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, accepted at the American Economic Review, SSRN 

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

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