Research by Topics


I have been working on diverse areas in macroeconomics and finance. Many papers below belong to multiple areas. They can be downloaded from my links of published and working papers.



Real and Financial Frictions


Bubbles and Crashes




Capital Structure



Investment with Adjustment Costs



Investment and Taxation



Imperfect Information


Search and Unemployment


·         A Search Model of Centralized and Decentralized Trade (RED 2005)

·         Land Prices and Unemployment, with Zheng Liu and Tao Zha (working paper)


Incomplete Markets


·         Competitive Equilibria of Economies with a Continuum of Consumers and Aggregate Shocks (JET 2006)

·        Numerical Simulation of Nonoptimal Dynamic Equilibrium Models, with Zhigang Feng, Adrian Peralta-Alva, and Manuel Santos (IER).


Dynamic Contracts


·         Robust Contracts in Continuous Time, with Alejandro Rivera (working paper)

·        A Duality Approach to Continuous-Time Contracting Problems with Limited Commitment, with Yuzhe Zhang (JET)



Nonstandard Preferences



Ambiguity Aversion and Asset Pricing





·         Robust Contracts in Continuous Time, with Alejandro Rivera (working paper)

·         Woodford’s Approach to Robust Policy Analysis in a Linear-Quadratic Framework, with Hyosong Kwon (working paper)


Self-Control and Temptation 


·         Option Exercise with Temptation (ET 2008)


Disappointment Aversion


·         Growth Uncertainty, Generalized Disappointment Aversion and Production-based Asset Pricing, with Hening Liu (JME)


Money Illusion