Contact Information:
Department of Economics
George Washington University
2115 G St NW, Washington, D.C., 20052

I am a Ph.D. candidate at George Washington University in Washington, D.C. My main research interests are Monetary Economics, Financial Economics, and Banking. I am especially interested in how shadow banking affects monetary policy transmission and economic activities.

Curriculum Vitae Research Statement Teaching Statement
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Working Paper

Best Laid Plans: Economic Consequences of Shadow Banking Crackdown (Job Market Paper)

Econometric Society Winter Meeting at Nottingham (December 15, 2020)
Third Annual Conference on Law and Macroeconomics at Yale Law School (October 15, 2020)

The shadow banking crackdown resulting from a landmark policy-"New Asset Management Rules"-has a sizeable negative impact on the Chinese economy. The policy has an unintended consequence of squeezing the credit supply of private-owned enterprises and less developed provinces in China.

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Corporate Investment and Shadow Banking Channel of Monetary Policy

2020 CES North America Conference (August 14, 2020)
Workshop at Peking University (April 10, 2020)
GWU SAGE Graduate Student Seminar (Feb 24, 2020)

A monetary tightening shock induces a large decline in investments of State-owned enterprises compared to investments of nonSOEs. I show that a shadow banking channel could explain the empirical results.

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Work in Progress

Monetary Policy, Funding Costs, and Banks’ Risk-Taking: Evidence from the United States

I build upon an Value-at-Risk model and show that a higher short-term interest rate leads to less risk-taking in the bank sector. The model predicts that this effect is more attenuated for banks with lower funding costs. I use a panel data of bank holding companies from the United States to test this prediction. I find that banks with a larger ratio of non-interest bearing deposits take more risk as monetary policy tightens. I also find “a hierarchy of liability” phenomenon that banks with a larger ratio of high-cost liabilities such as money account and time deposit engage in less risk-taking when monetary policy tightens.

Who Borrows from Shadow Banking?

Using a bank-firm matched dataset in China, the preliminary results suggest that firms borrowing from the shadow banking sector are larger, older, more leveraged, and less profitable.

Teaching Experience