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   

Reject & Resubmit at European Economic Review 

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    

Revise & Resubmit at International Economic Review 

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.


Trade Policy Uncertainty and Chinese Exports During the US-China Trade WarJune 2024

With Lerong Li

Trade policy uncertainty reduces Chinese exports to the US.


中文论文 (Papers written in Chinese)



与 姜婷凤汤珂,刘涛雄

中国社会科学 第二轮返修 



与 陈新禹,赵雅慧,刘音露

 金融研究 返修