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YU Changhua

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




Current Position

Assistant Professor, China Center for Economic Research, National School of Development, Peking University

Research Interests

  • International Finance and Macroeconomics
  • Monetary Economics
  • Financial Macroeconomics

Courses Taught

Macroeconomics, Monetary Economics, International Finance


  • 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

Publications (Articles)

1.“Evaluating International Financial Integration in a Center-Periphery Economy”, Journal of International Economics, Volume 95, Issue 1, January 2015, Pages 129-144.

2.  "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.

3. “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

4. “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

5. “Models of International Fiscal Spillovers”, with Michael B. Devereux, forthcoming, Economics Letters

6. “International Financial Integration and Crisis Contagion”, with Michael B. Devereux,  NBER Working Paper No. 20526, 2014, forthcoming, Review of Economic Studies

Other Publications

“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

1.“International Capital Flows, Portfolio Composition, and the Stability of External Imbalances”, with Michael B. Devereux and Makoto Saito, Revise and Resubmit, Journal of International Economics

2.“Production Networks and International Fiscal Spillovers”, with Michael B. Devereux and Karine Gente, 2018

3.“Equity Home Bias and International Portfolio Dynamics in a Monetary Open-Economy Model”, 2012


Referring Journals

Journal of International Economics, Economic Journal, Journal of Economic Dynamics & Control, Macroeconomic Dynamics, Review of International Economics, Journal of International Money and Finance


Research Grants

1. National Natural Science Foundation of China, “ International Capital Flows and Macro-Prudential Policy”, 2014-2016

2. The Scientific Research Starting Foundation for Returned Overseas Chinese Scholars,   Ministry of Education , China, 2014-2015