Yi Wen

Federal Reserve Bank of St. Louis - Research Department

411 Locust St

Saint Louis, MO 63011

United States

Tsinghua University

Beijing, 100084

China

SCHOLARLY PAPERS

83

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6,050

SSRN CITATIONS
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233

CROSSREF CITATIONS

260

Scholarly Papers (83)

1.
Downloads 409 ( 88,545)
Citation 35

The Great Housing Boom of China

FRB St. Louis Working Paper No. 2014-22
Number of pages: 68 Posted: 06 Oct 2015
Kaiji Chen and Yi Wen
Emory University - Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 269 (139,501)
Citation 4

Abstract:

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Housing Bubble, Resource Misallocation, Chinese Economy, Development, Economic Transition.

The Great Housing Boom of China

FRB of St. Louis Working Paper No. 2014-022A
Number of pages: 59 Posted: 24 Aug 2014
Kaiji Chen and Yi Wen
Emory University - Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 140 (253,597)
Citation 32

Abstract:

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Housing Bubble, Resource Misallocation, Chinese Economy, Development, Economic Transition

2.

Speculative Bubbles and Financial Crisis

Federal Reserve Bank of St. Louis Working Paper 2009-029B
Number of pages: 24 Posted: 18 Jun 2009 Last Revised: 23 Jul 2009
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 369 (99,651)

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asset price volatility, boom-bust cycles, financial crisis, speculative bubbles, sunspots, tulip mania

3.

Making Sense of China’s Excessive Foreign Reserves

Federal Reserve Bank of St. Louis Working Paper Series No. 2011-006A
Number of pages: 44 Posted: 03 Feb 2011
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 267 (141,293)

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Current Account, Foreign Reserve, Trade Deficit, Buffer Stock Saving, Global Imbalance, Incomplete Markets, Uninsured Risk

4.

The Making of an Economic Superpower―Unlocking China's Secret of Rapid Industrialization

FRB St. Louis Working Paper No. 2015-6
Number of pages: 180 Posted: 19 Aug 2015 Last Revised: 03 Jan 2019
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 264 (142,892)

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Industrial Revolution, the Rise of China, the Great Divergence, Market Fundamentalism, Neoliberalism, Big Push, Import Substitution Industrialization, Shock Therapy, Washington Consensus, New Structuralism, New Stage Theory.

5.

Can Rising Housing Prices Explain China’s High Household Saving Rate?

Federal Reserve Bank of St. Louis Working Paper Series No. 2010-048A
Number of pages: 34 Posted: 11 Nov 2010
Xin Wang and Yi Wen
Tsinghua University and Federal Reserve Bank of St. Louis - Research Department
Downloads 235 (160,145)
Citation 2

Abstract:

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Chinese Economy, Housing, Saving Rate, Borrowing Constraints

6.

Understanding the Trade Imbalance and Employment Decline in U.S. Manufacturing

Economic Synopses, Issue 15, pp. 1-3, 2018
Number of pages: 3 Posted: 23 Jul 2018 Last Revised: 21 Feb 2019
Brian Reinbold and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 205 (182,291)

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7.

Saving and Growth Under Borrowing Constraints Explaining the 'High Saving Rate' Puzzle

FRB of St. Louis Working Paper No. 2009-045C
Number of pages: 44 Posted: 15 Sep 2009 Last Revised: 08 Jun 2010
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 185 (200,062)
Citation 2

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Saving, Growth, Borrowing Constraints, Permanent Income Hypothesis

8.
Downloads 178 (206,867)
Citation 8

Input and Output Inventory Dynamics

FRB of St. Louis Working Paper No. 2008-008B
Number of pages: 32 Posted: 18 Mar 2008 Last Revised: 25 Feb 2009
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 133 (264,071)
Citation 2

Abstract:

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Inventory Behavior, Input and Output Inventory Investment, Aggregate Fluctuations, Stockout Avoidance, Stock-to-Sales Ratio, Business Cycle

Input and Output Inventory Dynamics

Federal Reserve Bank of St. Louis Working Paper Series No. 2011-008A
Number of pages: 39 Posted: 21 Mar 2011
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 45 (498,927)
Citation 6

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Input-and-Output Inventories, Stockout Avoidance, Countercyclical Stock-to-Sales Ratio, Great Moderation, Business Cycle

9.

Understanding the Large Negative Impact of Oil Shocks

FRB St. Louis Working Paper No. 2005-042B
Number of pages: 22 Posted: 08 Feb 2006
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 175 (209,921)

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Oil Prices, Real Business Cycle, Capacity Utilization, Externalities, Monopolistic Competition, Multiplier-Accelerator

The Visible Hand: The Role of Government in China’S Long-Awaited Industrial Revolution

Review, Vol. 98, Issue 3, pp. 189-226, 2016
Number of pages: 38 Posted: 15 Sep 2016 Last Revised: 17 Jul 2019
Yi Wen and George Fortier
Federal Reserve Bank of St. Louis - Research Department and Federal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 95 (335,284)

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The Visible Hand: The Role of Government in China's Long-Awaited Industrial Revolution

FRB St. Louis Working Paper No. 2016-16
Number of pages: 39 Posted: 25 Aug 2016 Last Revised: 05 Jan 2019
George Fortier and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 59 (441,411)
Citation 1

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China, Income Traps, Institutions, Industrial Revolution, Economic Development, Industrial Policies, Washington Consensus, Shock Therapy, New Stage Theory

11.

Withstanding Great Recession Like China

FRB of St. Louis Working Paper No. 2014-007A
Number of pages: 46 Posted: 12 Mar 2014
Yi Wen and Jing Wu
Federal Reserve Bank of St. Louis - Research Department and Tsinghua University - Hang Lung Center for Real Estate
Downloads 151 (237,722)
Citation 5

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Coordination Failure, Deflation, Fiscal Multiplier, Great Recession, Jobless Recovery, Liquidity Trap, State Capitalism, Quantitative Easing, Chinese Economy.

12.

QE: When and How Should the Fed Exit?

FRB of St. Louis Working Paper No. 2014-016A
Number of pages: 25 Posted: 23 Jul 2014
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 142 (249,974)
Citation 1

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Large-Scale Asset Purchases, Unconventional Monetary Policies, Quantitative Easing, Qualitative Easing, Optimal Exit Strategies

13.

Demand Shocks and Economic Fluctuations

FRB of St. Louis Working Paper No. 2006-011A
Number of pages: 9 Posted: 06 Mar 2006
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 130 (267,608)
Citation 2

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Demand Shocks, Hall's Residual, Real Business Cycles, Crowding Out, Investment Dynamics

14.

Solving Linear Difference Systems with Lagged Expectations by a Method of Undetermined Coefficients

FRB of St. Louis Working Paper No. 2006-003C
Number of pages: 24 Posted: 16 Jan 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 127 (272,321)

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Undetermined Coefficients, Linear Difference System, Lagged Expectations, Labor Hoarding, Sticky Information, Indeterminacy, Serially Correlated Sunspots

15.

Granger Causality and Equilibrium Business Cycle Theory

FRB of St. Louis Working Paper No. 2005-038B
Number of pages: 17 Posted: 13 Dec 2006
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 121 (282,369)
Citation 1

Abstract:

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Granger Causality, Real Business Cycle, Aggregate Demand, Inventories

16.

Leveraged Financing, Over Investment, and Boom-Bust Cycles

FRB of St. Louis Working Paper No. 2008-014C
Number of pages: 31 Posted: 05 Jun 2008 Last Revised: 03 Dec 2009
Patrick Pintus and Yi Wen
Aix-Marseille University and CNRS and Federal Reserve Bank of St. Louis - Research Department
Downloads 118 (287,497)
Citation 4

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Excess Demand, Over-Investment, Borrowing Constraints, Multiplier-Accelerator, Elastic Credit Supply

Dissecting Taylor Rules in a Structural VAR

IMF Working Paper No. 10/20
Number of pages: 27 Posted: 01 Feb 2010
Woon Gyu Choi and Yi Wen
International Monetary Fund (IMF) and Federal Reserve Bank of St. Louis - Research Department
Downloads 78 (379,128)

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Economic models, Economic stabilization, External shocks, Inflation targeting, Interest rate policy, Monetary policy, Productivity, Stabilization measures

Dissecting Taylor Rules in a Structural VAR

Federal Reserve Bank of St. Louis Working Paper 2010-005A
Number of pages: 33 Posted: 15 Mar 2010
Woon Gyu Choi and Yi Wen
International Monetary Fund (IMF) and Federal Reserve Bank of St. Louis - Research Department
Downloads 38 (533,199)
Citation 1

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endogenous monetary policy, Taylor rule, structural VAR, spectral decomposition

18.
Downloads 70 (303,768)
Citation 102

Self-Fulfilling Credit Cycles

CESifo Working Paper Series No. 5289
Number of pages: 58 Posted: 14 Apr 2015
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Konstanz - Faculty of Economics and Statistics and Federal Reserve Bank of St. Louis - Research Department
Downloads 36 (543,772)

Abstract:

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unsecured firm credit, credit cycles, sunspots

Self-Fulfilling Credit Cycles

FRB St. Louis Working Paper No. 2015-5
Number of pages: 63 Posted: 19 Aug 2015 Last Revised: 06 Mar 2019
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Konstanz - Faculty of Economics and Statistics and Federal Reserve Bank of St. Louis - Research Department
Downloads 34 (554,905)
Citation 23

Abstract:

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Unsecured firm credit, Credit cycles, Sunspots

19.

Inflation and Money: A Puzzle

FRB St. Louis Working Paper No. 2005-076A
Number of pages: 36 Posted: 06 Jan 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 101 (319,967)

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Sticky Information, Sticky Prices, Inflation Dynamics, Inflation Comovement, Money

20.

Financial Development and Economic Volatility: A Unified Explanation

FRB of St. Louis Working Paper No. 2009-022C
Number of pages: 28 Posted: 29 Apr 2009 Last Revised: 08 May 2009
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 96 (330,519)

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Great Moderation, Firm-Level Volatility, Irreversible Investment, Borrowing Constraints, Heterogenous Firms, Business Cycle

21.

Oil Dependence and Economic Instability

Number of pages: 21 Posted: 19 Nov 2006
University of Minho - NIPE and Economics Department and Federal Reserve Bank of St. Louis - Research Department
Downloads 92 (339,590)

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Indeterminacy, Energy Imports, Externality, Returns to Scale, Sunspots, Self-Fulfilling Expectations

22.

Is Government Spending a Free Lunch? Evidence from China

FRB of St. Louis Working Paper No. 2013-013A
Number of pages: 42 Posted: 19 Mar 2013
Xin Wang and Yi Wen
Tsinghua University and Federal Reserve Bank of St. Louis - Research Department
Downloads 91 (341,939)
Citation 1

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Government Spending, Fiscal Multiplier, Economic Development, Chinese Economy

23.

Explaining China's Trade Imbalance Puzzle

Federal Reserve Bank of St. Louis Working Paper No. 2011-018A
Number of pages: 57 Posted: 30 Aug 2011 Last Revised: 14 Oct 2011
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 83 (361,860)

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Chinese Economy, Foreign Reserve, High Saving Rate Puzzle, Global Imbalance, Trade Deficit

24.

Evaluating Unconventional Monetary Policies ─ Why Aren't They More Effective?

FRB of St. Louis Working Paper No. 2013-028B
Number of pages: 63 Posted: 09 Oct 2013 Last Revised: 25 Jan 2014
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 78 (375,228)
Citation 1

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Liquidity Trap, Yield Curve, Flight to Quality, Large-Scale Asset Purchases, Quantitative Easing, Qualitative Easing, Optimal Exit Strategies

25.

Imperfect Competition and Indeterminacy of Aggregate Output

FRB of St. Louis Working Paper No. 2006-017C
Number of pages: 30 Posted: 16 Apr 2006
Yi Wen and Pengfei Wang
Federal Reserve Bank of St. Louis - Research Department and HKUST, Department of Economics
Downloads 78 (375,228)
Citation 3

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Indeterminacy, Global Sunspots, Self-fulfilling Expectations, Procyclical Productivity, Marginal Costs, Counter-Cyclical Markup, Cost-Push Shocks, Hump-Shaped Impulse Responses

26.

Inventories, Liquidity, and the Macroeconomy

Number of pages: 42 Posted: 02 Dec 2008
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 74 (386,552)

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Inventory, Liquidity, Input-and-Output Inventories, Stockout Avoidance, Countercyclical Stock-to-Sales Ratio, Business Cycle

27.

Hayashi Meets Kiyotaki and Moore: A Theory of Capital Adjustment Costs

Number of pages: 45 Posted: 19 Oct 2010 Last Revised: 15 May 2011
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 73 (389,436)
Citation 4

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Adjustment Costs, Collateral, Borrowing Constraints, Tobin’s Q, Investment

28.

Optimal Monetary Policy Under Negative Interest Rate

FRB St. Louis Working Paper No. 2017-19
Number of pages: 23 Posted: 12 Jul 2017 Last Revised: 05 Jan 2019
Yi Wen and Feng Dong
Federal Reserve Bank of St. Louis - Research Department and Tsinghua University - School of Economics and Management
Downloads 71 (395,479)

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Monetary Policy, Quantitative Easing, Liquidity Preference, Liquidity Trap, Banking, Money Demand

29.

Institutions Do Not Rule: Reassessing the Driving Forces of Economic Development

FRB St. Louis Working Paper No. 2015-1
Number of pages: 46 Posted: 19 Aug 2015 Last Revised: 03 Jan 2019
Jinfeng Luo and Yi Wen
Tsinghua University and Federal Reserve Bank of St. Louis - Research Department
Downloads 64 (417,706)

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Development, Disease, Geography, Industrialization, Income Gaps, Institutions

30.

Liquidity Demand and Welfare in a Heterogeneous-Agent Economy

Number of pages: 40 Posted: 22 Mar 2010
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 64 (417,706)

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Liquidity Preference, Money Demand, Incomplete Markets, Velocity, Welfare Costs of Inflation

31.

Relative Income Traps

Review, Vol. 98, Issue 1, pp. 41-60, 2016
Number of pages: 20 Posted: 28 Mar 2016 Last Revised: 24 Jul 2019
Maria Arias and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 63 (421,161)

Abstract:

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32.

Two-Way Capital Flows and Global Imbalances: A Neoclassical Approach

FRB of St. Louis Working Paper No. 2012-016A
Number of pages: 55 Posted: 21 Jun 2012
Yi Wen, Pengfei Wang and Zhiwei Xu
Federal Reserve Bank of St. Louis - Research Department, HKUST, Department of Economics and Hong Kong University of Science & Technology (HKUST)
Downloads 63 (421,161)
Citation 6

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Allocation Puzzle, Saving Glut, Immiserization Effect of FDI, Global Imbalances, Two-Way Capital Flows, Welfare

33.

Leveraged Borrowing and Boom-Bust Cycles

Federal Reserve Bank of St. Louis Working Paper No. 2010-027C
Number of pages: 33 Posted: 04 Sep 2010 Last Revised: 25 Sep 2012
Patrick Pintus and Yi Wen
Aix-Marseille University and CNRS and Federal Reserve Bank of St. Louis - Research Department
Downloads 62 (424,482)
Citation 5

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Asset Bubble, Investment Boom, Borrowing Constraints, Multiplier-Accelerator, Elastic Credit Supply, Habit Formation

34.

A Note on Oil Dependence and Economic Instability

FRB of St. Louis Working Paper No. 2006-060B
Number of pages: 9 Posted: 27 Sep 2007
University of Minho - NIPE and Economics Department and Federal Reserve Bank of St. Louis - Research Department
Downloads 61 (427,890)

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Indeterminacy, Energy Imports, Externality, Returns to Scale, Sunspots, Self-Fulfilling Expectations

35.

Inventory Accelerator in General Equilibrium

FRB of St. Louis Working Paper No. 2009-010A
Number of pages: 18 Posted: 19 Mar 2009
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 60 (431,434)

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Inventories, Accelerator, Business Cycle, Target-Adjustment Model

36.

Inflation Dynamics: A Cross-Country Investigation

FRB of St. Louis Working Paper No. 2005-076C
Number of pages: 33 Posted: 15 Apr 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 59 (435,066)
Citation 8

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Sticky Information, Sticky Prices, Inflation Dynamics, Inflation Comovement, Money

37.

Volatility, Growth, and Welfare

FRB of St. Louis Working Paper No. 2006-032D
Number of pages: 28 Posted: 01 Nov 2008 Last Revised: 17 Mar 2011
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 55 (449,590)

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Endogenous Growth, Welfare Cost of Business Cycle, Stabilization Policy, Sunspots, Imperfect Competition, Coordination Failures

38.

A Defense of RBC: Understanding the Puzzling Effects of Technology Shocks

FRB of St. Louis Working Paper No. 2007-018B
Number of pages: 36 Posted: 28 Jun 2007
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 55 (449,590)
Citation 2

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RBC, Technology Shocks, Aggregate Production Function, Entry and Exit,

39.

Financial Development and Long-Run Volatility Trends

FRB of St. Louis Working Paper No. 2013-003A
Number of pages: 45 Posted: 23 Jan 2013
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 54 (453,235)

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Financial Development, Firm Dynamics, Private Debts, Volatility Trends, Great Moderation, Lumpy Investment

40.

Housing Prices and the High Chinese Saving Rate Puzzle

FRB of St. Louis Working Paper No. 2012-038A
Number of pages: 43 Posted: 24 Sep 2012
Xin Wang and Yi Wen
Tsinghua University and Federal Reserve Bank of St. Louis - Research Department
Downloads 54 (453,235)
Citation 6

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Chinese Economy, Housing, Saving Rate, Borrowing Constraints, Housing Reform

41.

Capital, Finance, and Trade Collapse

Federal Reserve Bank of St. Louis Working Paper No. 2012-003A
Number of pages: 34 Posted: 09 Mar 2012
Yang Jiao and Yi Wen
affiliation not provided to SSRN and Federal Reserve Bank of St. Louis - Research Department
Downloads 54 (453,235)

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Credit Crunch, Financial Crisis, Trade Collapse, Trade Finance, Borrowing Constraints, Heterogeneous Firms

42.

Volatility, Growth, and Large Welfare Gains from Stabilization Policies

FRB of St. Louis Working Paper No. 2006-032A
Number of pages: 31 Posted: 15 May 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 53 (457,038)
Citation 2

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Endogenous Growth, Welfare Cost of Business Cycle, Stabilization Policy, Sunspots, Imperfect Competition, Indeterminacy

43.

Global Indeterminacy in Locally Determinate RBC Models

Number of pages: 18 Posted: 10 Aug 2007
Tarek Coury and Yi Wen
University of Oxford and Federal Reserve Bank of St. Louis - Research Department
Downloads 50 (468,788)

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Global Indeterminacy, Real Business Cycles, Sunspots, Chaos, Limit Cycles, Bifurcation Analysis

44.

Imperfect Competition and Sunspots

FRB of St. Louis Working Paper No. 2006-015A
Number of pages: 35 Posted: 12 Apr 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 50 (468,788)

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Sunspots, Self-fulfilling Expectations, Imperfect Competition, Imperfect Information, Indeterminacy, Real Business Cycles, Marginal Costs, Counter-cyclical Markup

45.

Escaping the Middle-Income Trap: A Cross-Country Analysis on the Patterns of Industrial Upgrading

FRB St. Louis Working Paper No. 2018-1
Number of pages: 35 Posted: 13 Jun 2018
Lili Wang and Yi Wen
Tsinghua University and Federal Reserve Bank of St. Louis - Research Department
Downloads 48 (476,802)
Citation 1

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China’s Economic Development, Industrial Revolution, Middle-Income Trap, New Institutional Theory, New Stage Theory, New Structural Economics

46.

OPEC’s Oil Exporting Strategy and Macroeconomic (In)Stability

Federal Reserve Bank of St. Louis Working Paper No. 2011-013A
Number of pages: 19 Posted: 05 May 2011
University of Minho - NIPE and Economics Department and Federal Reserve Bank of St. Louis - Research Department
Downloads 48 (476,802)

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Equilibrium Indeterminacy, Oil, OPEC Strategy, Great Moderation

47.

An Analytical Approach to Buffer-Stock Saving under Borrowing Constraints

Number of pages: 38 Posted: 03 Jun 2009 Last Revised: 23 Jul 2009
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 47 (481,045)
Citation 1

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buffer stock saving, borrowing constraints, consumption puzzles, excess smoothness, excess sensitivity, permanent income hypothesis

48.

Endogenous Volatility, Endogenous Growth, and Large Welfare Gains from Stabilization Policies

Number of pages: 33 Posted: 12 Sep 2007
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 47 (481,045)

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Endogenous Growth, Welfare Cost of Business Cycle, Stabilization Policy, Sunspots, Imperfect Competition, Coordination Failures

49.

Interest Rate Dynamics, Variable-Rate Loan Contracts, and the Business Cycle

FRB St. Louis Working Paper No. 2015-32
Number of pages: 53 Posted: 22 Oct 2015 Last Revised: 03 Jan 2019
Aix-Marseille University and CNRS, Federal Reserve Bank of St. Louis - Research Department and Tsinghua University
Downloads 46 (485,236)

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Endogenous Borrowing Constraints, Collateral, Variable-Rate Loans, Multiple Equilibria, Sunspot Shocks

50.

Incomplete Information and Self-Fulfilling Prophecies

FRB of St. Louis Working Paper No. 2007-033A
Number of pages: 27 Posted: 31 Aug 2007
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 46 (485,236)

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Sunspots, Self-fulfilling Expectations, Imperfect Competition, Incomplete Information, Indeterminacy, Real Business Cycles, Marginal Costs, Counter-cyclical Markup

51.

Lucas meets Baumol and Tobin

Federal Reserve Bank of St. Louis Working Paper No. 2010-014B
Number of pages: 35 Posted: 09 Jun 2010 Last Revised: 19 Oct 2010
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 45 (489,565)

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Cash-in-Advance, Distribution of Money Demand, Velocity, Welfare Costs of Inflation

52.

Flight to What? — Dissecting Liquidity Shortages in the Financial Crisis

FRB St. Louis Working Paper No. 2017-25
Number of pages: 48 Posted: 07 Sep 2017 Last Revised: 05 Jan 2019
Feng Dong and Yi Wen
Tsinghua University - School of Economics and Management and Federal Reserve Bank of St. Louis - Research Department
Downloads 38 (521,643)

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Liquidity Shortage, Resaleability Constraint, Information Asymmetry, Flight to Liquidity, Flight to Quality, Financial Crisis, Unconventional Policy.

The Inverted Leading Indicator Property and Redistribution Effect of the Interest Rate

Banque de France Working Paper No. 616
Number of pages: 56 Posted: 24 Jan 2017
Aix-Marseille University and CNRS, Federal Reserve Bank of St. Louis - Research Department and Tsinghua University
Downloads 21 (641,272)
Citation 8

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Endogenous Collateral Constraints, State-Contingent Loan Repayment, Redistribution Shocks, Multiple Equilibria

The Inverted Leading Indicator Property and Redistribution Effect of the Interest Rate

FRB St. Louis Working Paper No. 2016-27
Number of pages: 44 Posted: 09 Dec 2016 Last Revised: 05 Jan 2019
Aix-Marseille University and CNRS, Federal Reserve Bank of St. Louis - Research Department and Tsinghua University
Downloads 17 (672,104)

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Endogenous Collateral Constraints, State-Contingent Loan Repayment, Redistribution Shocks, Multiple Equilibria.

54.
Downloads 37 (526,470)
Citation 1

Uncertainty and Sentiment-Driven Equilibria

FRB of St. Louis Working Paper No. 2013-011A
Number of pages: 24 Posted: 11 Mar 2013
New York University - Leonard N. Stern School of Business - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 26 (604,969)

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Keynesian Self-fulfilling Equilibria, Sentiments, Extrinsic Uncertainty, Sunspots

Uncertainty and Sentiment-Driven Equilibria

NBER Working Paper No. w18878
Number of pages: 25 Posted: 31 Jul 2013 Last Revised: 31 Jan 2021
New York University - Leonard N. Stern School of Business - Department of Economics, Peking University HSBC Business School, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 11 (721,229)

Abstract:

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55.

Liquidity and Welfare in a Heterogeneous-Agent Economy

FRB of St. Louis Working Paper No. 2009-019B
Number of pages: 36 Posted: 16 Apr 2009 Last Revised: 08 May 2009
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 37 (526,470)

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Interest Rate, Liquidity Preference, Liquidity Trap, Banking, Money Demand, Velocity, Welfare Costs of Inflation

56.

Incomplete Information and Self-Fulfilling Prophecies

FRB of St. Louis Working Paper No. 2007-033C
Number of pages: 30 Posted: 29 Apr 2009 Last Revised: 08 Jul 2009
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 36 (531,498)

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Sunspots, Self-fulfilling Expectations, Demand Externality, Incomplete Information, Indeterminacy, Forecasting the Forecasts of Others

57.

What Inventories Tell Us about Aggregate Fluctuations - A Tractable Approach to (S,s) Policies

FRB of St. Louis Working Paper No. 2012-059B
Number of pages: 54 Posted: 29 Nov 2012 Last Revised: 25 Mar 2014
Pengfei Wang, Yi Wen and Zhiwei Xu
HKUST, Department of Economics, Federal Reserve Bank of St. Louis - Research Department and Peking University HSBC Business School
Downloads 35 (536,595)

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(S,s) Inventories Policy, State-Dependent Decisions, Heterogeneous-Agent Models, Perturbation Methods

58.

Understanding the Puzzling Effects of Technology Shocks

FRB of St. Louis Working Paper No. 2007-018A
Number of pages: 26 Posted: 18 Apr 2007
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 35 (536,595)
Citation 4

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Technology Shocks, Entry and Exit, Labor Market, Sticky Prices, Demand Rigidity, Business Cycle

59.
Downloads 34 (541,836)
Citation 52

Sentiments and Aggregate Demand Fluctuations

FRB of St. Louis Working Paper No. 2012-039B
Number of pages: 38 Posted: 24 Sep 2012 Last Revised: 26 Sep 2014
New York University - Leonard N. Stern School of Business - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 21 (641,272)

Abstract:

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Keynesian Self-fulfilling, Equilibria, Sentiments, Sunspots

Sentiments and Aggregate Demand Fluctuations

NBER Working Paper No. w18413
Number of pages: 38 Posted: 22 Sep 2012 Last Revised: 25 Apr 2021
New York University - Leonard N. Stern School of Business - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 13 (704,394)
Citation 18

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60.

Dynamics of Externalities: A Second-Order Perspective

Federal Reserve Bank of St. Louis Working Paper No. 2008-044B
Number of pages: 27 Posted: 25 Nov 2008 Last Revised: 17 Mar 2011
Yi Wen and Huabin Wu
Federal Reserve Bank of St. Louis - Research Department and Shanghai University of Finance and Economics
Downloads 32 (552,434)

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Second-order approximation, Asymmetric business cycle, Hump-shaped output dynamics, Increasing returns to scale

61.

Optimal Ramsey Capital Income Taxation —A Reappraisal

FRB St. Louis Working Paper No. 2017-24
Number of pages: 39 Posted: 07 Sep 2017 Last Revised: 05 Jan 2019
YiLi Chien and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 25 (594,275)

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Optimal Capital Taxation, Ramsey Problem, Incomplete Market

62.

Money, Liquidity and Welfare

FRB of St. Louis Working Paper No. 2014-003A
Number of pages: 46 Posted: 09 Feb 2014
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 20 (628,137)
Citation 10

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Liquidity Preference, Money Demand, Financial Intermediation, Velocity, Welfare Costs of Inflation

63.

Liquidity and Welfare

FRB of St. Louis Working Paper No. 2012-037A
Number of pages: 45 Posted: 24 Sep 2012
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 20 (628,137)

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Liquidity Preference, Money Demand, Financial Intermediation, Velocity, Welfare Costs of Inflation

64.

Credit Search and Credit Cycles

FRB St. Louis Working Paper No. 2015-23
Number of pages: 31 Posted: 06 Oct 2015 Last Revised: 06 Mar 2019
Feng Dong, Pengfei Wang and Yi Wen
Tsinghua University - School of Economics and Management, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 16 (656,344)

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Search Frictions, Credit Utilization, Credit Rationing, Self-fulfilling Prophecy. Business Cycles.

65.

Is the Phillips Curve Still Alive?

Number of pages: 125 Posted: 19 Aug 2020
Brian Reinbold and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 15 (663,657)

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66.

Secured and Unsecured Debt Over the Business Cycle

Economic Synopses, Issue 1, pp. 1-2, 2017
Number of pages: 2 Posted: 01 Mar 2017 Last Revised: 03 May 2018
Maria Arias and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 15 (663,657)

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67.

A Search-Based Neoclassical Model of Capital Reallocation

FRB St. Louis Working Paper No. 2018-17
Number of pages: 28 Posted: 28 Aug 2018 Last Revised: 21 Feb 2019
Feng Dong, Pengfei Wang and Yi Wen
Tsinghua University - School of Economics and Management, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 14 (671,086)

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Capital Reallocation, Capital Search, Fragmented Markets, Endogenous Dispersion of rmsTFP, Endogenous Total Factor Productivity, Business Cycles

68.

Contagious Bubbles

Number of pages: 29 Posted: 08 Jul 2021
Feng Dong, Zhen Huo and Yi Wen
Tsinghua University - School of Economics and Management, Yale University - Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 13 (678,652)

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Financial Networks; Financial Frictions; Sectoral Capital Accumulation; Sectoral Bubbles; Financial Contagion.

69.

What's Unique about the Federal Funds Rate? Evidence from a Spectral Perspective

Oxford Bulletin of Economics and Statistics, Vol. 69, No. 2, pp. 293-319, April 2007
Number of pages: 27 Posted: 11 Apr 2007
University of Cambridge - Judge Business School, Federal Reserve Bank of St. Louis - Research Division and Federal Reserve Bank of St. Louis - Research Department
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70.

Are Government Bonds Net Wealth or a Liability? ---Optimal Debt and Taxes in an OLG Model with Uninsurable Income Risk

FRB St. Louis Working Paper No. 2020-007
Number of pages: 36 Posted: 29 Apr 2020
YiLi Chien, Yi Wen and HsinJung Wu
Federal Reserve Banks - Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis - Research Department and affiliation not provided to SSRN
Downloads 12 (686,336)

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71.

What Does Financial Crisis Tell Us About Exporter Behavior and Credit Reallocation?

FRB St. Louis Working Paper No. 2019-23
Number of pages: 38 Posted: 22 Oct 2019
Yang Jiao and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 11 (694,058)

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Credit Crunch, Credit Reallocation, Exporter Behavior, Financial Crisis, Heterogeneous Firms, Trade Collapse

72.

Should Capital Be Taxed?

FRB St. Louis Working Paper No. 2020-033
Number of pages: 17 Posted: 02 Oct 2020
Academia Sinica - Institute of Economics, Federal Reserve Banks - Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis - Research Department and Academia Sinica - Institute of Economics
Downloads 10 (701,748)
Citation 1

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Capital Taxation, Government Bonds, Heterogeneous Agents, Incomplete Markets, Modified Golden Rule, Ramsey Problem, Wealth Distribution.

73.

International Credit Markets and Global Business Cycles

FRB St. Louis Working Paper No. 2018-9
Number of pages: 29 Posted: 18 Jul 2018 Last Revised: 21 Feb 2019
Aix-Marseille University and CNRS, Federal Reserve Bank of St. Louis - Research Department and Tsinghua University
Downloads 9 (709,582)
Citation 1

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World Interest Rate, International Co-Movement, Self-Ful�lling Equilibria

74.

Long and Plosser Meet Bewley and Lucas

FRB St. Louis Working Paper No. 2018-8
Number of pages: 58 Posted: 18 Jul 2018 Last Revised: 21 Feb 2019
Feng Dong and Yi Wen
Tsinghua University - School of Economics and Management and Federal Reserve Bank of St. Louis - Research Department
Downloads 9 (709,582)
Citation 1

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Production Networks, Distributional Effect of Monetary Policy, Heterogeneous Money Demand, Incomplete Markets, Time-Varying Velocity of Money, Time-Varying Labor Wedge

75.

Don’T Tax Capital €” Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences

FRB St. Louis Working Paper No. 2019-7
Number of pages: 71 Posted: 25 Feb 2019 Last Revised: 26 Dec 2019
YiLi Chien and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 7 (725,075)

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Optimal Capital Taxation, Ramsey Problem, Incomplete Markets

76.

The Poverty of Macroeconomics --- What the Chemical Revolution Tells Us About Neoclassical Production Function

FRB St. Louis Working Paper No. 2021-001
Number of pages: 40 Posted: 14 May 2021
Yi Wen
Federal Reserve Bank of St. Louis - Research Department
Downloads 5 (748,407)

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77.

Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences

FRB St. Louis Working Paper No. 2019-007
Number of pages: 67 Posted: 14 May 2021
YiLi Chien and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 5 (740,806)
Citation 1

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78.

Time-Inconsistent Optimal Quantity of Debt

FRB St. Louis Working Paper No. 2020-37
Number of pages: 50 Posted: 02 Nov 2020
YiLi Chien and Yi Wen
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Bank of St. Louis - Research Department
Downloads 4 (748,407)

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79.

Why Might Lump-Sum Transfers Not Be a Good Idea?

FRB St. Louis Working Paper No. 2021-2
Number of pages: 24 Posted: 14 May 2021
Academia Sinica - Institute of Economics, Federal Reserve Banks - Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis - Research Department and Academia Sinica - Institute of Economics
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80.

Withstanding the Great Recession Like China

The Manchester School, Vol. 87, Issue 2, pp. 138-182, 2019
Number of pages: 45 Posted: 20 Feb 2019
Yi Wen and Jing Wu
Federal Reserve Bank of St. Louis - Research Department and Tsinghua University - Hang Lung Center for Real Estate
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81.

Macroeconomic Effects of Government Spending in China

Pacific Economic Review, Vol. 24, Issue 3, pp. 416-446, 2019
Number of pages: 31 Posted: 03 Jun 2020
Xin Wang and Yi Wen
The Chinese University of Hong Kong (CUHK) and Federal Reserve Bank of St. Louis - Research Department
Downloads 0 (794,597)
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82.

Measuring Interest Rates as Determined by Thrift and Productivity

Posted: 10 Jun 2009
Yi Wen and Woon Gyu Choi
Federal Reserve Bank of St. Louis - Research Department and International Monetary Fund (IMF)

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Interest rate, Marginal rate of substitution, Marginal rate of transformation, General equilibrium, Asset

83.

When Does Heterogeneity Matter?

Posted: 17 May 2009
Yi Wen
Federal Reserve Bank of St. Louis - Research Department

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Cash-in-Advance, Heterogeneity, Distribution, Money Demand, Velocity, Welfare Costs of Inflation