Details about Yan Bai

Access statistics for papers by Yan Bai.

Last updated 2025-02-11. Update your information in the RePEc Author Service.

Short-id: pba291

Working Papers

2025

1. A Neoclassical Model of the World Financial Cycle
   NBER Working Papers, National Bureau of Economic Research, Inc

2024

2. Demand Shocks as Technology Shocks
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
3. Misallocation under trade liberalization
   LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (1)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (23)
   See also Journal Article Misallocation under Trade Liberalization, American Economic Review, American Economic Association (2024) View citations (1) (2024)
4. Optimal Trade Policies and Labor Markets
   NBER Working Papers, National Bureau of Economic Research, Inc
5. Optimal Trade Policy with International Technology Diffusion
   NBER Working Papers, National Bureau of Economic Research, Inc
   See also Journal Article Optimal trade policy with international technology diffusion, Journal of International Economics, Elsevier (2025) (2025)
6. Unbalanced Trade: Is Growing Dispersion from Financial or Trade Reforms?
   NBER Working Papers, National Bureau of Economic Research, Inc

2023

7. Technological Rivalry and Optimal Dynamic Policy in an Open Economy
   NBER Working Papers, National Bureau of Economic Research, Inc

2021

8. COVID-19 Vaccination and Financial Frictions
   Staff Report, Federal Reserve Bank of Minneapolis
   See also Journal Article COVID-19 Vaccination and Financial Frictions, IMF Economic Review, Palgrave Macmillan (2023) (2023)
9. Deadly Debt Crises: COVID-19 in Emerging Markets
   Department of Economics Working Papers, Stony Brook University, Department of Economics View citations (5)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (50)
   Staff Report, Federal Reserve Bank of Minneapolis (2020) View citations (30)
   See also Journal Article Deadly Debt Crises: COVID-19 in Emerging Markets, The Review of Economic Studies, Review of Economic Studies Ltd (2024) (2024)

2020

10. Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)
    Staff Report, Federal Reserve Bank of Minneapolis View citations (13)
    Also in Department of Economics Working Papers, Stony Brook University, Department of Economics (2019) View citations (12)
    Department of Economics Working Papers, Stony Brook University, Department of Economics (2019) View citations (7)
    NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (19)

2019

11. Inflation Targeting with Sovereign Default Risk
    2019 Meeting Papers, Society for Economic Dynamics View citations (1)
    Also in Department of Economics Working Papers, Stony Brook University, Department of Economics (2018) View citations (4)
    2018 Meeting Papers, Society for Economic Dynamics (2018) View citations (2)
12. Sovereign Default Risk and Migration
    2019 Meeting Papers, Society for Economic Dynamics View citations (2)
13. World financial cycles
    2019 Meeting Papers, Society for Economic Dynamics View citations (8)

2018

14. Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)

2017

15. Appendix for Financial Frictions and Fluctuations in Volatility
    Staff Report, Federal Reserve Bank of Minneapolis
16. Default Risk, Sectoral Reallocation and Persistent Recessions
    Staff Report, Federal Reserve Bank of Minneapolis View citations (2)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (3)
    Department of Economics Working Papers, Stony Brook University, Department of Economics (2017) View citations (4)
    See also Journal Article Default risk, sectoral reallocation, and persistent recessions, Journal of International Economics, Elsevier (2018) View citations (31) (2018)
    Chapter Default Risk, Sectoral Reallocation, and Persistent Recessions, NBER Chapters, National Bureau of Economic Research, Inc (2017) View citations (3) (2017)
17. Sovereign Default Risk and Firm Heterogeneity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (26)
18. Sovereign Risk Contagion
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (2017) View citations (5)
19. Sovereign risk and firm heterogeneity
    Staff Report, Federal Reserve Bank of Minneapolis
20. The Payment Schedule of Sovereign Debt
    Department of Economics Working Papers, Stony Brook University, Department of Economics View citations (6)
    See also Journal Article The payment schedule of sovereign debt, Economics Letters, Elsevier (2017) View citations (7) (2017)

2016

21. Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation
    2016 Meeting Papers, Society for Economic Dynamics View citations (5)
22. Financial Frictions and Fluctuations in Volatility
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (53)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (2012) View citations (51)
    See also Journal Article Financial Frictions and Fluctuations in Volatility, Journal of Political Economy, University of Chicago Press (2019) View citations (153) (2019)
23. Fiscal Austerity during Debt Crises
    Staff Report, Federal Reserve Bank of Minneapolis View citations (14)
    See also Journal Article Fiscal austerity during debt crises, Economic Theory, Springer (2017) View citations (30) (2017)
24. Private Leverage and Sovereign Default
    2016 Meeting Papers, Society for Economic Dynamics

2015

25. The Maturity and Payment Schedule of Sovereign Debt
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    Also in 2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (8)

2014

26. Credibility and the Maturity of Government Debt
    2014 Meeting Papers, Society for Economic Dynamics
27. Renegotiation Policies in Sovereign Defaults
    Staff Report, Federal Reserve Bank of Minneapolis View citations (5)
    See also Journal Article Renegotiation Policies in Sovereign Defaults, American Economic Review, American Economic Association (2014) View citations (5) (2014)

2013

28. Demand shocks and open economy puzzles
    2013 Meeting Papers, Society for Economic Dynamics
    See also Journal Article Demand Shocks and Open Economy Puzzles, American Economic Review, American Economic Association (2015) View citations (17) (2015)
29. Linkages across Sovereign Debt Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (18)
    Also in 2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (4)
    Staff Report, Federal Reserve Bank of Minneapolis (2013) View citations (17)

2011

30. Demand Shocks that Look Like Productivity Shocks
    2011 Meeting Papers, Society for Economic Dynamics View citations (29)
31. Financial Markets and Fluctuations in Uncertainty
    2011 Meeting Papers, Society for Economic Dynamics View citations (49)

2010

32. Financial Crises and Fluctuations in Uncertainty
    2010 Meeting Papers, Society for Economic Dynamics
33. World Trade During Financial Crises
    2010 Meeting Papers, Society for Economic Dynamics

2009

34. Duration of Sovereign Debt Renegotiation
    Working Papers, Research Seminar in International Economics, University of Michigan View citations (5)
    See also Journal Article Duration of sovereign debt renegotiation, Journal of International Economics, Elsevier (2012) View citations (53) (2012)
35. Financial Integration and International Risk Sharing
    Working Papers, Research Seminar in International Economics, University of Michigan View citations (18)
    Also in 2006 Meeting Papers, Society for Economic Dynamics (2006) View citations (17)
    See also Journal Article Financial integration and international risk sharing, Journal of International Economics, Elsevier (2012) View citations (96) (2012)
36. Firm Dynamics and Financial Development
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (2009) View citations (16)
    2009 Meeting Papers, Society for Economic Dynamics (2009) View citations (10)
    See also Journal Article Firm dynamics and financial development, Journal of Monetary Economics, Elsevier (2012) View citations (91) (2012)
37. What is the Relationship between Competition and Productivity
    2009 Meeting Papers, Society for Economic Dynamics View citations (1)

2008

38. Renegotiation and Coordination: Sovereign Default in 1980s and 1990s
    2008 Meeting Papers, Society for Economic Dynamics

2007

39. Contract Enforcement and Firms'd5 FinancingContract Enforcement and Firms'd5 Financing
    Working Papers, Research Seminar in International Economics, University of Michigan
40. Enforcement, Incomplete Contracts, and Firm Dynamics
    2007 Meeting Papers, Society for Economic Dynamics

2006

41. Coordination and Renegotiation: Sovereign Defaults in 1980s and 1990s
    2006 Meeting Papers, Society for Economic Dynamics

Journal Articles

2025

1. Optimal trade policy with international technology diffusion
   Journal of International Economics, 2025, 153, (C)
   See also Working Paper Optimal Trade Policy with International Technology Diffusion, NBER Working Papers (2024) (2024)

2024

2. Deadly Debt Crises: COVID-19 in Emerging Markets
   The Review of Economic Studies, 2024, 91, (3), 1243-1290
   See also Working Paper Deadly Debt Crises: COVID-19 in Emerging Markets, Department of Economics Working Papers (2021) View citations (5) (2021)
3. Misallocation under Trade Liberalization
   American Economic Review, 2024, 114, (7), 1949-85 View citations (1)
   See also Working Paper Misallocation under trade liberalization, LSE Research Online Documents on Economics (2024) View citations (1) (2024)

2023

4. COVID-19 Vaccination and Financial Frictions
   IMF Economic Review, 2023, 71, (1), 216-242
   See also Working Paper COVID-19 Vaccination and Financial Frictions, Staff Report (2021) (2021)

2020

5. Migration and sovereign default risk
   Journal of Monetary Economics, 2020, 113, (C), 1-22 View citations (16)

2019

6. Financial Frictions and Fluctuations in Volatility
   Journal of Political Economy, 2019, 127, (5), 2049 - 2103 View citations (153)
   See also Working Paper Financial Frictions and Fluctuations in Volatility, NBER Working Papers (2016) View citations (53) (2016)

2018

7. Default risk, sectoral reallocation, and persistent recessions
   Journal of International Economics, 2018, 112, (C), 182-199 View citations (31)
   See also Working Paper Default Risk, Sectoral Reallocation and Persistent Recessions, Staff Report (2017) View citations (2) (2017)
   Chapter Default Risk, Sectoral Reallocation, and Persistent Recessions, NBER Chapters, 2017 (2017) View citations (3) (2017)

2017

8. Fiscal austerity during debt crises
   Economic Theory, 2017, 64, (4), 657-673 View citations (30)
   See also Working Paper Fiscal Austerity during Debt Crises, Staff Report (2016) View citations (14) (2016)
9. The payment schedule of sovereign debt
   Economics Letters, 2017, 161, (C), 19-23 View citations (7)
   See also Working Paper The Payment Schedule of Sovereign Debt, Department of Economics Working Papers (2017) View citations (6) (2017)

2015

10. Demand Shocks and Open Economy Puzzles
    American Economic Review, 2015, 105, (5), 644-49 View citations (17)
    See also Working Paper Demand shocks and open economy puzzles, 2013 Meeting Papers (2013) (2013)

2014

11. Renegotiation Policies in Sovereign Defaults
    American Economic Review, 2014, 104, (5), 94-100 View citations (5)
    See also Working Paper Renegotiation Policies in Sovereign Defaults, Staff Report (2014) View citations (5) (2014)

2012

12. Duration of sovereign debt renegotiation
    Journal of International Economics, 2012, 86, (2), 252-268 View citations (53)
    See also Working Paper Duration of Sovereign Debt Renegotiation, Working Papers (2009) View citations (5) (2009)
13. Financial integration and international risk sharing
    Journal of International Economics, 2012, 86, (1), 17-32 View citations (96)
    See also Working Paper Financial Integration and International Risk Sharing, Working Papers (2009) View citations (18) (2009)
14. Firm dynamics and financial development
    Journal of Monetary Economics, 2012, 59, (6), 533-549 View citations (91)
    See also Working Paper Firm Dynamics and Financial Development, NBER Working Papers (2009) View citations (10) (2009)

2010

15. Solving the Feldstein-Horioka Puzzle With Financial Frictions
    Econometrica, 2010, 78, (2), 603-632 View citations (113)

Chapters

2017

1. Default Risk, Sectoral Reallocation, and Persistent Recessions
   A chapter in NBER International Seminar on Macroeconomics 2017, 2017 View citations (3)
   See also Working Paper Default Risk, Sectoral Reallocation and Persistent Recessions, Federal Reserve Bank of Minneapolis (2017) View citations (2) (2017)
   Journal Article Default risk, sectoral reallocation, and persistent recessions, Elsevier (2018) View citations (31) (2018)