Position held

Economist, Research Department (2013-2015, 2016-present), European Department (2015-2016), International Monetary Fund


University of Michigan, Ph.D., Economics, 2008 - 2013, M.A., Economics, 2010

  • Dissertation: “Investment Dynamics under Market Imperfections”

University of Pennsylvania, Master of Landscape Architecture, Certificate in Real Estate, 2007

  • 1st in class, with highest honors  

Tsinghua University, Bachelor of Architecture, minor in English, 2004

  • 1st in class, with highest honors

Research Fields

Macroeconomics, Macro-financial linkages, Banking, Corporate Finance, R&D Tax


“International R&D Sourcing and Knowledge Spillovers: Evidence from OECD Countries”, with Estelle Dauchy, IMF Working Paper No. 18/51.

“Credit and Fiscal Multipliers in China”, with Lev Ratnovski and Pi-Han Tsai, IMF Working Paper No. 17/273.

The Tax-Adjusted Q Model with Intangible Assets: Theory and Evidence from Temporary Investment Tax Incentives”, with Estelle P. Dauchy, Southern Economic Journal, Volume 83, Issue 4, 2017.

Financial Information and Macroeconomic Forecasts, with Romain Ranciere, International Journal of Forecasting, forthcoming.

“Does Balance Sheet Strength Drive Investment Cycle? Evidence from Pre- and Post-Crisis Cyprus”, with Yinqiu Lu, IMF Working Paper No. 16/248.

Uncertainty and InvestmentThe Financial Intermediary Balance Sheet Channel”, IMF Working Paper No. 15/65.

Financial Constraints, Intangible Assets, and Firm Dynamics: Theory and Evidence”, IMF Working Paper No. 14/88.

Work in Progress

The Transmission and Real Effects of International Monetary Policy: Evidence from Brazil”, with Leila Aghabarari, Deniz Igan, and Bernardus Van Doornik

The Spread of Deposit Insurance and the Global Rise in Banking Risk since the 1970s”, with Charles W. Calomiris

Divergence in Top Income Share, with Christopher D. Carroll and Pablo Winant

“Paying Bankers: Rents, Risk, and Performance”, with Laura Castillo Martinez and Deniz Igan

Are Innovative Firms Financially Constrained? Evidence from R&D Tax Incentives in OECD Countries”, with Estelle Dauchy

“Financing Innovations”, with Daniel Garcia-Macia

How Does Corporate Income Tax Affect Bank Lending and Capital Structure”, with Gee Hee Hong

The Expanding Footprint of Bank Mortgages: Genuine Diversification or Riding the Bubble?”, with Lev Ratnovski and Yangfan Sun

Embodied Technological Progress and Investment in Vintage Capital”

Policy Papers

“International R&D Sourcing and Knowledge Spillovers”, in IMF World Economic Outlook, “Is Productivity Growth Shared in a Globalized Economy?” April 2018 Chapter 4.

A Toolkit to Assess the Consistency Between Real Sector and Financial Sector Forecasts, with Paola Ganum and Pau Rabanal, IMF Technical Notes and Manuals 17/09.

Monetary Policy in the New Normal, with an IMF staff team, Staff Discussion Notes No. 14/3, April 04, 2014.

Debt Maturity and the Use of Short-term Debt: Trends and Determinants” with Paola Ganum, Lucy Liu, Leonardo Martinez and Sole Martinez Peria

“The Evolution of Distress Debt, with Lev Ratnovski

IMF Country Reports

IMF Staff Report on Cyprus's economic adjustment program

  • Cyprus : Fifth, Sixth, and Seventh Reviews Under the Extended Arrangement Under the Extended Fund Facility; Request for Waiver of Nonobservance of a Performance Criterion; and Rephasing of Access.
  • Cyprus: Eighth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cyprus.
  • Cyprus: Ninth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Waiver of Applicability of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cyprus.

Seminar and Conference Presentations

2018: IMF Macro-Financial Annual Conference, IMF Research Seminar*, Tax Economist Forum, International Institute of Public Finance*

2017: Federal Reserve Board, International Institute of Forecasters Workshop, Lund University, National Tax Association Annual Conference, University of Mannheim*

2016: National Tax Association Annual Conference, University of South Carolina*

2015: Bank of England, International Banking, Economics, and Finance Association (IBEFA) Annual Meeting, IMF Research Seminar, IMF Fiscal Affairs Department Workshop on Fiscal Incentives for Innovation, International Institute of Public Finance*, National Tax Association Annual Conference*, Tax Economist Forum*

2014: City University of London (Cass Business School), Federal Reserve Board, IMF, Midwest Finance Association Annual Meeting, New Economic School
2013: Bowdoin College, Federal Reserve Bank of Kansas City, International Institute of Public Finance*, Midwest Finance Association Annual Meeting, New Economic School*, University of California Santa Cruz, University of Hong Kong, University of Mannheim, University of Melbourne, University of Ottawa

2012: Midwest Economic Theory and International Trade Conference, Midwest Macroeconomics Meetings, University of Michigan

2010: Annual Conference of the Academy of Innovation and Entrepreneurship

(*: presented by a coauthor)

Teaching Experience

  • Graduate Student Instructor: University of Michigan
Introduction to Economic Research I and II (3rd year Ph.D.), Fall 2012, Winter 2013
International Finance (Undergraduate), Winter 2012, Fall 2011
Macroeconomic Theory I (1st year Ph.D.), Fall 2010, Fall 2009
Macroeconomic Theory II (1st year Ph.D.), Winter 2011, Winter 2010
Macroeconomic Preliminary Examination Tutor (1st year Ph.D.), Summer 2011, 2010
  • Teaching Assistant: University of Pennsylvania
Site Engineering (Master), Fall 2006
Water Management (Master), Fall 2006
  • Teaching Awards
Golden Widget Award for the Best Graduate Student Instructor for a Graduate Class, 2010
Department of Economics Teaching Award, 2009

Honors, Awards and Grants

  • University of Michigan
Rackham Graduate Student Research Grant, 2011
Rackham Travel Grant, 2010, 2011, 2012
Phi Kappa Phi, invited, 2009
Summer Research Apprenticeship, 2009, 2010
Highest Distinction in Microeconomic Preliminary Examination, 2008
Rackham International Student Fellowship, 2008
  • University of Pennsylvania
Ian L. McHarg Prize: granted as the highest graduation honor at the Department of Landscape Architecture, 2007
American Society of Landscape Architect (ASLA) Student Award, nominated, 2007
PennDesign Travel Grant, 2006
Chair’s Merit Scholarship for Academic Excellence, 2006
Chair’s Merit Fellowship, 2005-2007
  • Tsinghua University
Best Graduate Award: granted as one of the highest graduation honors at Tsinghua University, 2004
President Jiang Nanxiang Fellowship, granted as one of the highest honors to an outstanding student, 2001
First place, Academic Excellence Scholarship, 1999, 2000, 2001
  • Education Commission of Beijing
Best Collegiate Graduate of Beijing, 2004
Outstanding Student of Beijing, 2001
  • Ranked 1st out of 165,000 students in the National Higher Education Entrance Examination in Guangdong, China, 1999

Other Research Experience

University of Michigan, Research Assistant for Professor Lan Deng on “Has Housing Market in China Gone Awry? An Examination of China’s New Housing Production”, University of Michigan, summer 2009, summer 2008

University of Pennsylvania, project member “Rivers, Roads, and People: Complex Interaction of Overlapping Networks in Watersheds” led by co-principal investigator Professor C. Dana Tomin, funded by the U.S. National Science Foundation, 2006

Spatial data analysis and regional land use planning on El Yunque National Forest (formerly the Caribbean National Forest) and northeast Puerto Rico, 2007


Ad-hoc referee for IMF Economic Review, International Journal of Forecasting, International Review of Economics and Finance, Journal of Financial Intermediation, Review of Financial Economics

Organizing committee on the Annual IMF Macro-Financial Research Conference

Session Chair and discussant in various conferences

Ph.D. admission committee, University of Michigan


Computer skills: ArcGIS, Fortran, Matlab, SAS, Stata, 

Language skills: English (fluent), Cantonese (native), Mandarin (native), Spanish (advanced), French (basic)