Pengfei Wang

Academic qualification

• Ph.D. 2007 Cornell University, Economics
• M.A. 2003 Beijing University, Economics
• B.A. 2000 Jilin University, Accounting 

ACADEMIC AND PROFESSIONAL EXPERIENCE

• Professor (July 2016-) Department of Economics, the Hong Kong University of Science and Technology. 
• Associate Professor (July 2013-June 2016) Department of Economics, the Hong Kong University of Science and Technology. 
• Assistant Professor (July 2007-June 2013) Department of Economics, the Hong Kong University of Science and Technology.

PUBLICATIONS

• Two-Way Capital Flows and Global Imbalances, with Zhiwei Xu and Yi Wen, Economic Journal, February 2017, 127(599), pp.229-269.
• Endogenous Uncertainty Acquisition and Countercyclical Uncertainties, with Jess Benhabib and Xuewen Liu, Journal of Economics Theory, September 2016, 165, pp. 601–642.
• Sentiments, Financial Market, and Macroeconomic Fluctuations, with Jess Benhabib and Xuewen Liu, Journal of Financial Economics, May 2016,120(2), pp.420–443.
• Chaotic Banking Crises and Banking Regulations, with Jess Benhabib and Jianjun Miao, Economic Theory, January 2016, 61(2), pp. 393-422.
• Stock Market Bubbles and Unemployment, with Jianjun Miao and Lifang Xu, Economic Theory, February 2016, 61(2), pp. 273–307.
• Credit Search and Credit Cycles, with Dong Feng and Yi Wen, Economic Theory, February 2016, 61(2), pp.215–239.
• Asset bubbles, collateral, and policy analysis, with Jianjun Miao and Zhou Jing, Journal of Monetary Economics, 2015, 76, pp.57-70.
• A Bayesian DSGE Model of Stock Market Bubbles and Business Cycles, with Jianjun Miao and Zhiwei Xu, Quantitative Economics, 2015, 6 (3), pp.599–635.
• Banking Bubbles and Financial Crisis, with Jianjun Miao, Journal of Economics Theory, 2015, 157, pp.763–792.
• Private Information and Sunspots in Sequential Asset Markets, with Jess Benhabib, Journal of Economics Theory, 2015, 158, pp.558-584.
• Sentiments and Aggregate Demand Fluctuations, with Jess Benhabib and Yi Wen, Econometrica., March 2015, 83(2), pp. 549-585.
• When Do Inventories Destabilize the Economy?-An Analytical Approach to (S,s) Policies, with Zhiwei Xu and Yi Wen, Journal of Economic Dynamics and Control, 2014, 44, pp.196-217.3
• A Q-Theory Model with Lumpy Investment, with Jianjun Miao, Economic Theory, 2014, 57(1), pp. 133-159.
• Sectoral Bubbles, Misallocation, and Endogenous Growth, with Jianjun Miao, Journal of Mathematical Economics, 2014, pp. 153-163.
• Lumpy Investment and Corporate Tax Policy, with Jianjun Miao, Journal of Money, Credit, and Banking, 2014, 46(6), pp. 1171-1203.
• Credit Constraints and Self-fulfilling Business Cycles, with Zheng Liu, American Economic Journal: Macroeconomics 6(1), January 2014, pp.32-69.
• Financial Constraints, Endogenous Markups and Self-Fulfilling Equilibria, with Jess Benhabib, Journal of Monetary Economics, 2013 October, 60 (7), pp. 789-805.
• Land-Price Dynamics and Macroeconomic Fluctuation, with Zheng Liu and Tao Zha, Econometrica, May 2013, 81(3), pp. 1147-1184.
• Speculative Bubbles and Financial Crisis, with Yi Wen, American Economic Journal: Macroeconomics, July 2012, 4(3), pp. 184-221.
• Bubbles and Total Factor Productivity, with Jianjun Miao, American Economic Review: Papers and Proceedings, May 2012, 102(3), pp.82-87.
• Hayashi meets Kiyotaki and Moore: A Theory of Capital Adjustment Costs, with Yi Wen, Review of Economic Dynamics, April 2012, 15(2), pp. 207-255.
• Understanding Expectation-Driven Fluctuations-A Labor-Market Approach, Journal of Money, Credit, and Banking, March, 2012, 44(2-3), pp.487-506.
• Volatility, Growth, and Welfare, with Yi Wen, Journal of Economic Dynamics and Control, October 2011, 35(10), pp.1696-1709.
• Understanding the effects of technology shocks, with Yi Wen, Review of Economic Dynamics, October 2011, 14(4), pp.705-724.
• Imperfect Competition and Output Indeterminacy, with Yi Wen, Journal of Economics Theory, November 2008, 143(1), pp. 519-40.
• Inflation Dynamics: A Cross-Country Investigation, with Yi Wen, Journal of Monetary Economics, October 2007, 54(7), pp. 2004-31.
• Another Look at Sticky Prices and Output Persistence, with Yi Wen, Journal of Economic Dynamics and Control, December 2006, 30(12), pp. 2533-52.4
• Endogenous Money or Sticky Prices? Comment on Monetary Non-Neutrality and Inflation Dynamics, with Yi Wen, Journal of Economic Dynamics and Control, August 2005, 29(8), pp. 1361-83.

WORKING PAPERS

-Bubbles and Credit Constraints, with Jianjun Miao, December 2011,  R&R at American Economic Review.

-Financial Development and Economic Volatility: a Unified Explanation, with Yi Wen, March 2009, R&R at  Review of Economic Dynamics.

-Market Thickness and the Impact of Unemployment on Housing Market Outcomes, with Li Gan, and Qinghua Zhang, February, 2017, R&R at  Journal of Monetary Economics.

-Interest Rate Liberalization and Capital Allocation, with Zheng Liu, and Zhiwei Xu, April 2017.

-Financial Market, the Real Economy, and Self-fulfilling Uncertainties, with Jess Benhabib, and Xuewen Liu, March 2017.

-Asset Bubbles and Monetary Policy, with Feng Dong, and Jianjun Miao, January 2017.

-Asset Bubbles and Foreign Interest Rate Shocks, with Jianjun Miao, and Zhou Jing, December 2016.

-Saving China’s Stock Market, with Jianjun Miao, and Yi Huang, August 2016.

-Multiple-Product Firms and News-Driven Fluctuations, with Yun Liu, August 2015.

-The Peril of Credit Boom, with Jianjun Miao and Feng Dong, July 2015.

-Adverse Selection and Self-fulfilling Business Cycles, with Jess Benhabib and Dong Feng, September 2014.

-Liquidity Premium, Price-Rent Dynamics and Business Cycles, with Jianjun Miao and Tao Zha, March 2014.

-Uncertainty and Sentiment-Driven Equilibria, with Jess Benhabib and Yi Wen, July 2012.

-Financial Development and Aggregate Saving Rates: A Hump-Shaped Relationship, with Lifang Xu and Zhiwei Xu, October 2011.

-Credit Risk and Business Cycles, with Jianjun Miao, September 2010.

-Inventory Accelerator in General Equilibrium, with Yi Wen, July 2010. 5

-Heterogeneous Sectors, Trade and Growth, with Danyang Xie, July 2008.

-Solving Linear Difference Systems with Lagged Expectations by a Method of Undetermined Coefficients, with Yi Wen, January 2006.  

RESEARCH INTERESTS

• Macroeconomics
• Monetary economics
• Financial economics
• International economics