Juanyi XU
徐隽翊
PhD in Economics
The University of British Columbia, 2005

Associate Professor
Department of Economics



(852) 2358 7604
jennyxu@ust.hk
Room LSK6071
Personal Web

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Google Scholar
3G9WVdIAAAAJ

ORCID
0000-0002-7270-554X

Scopus ID
8220541700




Research Interest Publications Projects Teaching Assignment RPG Supervision Space used




Research Interest

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International macroeconomics
Monetary economics
Macroeconomics



Publications

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All Years 35 2022 0 2021 0 2020 5 2019 1 2018 0 2017 7 2016 22

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Expand All Collapse All


2020 5

Exchange rates, local currency pricing and international tax policies
Journal of Monetary Economics, v. 117, January 2021, p. 460-472
Chen, Sihao; Devereux, Michael B.; Shi, Kang; Xu, Juanyi Article
SOE and Chinese real business cycle
Annals of Economics and Finance, v. 21, (2), November 2020, p. 415-469
Peng, Daoju; Shi, Kang; Xu, Juanyi; Zhou, Yue Article
中国经济中的垂直市场与企业动态——基于DSGE 的模型研究
经济学报=China Journal of Economics, v. 7, (3), September 2020, p. 20-52
周越; 徐雋翊 Article
金融化与企业风险承担
湖南大學學報(社會科學版)=Journal of Hunan University(Social Sciences), v. 34, (6), November 2020, p. 73-82
徐雋翊; 周越; 陳升萌 Article
Large Shareholders and Sticky Prices: Evidence from a Corporate Governance Reform
National Bureau of Economic Research (NBER) Chinese Economy Working Group Meeting Summer 2020, Online, on Zoom.us, 8-10 June2020
Xie, Jin; Shi, Kang; Xu, Juanyi Conference paper

2019 1

Fluctuation and reform: A tale of two RMB markets
China Economic Review, v. 53, February 2019, p. 30-52
Liang, Yousha; Shi, Kang; Wang, Lisheng; Xu, Juanyi Article

2017 7

Excess Liquidity and Credit Misallocation: Evidence from China
China Economic Journal, v.10, (3), September 2017, p. 265-286
Pan, Shiyuan; Shi, Kang; Wang, Lisheng; Xu, Juanyi Article
Local Government Debt and Firm Leverage: Evidence from China
Asian Economic Policy Review, 12, 2, July 2017, p. 210-232
Liang, Yousha; Shi, Kang; Wang, Lisheng; Xu, Juanyi Article
Global Value Chain and Business Cycle Comovement: Does Distance Matter?
Conference on Globalization, Development, and Economic and Financial Stability, Tokyo, Japan, 11-12 December 2017
Peng, daoju; Shi, kang; Xu, Juanyi Conference paper
Local Currency Pricing and International Tax Policy
Tsinghua Workshop in International Finance 2017, Beijing, China, 2-3 September 2017
Chen, sihao; Devereux, michael; Shi, kang; Xu, Juanyi Conference paper
Real Business Cycle in Emerging Economies, the Role of Interest Rates and Real Exchanges
The Ninth IEFS China Annual Conference 国际经济和金融学会中国（IEFS中国）第九届国际学术年会, Beijing, China, 27-28 July 2017
Chen, sihao; Shi, kang; Xu, Juanyi Conference paper
Real Business Cycle in Emerging Economies: the Role of Interest Rates and Exchange Rates
Geneva International Macroeconomics and Finance Workshop, Geneva, Switzerland, 18 August 2017
Chen, sihap; Shi, kang; Xu, Juanyi Conference paper
Structural Change and the Dynamics of China-US Real Exchange Rate
Bank of Canada-University of Toronto-IMI Conference on Chinese Economy, Toronto, Canada, 29 - 30 September 2017
Wang, yong; Xu, Juanyi; Zhu, xiaodong Conference paper

2016 4

News Shock, Firm Dynamics and Business Cycles: Evidence and Theory
Journal of Economic Dynamics and Control, v. 73, December 2016, p. 159-180
Fan, Haichao; Gao, Xiang; Xu, Juanyi; Xu, Zhiwei Article
Import Response to Exchange Rate Fluctuations: A Micro-level Investigation
The 2016 Asian Meeting of the Econometric Society (AMES2016), Kyoto, Japan, August 11-13, 2016
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Conference paper
Local Currency Pricing and International Tax Policies
CUHK Shenzhen Conference on International Finance, Shenzhen, China, 17-18 December, 2016
Chen, Sihao; Xu, Juanyi; Shi, Kang Conference paper
Structural Change and the Dynamics of China-US Real Exchange Rate
Society for Economic Dynamics 2016 Meeting Papers, 2016, article number 1010, p. 1-30
Wang, Yong; Xu, Juanyi; Zhu, Xiaodong Conference paper

2015 2

Eurosclerosis and international business Cycles
Journal of International Economics, v. 95, (1), January 2015, p. 54-67
Cook, David; Xu, Juanyi Article
Input substitution, export pricing, and exchange rate policy
Journal of International Money and Finance, v. 51, March 2015, p. 26-46
Shi, Kang; Xu, Juanyi; Yin, Xiaopeng Article

2014 4

Oil price stabilization and global welfare
Journal of Development Economics, v. 111, November 2014, p. 246-260
Liu, Qing; Shi, Kang; Wu, Zhousheng; Xu, Juanyi Article
Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
2014 Asian Meeting of the Econometric Society, Academia Sinica, Taipei, Taiwan, 20-22 June 2014
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Conference paper
Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
International Economic Association: 17th World Congress, Dead Sea, Jordan, 6-10 June 2014
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Conference paper
Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
9th Annual Australasian Trade Workshop (ATW2014), The Bankwest Curtin Economics Centre, Curtin University, Perth WA, 21-22 March 2014
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Carol Conference paper

2013 1

Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
The Free-Trade Zone and China's New Stage of Open-door Policy Workshop, Tsinghua University, China, December 2013
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Conference paper

2011 1

The optimal currency basket under vertical trade
Journal of International Money and Finance, v. 30, (7), November 2011, p. 1323-1340
Xu, Juanyi Article

2010 4

Intermediate goods trade and exchange rate pass-through
Journal of Macroeconomics, v. 32, (2), June 2010, p. 571-583
Shi, Kang; Xu, Juanyi Article
Noise traders, exchange rate disconnect puzzle, and the Tobin tax
Journal of International Money and Finance, v. 29, (2), March 2010, p. 336-357
Xu, Juanyi Article
Oil Currency and the Dollar Standard: A Simple Analytical Model of an International Trade Currency
Journal of Money, Credit and Banking, v. 42, (4), June 2010, p. 521-550
Devereux, Michael B.; Shi, Kang; Xu, Juanyi Article
Twin dollarization and exchange rate policy
Journal of International Economics, v. 81, (1), May 2010, p. 109-121
Shi, Kang; Xu, Juanyi Article

2009 2

Entry cost, the Tobin tax, and noise trading in the foreign exchange market
Canadian Journal of Economics, v. 42, (4), November 2009, p. 1501-1526
Shi, Kang; Xu, Juanyi Article
Input Substitution, Export Pricing, and Exchange Rate Policy
International Economics and Finance Society China (IEFS China) Inaugural Conference 2009, Beijing, China, 23 - 24 May 2009
Shi, Kang; Xu, Juanyi; Yin, Xiaopeng Conference paper

2007 2

Global monetary policy under a dollar standard
Journal of International Economics, Volume 71, Issue 1, 8 March 2007, Pages 113-132
Devereux, Michael; Shi, Kang; Xu, Juanyi Article
Optimal Monetary Policy with Vertical Production and Trade
Review of International Economics, v. 15, (3), 2007, p. 514-537
Shi, Kang; Xu, Juanyi Article

2006 1

Exchange Rates and Monetary Policy in Emerging Market Economies
Economic Journal, v. 116, (511), April 2006, p. 478-506
Xu, Juanyi; Devereux, Michael B.; Lane, Philip R. Article

2005 1

Friedman Redux: Restricting Monetary Policy Rules to Support Flexible Exchange Rates
Economics Letters, v. 87, (3), June 2005, p. 291-299
Devereux, Michael B.; Shi, Kang; Xu, Juanyi Article


Expand All Collapse All


Article 4

Exchange rates, local currency pricing and international tax policies
Journal of Monetary Economics, v. 117, January 2021, p. 460-472
Chen, Sihao; Devereux, Michael B.; Shi, Kang; Xu, Juanyi
SOE and Chinese real business cycle
Annals of Economics and Finance, v. 21, (2), November 2020, p. 415-469
Peng, Daoju; Shi, Kang; Xu, Juanyi; Zhou, Yue
中国经济中的垂直市场与企业动态——基于DSGE 的模型研究
经济学报=China Journal of Economics, v. 7, (3), September 2020, p. 20-52
周越; 徐雋翊
金融化与企业风险承担
湖南大學學報(社會科學版)=Journal of Hunan University(Social Sciences), v. 34, (6), November 2020, p. 73-82
徐雋翊; 周越; 陳升萌

Conference paper 1

Large Shareholders and Sticky Prices: Evidence from a Corporate Governance Reform
National Bureau of Economic Research (NBER) Chinese Economy Working Group Meeting Summer 2020, Online, on Zoom.us, 8-10 June2020
Xie, Jin; Shi, Kang; Xu, Juanyi


Expand All Collapse All


Article 1

Fluctuation and reform: A tale of two RMB markets
China Economic Review, v. 53, February 2019, p. 30-52
Liang, Yousha; Shi, Kang; Wang, Lisheng; Xu, Juanyi


Expand All Collapse All


Article 2

Excess Liquidity and Credit Misallocation: Evidence from China
China Economic Journal, v.10, (3), September 2017, p. 265-286
Pan, Shiyuan; Shi, Kang; Wang, Lisheng; Xu, Juanyi
Local Government Debt and Firm Leverage: Evidence from China
Asian Economic Policy Review, 12, 2, July 2017, p. 210-232
Liang, Yousha; Shi, Kang; Wang, Lisheng; Xu, Juanyi

Conference paper 5

Global Value Chain and Business Cycle Comovement: Does Distance Matter?
Conference on Globalization, Development, and Economic and Financial Stability, Tokyo, Japan, 11-12 December 2017
Peng, daoju; Shi, kang; Xu, Juanyi
Local Currency Pricing and International Tax Policy
Tsinghua Workshop in International Finance 2017, Beijing, China, 2-3 September 2017
Chen, sihao; Devereux, michael; Shi, kang; Xu, Juanyi
Real Business Cycle in Emerging Economies, the Role of Interest Rates and Real Exchanges
The Ninth IEFS China Annual Conference 国际经济和金融学会中国（IEFS中国）第九届国际学术年会, Beijing, China, 27-28 July 2017
Chen, sihao; Shi, kang; Xu, Juanyi
Real Business Cycle in Emerging Economies: the Role of Interest Rates and Exchange Rates
Geneva International Macroeconomics and Finance Workshop, Geneva, Switzerland, 18 August 2017
Chen, sihap; Shi, kang; Xu, Juanyi
Structural Change and the Dynamics of China-US Real Exchange Rate
Bank of Canada-University of Toronto-IMI Conference on Chinese Economy, Toronto, Canada, 29 - 30 September 2017
Wang, yong; Xu, Juanyi; Zhu, xiaodong


Expand All Collapse All


Article 1

News Shock, Firm Dynamics and Business Cycles: Evidence and Theory
Journal of Economic Dynamics and Control, v. 73, December 2016, p. 159-180
Fan, Haichao; Gao, Xiang; Xu, Juanyi; Xu, Zhiwei

Conference paper 3

Import Response to Exchange Rate Fluctuations: A Micro-level Investigation
The 2016 Asian Meeting of the Econometric Society (AMES2016), Kyoto, Japan, August 11-13, 2016
Li, Yao Amber; Xu, Juanyi; Zhao, Chen
Local Currency Pricing and International Tax Policies
CUHK Shenzhen Conference on International Finance, Shenzhen, China, 17-18 December, 2016
Chen, Sihao; Xu, Juanyi; Shi, Kang
Structural Change and the Dynamics of China-US Real Exchange Rate
Society for Economic Dynamics 2016 Meeting Papers, 2016, article number 1010, p. 1-30
Wang, Yong; Xu, Juanyi; Zhu, Xiaodong


Expand All Collapse All


Article 2

Eurosclerosis and international business Cycles
Journal of International Economics, v. 95, (1), January 2015, p. 54-67
Cook, David; Xu, Juanyi
Input substitution, export pricing, and exchange rate policy
Journal of International Money and Finance, v. 51, March 2015, p. 26-46
Shi, Kang; Xu, Juanyi; Yin, Xiaopeng


Expand All Collapse All


Article 1

Oil price stabilization and global welfare
Journal of Development Economics, v. 111, November 2014, p. 246-260
Liu, Qing; Shi, Kang; Wu, Zhousheng; Xu, Juanyi

Conference paper 3

Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
2014 Asian Meeting of the Econometric Society, Academia Sinica, Taipei, Taiwan, 20-22 June 2014
Li, Yao Amber; Xu, Juanyi; Zhao, Chen
Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
International Economic Association: 17th World Congress, Dead Sea, Jordan, 6-10 June 2014
Li, Yao Amber; Xu, Juanyi; Zhao, Chen
Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
9th Annual Australasian Trade Workshop (ATW2014), The Bankwest Curtin Economics Centre, Curtin University, Perth WA, 21-22 March 2014
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Carol


Expand All Collapse All


Conference paper 1

Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
The Free-Trade Zone and China's New Stage of Open-door Policy Workshop, Tsinghua University, China, December 2013
Li, Yao Amber; Xu, Juanyi; Zhao, Chen


Expand All Collapse All


Article 1

The optimal currency basket under vertical trade
Journal of International Money and Finance, v. 30, (7), November 2011, p. 1323-1340
Xu, Juanyi


Expand All Collapse All


Article 4

Intermediate goods trade and exchange rate pass-through
Journal of Macroeconomics, v. 32, (2), June 2010, p. 571-583
Shi, Kang; Xu, Juanyi
Noise traders, exchange rate disconnect puzzle, and the Tobin tax
Journal of International Money and Finance, v. 29, (2), March 2010, p. 336-357
Xu, Juanyi
Oil Currency and the Dollar Standard: A Simple Analytical Model of an International Trade Currency
Journal of Money, Credit and Banking, v. 42, (4), June 2010, p. 521-550
Devereux, Michael B.; Shi, Kang; Xu, Juanyi
Twin dollarization and exchange rate policy
Journal of International Economics, v. 81, (1), May 2010, p. 109-121
Shi, Kang; Xu, Juanyi


Expand All Collapse All


Article 1

Entry cost, the Tobin tax, and noise trading in the foreign exchange market
Canadian Journal of Economics, v. 42, (4), November 2009, p. 1501-1526
Shi, Kang; Xu, Juanyi

Conference paper 1

Input Substitution, Export Pricing, and Exchange Rate Policy
International Economics and Finance Society China (IEFS China) Inaugural Conference 2009, Beijing, China, 23 - 24 May 2009
Shi, Kang; Xu, Juanyi; Yin, Xiaopeng


Expand All Collapse All


Article 2

Global monetary policy under a dollar standard
Journal of International Economics, Volume 71, Issue 1, 8 March 2007, Pages 113-132
Devereux, Michael; Shi, Kang; Xu, Juanyi
Optimal Monetary Policy with Vertical Production and Trade
Review of International Economics, v. 15, (3), 2007, p. 514-537
Shi, Kang; Xu, Juanyi


Expand All Collapse All


Article 1

Exchange Rates and Monetary Policy in Emerging Market Economies
Economic Journal, v. 116, (511), April 2006, p. 478-506
Xu, Juanyi; Devereux, Michael B.; Lane, Philip R.


Expand All Collapse All


Article 1

Friedman Redux: Restricting Monetary Policy Rules to Support Flexible Exchange Rates
Economics Letters, v. 87, (3), June 2005, p. 291-299
Devereux, Michael B.; Shi, Kang; Xu, Juanyi


Expand All Collapse All


2016 4

News Shock, Firm Dynamics and Business Cycles: Evidence and Theory
Journal of Economic Dynamics and Control, v. 73, December 2016, p. 159-180
Fan, Haichao; Gao, Xiang; Xu, Juanyi; Xu, Zhiwei Article
Import Response to Exchange Rate Fluctuations: A Micro-level Investigation
The 2016 Asian Meeting of the Econometric Society (AMES2016), Kyoto, Japan, August 11-13, 2016
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Conference paper
Local Currency Pricing and International Tax Policies
CUHK Shenzhen Conference on International Finance, Shenzhen, China, 17-18 December, 2016
Chen, Sihao; Xu, Juanyi; Shi, Kang Conference paper
Structural Change and the Dynamics of China-US Real Exchange Rate
Society for Economic Dynamics 2016 Meeting Papers, 2016, article number 1010, p. 1-30
Wang, Yong; Xu, Juanyi; Zhu, Xiaodong Conference paper

2015 2

Eurosclerosis and international business Cycles
Journal of International Economics, v. 95, (1), January 2015, p. 54-67
Cook, David; Xu, Juanyi Article
Input substitution, export pricing, and exchange rate policy
Journal of International Money and Finance, v. 51, March 2015, p. 26-46
Shi, Kang; Xu, Juanyi; Yin, Xiaopeng Article

2014 4

Oil price stabilization and global welfare
Journal of Development Economics, v. 111, November 2014, p. 246-260
Liu, Qing; Shi, Kang; Wu, Zhousheng; Xu, Juanyi Article
Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
2014 Asian Meeting of the Econometric Society, Academia Sinica, Taipei, Taiwan, 20-22 June 2014
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Conference paper
Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
International Economic Association: 17th World Congress, Dead Sea, Jordan, 6-10 June 2014
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Conference paper
Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
9th Annual Australasian Trade Workshop (ATW2014), The Bankwest Curtin Economics Centre, Curtin University, Perth WA, 21-22 March 2014
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Carol Conference paper

2013 1

Import Response to Exchange Rate Fluctuation: Evidence from Chinese Firms
The Free-Trade Zone and China's New Stage of Open-door Policy Workshop, Tsinghua University, China, December 2013
Li, Yao Amber; Xu, Juanyi; Zhao, Chen Conference paper

2011 1

The optimal currency basket under vertical trade
Journal of International Money and Finance, v. 30, (7), November 2011, p. 1323-1340
Xu, Juanyi Article

2010 4

Intermediate goods trade and exchange rate pass-through
Journal of Macroeconomics, v. 32, (2), June 2010, p. 571-583
Shi, Kang; Xu, Juanyi Article
Noise traders, exchange rate disconnect puzzle, and the Tobin tax
Journal of International Money and Finance, v. 29, (2), March 2010, p. 336-357
Xu, Juanyi Article
Oil Currency and the Dollar Standard: A Simple Analytical Model of an International Trade Currency
Journal of Money, Credit and Banking, v. 42, (4), June 2010, p. 521-550
Devereux, Michael B.; Shi, Kang; Xu, Juanyi Article
Twin dollarization and exchange rate policy
Journal of International Economics, v. 81, (1), May 2010, p. 109-121
Shi, Kang; Xu, Juanyi Article

2009 2

Entry cost, the Tobin tax, and noise trading in the foreign exchange market
Canadian Journal of Economics, v. 42, (4), November 2009, p. 1501-1526
Shi, Kang; Xu, Juanyi Article
Input Substitution, Export Pricing, and Exchange Rate Policy
International Economics and Finance Society China (IEFS China) Inaugural Conference 2009, Beijing, China, 23 - 24 May 2009
Shi, Kang; Xu, Juanyi; Yin, Xiaopeng Conference paper

2007 2

Global monetary policy under a dollar standard
Journal of International Economics, Volume 71, Issue 1, 8 March 2007, Pages 113-132
Devereux, Michael; Shi, Kang; Xu, Juanyi Article
Optimal Monetary Policy with Vertical Production and Trade
Review of International Economics, v. 15, (3), 2007, p. 514-537
Shi, Kang; Xu, Juanyi Article

2006 1

Exchange Rates and Monetary Policy in Emerging Market Economies
Economic Journal, v. 116, (511), April 2006, p. 478-506
Xu, Juanyi; Devereux, Michael B.; Lane, Philip R. Article

2005 1

Friedman Redux: Restricting Monetary Policy Rules to Support Flexible Exchange Rates
Economics Letters, v. 87, (3), June 2005, p. 291-299
Devereux, Michael B.; Shi, Kang; Xu, Juanyi Article


No Publications


No Publications


No Publications






Teaching Assignment

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2021-22 Winter 0 2021-22 Fall 1 2020-21 Summer 0 2020-21 Spring 2 2020-21 Winter 0 2020-21 Fall 2

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ECON3143 Macroeconomic Theory II


ECON3143 Macroeconomic Theory II
ECON5260 Macroeconomic Theory II


ECON3143 Macroeconomic Theory II
ECON6110H China's Financial Market & Macroeconomics


No Teaching Assignments


No Teaching Assignments


No Teaching Assignments






Research Postgraduate (RPG) Supervision From January 2019 to December 2022 (As of 30 January 2022)

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All Supervisions Current RPGs Graduated RPGs

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Current RPGs

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Doctor of Philosophy SHI, Xiang
Economics( 2021 - )

XU, Feiting
Economics( 2019 - )

QU, Bowen
Economics( 2018 - )

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Master of Philosophy YAO, Jingbo
Economics( 2021 - )

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Graduated RPGs

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Doctor of Philosophy ZHOU, Yue
Economics( Completed in 2021 )

CHEN, Sihao
Economics( Completed in 2019 )









ProjectsFrom January 2020 to December 2022

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All Projects 3

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No Projects.
Heterogenous Agent and International Distributional Effect of Shocks


消費者異質性和沖擊的國際分配效應 Leading


RGC - General Research Fund


Project Team (HKUST)
XU Juanyi (Lead)


2021 -




Housing prices and macroeconomic dynamics


房價與宏觀經濟動態 Leading


RGC - General Research Fund


Project Team (HKUST)
XU Juanyi (Lead)


2019 -




Uncertainty Shocks and Emerging Market Business Cycles


不確定性沖擊和新興市場經濟周期 Leading


RGC - General Research Fund


Project Team (HKUST)
XU Juanyi (Lead)


2017 - 2020