北京雁栖湖应用数学研究院

• 2025 -      BIMSA      Visiting Scholar
• 2020 -      China Society for Finance & Banking      Director
• 2021 - 2025      PBC School of Finance, Tsinghua University      Associate Professor
• 2014 - 2021      PBC School of Finance, Tsinghua University      Assistant Professor
• 2016 - 2024      Monetary & Fiscal Policy Research Lab, Hang Lung Center for Real Estate, Tsinghua University      Director
• 2018 - 2024      Center for Finance & Development, The National Institute of Financial Research, Tsinghua University      Deputy Director
• 2016 - 2016      XIN Real Estate FinTech Research Center, The National Institute of Financial Research, Tsinghua University      Deputy Director
• 2016 - 2018      Department of Economics, Harvard University      Visiting Scholar      02/2018, 01-02/2017, 07-08/2016
• 2016 - 2016      JTL: The Urban Mobility Lab, MIT      Visiting Scholar      01-02/2016, 05-06/2016
• 2015 - 2015      JTL: The Urban Mobility Lab, MIT      Visiting Scholar      07-09/2015
• 2014 - 2014      Federal Reserve Bank of Boston      Research Fellow      07-11/2014
• 2017 - 2017      Federal Reserve Bank of Boston      Visiting Scholar      07-08/2017
• 2015 - 2015      Federal Reserve Bank of Boston      Visiting Scholar      04-05/2015
• 2009 - 2014      National Bureau of Economic Research (NBER)      Research Assistant
• 2012 - 2012      China Economics & Management Academy (CEMA), Central University of Finance & Economics      Visiting Research Fellow
• 2010 - 2012      Faculty of Arts & Sciences, Harvard University      Teaching Fellow

Honors, Fellowships, & Grants

• 07/2023 - 12/2025 Principal Investigator for a Subproject, National Social Science Fund of China Project No. 23ZDA028, “Keeping the Economy Running in the Reasonable Interval: Studies on Its Scientific Meaning, Monitoring, Early Warning, and Policy System”
• 01/2019 - 12/2020 Co-Principle Investigator, National Natural Science Foundation of China Project No. 71828301, “Study on China’s Economic Growth, Opening-up and Reform in the Context of Globalization”
• 01/2017 - 12/2020 Principle Investigator, National Natural Science Foundation of China Project No. 71673166, “Rare Events in Macroeconomy and Financial Markets and Their Impacts: A Study Based on the Case of China”
• 01/2017 - 12/2020 Co-Investigator, National Natural Science Foundation of China Project No. 71671004, “A New Option Pricing Model Based on High Frequency Financial Data: Theoretical and Empirical Studies”
• 07/2016 - 06/2017 Co-Investigator, China Finance 40 Forum Research Project “Study on China Systemic Risk Assessment Model (PBC-SRAM)”
• 07/2016 - 12/2016 Co-Investigator, National Natural Science Foundation of China Project No. 71640001, “Research on Risk Analysis and Prevention in P2P Lending”
• 01/2016 - 12/2019 Co-Investigator, National Natural Science Foundation of China Project No. 71573147, “Research on Chinese Financial Literacy”
• 10/2015 - 09/2018 Principle Investigator, Tsinghua University Initiative Scientific Research Program No. 20151080450, “Urbanization, Housing Market, and Macroeconomy”
• 07/2015 - 06/2016 Co-Investigator, National Social Science Fund of China Project No. 15ZDA029, “Research on Theory, Practice, and Policy of Internet Finance”
• 2008 - 2012, 2014 Bradley Fellowship, Harvard University
• 2008 - 2013 Harvard University GSAS Fellowship
• 2003 - 2008 University of Rochester Teaching Fellowship

Academic Papers (In English)

• “On Schur Algebras and Derivations of Free Lie Algebras” (with Frederick Cohen, Mohamed Elhamdadi, and Minghui Liu), Communications in Algebra, Vol. 53 (2025), Issue 1, 272-292.
• “Entrepreneurial Risk Shocks and Financial Acceleration Asymmetry in a Two-Country DSGE Model” (with Cody Hsiao, Simon Kwok, Xi Wang, and Xin Zheng), China Economic Review, Vol. 81 (2023), 102006.
• “Language and segregation: evidence from housing markets in the United States” (with T. Dai, S. Jiang, and B. Yang), Applied Economics, 55 (2023), 1157-1183.
• “Financial Wealth, Investment, and Confidence in a DSGE Model for China” (with Simon Kwok and Xin Zheng), International Review of Economics & Finance, 79C (2022), 114-134.
• “Monetary Policy, Hot Money and Housing Price Growth across Chinese Cities” (with Xiaoyu Huang and Ji Zhang), Applied Economics, 53 (2021), 6855-6877.
• “Political Relations and Tourism: Evidence from China” (with Yinxiao Chu and Xiaoyu Huang), Applied Economics, 53 (2021), 5281-5302.
• “Rare Events and Long-Run Risks” (with Robert J. Barro), Review of Economic Dynamics, 39 (2021), 1-25 (Lead Article).
• “The Residential Real Estate Market in China: Assessment and Policy Implications” (with Ding Ding, Xiaoyu Huang, and W. Raphael Lam), Annals of Economics and Finance, Vol. 18, No. 2 (November, 2017), 411-442.
• “On the Size Distribution of Macroeconomic Disasters” (with Robert J. Barro), Econometrica, Vol. 79, No. 5 (September, 2011), 1567-1589.
• “Dual Stepsize Explicit Numerical Integration Method & Applications” (with D. Yang, Z. Wu, & H. Zou), Proceedings of 2008 IEEE Power Engineering Society General Meeting—Conversion and Delivery of Electrical Energy in the 21st Century, Pittsburgh, PA, July 2008 (doi: 10.1109/PES.2008.4596126).
• “A Decoupled Dynamical Simulation Method via Modal Partition” (with Dan Yang), Proceedings of 2007 IEEE Power Engineering Society General Meeting, Tampa, FL, June 2007 (doi: 10.1109/PES.2007.385854).

Academic Papers (Non-English)

• “A Study on the Boundaries of Data Rights Confirmation and Data Governance in China in the Age of Digital Economy” (with Yuxuan Du and Qiulian Shen), Global Regional Studies, Vol. 2 (2023), 205-220.
• “Comparison Study of the Interior and Exterior Governance Mechanisms that Restrain Listed Companies from Violations” (with Feiyan Zhang and Wentao Zhang), Shanghai Finance, No. 11 (2022), 64-79.
• “Equity Concentration of Listed Companies and the Issuance Scale of Green Bonds” (with Feiyan Zhang, Chao Yang, and Wentao Zhang), Review of Investment Studies, Vol. 41, No. 8 (2022), 144-159.
• “A Model for China’s Economic Growth—Analysis Based on Land Finance” (with Wen Zhu), Excellent Paper Award from Journal of Financial Research, 2022, Journal of Financial Research, No. 4 (2022), 1-17 (Lead Article).
• “Development of Green Finance in China under the Framework of UN Sustainable Development Goals” (with Lei Peng), The Chinese Banker, No.3 (2020), 101-104.
• “Comparison and Applicability Analysis of Micro-level Systemic Risk Measures: A Study Based on China's Financial System” (with Xiangpeng Chen, Hao Zhou, and Zhengwei Wang), Journal of Financial Research, No. 5 (2019), 17-36.
• “Research Progress in Rare Disaster Models” (with Huang Xiaoyu), Financial Science, No. 1 (2019), 42-58.
• “Research Progress in Systemic Risk in Financial Sector” (with Chen Xiangpeng, He Biqing, and Jia Yandong), Financial Science, No. 1 (2018), 74-93.
• “Empirical Study on Central Banks’ Balance Sheet Policy Based on a FAVAR Model—Evidence from the U.S. and Japan” (with Wan Lipeng and Huang Xiaoyu), Review of Investment Studies, Vol. 37, No. 2 (2018), 4-23 (Lead Article).
• “On the Functional Orientation and Path Choice of China’s Real Estate Tax Reform” (with Huang Xiaoyu, Jin Chao, and Zheng Siqi), China Real Estate, Academic Issue, No. 12 (2016), 15-20.

Books

• One Currency, Two Markets: The Offshore Approach to RMB Internationalization (with Tian Yuan), China Translation & Publishing House (2024).

Working Papers

• “Real(istic) Time-Varying Probability of Consumption Disasters” (with Xiaoyu Huang and Hao Zhou), Harvard University OpenScholar Working Paper.
• “The Evolution of Productivity in the Chinese Economy” (with Keyu Jin and Xiaoyu Huang)
• “A Dynamic Allocation-Execution Decision Method Based on In-APP Customer Lifetime Value Prediction” (with Yuanzun Zhao and Qian Lin)
• “Machine Learning in the Cryptocurrency Market” (with Yuhan Cheng, Kwanting Leung, and Qunzi Zhang)

Other Publications

• “Thoughts and Outlook on Digital Finance Regulations in Hong Kong” (with Yuan Tian), Tsinghua Financial Review, No. 10 (2024), 38-40 (Cover Story).
• “The Linkage Relationship between and the Adjustment Strategies for the Offshore RMB Exchange Rate and Interest Rate” (with Yuan Tian), Tsinghua Financial Review, No. 1 (2024), 58-60.
• “The Development Opportunities, Challenges, and Strategic Advices for the Security Firms in China Under the Shocks of ChatGPT” (with Tianlun Zhang), Tsinghua Financial Review, No. 10 (2023), 89-93.
• “The Status Quo, Problems, and Solutions of Commercial Banks Serving ʻSpecialized and Special Newʼ Enterprises” (with Yan Wang), Tsinghua Financial Review, No. 7 (2023).
• “Who will Master My Data? A New Theory on Data Right Confirmation and Governance” (with Qiulian Shen and Yuxuan Du), Tsinghua Business Review, No. 6 (2023), 42-49.
• “The Analysis of the Implementation Path of the Third Distribution from the Perspective of Self-Interest and Altruism” (with Qiulian Shen), Tsinghua Financial Review, No. 11 (2022), 53-56.
• “What Generates Equity Premium: Rare Events or Long-Run Risks?”, Tsinghua Financial Review, No. 4 (2021), 97-98.
• “Development Path for International Business of Chinese Securities Firms” (with Yu Yongcheng), Tsinghua Financial Review, No. 11 (2019), 105-108.
• “Five Measures to Alleviate Risk of Local Government Debt” (with Zheng Xiaoyu), Tsinghua Financial Review, No. 7 (2019), 43-44.
• “Construction and Governance of Platform-type Financial Ecosystems” (with Zhang Ran), Tsinghua Financial Review, No. 5 (2019), 101-104.
• “Security and Future of the Internet Finance” (with Jin Chao), Tsinghua Financial Review, No. 2 (2017), 97-101.
• “Practice and Prospect of Blockchain Technology in Finance” (with Jin Chao), Tsinghua Financial Review, No. 9 (2016), 97-101.