Working papers

Capital Controls, Exchange Rate Arrangements, and the Transmission of U.S. Monetary Policy (with Jongrim Ha, John Rogers). [DECPG WP] [EC Slides] Revise & Resubmit at Journal of Development Economics.

The Trilemma, Macroprudential Policy, and Monetary Spillovers, Sole Author. [HKIMR WP]. [Slides]

Collateral Constraints and The Transmission of Chinese Monetary Policy (with Yongqin Wang (thesis advisor)). Presented at China Finance Annual Conference (2024). Under review at Social Sciences in China. [English abstract available upon request]

Selected work in progress

Uncertainty, Exchange Rates and Monetary Policy Coordination (with Charles Engel).

Uncertainty and Labor Contract Incompleteness (with Ergys Islamaj, Daisuke Fukuzawa, Duong Trung Le, Aaditya Mattoo).

The Economic Impact of Heightened Global Uncertainty (with Jongrim Ha, Ergys Islamaj, Aaditya Mattoo). Under review.

Measuring Cross-Country Monetary Policy Uncertainty (with Jongrim Ha, Moontae Lee, Bo Sun). We revamp newspaper-based uncertainty indices with large language models, applying them to a cross-country, multilingual corpus of historical monetary policy texts.

Global and Local Uncertainties in Small Open Economies (with Shi Qiu). Presented at MEG 2023*, NASMES 2024*, IAAE 2024, ESWC 2025*.

Publication

Conventional vs Innovative Monetary Policy Transmission in China: Term-Structure and Credit-Spread Effects, Sole Author. [Code & Data] Finance Research Letters, 95:109738, 2026.

The Great Transformation of China’s Monetary Policy Framework: The Perspective of Collateral (with Yongqin Wang). Accepted at New Finance (Xin Jinrong, in Chinese).

Capital Controls, Exchange Rate Regimes, and the International Transmission of China’s Monetary Policy: Evidence from Cross-Country Firm-Level Data (with Yongqin Wang). Accepted at Research on Financial and Economic Issues (Caijin Wenti Yanjiu, in Chinese).