Publications

•  ​Social Networks and the Demand for Innovation: Evidence from Online Banking

​          Research Policy - Volume 55(7), September 2026, 105502.
          Joint with Qi Chen, George Washington University
          Here is an AI-generated presentation of the paper.

• Estimating the Ideas' production function using Macroeconomic Persistence
• ​ Journal of Money Credit and Banking - Volume 58(1), February 2026, 111-139.
   Joint with Xiaohan Ma, Texas Tech University. Here is a youtube video ​about the paper. You can find it here on bilibili.
   Here is an AI-generated discussion of the paper.


•  ​Scars of Pandemics from lost Schooling and Experience: Aggregate Implications and Gender Differences through the Lens of COVID-19

​          Journal of Economic Growth - Volume 30(1), March 2025, 1-47 (Lead Article).
          Joint with Remi Jedwab, George Washington University, Paul Romer, Boston College, and Asif Islam, World Bank
          Here is an AI-generated discussion of the paper.

• Rule of Law, Economic Structure and Development
  Canadian Journal of Economics/Revue canadienne d'économique - Volume 57(4), November 2024, 1265-1284.

           Joint with Juliana Yu Sun, Monetary Authority of Singapore 
            Here is an AI-generated discussion of the paper.

• Capital Depreciation and Industry Competition: Evidence and Theory

            International Economic Review - Volume 65(2), May 2024, 1081-1102.
            Joint with Alicia H. Dang, Union College.
            Click here for the Appendix. Here is a youtube video about the paper.​ You can find it here on bilibili.
            Here is an AI-generated summary.
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• Human Capital Accumulation at Work: Estimates for the World and Implications for Development
  American Economic Journal - Macroeconomics, Volume 15(3), July 2023, 191-223.
  Joint with Remi Jedwab, George Washington University, Paul Romer, Boston College and Asif Islam, World Bank.​ An earlier version was issued as World Bank Policy Research Paper 9786. Here is an AI-generated summary.

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• Business Cycle Dynamics when Neutral and Investment-Specific Technology Shocks are Imperfectly Observable

           Journal of Mathematical Economics, Volume 101, August 2022, 102694.
           Joint with Xiaohan Ma, Texas Tech University.
  

• R&D, Industrial Policy and Growth

           Journal of Risk and Financial Management, Volume 15(8), August 2022, 344.
           Joint with Alicia Dang, Union College. 
          

• The Embodiment Controversy: on the Policy Implications of Vintage Capital models 
  Journal of Money, Credit and Banking, Volume 54(5), August 2022, 1175-1222.
  Joint with Juliana Yu Sun, Monetary Authority of Singapore. ​

           Click here for an AI-generated discussion.

• The Macroeconomic Impact of Oil Earnings Uncertainty: New Evidence from Analyst Forecasts
  Energy Economics, Volume 90, August 2020, 104832.
  Joint with Xiaohan Ma, Texas Tech University. 

 

• The Relative Price of Capital and Economic Structure
  Review of Economic Dynamics, Volume 37, July 2020, Pages 127-155.
  Joint with Juliana Yu Sun, Monetary Authority of Singapore. Here is an AI-generated discussion.

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• Uncertainty, Depreciation and Industry Growth
  European Economic Review 120, November 2019, 103314.
  Joint with Juliana Yu Sun, Monetary Authority of Singapore. 

 

• Deconstructing Uncertainty.
  European Economic Review 119, October 2019, 22-41.
  Joint with Xiaohan Ma, Texas Tech University. Click here for an AI-generated summary.

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• Entrepreneurship, College and Credit: The Golden Triangle.
  Journal of Money, Credit and Banking 51(7), October 2019, 1765-1813.
  Joint with Juliana Yu Sun, Monetary Authority of Singapore. 
  Here is an AI-generated discussion.

 

• Productivity Differences and Structural Transformation.
  Review of Economic Dynamics 21, July 2016, 266–285.
  Joint with Juliana Yu Sun, Monetary Authority of Singapore. 

 

• Technology and Contractions: Evidence from Manufacturing. 
  European Economic Review, 79, October 2015, 172-195.
  Joint with Juliana Yu Sun, Monetary Authority of Singapore. 
  Click here for the technical appendix and for tables with additional results. 

 

• Demand for Contract Enforcement in a Barter Economy.
  Social Choice and Welfare 41(1), June 2013, 73-97. Joint with Anna Rubinchik, Universidade do Porto.
  An earlier version was issued as UC- Boulder Working Paper 06-04. 
  
  
• Knowledge Spillovers and Intellectual Property Rights.
  International Journal of Industrial Organization 31(1), January 2013, 50-63. 
  Here is an AI-generated discussion of the paper. An earlier version was issued as MPRA Working Paper 22348 under the title Financing Creative Destruction. The current version supersedes the working version. 
  
  
• Structural Change and Financing Constraints. 
  Journal of Monetary Economics 59(2), March 2012, 166-179. 
  Joint with Anna Ilyina, International Monetary Fund. 
  An earlier version is available as IMF Working Paper 09/119. 
  Here is a youtube video about the paper. You can also find it here on bilibili.
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• Technology and Financial Development.
  Journal of Money, Credit and Banking 43(5), August 2011, 899-921.
  Joint with Anna Ilyina, International Monetary Fund.
  An earlier version is available as IMF Working Paper 08/182.
  Here is a youtube video about the paper. You can also find it here on bilibili.

          Here is an AI generated discussion of the paper.

• Accounting for Research and Productivity Growth Across Industries 
  Review of Economic Dynamics 14(3), July 2011, 475-495. 
  Joint with Rachel Ngai, London School of Economics. 
  Earlier versions were issued as CEP Discussion Paper 0914, CEPR Discussion Paper DP 6408 and CEP Discussion Paper 0762. 

           Here is a youtube video about the paper. You can also find it here on bilibili.

• Entry, Exit and Investment-Specific Technical Change
  American Economic Review 100(1), March 2010, 164-192. 
  Earlier versions were issued as PIER Working Paper 09-020 and PIER Working Paper 08-013

           Here is a youtube video about the paper. You can also find it here on bilibili.
           Here is an AI-generated discussion.

• Mapping Prices into Productivities in Multi-sector Growth Models 
  Journal of Economic Growth 14(3), September 2009, 183-205. 
  Joint with Rachel Ngai, London School of Economics. 
  Earlier versions were issued as CEPR Discussion Paper 7318 and CEP Discussion paper DP 869. 
  
  
• Entry, Exit and Business Cycles in a General Equilibrium Model.
  Review of Economic Dynamics 11(3), July 2008, 529-541. 
  
  
• Can Technical Change Exacerbate the Effects of Labor Market Sclerosis?
  Journal of Economic Dynamics and Control 32(2), February 2008, 497-528. 

​​          Here is a youtube video about the paper. You can also find it here on bilibili.

• R&D and Growth: The Missing Link? 
  Macroeconomic Dynamics 11(5), November 2007, 691-714. 
  
  
• Organizational Capital, Technology Adoption and the Productivity Slowdown.
  Journal of Monetary Economics 53(7), October 2006, 1555-1569. Click here for the Appendix.

           Here is an AI-generated discussion.

• Industrial Subsidies and Technology Adoption in General Equilibrium.
  Journal of Economic Dynamics and Control 30(9-10), September-October 2006, 1589-1614. 

 

• Do Firing Costs affect the Incidence of Firm Bankruptcy?
  Macroeconomic Dynamics 10(4), September 2006, 467-501. 
  
  
• Employment Protection and High-Tech Aversion. 
  Review of Economic Dynamics 9(2), April 2006, 224-241. 

​​           Here is a youtube video about the paper. You can also find it here on bilibili. Here is an AI-generated discussion.

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