Published or Forthcoming Papers
1 Aversion to Ambiguity and Model Misspecification in Dynamic Stochastic Environments, with Lars Peter Hansen, PDF, forthcoming in Proceedings of National Academy of Sciences.
2 Ambiguity Aversion and Variance Premium, with Bin Wei and Hao Zhou, PDF, forthcoming in Quarterly Journal of Finance.
3 Monetary Policy and Rational Asset Bubbles: Comments, with Pengfei Wang, and Zhouxiang Shen, PDF, forthcoming in American Economic Review.
4 Asset Bubbles and Credit Constraints, PDF, with Pengfei Wang, forthcoming in American Economic Review.
5 Does Calvo Meet Rotemberg at the Zero Lower Bound, with Phuong Ngo, PDF, forthcoming in Macroeconomic Dynamics.
6 The Perils of Credit Booms, PDF, with Feng Dong and Pengfei Wang, forthcoming in Economic Theory.
7 Woodford's Approach to Robust Policy Analysis in a Linear-Quadratic Framework, PDF, with Hyosung Kwon, forthcoming Macroeconomic Dynamics.
8 Three Types of Robust Ramsey Problem in a Linear-Quadratic Framework, with Hyosung Kwon, Journal of Economic Dynamics and Control 76 (2017) 211-231.
11 Introduction to Economic Theory of Bubbles II, PDF, Journal of Mathematical Economics 65 (2016) 139-140.
12 Introduction to the Symposium on Bubbles, Multiple Equilibria, and Economic Activities, PDF, Economic Theory 61 (2016) 207-214.
13 Stock Market Bubbles and Unemployment, PDF, with Pengfei Wang and Lifang Xu, Economic Theory 61 (2016) 273-307.
14 Chaotic Banking Crises and Banking Regulations, PDF, with Jess Benhabib and Pengfei Wang, Economic Theory 61 (2016) 393-422.
16 A Bayesian DSGE Model of Stock Market Bubbles and Business Cycles, with Pengfei Wang and Zhiwei Xu Quantitative Economics 6 (2015) 599-635. Supplementary Appendix
18 Growth Uncertainty, Generalized Disappointment Aversion and Production-based Asset Pricing, PDF, with Hening Liu, Journal of Monetary Economics 69 (2015) 70-89.
19 A Duality Approach to Continuous-Time Contracting Problems with Limited Commitment, PDF, with Yuzhe Zhang, Journal of Economic Theory 159 (2015) 929-988.
20 Introduction to Economic Theory of Bubbles, Journal of Mathematical Economics 53 (2014), 130-136.
21 Sectoral Bubbles, Misallocation, and Endogenous Growth, with Pengfei Wang, Journal of Mathematical Economics 53 (2014), 153-163.
22 Dynamic Asset Allocation with Ambiguous Return Predictability, with Hui Chen and Nengjiu Ju, Review of Economic Dynamics 17 (2014), 799-823. (Best paper in 2009 CICF)
23 A Q-Theory Model with Lumpy Investment, with Pengfei Wang, Economic Theory 57 (2014), 133-159.
24 Lumpy Investment and Corporate Tax Policy, with Pengfei Wang, Journal of Money, Credit and Banking 46 (2014), 1171-1203.
25 Numerical Simulation of Nonoptimal Dynamic Equilibrium Models, with Zhigang Feng, Adrian Peralta-Alva, and Manuel Santos, International Economic Review 55 (2014), 83-110.
27 What Does Corporate Income Tax Tax? A Simple Model without Capital, with Larry Kotlikoff, Annals of Economics and Finance 14-1 (2013) 1-19.
28 Economic Growth under Money Illusion, with Danyang Xie, Journal of Economic Dynamics and Control 37 (2013) 84-103.
29 CEO Power, Compensation, and Governance, with Rui Albuquerque, Annals of Economics and Finance 14-1 (2013) 21-56.
31 The Dynamics of Mergers and Acquisitions in Oligopolistic Industries, with Dirk Hackbarth, Journal of Economic Dynamics and Control 4 (2012), 585-609.
33 The Determinants and Dynamic Properties of China’s Urban Housing Prices, Investment Research 7 (2011), 2-13. (in Chinese)
34 Intertemporal Substitution and Recursive Smooth Ambiguity Preferences, with Takashi Hayashi, Theoretical Economics 6 (2011), 423-472.
35 Risk, Uncertainty, and Option Exercise, with Neng Wang, Journal of Economic Dynamics and Control 35 (2011), 442-461.
36 Transitional Dynamics of Dividend and Capital Gains Tax Cuts, with Francois Gourio, Review of Economic Dynamics 14 (2011), 368-383. This is a substantial overhaul of the old version: “Dynamic Effects of Permanent and Temporary Dividend Tax Policies on Corporate Investment and Financial Policies,” PDF. Media: The Fiscal Times, The Washington Post
37 Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform, with Francois Gouriro, American Economic Journal: Macroeconomics 2:1 (2010), 131-168.
38 Entrepreneurial Finance and Non-Diversifiable Risk, with Hui Chen and Neng Wang, Review of Financial Studies 23 (2010), 4348-4388.
39 Ambiguity, Risk and Portfolio Choice under Incomplete Information, Annals of Economics and Finance, 10 (2009) 257-279.
40 , Economic Theory 34 (2008), 473-501.
41 Investment, Consumption and Hedging under Incomplete Markets, with Neng Wang, Journal of Financial Economics 86 (2007), 608-642.
42 Capital Structure, Credit Risk, and Macroeconomic Conditions, with Dirk Hackbarth, and Erwan Morellec, Journal of Financial Economics 82 (2006), 519-550.
43 A Search Model of Centralized and Decentralized Trade, Review of Economic Dynamics 9 (2006), 68-92.
44 Competitive Equilibria of Economies with a Continuum of Consumers and Aggregate Shocks, Journal of Economic Theory 128 (2006), 274-298.
45 Irreversible Investment with Regime Shifts, with Xin Guo and Erwan Morellec, Journal of Economic Theory 122 (2005), 37-59.
46 Optimal Capital Structure and Industry Dynamics, Journal of Finance 6 (2005), 2621-2659.
47 Informed Trading when Information Becomes Stale, with Dan Benhardt, Journal of Finance 59 (2004), 339-390.
48 A Note on Consumption and Savings Under Knightian Uncertainty, Annals of Economics and Finance 5 (2004) 299-311.