Details about YiLi Chien

Access statistics for papers by YiLi Chien.

Last updated 2024-03-06. Update your information in the RePEc Author Service.

Short-id: pch650

Working Papers

2025

1. What about Japan?
   Working Papers, Federal Reserve Bank of St. Louis
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023)

2024

2. Bank Reserves since the Start of Quantitative Tightening
   On the Economy, Federal Reserve Bank of St. Louis
3. Japan’s Consolidated Balance Sheet and Challenges for Monetary Policy
   On the Economy, Federal Reserve Bank of St. Louis
4. The Ramsey Steady-State Conundrum in Heterogeneous-Agent Economies
   Working Papers, Federal Reserve Bank of St. Louis View citations (1)

2023

5. Optimal Dynamic Tax-Transfer Policies in Heterogeneous-Agents Economies
   Working Papers, Federal Reserve Bank of St. Louis
6. What Does History Reveal about Reducing the National Debt Burden?
   On the Economy, Federal Reserve Bank of St. Louis
7. What Lessons Can Be Drawn from Japan’s High Debt-to-GDP Ratio?
   On the Economy, Federal Reserve Bank of St. Louis

2022

8. Breaking Down the Contributors to High Inflation
   On the Economy, Federal Reserve Bank of St. Louis
9. The Determination of Public Debt under both Aggregate and Idiosyncratic Uncertainty
   Working Papers, Federal Reserve Bank of St. Louis View citations (6)
   See also Journal Article The determination of public debt under both aggregate and idiosyncratic uncertainty, Journal of Economic Theory, Elsevier (2022) View citations (3) (2022)
10. What Do Financial Markets Say about Future Inflation?
    On the Economy, Federal Reserve Bank of St. Louis

2021

11. Are Government Bonds Net Wealth or a Liability? ---Optimal Debt and Taxes in an OLG Model with Uninsurable Income Risk
    Working Papers, Federal Reserve Bank of St. Louis
12. Are State Political Leanings and Government Spending Correlated?
    On the Economy, Federal Reserve Bank of St. Louis
13. Are Unconditional Lump-sum Transfers a Good Idea?
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Are unconditional lump-sum transfers a good idea?, Economics Letters, Elsevier (2021) (2021)
14. Optimal Fiscal Policy under Capital Overaccumulation
    Working Papers, Federal Reserve Bank of St. Louis
15. Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences
    Working Papers, Federal Reserve Bank of St. Louis View citations (6)
    See also Journal Article Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2022) View citations (15) (2022)
16. Time-Inconsistent Optimal Quantity of Debt
    Working Papers, Federal Reserve Bank of St. Louis View citations (3)
    See also Journal Article Time-inconsistent optimal quantity of debt, European Economic Review, Elsevier (2021) View citations (3) (2021)
17. What Drives Changes in Inflation?
    On the Economy, Federal Reserve Bank of St. Louis

2020

18. Convergence to Rational Expectations in Learning Models: A Note of Caution
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Convergence to Rational Expectations in Learning Models: A Note of Caution, Review, Federal Reserve Bank of St. Louis (2021) View citations (2) (2021)
19. How Financially Fit Are American Retirees?
    On the Economy, Federal Reserve Bank of St. Louis
20. Implementing the Modified Golden Rule? Optimal Ramsey Capital Taxation with Incomplete Markets Revisited
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
    Also in 2018 Meeting Papers, Society for Economic Dynamics (2018) View citations (6)
21. More Households Face Food Scarcity during COVID-19
    On the Economy, Federal Reserve Bank of St. Louis
22. Should Capital Be Taxed?
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
    See also Journal Article Should capital be taxed?, Economics Letters, Elsevier (2021) View citations (4) (2021)
23. Why the Same Inflation Target May Not Fit All Countries
    On the Economy, Federal Reserve Bank of St. Louis

2019

24. Don't Tax Capital---Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences
    2019 Meeting Papers, Society for Economic Dynamics View citations (12)

2018

25. The Real Term Premium in a Stationary Economy with Segmented Asset Markets
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article The Real Term Premium in a Stationary Economy with Segmented Asset Markets, Review, Federal Reserve Bank of St. Louis (2019) (2019)

2017

26. Optimal Ramsey Capital Income Taxation —A Reappraisal
    Working Papers, Federal Reserve Bank of St. Louis View citations (13)
27. Why Are Exchange Rates So Smooth? A Heterogeneous Portfolio Explanation
    2017 Meeting Papers, Society for Economic Dynamics View citations (2)
28. Why Are Exchange Rates So Smooth? A Household Finance Explanation
    Working papers, University of Connecticut, Department of Economics
    Also in Working Papers, Federal Reserve Bank of St. Louis (2015) View citations (4)
    See also Journal Article Why are exchange rates so smooth? A household finance explanation, Journal of Monetary Economics, Elsevier (2020) View citations (7) (2020)

2015

29. Individual and Aggregate Constrained Efficient Intertemporal Wedges in Dynamic Mirrleesian Economies
    Working Papers, Federal Reserve Bank of St. Louis
30. Why Are Exchange Rates So Smooth? A Segmented Asset Markets Explanation
    Research Papers, Stanford University, Graduate School of Business View citations (6)

2014

31. Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies for the Macroeconomy
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in Working Papers, Federal Reserve Bank of St. Louis (2014)
32. The cost of business cycles with heterogeneous trading technologies
    Working Papers, Federal Reserve Bank of St. Louis

2013

33. Modeling monetary economies: an equivalence result
    Working Papers, Federal Reserve Bank of St. Louis
34. The Risk Premium and Long-Run Global Imbalances
    2013 Meeting Papers, Society for Economic Dynamics View citations (2)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2012)
    Purdue University Economics Working Papers, Purdue University, Department of Economics (2011) View citations (6)
    Working papers, University of Connecticut, Department of Economics (2012)
    See also Journal Article The risk premium and long-run global imbalances, Journal of Monetary Economics, Elsevier (2015) View citations (8) (2015)
35. Two Monetary Models with Alternating Markets
    Working Papers, Chapman University, Economic Science Institute View citations (1)
    Also in SAFE Working Paper Series, Leibniz Institute for Financial Research SAFE (2013) View citations (1)
    See also Journal Article Two Monetary Models with Alternating Markets, Journal of Money, Credit and Banking, Blackwell Publishing (2016) View citations (2) (2016)
36. Who Bears Long-Run Inflation Risk? Implications for Bond Risk Premia
    2013 Meeting Papers, Society for Economic Dynamics

2012

37. Understanding the distributional impact of long-run inflation
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Understanding the Distributional Impact of Long‐Run Inflation, Journal of Money, Credit and Banking, Blackwell Publishing (2014) View citations (17) (2014)

2009

38. Is the Volatility of the Market Price of Risk due to Intermittent Portfolio Re-balancing?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    See also Journal Article Is the Volatility of the Market Price of Risk Due to Intermittent Portfolio Rebalancing?, American Economic Review, American Economic Association (2012) View citations (61) (2012)
39. Optimal capital taxation under limited commitment
    CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University
    Also in 2006 Meeting Papers, Society for Economic Dynamics (2006) View citations (2)
    ANU Working Papers in Economics and Econometrics, Australian National University, College of Business and Economics, School of Economics (2008) View citations (3)
40. Why tax capital?
    CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University View citations (1)
    Also in ANU Working Papers in Economics and Econometrics, Australian National University, College of Business and Economics, School of Economics (2008) View citations (1)
    2006 Meeting Papers, Society for Economic Dynamics (2006) View citations (1)

2007

41. A Multiplier Approach to Understanding the Macro Implications of Household Finance
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
    See also Journal Article A Multiplier Approach to Understanding the Macro Implications of Household Finance, The Review of Economic Studies, Review of Economic Studies Ltd (2011) View citations (78) (2011)
42. Macro Implications of Household Finance
    2007 Meeting Papers, Society for Economic Dynamics View citations (11)

2005

43. The Market Price of Aggregate Risk and the Wealth Distribution
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    See also Journal Article The Market Price of Aggregate Risk and the Wealth Distribution, The Review of Financial Studies, Society for Financial Studies (2010) View citations (64) (2010)

Journal Articles

2023

1. Central Bank Balance Sheets and Policy Rate Decisions
   The Regional Economist, 2023

2022

2. Credit Expansion and Markups
   Review, 2022, 104, (4), 297-316
3. Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences
   Review of Economic Dynamics, 2022, 46, 124-160 View citations (15)
   See also Software Item Code and data files for "Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences", Computer Codes (2021) (2021)
   Working Paper Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences, Working Papers (2021) View citations (6) (2021)
4. The Impact of Inflation’s Wealth Transfer Effect
   The Regional Economist, 2022
5. The Large Gap in Stock Market Participation Between Black and White Households
   Economic Synopses, 2022, (7), 1-2
6. The Recent Rise of U.S. National Wealth
   Economic Synopses, 2022, (28), 1-2
7. The determination of public debt under both aggregate and idiosyncratic uncertainty
   Journal of Economic Theory, 2022, 203, (C) View citations (3)
   See also Working Paper The Determination of Public Debt under both Aggregate and Idiosyncratic Uncertainty, Working Papers (2022) View citations (6) (2022)

2021

8. Are unconditional lump-sum transfers a good idea?
   Economics Letters, 2021, 209, (C)
   See also Working Paper Are Unconditional Lump-sum Transfers a Good Idea?, Working Papers (2021) (2021)
9. Convergence to Rational Expectations in Learning Models: A Note of Caution
   Review, 2021, 103, (3), 351-366 View citations (2)
   See also Working Paper Convergence to Rational Expectations in Learning Models: A Note of Caution, Working Papers (2020) (2020)
10. Optimal Capital Taxation and Precautionary Savings
    Review, 2021, 103, (3), 333-350
11. Should capital be taxed?
    Economics Letters, 2021, 200, (C) View citations (4)
    See also Working Paper Should Capital Be Taxed?, Working Papers (2020) View citations (2) (2020)
12. Stability and Equilibrium Selection in Learning Models: A Note of Caution
    Review, 2021, 103, (4), 477-488
13. State Government Expenditures by Party Affiliation
    The Regional Economist, 2021
14. Time-inconsistent optimal quantity of debt
    European Economic Review, 2021, 140, (C) View citations (3)
    See also Working Paper Time-Inconsistent Optimal Quantity of Debt, Working Papers (2021) View citations (3) (2021)

2020

15. How Bad Can It Be? The Relationship between GDP Growth and the Unemployment Rate
    Economic Synopses, 2020, (16) View citations (1)
16. How Long Will the Relief Check Last?
    Economic Synopses, 2020, (13)
17. Same Target, Different Economies: A Cross-Country Analysis of Inflation
    The Regional Economist, 2020, 28, (1)
18. The Value of $600 Across States Hit Hardest by COVID-19
    Economic Synopses, 2020, (26)
19. The Wage Bills of COVID-19
    Economic Synopses, 2020, (18)
20. Why are exchange rates so smooth? A household finance explanation
    Journal of Monetary Economics, 2020, 112, (C), 129-144 View citations (7)
    See also Working Paper Why Are Exchange Rates So Smooth? A Household Finance Explanation, Working papers (2017) (2017)
21. Will Workers Want To Be Laid Off?
    Economic Synopses, 2020, (22)

2019

22. Better than Ever? The Wealth of Retired Households
    The Regional Economist, 2019, 27, (2) View citations (1)
23. Decomposing the Low PCE Inflation Rate
    Economic Synopses, 2019, (24)
24. The Real Term Premium in a Stationary Economy with Segmented Asset Markets
    Review, 2019, 101, (2), 115-134
    See also Working Paper The Real Term Premium in a Stationary Economy with Segmented Asset Markets, Working Papers (2018) (2018)

2018

25. Accounting for Age: The Financial Health of Millennials
    The Regional Economist, 2018, 26, (2) View citations (2)
26. Many Americans Still Lack Retirement Savings
    The Regional Economist, 2018, 26, (1) View citations (2)

2017

27. Household Participation in Stock Market Varies Widely by State
    The Regional Economist, 2017, 25, (3) View citations (1)
28. Slowdown in Productivity: State vs. National Trend
    The Regional Economist, 2017, 25, (1)
29. State Variation of Tax Deductions
    Economic Synopses, 2017, (12), 1-2
30. The Rising Federal Funds Rate in the Current Low Long-Term Interest Rate Environment
    Economic Synopses, 2017, (10), 1-2

2016

31. Does a Stronger Dollar Erode the Profitability of U.S. Firms?
    Economic Synopses, 2016, (27), 1-2
32. Filling the Tank on Fridays May Be a Bad Idea for St. Louisans
    Economic Synopses, 2016, (8), 1-2
33. Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies in an Endowment Economy
    Review of Economic Dynamics, 2016, 20, 215-239 View citations (10)
    See also Software Item Code files for "Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies in an Endowment Economy", Computer Codes (2015) (2015)
34. Optimal Ramsey Capital Taxation with Endogenous Government Spending
    Review, 2016, 98, (4), 311-327 View citations (1)
35. PMI and GDP: Do They Correlate for the United States? For China?
    Economic Synopses, 2016, (6), 1-2 View citations (7)
36. The Heterogeneous Impacts of Rising Inflation
    Economic Synopses, 2016, (21), 1-2
37. Two Monetary Models with Alternating Markets
    Journal of Money, Credit and Banking, 2016, 48, (5), 1051-1064 View citations (2)
    See also Working Paper Two Monetary Models with Alternating Markets, Working Papers (2013) View citations (1) (2013)
38. Unemployment by Industry: Duration Must Be Considered, Too
    The Regional Economist, 2016, (Jan) View citations (2)

2015

39. Lagging Long-Term Wage Growth
    Economic Synopses, 2015, (14)
40. The Welfare Cost of Business Cycles with Heterogeneous Trading Technologies
    Review, 2015, 97, (1), 67-85
41. The risk premium and long-run global imbalances
    Journal of Monetary Economics, 2015, 76, (C), 299-315 View citations (8)
    See also Working Paper The Risk Premium and Long-Run Global Imbalances, 2013 Meeting Papers (2013) View citations (2) (2013)

2014

42. A NOTE ON USING EXCESSIVE PERKS TO RESTRAIN THE HIDDEN SAVING PROBLEM
    Macroeconomic Dynamics, 2014, 18, (2), 480-496 View citations (4)
43. The cost of chasing returns
    Economic Synopses, 2014, (18)
44. Understanding the Distributional Impact of Long‐Run Inflation
    Journal of Money, Credit and Banking, 2014, 46, (6), 1137-1170 View citations (17)
    See also Working Paper Understanding the distributional impact of long-run inflation, Working Papers (2012) (2012)

2012

45. Is the Volatility of the Market Price of Risk Due to Intermittent Portfolio Rebalancing?
    American Economic Review, 2012, 102, (6), 2859-96 View citations (61)
    See also Working Paper Is the Volatility of the Market Price of Risk due to Intermittent Portfolio Re-balancing?, NBER Working Papers (2009) View citations (5) (2009)

2011

46. A Multiplier Approach to Understanding the Macro Implications of Household Finance
    The Review of Economic Studies, 2011, 78, (1), 199-234 View citations (78)
    See also Working Paper A Multiplier Approach to Understanding the Macro Implications of Household Finance, NBER Working Papers (2007) View citations (12) (2007)

2010

47. The Market Price of Aggregate Risk and the Wealth Distribution
    The Review of Financial Studies, 2010, 23, (4), 1596-1650 View citations (64)
    See also Working Paper The Market Price of Aggregate Risk and the Wealth Distribution, NBER Working Papers (2005) View citations (14) (2005)

Software Items

2021

1. Code and data files for "Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2022) View citations (15) (2022)

2015

2. Code files for "Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies in an Endowment Economy"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies in an Endowment Economy, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2016) View citations (10) (2016)