of Notarpietro and Siviero
Journal of Money, Credit and Banking 47 (S1), April 2015, 411-417
Credit Constraints and Self-Fulfilling Business Cycles
American Economic Journal: Macroeconomics 6(1), January 2014, 32-69 | with Wangabstract (+)
The Transmission of Productivity Shocks: What Do We Learn about DSGE Modeling?
Annales d’Economie et de Statistique (Annals of Economics and Statistics) 109/110, June 2013, 283-304 | with Phaneufabstract (+)
Land-Price Dynamics and Macroeconomic Fluctuations
Econometrica 81(3), May 2013, 1147-1184 | with Wang and Zhaabstract (+)
Should the Central Bank Be Concerned about Housing Prices?
Macroeconomic Dynamics 17, January 2013, 29-53 | with Jeskeabstract (+)
Sources of Macroeconomic Fluctuations: A Regime-Switching DSGE Approach
Quantitative Economics 2(2), July 2011, 251-301 | with Waggoner and Zhaabstract (+)
Asymmetric Expectation Effects of Regime Shifts in Monetary Policy
Review of Economic Dynamics 12(2), April 2009, 284-303 | with Waggoner and Zhaabstract (+)
Learning, Adaptive Expectations, and Technology Shocks
The Economic Journal 119, March 2009, 377-405 | with Huang and Zhaabstract (+)
Gains from International Monetary Policy Coordination: Does It Pay to Be Different?
Journal of Economic Dynamics and Control 32(7), July 2008, 2,085-2,117 | with Pappaabstract (+)
Investment-Specific Technological Change, Skill Accumulation, and Wage Inequality
Review of Economic Dynamics 11(2), April 2008, 314-334 | with Heabstract (+)
Technology Shocks and Labor Market Dynamics: Some Evidence and Theory
Journal of Monetary Economics 54(8), November 2007, 2,534-2,553 | with Phaneufabstract (+)
Business Cycles with Staggered Prices and International Trade in Intermediate Inputs
Journal of Monetary Economics 54(4), May 2007, 1,271-1,289 | with Huangabstract (+)
Sellers’ Local Currency Pricing or Buyers’ Local Currency Pricing: Does It Matter for International Welfare Analysis?
Journal of Economic Dynamics and Control 30(7), July 2006, 1,183-1,213 | with Huangabstract (+)
Inflation Targeting: What Inflation Rate to Target?
Journal of Monetary Economics 52(8), November 2005, 1,435-1,462 | with Huangabstract (+)
Does Trade Openness Matter for Aggregate Instability?
Journal of Economic Dynamics and Control 29(7), July 2005, 1,165-1,192 | with De Fioreabstract (+)
Why Does the Cyclical Behavior of Real Wages Change Over Time?
American Economic Review 94(4), September 2004, 836-856 | with Huang and Phaneufabstract (+)
Input-Output Structure and Nominal Rigidity: The Persistence Problem Revisited
Macroeconomic Dynamics 8(2), April 2004, 188-206 | with Huangabstract (+)
Staggered Price-Setting, Staggered Wage-Setting, and Business Cycle Persistence
Journal of Monetary Economics 49(2), March 2002, 405-433 | with Huang
Production Chains and General Equilibrium Aggregate Dynamics
Journal of Monetary Economics 48(2), October 2001, 437-462 | with Huang
Seasonal Cycles, Business Cycles, and Monetary Policy
Journal of Monetary Economics 46(2), October 2000, 441-464
Can Monetary Policy Tame Rent Inflation?
Economic Letter 2023-04 | February 13, 2023 | with Pepper
Do Households Expect Inflation When Commodities Surge?
Economic Letter 2021-19 | July 12, 2021 | with Glick, Kouchekinia, and Leduc
Fiscal Multiplier at the Zero Bound: Evidence from Japan
Economic Letter 2021-14 | May 24, 2021 | with Goode and Nguyen
Capital Flow Surges and Rising Income Inequality
Economic Letter 2021-09 | March 29, 2021 | with Diwan and Spiegel
The Uncertainty Channel of the Coronavirus
Economic Letter 2020-07 | March 30, 2020 | with Leduc
Is Job Automation Keeping Down Wages?
SF Fed Video | Feb 2020 | with Leduc
Are Workers Losing to Robots?
Economic Letter 2019-25 | September 26, 2019 | with Leduc
Is GDP Overstating Economic Activity?
Economic Letter 2018-14 | May 29, 2018 | with Spiegel and Tallman
Is Boomer Retirement Still Weighing Down U.S. Equity Markets?
SF Fed Blog | Mar 2018 | with Spiegel
Reserve Requirements as a Chinese Macro Policy Tool
Economic Letter 2017-15 | May 22, 2017 | with Spiegel
Slow Credit Recovery and Excess Returns on Capital
Economic Letter 2016-28 | September 26, 2016 | with Tai
Interview with John Williams about China’s Growth Prospects
FRBSF 2015 Annual Report | Feb 2016 | with Spiegel and Nechio
Is China’s Growth Miracle Over?
Economic Letter 2015-26 | August 10, 2015
Global Aging: More Headwinds for U.S. Stocks?
Economic Letter 2014-38 | December 22, 2014 | with Spiegel and Wang
Job Uncertainty and Chinese Household Savings
Economic Letter 2014-03 | February 3, 2014
Uncertainty and the Slow Labor Market Recovery
Economic Letter 2013-21 | July 22, 2013 | with Leduc
External Shocks and China’s Monetary Policy
Economic Letter 2012-36 | December 3, 2012 | with Spiegel
Uncertainty, Unemployment, and Inflation
Economic Letter 2012-28 | September 17, 2012 | with Leduc
Boomer Retirement: Headwinds for U.S. Equity Markets?
Economic Letter 2011-26 | August 22, 2011 | with Spiegel
Does Headline Inflation Converge to Core?
Economic Letter 2011-24 | August 1, 2011 | with Weidner
Inflation: Mind the Gap
Economic Letter 2010-02 | January 19, 2010 | with Rudebusch