Assistant Professor of Finance and William W. Alberts Endowed Professor at the University of Washington

PhD in Finance and Economics,  2012 - 2017,  Columbia University

Research: money and banking, payment, network, asset pricing, macroeconomics

Papers accepted or under revision

Fragile New Economy: Intangible Capital, Corporate Savings Glut, and Financial Instability, conditional accept at the American Economic Review, SSRN 

Firm Quality Dynamics and the Slippery Slope of Credit Intervention, with Wenhao Li, revise & resubmit at the Review of Economic Studies, SSRN

Dynamic Banking and the Value of Deposits, with Patrick Bolton, Neng Wang, Jinqiang Yang, revise & resubmit at the Journal of Finance, NBER, SSRN

Public Liquidity and Intermediated Liquidity, revise & resubmit at the Journal of Finance, SSRN

Network Risk and Key Players: A Structural Analysis of Interbank Liquidity, with Ed Denbee, Christian Julliard, Kathy Yuan, Journal of Financial Economics, Volume 141, Issue 3, Sep. 2021 (Lead Article), JFE, SSRN 

Tokenomics: Dynamic Adoption and Valuation, with Lin W. Cong, Neng Wang, Review of Financial Studies Volume 34, Issue 3, March 2021 (Editor's Choice), RFS, NBER,  SSRN

Token-Based Platform Finance, with Lin W. Cong, Neng Wang, Journal of Financial Economics, Volume 144 Issue 3 Jun. 2022, JFE NBER, SSRN 

New projects

The Network Structure of Money Multiplier, with Yi Li, Huijun Sun, SSRN

Link to more working papers