I was on the staff of the Federal Reserve Board's International Finance Division beginning in 1994, after being an assistant and (tenured) associate professor at Penn State University. I retired from the Fed in May 2021 and have joined Fudan University in Shanghai as Professor in the Fanhai International School of Finance.
Google scholar: Here
U.S. Monetary Policy and International Mutual Fund Investment: Paper (forthcoming JIMF)
Firm Financial Conditions and the Transmission of Monetary Policy: Paper
Drivers of the GFC: Paper Draft
My research focuses on empirical monetary economics, international finance, and macroeconomics. Over the years, my research interests comprised six broad, and somewhat overlapping, themes:
1. Border Effects, including "How Wide is the Border?" with Charles Engel, American Economic Review 86, 1112-25 (December 1996);
2. Spillovers Across Countries, including “The Effect of the China Connect”, with Chang Ma and Sili Zhou (see FEDS working paper and VoxChina, 2019); “Modern Pandemics: Recession and Recovery”, with Chang Ma and Sili Zhou (forthcoming JEEA); and “U.S.-China Tension”, with Bo Sun and Tony Sun, where we construct a novel index of tension between the U.S. and China, and examine its economic transmission to the aggregate economy and firms;
3. Monetary Policy, including "Monetary Policy’s Role in Exchange Rate Behavior," with Jon Faust, Journal of Monetary Economics 50:7, 1403-1424 (October 2003) and "A Unified Measure of Fed Monetary Policy Shocks", with Chunya Bu and Wenbin Wu, Journal of Monetary Economics, vol. 118, pp. 331-349 (March 2021), and again including several of the new papers above;
4. Exchange Rates, including "The High Frequency Response of Exchange Rates and Interest Rates to Macro Announcements," with Jon Faust, Shing-Yi Wang and Jonathan Wright, Journal of Monetary Economics 54, 1051-1068 (May 2007) and "Exchange Rate Forecasting: The Errors We’ve Really Made," with Jon Faust and Jonathan Wright, Journal of International Economics 60, 35-60 (May 2003);
5. Current Accounts, including "Government Budget Deficits and Trade Deficits: Are Present-Value Constraints Satisfied in Long-Term Data?", with Shaghil Ahmed, Journal of Monetary Economics 36, 351-74 (October 1995) and "The U.S. Current Account Deficit and the Expected Share of World Output," with Charles Engel Journal of Monetary Economics 53, 1063-1093 (July 2006);
6. Uncertainty, including “Monetary Policy Uncertainty,” with Lucas Husted and Bo Sun; Journal of Monetary Economics, vol. 115, pp. 20-36 (Nov. 2020), “Macroeconomic Transmission of (Un-)Predictable Uncertainty Shocks”, with Jose Ferrer and Jiawen Xu, “What is Certain about Uncertainty?” with Danilo Cascaldi-Garcia, et. al. (2020).
I have taught graduate and undergraduate courses at several universities, including University of Virginia (as a PhD student), University of Kentucky, Penn State, Johns Hopkins, Georgetown University, Fudan University, and Shanghai University of Finance and Economics.