Publications

• "Industrial Policies in Production Networks" [online appendix] [Slides for 10-min and 60-min talks] [VoxDev summary]
  Quarterly Journal of Economics, November 2019, Volume 134, Issue 4
   
• "A Dynamic Theory of Multiple Borrowing", with Daniel Green
  Journal of Financial Economics, February 2021, Volume 139, Issue 2
   
• "Low Interest Rates, Market Power, and Productivity Growth", with Atif Mian and Amir Sufi [online appendix]
  Econometrica, January 2022, Volume 90, Issue 1
   
• "Contractual Restrictions and Debt Traps", with Ben Roth
  Review of Financial Studies, March 2022, Volume 35, Issue 3
   
• "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)
   
• "Investing with the Government: A Field Experiment in China", with Emanuele Colonnelli and Bo Li
  Forthcoming, Journal of Political Economy
   
• "A Dynamic Model of Input-Output Networks", with Aleh Tsyvinski
  Forthcoming, Review of Economic Studies
   
• "International Friends and Enemies", with Benny Kleinman and Stephen Redding [online appendix] [VoxDev summary]
  Forthcoming, American Economic Journal: Macroeconomics

Working Papers

• "Innovation Networks and R&D Allocation", with Song Ma
  Revise and resubmit, Econometrica
   
• "Falling Rates and Rising Superstars", with Thomas Kroen, Atif Mian, and Amir Sufi
  Reject and resubmit, American Economic Review
   
• "Market Power in Small Business Lending: A Two-Dimensional Bunching Approach", with Natalie Cox and Daniel Morrison
  Revise and resubmit, Journal of Financial Economics
   
• "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
  Revise and resubmit, Journal of Urban Economics
   
• "Court Capture, Local Protectionism, and Economic Integration: Evidence from China"
  with Yi Lu, Wenwei Peng, and Shaoda Wang
   
• "Neoclassical Growth in an Interdependent World"
  with Benny Kleinman, Stephen Redding, and Moto Yogo
   
• "Lemon Cycles", with Feng Dong
   
• "The Linear Algebra of Economic Geography Models", with Benny Kleinman and Stephen Redding [online appendix]
   
• "Data Sales and Data Dilution", with Song Ma and Laura Veldkamp