China Center for Economic Research
National School of Development
Peking University
No. 5 Yiheyuan Road,
Haidian, Beijing, China, 100871
Phone (Office): +86(0)10- 6275 8935
Phone (Cell): +86 186 1227 9780
E-mail: changhuayu@nsd.pku.edu.cn
https://sites.google.com/site/changhuay/
Short-Bio
Changhua Yu is a Tenured Associate Professor of Economics, Youth Cheung-Kong Scholar, Boya Youth Scholar at National School of Development at Peking University. He received his PhD from the University of British Columbia in 2012. He has been a Visiting Research Fellow at Hong Kong Institute of Monetary Research. His area of expertise is international finance and macroeconomics. In his recent researches, Yu focuses on international capital flows and financial crisis, the interaction among capital controls, monetary policy and macroprudential policies, international production network and fiscal policies. His paper has appeared in very top academic journals, including Review of Economic Studies, Journal of International Economics, Journal of Monetary Economics, The Economic Journal, Journal of International Money and Finance.
Position
Associate Professor, China Center for Economic Research, National School of Development, Peking University, 2022-current
Assistant Professor, China Center for Economic Research, National School of Development, Peking University, 2015-2021
Assistant Professor, School of Finance, University of International Business and Economics, 2012-2015
Research Interests
International Finance and Macroeconomics
Monetary Economics
Financial Macroeconomics
Courses Taught
Macroeconomics, Monetary Economics, International Finance
Education
Ph.D. in Economics, University of British Columbia, Vancouver, 2012. Thesis title: “Essays in international portfolio choice and monetary policy” . Thesis committee: Michael B. Devereux (supervisor), Henry Siu and Viktoria Hnatkovska
M.A. in Economics, Guanghua School of Management, Peking University, Beijing, 2006
B.A. in Sociology, Renmin University of China, Beijing, 2003
Other Professional Activities
Visiting Research Fellow, Hong Kong Institute of Monetary Research, June-July 2015, August 2018
Visiting Assistant Professor, Johns Hopkins University, January-February, 2019
Publications (Articles)
"Production Networks and International Fiscal Spillovers", Michael B. Devereux, Karine Gente & Changhua Yu, The Economic Journal, 2023, https://doi.org/10.1093/ej/uead014.
"Sudden Stops and Optimal Foreign Exchange Intervention", with Scott Davis and Michael B. Devereux. Journal of International Economics, Volume 141, March 2023, 103728.
"The Impact of the Digital Economy on China's Economic Growth and Productivity Performance", with Harry X. Wu, China Economic Journal (2022) 15.2: 153-170.
“International Capital Flows, Portfolio Composition, and the Stability of External Imbalances”, with Michael B. Devereux and Makoto Saito, Journal of International Economics (2020) Volume 127, Article 103386.
“International Financial Integration and Crisis Contagion”, with Michael B. Devereux, Review of Economic Studies (2020) 87, 1174–1212.
“Models of International Fiscal Spillovers”, with Michael B. Devereux, Economics Letters ， Volume 175, Pages 76-79, 2019.
“Capital Controls and Monetary Policy in Sudden-Stop Economies”, with Michael B. Devereux and Eric R. Young. (Previously circulated title “A New Policy Dilemma: Capital controls and monetary policy in sudden-stop economies”.) Journal of Monetary Economics, Volume 103, May 2019, Pages 52-74.
“Evaluating the Role of Capital Controls and Monetary Policy in Emerging Market Crises”, with Michael B. Devereux, Journal of International Money and Finance 95 (2019) 189–211.
"Exchange Rate Adjustment in Financial Crises", with Michael B. Devereux, IMF Economic Review , Palgrave Macmillan; International Monetary Fund, 2017, vol. 65(3), pages 528-562.
“Evaluating International Financial Integration in a Center-Periphery Economy”, Journal of International Economics , Volume 95, Issue 1, January 2015, Pages 129-144.
Publications in Chinese
"Transmission of Monetary Policy Shocks and Signaling Channels in China：Based on high frequency data in financial markets", with CHEN Zhenzhu, LI Li, China Economic Quarterly, 2023, 23(1): 58-75.
"The Support of Monetary Policy and Macroprudential on Macroeconomic Stability", with HUANG Yiping, CHO Yujeong, TAO Kunyu. Journal of Financial Research , 2019, 474(12): 70-91. (Best paper award selected by the journal in 2019)
Book Chapters
“Monetary Policy Responses to External Spillovers in Emerging Market Economies”, with Michael B. Devereux, pp. 183-222, in book “ Monetary policy and global spillovers: Mechanisms, effects and policy measures ”, edited by Enrique G. Mendoza, Ernesto Pasten and Diego Saravia, Central bank of Chile, Santiago, Chile, 2018.
Working Papers
"Exchange Rate Regime and Optimal Policy: The Case of CHina", with Yujeong Cho, Yiping Huang, R&R at Journal of Internationa Monet and Finance.
"BigTech Credit and Monetary Policy Transmission", with Yiping Huang, Xiang Li, Han Qiu, 2022, CCER working paper.
Work in Progress
International capital flows and production network, with Qin Gou
Optimal Monetary policy and crisis contagion
Monetary policy and international production network, with Zhihao Xu
Referring Journals
Journal of Monetary Economics, Journal of International Economics, Economic Journal, Review of Economic Dynamics, Europe Economic Review, Journal of Money, Credit and Banking, Journal of Economic Dynamics & Control, Macroeconomic Dynamics, Review of International Economics, Journal of International Money and Finance, Economica.
Research Grants
National Natural Science Foundation of China, “ International Capital Flows and Macro-Prudential Policy”, 72173007, 2014-2016
The Scientific Research Starting Foundation for Returned Overseas Chinese Scholars, Ministry of Education , China, 2014-2015
Peking University, Start-up Research Grant, 2016-2019
National Natural Science Foundation of China, “ Monetary Policy and Macro-Prudential Policy in a Production Network: Transmission Mechanism and Cooperation across Borders”, 2021-2025
Awards for Services
Outstanding Class Advisor, Peking University, 2020
Conferences and Seminars
2021: SHUFE, 6th International Finance and Macroeconomics, Society of Economic Dynamics
2020: AEA (San Diego), 1st East Asia International Finance and Sovereign debt meeting, Fudan University, University of Science and Technology of China, Macro workshop at CUHK
2019: John Hopkins University, HKUST-HKIMR-KEIO meeting (Hong Kong), CEBRA, SHUFE, CICE
2018: Renmin University, 1st China international conference on macroeconomics (Tsinghua University)，Hong Kong Institute of Monetary Research
2017: AEA annual meeting (Chicago), Hong Kong University, International Macroeconomics and Finance Conference (Korea University), AMSE and MaGHiC Macroeconomic Workshop (Aix, France), International Finance and Monetary Policy Conference (Tsinghua University), Asian Meeting of Econometric Society (CUHK), Wuhan University, Renmin University
2016: Seoul National University (Seoul), PBoC School of Finance at Tsinghua University (Beijing), North American Meeting of Econometric Society (Penn, Philadelphia), Asian Economic Meeting (Beijing), LAEF at UC Santa Barbara, NBER-IFM program spring meeting (Boston), HKUST-HKIMR-KEIO meeting (Hong Kong)
2015: UBC, Wilfrid Laurier University, National University of Singapore, Hong Kong Institute of Monetary Research, NBER-EASE (San Francisco), AEA annual meeting (Boston)
2014: NSD at Peking University, China Finance Association Annual Meeting, Hanqing Advanced Institute at Renmin University of China, Chinese University of Hong Kong, School of Finance at SHUFE
2013: School of Economics at SHUFE, Society for Computational Economics Annual Meeting (Vancouver), Midwest Macro Spring meeting (UIUC)
2012: Bank of Canada, CEA annual meeting (Calgory), NSD at Peking University, SEM at Tsinghua University, SIBA at SHUFE
