Recursive Equilibrium in Krusell and Smith (1998)

Journal of Economic Theory, 2020, vol 186

GDSGE code for comparing finite agent and fully heterogenous agent economies (Online Appendix J) can be found on Cao, Luo, and Nie's GDSGE website

Optimal Collateralized Contracts (with Roger Lagunoff)

American Economic Journal: Microeconomics, 2020, vol 12

Financial Frictions, Investment and Tobin’s Q (with Guido Lorenzoni and Karl Walentin)

Journal of Monetary Economics, 2019, vol 103

Speculation and Financial Wealth Distribution under Belief Heterogeneity

The Economic Journal, 2018, vol 128

Awarded Royal Economic Society Best Paper Prize in 2019

Earlier Version: Collateral Shortages, Asset Price and Investment Volatility with Heterogeneous Beliefs

GDSGE code for the model can be found on Cao, Luo, and Nie's GDSGE website

Saving and Dissaving with Hyperbolic Discounting (with Ivan Werning)

Econometrica, 2018, vol 86


Technological Revolutions and the Three Great Slumps: A Medium-Run Analysis (with Jean-Paul L'Huillier Bowles)

Journal of Monetary Economics, 2018, vol 96

Related Material: When is the Trend the Cycle? (with Jean-Paul L'Huillier Bowles and Donghoon Yoo)

The Fiscal Forward Guidance and a Resolution (with Matthew Canzoneri, Robert Cumby, Behzad Diba, and Wenlan Luo)

Journal of Economic Dynamics and Control, Special Issue on Fiscal and Monetary Policies, 2018, vol 89

Amplification and Asymmetric Effects without Collateral Constraint (with Guangyu Nie)

American Economic Journal: Macroeconomics, 2017, vol 9

GDSGE code for the model can be found on Cao, Luo, and Nie's GDSGE website

Persistent Heterogeneous Returns and Top End Wealth Inequality (with Wenlan Luo)

Review of Economic Dynamics, 2017, vol 26

Online Appendix I: Wealth Inequality in the Standard Neoclassical Growth Model

Replicating Materials (Stata and Matlab)

Innovation by Incumbents and Entrants (with Daron Acemoglu)

Journal of Economic Theory, 2015, vol 157

Racing Under Uncertainty: A Boundary Value Problem Approach

Journal of Economic Theory, 2014, vol 151

Working Papers

Dynamic Savings Choices with Disagreements (with Ivan Werning)

April 2016


Firm Growth Through New Establishments (with Henry Hyatt, Toshihiko Mukoyama, and Erick Sager)

February 2017

Uncovering the Effects of Zero Lower Bound with Endogenous Financial Wedge (with Wenlan Luo and Guangyu Nie)

February 2019

Real Exchange Rate Dynamics Beyond Business Cycles (with Martin Evans and Wenlan Luo)

February 2019

Global DSGE Models (with Wenlan Luo and Guangyu Nie)

February 2020

The GDSGE toolbox's online compiler and examples can be found on Cao, Luo, and Nie's GDSGE website

The Dynamics of Property Rights and Consent in Autocracies (with Roger Lagunoff)

March 2020