Research

Working Papers

From Ports to Prices: The Inflationary Effects of Global Supply Chain Disruptions with Yang Jiao, Ting Lan, and Yang Liu

Shipping Delays and Domestic Inflation: Uncovering the Transmission Channels with Yang Jiao, Ting Lan, and Yang Liu

• Rackham Graduate Student Research Grant
• U-M Economics Graduate Research Award

Inflation and Voting Behavior: Evidence from U.S. Elections

• ISR F. Thomas Juster Economic Behavior Research Award

Housing over Capital: Population Aging and Asset Composition Full Paper
Abstract: This paper provides evidence that population aging systematically shifts asset composition, with implications for lower growth and real interest rates. Using an instrumental variable strategy based on cross-country variation in the predetermined component of population aging, I document that aging raises the share of residential housing assets while reducing the share of productive capital in national wealth. These empirical patterns align with an overlapping generations model with a housing market, in which aging reallocates household savings away from productive investment toward housing, amplifying secular stagnation dynamics.

Work in Progress

Global Value Chain Reconfiguration amid Tariff Tensions IMF

Policy Work/Pre-Doctoral Publications

IMF Regional Economic Outlook: Asia and Pacific, October 2025. Full REO Report
Chapter 2: Reshaping Value Chains: The Case for Deeper Asia-Pacific Trade Integration.

Xiao, Zhengyan, Xinrui Zhou, and Shijun Zhou. “Online Sentiments and Herding Behavior: A Test of Chinese Retail Investors”(in Chinese). Research on Financial and Economic Issues财经问题研究, 2019.

Chen, Kan, Zhengyan Xiao, and Xinrui Zhou. “The Policy Effects of Capital Flow Management in China: A Perspective from International Media Sentiment”(in Chinese). Studies of International Finance国际金融研究, 2025.