Prof. Pengfei WANG
Adjunct Professor pfwang@ust.hk




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

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ACADEMIC AND PROFESSIONAL EXPERIENCEProfessor (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.

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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 PAPERSBubbles and Credit Constraints, with Jianjun Miao, December 2011,R&R atAmerican Economic Review.
Financial Development and Economic Volatility: a Unified Explanation, with Yi Wen, March 2009, R&R atReview of Economic Dynamics.
Market Thickness and the Impact of Unemployment on Housing Market Outcomes, with Li Gan, and Qinghua Zhang, February, 2017, R&R atJournal 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.

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RESEARCH INTERESTS Macroeconomics
Monetary economics
Financial economics
International economics