I am a final-year PhD student at the department of economics and related studies at the University of York. I am interested in economic growth and its relations to firms behaviour and asset prices. The first of my current works investigates the secular stagnation phenomenon and its effects on financial markets. The second explores the effect of cross-sectional heterogeneities on growth and asset prices.
Education
2013 - Present
Ph.D. in Economics, University of York, UK
2011 - 2012
M.Sc. in Business Finance and Economics,
University of Sheffield, UK
2007 - 2011
B.Sc. in Economics,
Shanxi University of Finance and Economics, China
Job Market Paper
Beliefs Driven Secular Stagnation
This paper constructs an endogenous growth model to study the US economy before the 2008 great recession and the recovery period that followed. In particular, it explores the secular stagnation hypothesis and its implications for asset pricing. The model features technological externalities that imply multiple perfect foresight balanced growth paths. In this setup, theoretically, a change in agents’ expectations may trigger persistent slumps, low interest rates and elevated risk premia, consistent with the recent US experience. Empirically, with the Epstein and Zin preference, calibration of the model suggests that the historical data moments can be accommodated by persistent regimes and a high level of intertemporal elasticity of substitution.
Other Research Papers​
Asset Pricing in the Forest
This paper studies assets prices in an exchange economy with two Lucas trees. Two assets with independent cash flows interact with each other in terms of their price dividend ratios and expected returns. Explicitly, the share of a specific asset in the aggregate consumption plays a significant role in the asset pricing mechanism. An idiosyncratic shock to one asset affects the shares of both assets and their individual assets prices. I decomposed the pricing equation and find that the ``precautionary saving'' effect and the ``market beta'' effect are the major forces driving the pricing mechanism.
Sectoral Growth and Asset Pricing in 2 Sectors Production Economy
This paper explores the spread of firm-level idiosyncratic shocks in a general equilibrium framework. I build an endogenous growth model with two parallel sectors. With a general equilibrium structure, the model shows strong co-movement in the growths and asset returns between two sectors. Two channels make the spillover of the idiosyncratic shocks possible. The first is the unified stochastic discount factor. The other is the endogenised externalities of technology. Different patterns of the cross-sectional co-movements of a firms' growth, investment ratio and asset prices are examined in this theoretical framework.
Conference Presentations
June 2017
2017 China Meeting of the Econometric Society, Wuhan
April 2017
Scottish Economic Society: 2017 Conference, Perth
April 2017
White Rose DTC Economics Conference, Sheffield
April 2017
PhD Workshop on: “Recent Developments in
Money, Macroeconomics & Finance”, Portsmouth
Teaching
2016 - 2017 Teaching Scholar for Economics I
2015 - 2016 Teaching Scholar for Mathematics I (Awarded Teaching Excellence)
2015 - 2016 Teaching Scholar for Statistics I
(Awarded Teaching Excellence)
2014 - 2015 Teaching Scholar for International Economic Growth and Development
(Awarded Teaching Excellence)
2014 - 2015 Teaching Scholar for Statistics I
(Awarded Teaching Excellence)
2013 - 2014 Teaching Scholar for Macroeconomics II