Details about Pengfei Wang

Homepage:	https://english.phbs.pku.edu.cn/2019/fulltime_0920/118.html
Phone:	(852)-2358-7612
Postal address:	Peking University HSBC Business School
Workplace:	HSBC Business School, Peking University, (more information at EDIRC)

Access statistics for papers by Pengfei Wang.

Last updated 2023-03-16. Update your information in the RePEc Author Service.

Short-id: pwa169

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Working Papers

2022

1. A Theory of Housing Demand Shocks
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (8)
   Also in 2019 Meeting Papers, Society for Economic Dynamics (2019) View citations (7)
   NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (7)
   FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2019) View citations (7)

2020

2. Asset Bubbles and Monetary Policy
   Boston University - Department of Economics - The Institute for Economic Development Working Papers Series, Boston University - Department of Economics View citations (19)
   Also in 2017 Meeting Papers, Society for Economic Dynamics (2017) View citations (18)
   See also Journal Article in Review of Economic Dynamics (2020)
3. Discount Shock, Price-Rent Dynamics, and the Business Cycle
   FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (1)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (4)
   See also Journal Article in International Economic Review (2020)
4. Self-Fulfilling Risk Panics: An Expected Utility Framework
   NBER Working Papers, National Bureau of Economic Research, Inc

2019

5. Convergence, Financial Development, and Policy Analysis
   Boston University - Department of Economics - The Institute for Economic Development Working Papers Series, Boston University - Department of Economics View citations (3)
   See also Journal Article in Economic Theory (2020)
6. Interest-Rate Liberalization and Capital Misallocations
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (3)
   See also Journal Article in American Economic Journal: Macroeconomics (2021)

2018

7. A Search-Based Neoclassical Model of Capital Reallocation
   Working Papers, Federal Reserve Bank of St. Louis
   See also Journal Article in European Economic Review (2020)
8. Financial Markets, the Real Economy, and Self-fulfilling Uncertainties
   NBER Working Papers, National Bureau of Economic Research, Inc
   See also Journal Article in Journal of Finance (2019)

2017

9. Asset Bubbles and Foreign Interest Rate Shocks
   2017 Meeting Papers, Society for Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2022)
10. Online Appendix to ""Financial Development and Long-Run Volatility Trends"
    Online Appendices, Review of Economic Dynamics View citations (1)
    See also Journal Article in Review of Economic Dynamics (2018)

2016

11. Adverse Selection and Self-fulfilling Business Cycles
    2016 Meeting Papers, Society for Economic Dynamics
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (9)
    See also Journal Article in Journal of Monetary Economics (2018)
12. Saving China's Stock Market
    IHEID Working Papers, Economics Section, The Graduate Institute of International Studies View citations (2)
    See also Journal Article in IMF Economic Review (2019)

2015

13. Credit Search and Credit Cycles
    Working Papers, Federal Reserve Bank of St. Louis View citations (14)
    See also Journal Article in Economic Theory (2016)
14. Housing Bubbles and Policy Analysis
    2015 Meeting Papers, Society for Economic Dynamics View citations (3)
15. Sentiments, Financial Markets, and Macroeconomic Fluctuations
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article in Journal of Financial Economics (2016)

2014

16. Liquidity Premia, Price-Rent Dynamics, and Business Cycles
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (4)
17. Private Information and Sunspots in Sequential Asset Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article in Journal of Economic Theory (2015)
18. Trade, Sectorial Reallocation, and Growth
    MPRA Paper, University Library of Munich, Germany
    See also Journal Article in Annals of Economics and Finance (2018)

2013

19. A Bayesian DSGE Model of Stock Market Bubbles and Business Cycles
    2013 Meeting Papers, Society for Economic Dynamics View citations (10)
20. Financial development and long-run volatility trends
    Working Papers, Federal Reserve Bank of St. Louis View citations (4)
    See also Journal Article in Review of Economic Dynamics (2018)
21. Stock Market Bubbles and Unemployment
    2013 Meeting Papers, Society for Economic Dynamics View citations (5)
    Also in Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics (2012) View citations (7)
    See also Journal Article in Economic Theory (2016)
22. Two-Way Capital Flows and Global Imbalances: A Neoclassical Approach
    2013 Meeting Papers, Society for Economic Dynamics
    Also in Working Papers, Federal Reserve Bank of St. Louis (2012) View citations (4)
23. Uncertainty and Sentiment-Driven Equilibria
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2013) View citations (9)
    See also Chapter (2017)

2012

24. Banking Bubbles and Financial Crisis
    Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics View citations (6)
    See also Journal Article in Journal of Economic Theory (2015)
25. Financial Constraints, Endogenous Markups, and Self-fulfilling Equilibria
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article in Journal of Monetary Economics (2013)
26. Land-Price Dynamics and Macroeconomic Fluctuations
    2012 Meeting Papers, Society for Economic Dynamics View citations (2)
    Also in Working Paper Series, Federal Reserve Bank of San Francisco (2011) View citations (17)
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2011) View citations (44)
    NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (36)
    See also Journal Article in Econometrica (2013)
27. Sectoral Bubbles and Endogenous Growth
    2012 Meeting Papers, Society for Economic Dynamics View citations (3)
    Also in Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics (2011) View citations (4)
28. Sentiments and Aggregate Demand Fluctuations
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (19)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2012) View citations (6)
    See also Journal Article in Econometrica (2015)
29. What inventories tell us about aggregate fluctuations -- a tractable approach to (S,s) policies
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article in Journal of Economic Dynamics and Control (2014)
30. When Do Inventories Destabilize the Economy? ---A Tractable Approach to (S,s) Policies
    2012 Meeting Papers, Society for Economic Dynamics

2011

31. Bubbles and Credit Constraints
    2011 Meeting Papers, Society for Economic Dynamics View citations (51)
    Also in Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics (2011) View citations (55)
32. Bubbles and Total Factor Productivity
    Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics View citations (6)
    See also Journal Article in American Economic Review (2012)
33. When do inventories destabilize the economy? an analytical approach to (S,s) policies
    Working Papers, Federal Reserve Bank of St. Louis

2010

34. Credit Risk and Business Cycles
    Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics View citations (26)
35. Do credit constraints amplify macroeconomic fluctuations?
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (9)
    Also in Working Paper Series, Federal Reserve Bank of San Francisco (2009) View citations (17)
36. Financial Development and Economic Volatility:A Unified Explanation
    2010 Meeting Papers, Society for Economic Dynamics View citations (3)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2009) View citations (7)
37. Hayashi meets Kiyotaki and Moore: a theory of capital adjustment costs
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
38. Indeterminate credit cycles
    Working Paper Series, Federal Reserve Bank of San Francisco

2009

39. Does Lumy Investment Matter for Business Cycles?
    MPRA Paper, University Library of Munich, Germany View citations (1)
    Also in Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics View citations (1)
40. Inventory accelerator in general equilibrium
    Working Papers, Federal Reserve Bank of St. Louis View citations (6)
41. Speculative bubbles and financial crisis
    Working Papers, Federal Reserve Bank of St. Louis View citations (15)
    See also Journal Article in American Economic Journal: Macroeconomics (2012)

2008

42. A Defense of RBC:Understanding the Puzzling Effects of Technology Shocks
    2008 Meeting Papers, Society for Economic Dynamics

2007

43. Endogenous volatility, endogenous growth, and large welfare gains from stabilization policies
    Working Papers, Federal Reserve Bank of St. Louis
44. Imperfect competition and indeterminacy of aggregate output
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)
    See also Journal Article in Journal of Economic Theory (2008)
45. Incomplete information and self-fulfilling prophecies
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
46. Understanding the puzzling effects of technology shocks
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)

2006

47. Imperfect competition and sunspots
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)
48. Inflation dynamics: a cross-country investigation
    Working Papers, Federal Reserve Bank of St. Louis View citations (3)
    See also Journal Article in Journal of Monetary Economics (2007)
49. Solving linear difference systems with lagged expectations by a method of undetermined coefficients
    Working Papers, Federal Reserve Bank of St. Louis View citations (7)

2005

50. Another look at sticky prices and output persistence
    Working Papers, Federal Reserve Bank of St. Louis View citations (4)
    Also in Working Papers, Cornell University, Center for Analytic Economics (2004) View citations (1)
    See also Journal Article in Journal of Economic Dynamics and Control (2006)

2004

51. Endogenous Money or Sticky Price? Comment on Monetary Non-neutrality and Inflation Dynamics
    Working Papers, Cornell University, Center for Analytic Economics
    See also Journal Article in Journal of Economic Dynamics and Control (2005)

Undated

52. Lumpy Investment and Corporate Tax Policy
    Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics View citations (1)
    See also Journal Article in Journal of Money, Credit and Banking (2014)

Journal Articles

2022

1. Asset Bubbles and Foreign Interest Rate Shocks
   Review of Economic Dynamics, 2022, 44, 315-348
   See also Software Item (2021)
   Working Paper (2017)

2021

2. Interest Rate Liberalization and Capital Misallocations
   American Economic Journal: Macroeconomics, 2021, 13, (2), 373-419 View citations (6)
   See also Working Paper (2019)

2020

3. A search-based neoclassical model of capital reallocation
   European Economic Review, 2020, 128, (C) View citations (4)
   See also Working Paper (2018)
4. Asset Bubbles and Monetary Policy
   Review of Economic Dynamics, 2020, 37 Supplement 1, S68-S98 View citations (40)
   See also Working Paper (2020)
   Software Item (2020)
5. Convergence, financial development, and policy analysis
   Economic Theory, 2020, 69, (3), 523-568 View citations (5)
   See also Working Paper (2019)
6. DISCOUNT SHOCK, PRICE–RENT DYNAMICS, AND THE BUSINESS CYCLE
   International Economic Review, 2020, 61, (3), 1229-1252 View citations (1)
   See also Working Paper (2020)

2019

7. Financial Markets, the Real Economy, and Self‐Fulfilling Uncertainties
   Journal of Finance, 2019, 74, (3), 1503-1557 View citations (9)
   See also Working Paper (2018)
8. Monetary Policy and Rational Asset Price Bubbles: Comment
   American Economic Review, 2019, 109, (5), 1969-90 View citations (15)
9. Saving China’s Stock Market?
   IMF Economic Review, 2019, 67, (2), 349-394 View citations (8)
   See also Working Paper (2016)

2018

10. Adverse selection and self-fulfilling business cycles
    Journal of Monetary Economics, 2018, 94, (C), 114-130 View citations (9)
    See also Working Paper (2016)
11. Asset Bubbles and Credit Constraints
    American Economic Review, 2018, 108, (9), 2590-2628 View citations (66)
12. Financial Development and Long-Run Volatility Trends
    Review of Economic Dynamics, 2018, 28, 221-251 View citations (10)
    See also Working Paper (2013)
    Working Paper (2017)
    Software Item (2017)
13. Market thickness and the impact of unemployment on housing market outcomes
    Journal of Monetary Economics, 2018, 98, (C), 27-49 View citations (3)
14. The perils of credit booms
    Economic Theory, 2018, 66, (4), 819-861 View citations (4)
15. Trade, Sectorial Reallocation, and Growth
    Annals of Economics and Finance, 2018, 19, (1), 49-74 View citations (2)
    See also Working Paper (2014)

2017

16. Two‐way Capital Flows and Global Imbalances
    Economic Journal, 2017, 127, (599), 229-269 View citations (6)

2016

17. Chaotic banking crises and regulations
    Economic Theory, 2016, 61, (2), 393-422 View citations (8)
    Also in Economic Theory, 2016, 61, (2), 393-422 (2016) View citations (8)
18. Credit search and credit cycles
    Economic Theory, 2016, 61, (2), 215-239 View citations (15)
    See also Working Paper (2015)
19. Endogenous information acquisition and countercyclical uncertainty
    Journal of Economic Theory, 2016, 165, (C), 601-642 View citations (7)
20. Sentiments, financial markets, and macroeconomic fluctuations
    Journal of Financial Economics, 2016, 120, (2), 420-443 View citations (43)
    See also Working Paper (2015)
21. Stock market bubbles and unemployment
    Economic Theory, 2016, 61, (2), 273-307 View citations (33)
    See also Working Paper (2013)

2015

22. A Bayesian dynamic stochastic general equilibrium model of stock market bubbles and business cycles
    Quantitative Economics, 2015, 6, (3), 599-635 View citations (26)
23. Asset bubbles, collateral, and policy analysis
    Journal of Monetary Economics, 2015, 76, (S), S57-S70 View citations (33)
24. Banking bubbles and financial crises
    Journal of Economic Theory, 2015, 157, (C), 763-792 View citations (35)
    See also Working Paper (2012)
25. Private information and sunspots in sequential asset markets
    Journal of Economic Theory, 2015, 158, (PB), 558-584 View citations (9)
    See also Working Paper (2014)
26. Sentiments and Aggregate Demand Fluctuations
    Econometrica, 2015, 83, 549-585 View citations (102)
    See also Working Paper (2012)

2014

27. A Q-theory model with lumpy investment
    Economic Theory, 2014, 57, (1), 133-159 View citations (4)
28. Credit Constraints and Self-Fulfilling Business Cycles
    American Economic Journal: Macroeconomics, 2014, 6, (1), 32-69 View citations (66)
29. Lumpy Investment and Corporate Tax Policy
    Journal of Money, Credit and Banking, 2014, 46, (6), 1171-1203 View citations (9)
    See also Working Paper
30. Sectoral bubbles, misallocation, and endogenous growth
    Journal of Mathematical Economics, 2014, 53, (C), 153-163 View citations (56)
31. What inventories tell us about aggregate fluctuations—A tractable approach to (S,s) policies
    Journal of Economic Dynamics and Control, 2014, 44, (C), 196-217 View citations (7)
    See also Working Paper (2012)

2013

32. Financial constraints, endogenous markups, and self-fulfilling equilibria
    Journal of Monetary Economics, 2013, 60, (7), 789-805 View citations (41)
    See also Working Paper (2012)
33. Land‐Price Dynamics and Macroeconomic Fluctuations
    Econometrica, 2013, 81, (3), 1147-1184 View citations (237)
    See also Working Paper (2012)

2012

34. Bubbles and Total Factor Productivity
    American Economic Review, 2012, 102, (3), 82-87 View citations (101)
    See also Working Paper (2011)
35. Hayashi Meets Kiyotaki and Moore: A Theory of Capital Adjustment
    Review of Economic Dynamics, 2012, 15, (2), 207-225 View citations (20)
    See also Software Item (2011)
36. Speculative Bubbles and Financial Crises
    American Economic Journal: Macroeconomics, 2012, 4, (3), 184-221 View citations (35)
    See also Working Paper (2009)
37. Understanding Expectation-Driven Fluctuations: A Labor-Market Approach
    Journal of Money, Credit and Banking, 2012, 44, 487-506 View citations (16)
    Also in Journal of Money, Credit and Banking, 2012, 44, (2‐3), 487-506 (2012) View citations (9)

2011

38. Understanding the Effects of Technology Shocks
    Review of Economic Dynamics, 2011, 14, (4), 705-724 View citations (12)
    See also Software Item (2010)
39. Volatility, growth, and welfare
    Journal of Economic Dynamics and Control, 2011, 35, (10), 1696-1709 View citations (13)

2008

40. Imperfect competition and indeterminacy of aggregate output
    Journal of Economic Theory, 2008, 143, (1), 519-540 View citations (14)
    See also Working Paper (2007)

2007

41. Inflation dynamics: A cross-country investigation
    Journal of Monetary Economics, 2007, 54, (7), 2004-2031 View citations (40)
    See also Working Paper (2006)

2006

42. Another look at sticky prices and output persistence
    Journal of Economic Dynamics and Control, 2006, 30, (12), 2533-2552 View citations (23)
    See also Working Paper (2005)

2005

43. Endogenous money or sticky prices?--comment on monetary non-neutrality and inflation dynamics
    Journal of Economic Dynamics and Control, 2005, 29, (8), 1361-1383 View citations (7)
    See also Working Paper (2004)

Chapters

2021

1. Pandemic and Panic: Government as the Supplier of Last Resort
   Chapter 6 in Impact of COVID-19 on Asian Economies and Policy Responses, 2021, pp 33-43

2017

2. Uncertainty and Sentiment-Driven Equilibria
   Springer View citations (2)
   See also Working Paper (2013)

2011

3. Comment on "Oil Shocks in A DSGE Model for the Korean Economy"
   A chapter in Commodity Prices and Markets, 2011, pp 323-324

Software Items

2021

1. Code and data files for "Asset Bubbles and Foreign Interest Rate Shocks"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2022)

2020

2. Code and data files for "Asset Bubbles and Monetary Policy"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2020)

2017

3. Code and data files for "Financial Development and Long-Run Volatility Trends"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2018)

2011

4. Code files for "Hayashi Meets Kiyotaki and Moore: A Theory of Capital Adjustment Costs"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2012)

2010

5. Code and data files for "Understanding the Effects of Technology Shocks"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2011)