Research

Publications

• Discussion of “Does Digitalization Widen Labor Income Inequality?”, 2026. International Economic Review.

• Long-Term Debt and the Efficiency of Crisis-Contingent Policies: Taming Overborrowing Externalities, 2026. Journal of Economic Dynamics and Control, with Long Ma.

• Bilateral Economies of Scope, 2024. Review of Economics and Statistics, with Amber Li, Stephen Yeaple, and Tengyu Zhao.

• Asset Market Sentiments and Business Cycle Fluctuations, 2024. International Economic Review, with Xuewen Liu and Pengfei Wang.

• Quality, Variable Markups, and Welfare: A Quantitative General Equilibrium Analysis of Export Prices, 2020. Journal of International Economics, with Haichao Fan, Amber Li, and Stephen Yeaple.

Working Papers

• Sentiment and Consumption in the Digital Age: Evidence from Transaction-Level Data, 2026, with Yi Huang, Yaya Yu, Jing Zhou, and Yujun Zhou. Revise and resubmit, Management Science.

• From Saving Push to Demand Pull: Dynamic Consumption Externalities and Optimal Industrial Upgrading, 2025 (previously entitled “Dynamic Big Push”), with Xuewen Liu.

• Secrecy is a Barrier to Knowledge Diffusion, 2025, with Shengxing Zhang.

• Inefficient Investment Cycles, 2022, with Zehao Li.

• Uncertainty, Liquidity Constraint, and Entrepreneurship, 2021, with Pengfei Wang, Daniel Xu, and Zhiwei Xu.