Working Papers


Countercyclical Dispersion of Price Changes: Causes and ImplicationsJuly 2022 

Countercyclical dispersion of price changes is caused by diverging price adjustment between goods of different quality.


The (Unequal) Rise of Market Power, Nominal Rigidities and Monetary Non-neutralityMarch  2023

with Christian Höynck and Donghai Zhang 

The rising markup has led to a 30% increase in the degree of monetary non-neutrality.


Cyclical Inequality in the Cost of Living and Implications for Monetary Policy,  Feb 2024

with Ting Lan and Lerong Li 

The relationship between households’ MPC and faced price stickiness is crucial for monetary transmission and optimal monetary policy.


Optimal Monetary Policy with Asymmetric Shocks and Rational InattentionNew Draft Coming Soon 

With Ho-Mou Wu

We propose a revised price index for the central bank to stabilize.