Publications

Optimal Bank Reserve Remuneration and Capital Control Policy [slides]  [replication files]  [working paper version]

with Stephanie Schmitt-Grohé and Martin Uribe

American Economic Journal: Macroeconomics (2025)

Lender Concentration of External Debts and Sudden Stops [working paper version]

Journal of Monetary Economics (2026)

Working Papers

Spatially Targeted LTV Policies and Collateral Values [slides]

with Cameron LaPoint and Ming-Jen Lin

Reject & Resubmit at Journal of Finance

  Media: Yale Insights 

Social Influence in Household Equity Investment: Evidence from Randomized Military Drafts

with Chih-Ching Hung, Ming-Jen Lin, and Kevin Tseng

Revise & Resubmit at Journal of Accounting & Economics

Flip or Flop? Tobin Taxes in the Real Estate Market [slides]

with Cameron LaPoint and Ming-Jen Lin

Coordinating Monetary and Macroprudential Policies around Low Nominal Rates

Macroprudential Policy and Asset Liquidity

Learning via the Band of Brothers: Evidence from Entrepreneurship Spillover

with Yen-Cheng Chang, Chih-Ching Hung, and Kevin Tseng

The Dynamics of #MeToo — Theory and Empirical Analyses

with C. Y. Cyrus Chu, and Chih-Sheng Hsieh

R&D Investment under Currency Depreciation: Should We Beggar-thy-neighbor?

Works in Progress

Diagnostic Expectations in Open Economies

with Seunghoon Na

Overreaction in Sovereign Bond Market and Global Banks

with Kenji Wada

Cost of Duty: Conscription Duration and Human Capital Accumulation

with Shang-Jin Wei

Fertility Decline and Housing Boom under Geopolitical Tension: Theory and Evidence

with Terry Cheung and Russell Tsz-Nga Wong

Homebuilder Concentration and Housing Market Dynamics

with Jui-Lin Chen and Kai-Yuan Ke

Employment and Hours over the Business Cycle Revisited

with Hsuan-Chih (Luke) Lin and C.C. Yang