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
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Working Papers
2025
- A Neoclassical Model of the World Financial Cycle
NBER Working Papers, National Bureau of Economic Research, Inc
2024
- Demand Shocks as Technology Shocks
NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
- 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)
- Optimal Trade Policies and Labor Markets
NBER Working Papers, National Bureau of Economic Research, Inc
- 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)
- Unbalanced Trade: Is Growing Dispersion from Financial or Trade Reforms?
NBER Working Papers, National Bureau of Economic Research, Inc
2023
- Technological Rivalry and Optimal Dynamic Policy in an Open Economy
NBER Working Papers, National Bureau of Economic Research, Inc
2021
- 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)
- 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
- Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)
NBER Working Papers, National Bureau of Economic Research, Inc View citations (19)
Also in Department of Economics Working Papers, Stony Brook University, Department of Economics (2019) View citations (12) 2018 Meeting Papers, Society for Economic Dynamics (2018) View citations (2) Department of Economics Working Papers, Stony Brook University, Department of Economics (2019) View citations (7) Staff Report, Federal Reserve Bank of Minneapolis (2020) View citations (13)
2019
- 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)
- Sovereign Default Risk and Migration
2019 Meeting Papers, Society for Economic Dynamics View citations (2)
- World financial cycles
2019 Meeting Papers, Society for Economic Dynamics View citations (8)
2018
- Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation?
NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
2017
- Appendix for Financial Frictions and Fluctuations in Volatility
Staff Report, Federal Reserve Bank of Minneapolis
- 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 Chapter Default Risk, Sectoral Reallocation, and Persistent Recessions, NBER Chapters, National Bureau of Economic Research, Inc (2017) View citations (3) (2017) Journal Article Default risk, sectoral reallocation, and persistent recessions, Journal of International Economics, Elsevier (2018) View citations (31) (2018)
- Sovereign Default Risk and Firm Heterogeneity
NBER Working Papers, National Bureau of Economic Research, Inc View citations (26)
- Sovereign Risk Contagion
NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2017) View citations (5)
- Sovereign risk and firm heterogeneity
Staff Report, Federal Reserve Bank of Minneapolis
- The Payment Schedule of Sovereign Debt
Department of Economics Working Papers, Stony Brook University, Department of Economics View citations (5)
See also Journal Article The payment schedule of sovereign debt, Economics Letters, Elsevier (2017) View citations (6) (2017)
2016
- Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation
2016 Meeting Papers, Society for Economic Dynamics View citations (5)
- 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)
- 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)
- Private Leverage and Sovereign Default
2016 Meeting Papers, Society for Economic Dynamics
2015
- 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
- Credibility and the Maturity of Government Debt
2014 Meeting Papers, Society for Economic Dynamics
- 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
- 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)
- Linkages across Sovereign Debt Markets
NBER Working Papers, National Bureau of Economic Research, Inc View citations (18)
Also in Staff Report, Federal Reserve Bank of Minneapolis (2013) View citations (17) 2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (4)
2011
- Demand Shocks that Look Like Productivity Shocks
2011 Meeting Papers, Society for Economic Dynamics View citations (29)
- Financial Markets and Fluctuations in Uncertainty
2011 Meeting Papers, Society for Economic Dynamics View citations (49)
2010
- Financial Crises and Fluctuations in Uncertainty
2010 Meeting Papers, Society for Economic Dynamics
- World Trade During Financial Crises
2010 Meeting Papers, Society for Economic Dynamics
2009
- 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 (52) (2012)
- 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)
- 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)
- What is the Relationship between Competition and Productivity
2009 Meeting Papers, Society for Economic Dynamics View citations (1)
2008
- Renegotiation and Coordination: Sovereign Default in 1980s and 1990s
2008 Meeting Papers, Society for Economic Dynamics
2007
- Contract Enforcement and Firms'd5 FinancingContract Enforcement and Firms'd5 Financing
Working Papers, Research Seminar in International Economics, University of Michigan
- Enforcement, Incomplete Contracts, and Firm Dynamics
2007 Meeting Papers, Society for Economic Dynamics
2006
- Coordination and Renegotiation: Sovereign Defaults in 1980s and 1990s
2006 Meeting Papers, Society for Economic Dynamics
Journal Articles
2025
- 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
- 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)
- 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
- 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
- Migration and sovereign default risk
Journal of Monetary Economics, 2020, 113, (C), 1-22 View citations (16)
2019
- 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
- Default risk, sectoral reallocation, and persistent recessions
Journal of International Economics, 2018, 112, (C), 182-199 View citations (31)
See also Chapter Default Risk, Sectoral Reallocation, and Persistent Recessions, NBER Chapters, 2017 (2017) View citations (3) (2017) Working Paper Default Risk, Sectoral Reallocation and Persistent Recessions, Staff Report (2017) View citations (2) (2017)
2017
- 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)
- The payment schedule of sovereign debt
Economics Letters, 2017, 161, (C), 19-23 View citations (6)
See also Working Paper The Payment Schedule of Sovereign Debt, Department of Economics Working Papers (2017) View citations (5) (2017)
2015
- 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
- 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
- Duration of sovereign debt renegotiation
Journal of International Economics, 2012, 86, (2), 252-268 View citations (52)
See also Working Paper Duration of Sovereign Debt Renegotiation, Working Papers (2009) View citations (5) (2009)
- 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)
- 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
- Solving the Feldstein-Horioka Puzzle With Financial Frictions
Econometrica, 2010, 78, (2), 603-632 View citations (112)
Chapters
2017
- Default Risk, Sectoral Reallocation, and Persistent Recessions
A chapter in NBER International Seminar on Macroeconomics 2017, 2017 View citations (3)
See also Journal Article Default risk, sectoral reallocation, and persistent recessions, Elsevier (2018) View citations (31) (2018) Working Paper Default Risk, Sectoral Reallocation and Persistent Recessions, Federal Reserve Bank of Minneapolis (2017) View citations (2) (2017)
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