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). Presented at China Finance Annual Conference (2024). Under review. [English abstract available upon request]

Selected work in progress

Trade Policy Uncertainty and Labor Informality (with Daisuke Fukuzawa, Ergys Islamaj, Duong Trung Le, Aaditya Mattoo).

Quantifying the Economic Impacts of Heightened Global Uncertainty on Developing Economies (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.

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

The Excess Bond Premium and Monetary Policy Transmission in China (with Chenyu Mao).

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

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). New Finance (Xin Jinrong, in Chinese), 2026:4.

Capital Controls, Exchange Rate Regimes, and the International Transmission of China’s Monetary Policy: Evidence from Cross-Country Firm-Level Data (with Yongqin Wang). Research on Financial and Economic Issues (Caijin Wenti Yanjiu, in Chinese), 2026:4.