Working Papers

• "The Economic Value of Science", with Xugan Chen and Song Ma
   
• "A Network Approach to Geopolitics", with Stephen Redding, Bennett Smith-Worthington, and David Yang
   
• "International Trade in an Uncertain World", with Benny Kleinman, Stephen Redding, and David Xu
   
• "Transition to Green Technology along the Supply Chain", with Philippe Aghion, Lint Barrage, Eric Donald, and David Hemous
   
• "The Bullwhip: Time-to-Build and Sectoral Fluctuations", with Yan Leng, Yifei Ren, and Aleh Tsyvinski
  Revise and resubmit, Journal of Political Economy
   
• "Neoclassical Growth in an Interdependent World", with Benny Kleinman, Stephen Redding, and Moto Yogo
  Revise and resubmit, American Economic Review
   
• "Falling Rates and Rising Superstars", with Thomas Kroen, Atif Mian, and Amir Sufi
   
• "Supply Chain Disruptions, Supplier Capital, and Financial Constraints", with Yukun Liu, Vladimir Smirnyagin and Aleh Tsyvinski
   

Refereed Publications

• "International Power", with David Yang
  Accepted, Quarterly Journal of Economics
   
• "Innovation Networks and R&D Allocation", with Song Ma 
  Accepted, American Economic Review
   
• "Innovation Spillovers across U.S. Tech Clusters", with Xavier Giroud and Holger Mueller
  Accepted, Journal of Financial Economics
   
• "Court Capture, Local Protectionism, and Economic Integration: Evidence from China", with Yi Lu, Wenwei Peng, and Shaoda Wang
  Accepted, Review of Economics and Statistics
   
• "Market Power in Small Business Lending: A Two-Dimensional Bunching Approach", with Natalie Cox, Daniel Morrison, and Sérgio Nascimento
  Accepted, Journal of Financial Economics
   
• "Lemon Cycles", with Feng Dong
  Accepted, Management Science
   
• "Data Sales and Data Dilution", with Song Ma and Laura Veldkamp
  Journal of Financial Economics, July 2025, Volume 169
   
• "The Economic Cost of Locking Down Like China: Evidence from City-to-City Truck Flows", with Jingjing Chen, Wei Chen, Jie Luo, and Michael Zheng Song
  Journal of Urban Economics, January 2025, Volume 145
   
• "A Dynamic Model of Input-Output Networks", with Aleh Tsyvinski
  Review of Economic Studies, November 2024, Volume 91, Issue 6
   
• "International Friends and Enemies", with Benny Kleinman and Stephen Redding [online appendix] [VoxDev summary]
  American Economic Journal: Macroeconomics, October 2024, Volume 16, Number 4
   
• "Investing with the Government: A Field Experiment in China", with Emanuele Colonnelli and Bo Li
  Journal of Political Economy, January 2024, Volume 132, Number 1
   
• "Dynamic Spatial General Equilibrium", with Benny Kleinman and Stephen Redding [online appendix] [online supplement] [model economy toolkit]
  Econometrica, March 2023, Volume 91, Issue 2 (lead article)
   
• "Contractual Restrictions and Debt Traps", with Ben Roth
  Review of Financial Studies, March 2022, Volume 35, Issue 3
   
• "Low Interest Rates, Market Power, and Productivity Growth", with Atif Mian and Amir Sufi [online appendix]
  Econometrica, January 2022, Volume 90, Issue 1
  Response to Chikis, Goldberg, and Lopez-Salido (2023)
   
• "A Dynamic Theory of Multiple Borrowing", with Daniel Green
  Journal of Financial Economics, February 2021, Volume 139, Issue 2
   
• "Industrial Policies in Production Networks" [online appendix] [VoxDev summary]
  Quarterly Journal of Economics, November 2019, Volume 134, Issue 4

Other Publications

• "Accommodating Emerging Giants in the Global Economy", with Zhuokai Huang, Benny Kleinman, and Stephen Redding
  prepared for the IMF Economic Review for the Annual IMF Jacques Polak Conference
   
• "The Linear Algebra of Economic Geography Models", with Benny Kleinman and Stephen Redding [online appendix]
  AEA Papers and Proceedings, May 2024, Volume 114