Research

Macroeconometrics

WORKING PAPERS

Public Mortgage Credit News and the Changing Architecture of Financial Intermediation
with Huachen Li
Draft coming soon.

We identify forward-looking news shocks to the capacity of the U.S. public mortgage credit channel and study how their transmission through financial intermediaries has changed over time. We find substantial changes around the Global Financial Crisis, with stronger propagation to commercial-bank credit and state-dependent amplification in financial conditions and real activity.

SELECTED WORK IN PROGRESS

Geopolitical Oil Shocks

Uncertainty Shock(s)

Financial Intermediation and Banking

WORKING PAPERS

Monetary Policy and Global Bank Lending: A Reversal Interest Rate Approach
(Latest version)
with Philipp Wangner

This paper studies how monetary policy affects the geographic allocation of lending by globally operating banks. We document a rise in banks’ home bias during the low-interest-rate period following the Global Financial Crisis and develop a portfolio-based model in which the allocation between domestic and foreign lending depends on bank profitability and the costs of managing cross-border uncertainty.

SELECTED WORK IN PROGRESS

Financial Technology, Low Rates, and Bank Risk in China: A Solvency-Prudence Perspective
with Penghao Cheng and Yanni Zhang

Market Structure and Digital Markets

WORKING PAPERS

Asymmetric Price Competition on Hybrid Platforms: Theory and Evidence from Amazon
(Latest version)
with Luise Eisfeld and Jun Yan

We study how hybrid platform operation shapes price competition when a platform simultaneously competes with third-party sellers and earns commission revenue from their sales. We show how revenue sharing and commission-induced double markup generate asymmetric pricing incentives and cost pass-through between the platform and third-party sellers.