Pengfei Wang

HKUST, Department of Economics

Assistant Professor

Clearwater Bay

Kowloon, 999999

Hong Kong

Hong Kong University of Science & Technology (HKUST) - Department of Economics

Clear Water Bay

Kowloon, Hong Kong

China

SCHOLARLY PAPERS

50

DOWNLOADS
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Top 11,396

in Total Papers Downloads

4,505

SSRN CITATIONS
Rank 3,326

SSRN RANKINGS

Top 3,326

in Total Papers Citations

190

CROSSREF CITATIONS

173

Scholarly Papers (50)

1.

Saving China from the Coronavirus and Economic Meltdown: Experiences and Lessons

Number of pages: 13 Posted: 07 Apr 2020
Yi Huang, Chen Lin, Pengfei Wang and Zhiwei Xu
Graduate Institute of International and Development Studies, The University of Hong Kong - Faculty of Business and Economics, HKUST, Department of Economics and Shanghai Jiao Tong University (SJTU) - Antai College of Economics and Management
Downloads 655 (43,008)
Citation 7

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COVID-19, coronavirus, pandemic, economic impact, policy response

2.

Speculative Bubbles and Financial Crisis

Federal Reserve Bank of St. Louis Working Paper 2009-029B
Number of pages: 24 Posted: 18 Jun 2009 Last Revised: 23 Jul 2009
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 362 (89,256)

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asset price volatility, boom-bust cycles, financial crisis, speculative bubbles, sunspots, tulip mania

3.
Downloads 357 ( 90,660)
Citation 8

Credit Risk and Business Cycles

Number of pages: 48 Posted: 11 Nov 2010
Jianjun Miao and Pengfei Wang
Boston University - Department of Economics and HKUST, Department of Economics
Downloads 241 (137,574)
Citation 9

Abstract:

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credit risk, credit spread, dynamic capital structure, equity premium, business cycles, investment, q-theory

Credit Risk and Business Cycles

Number of pages: 48 Posted: 09 Mar 2011
Pengfei Wang and Jianjun Miao
HKUST, Department of Economics and Boston University - Department of Economics
Downloads 116 (259,962)
Citation 2

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Credit Risk, Credit Spread, Dynamic Capital Structure, Equity Premium, Business Cycles

4.
Downloads 260 (101,832)
Citation 29

Bubbles and Credit Constraints

Number of pages: 37 Posted: 07 Mar 2011
Jianjun Miao and Pengfei Wang
Boston University - Department of Economics and HKUST, Department of Economics
Downloads 260 (127,378)
Citation 21

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Bubbles, Collateral Constraints, Credit Policy, Asset Price, Arbitrage, Q Theory, Liquidity

5.

Saving China's Stock Market

Number of pages: 40 Posted: 13 Aug 2016
Yi Huang, Jianjun Miao and Pengfei Wang
Graduate Institute of International and Development Studies, Boston University - Department of Economics and HKUST, Department of Economics
Downloads 216 (153,484)
Citation 6

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China, Stock Market Crash, Government intervention

Financial Markets, the Real Economy, and Self-Fulfilling Uncertainties

Journal of Finance, Forthcoming
Number of pages: 54 Posted: 07 Mar 2017 Last Revised: 16 Jan 2019
Jess Benhabib, Xuewen Liu and Pengfei Wang
New York University - Leonard N. Stern School of Business - Department of Economics, University of Hong Kong (HKU) - Finance Area, Faculty of Business and Economics and HKUST, Department of Economics
Downloads 169 (191,792)

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Information production, Strategic complementarity, Real economy, Two-way learning, Economic uncertainty

Financial Markets, the Real Economy, and Self-Fulfilling Uncertainties

NBER Working Paper No. w24984
Number of pages: 65 Posted: 17 Sep 2018
Jess Benhabib, Xuewen Liu and Pengfei Wang
New York University - Leonard N. Stern School of Business - Department of Economics, University of Hong Kong (HKU) - Finance Area, Faculty of Business and Economics and HKUST, Department of Economics
Downloads 5 (693,731)
Citation 4

Abstract:

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7.

Sectoral Bubbles and Endogenous Growth

Number of pages: 36 Posted: 09 Apr 2012
Jianjun Miao and Pengfei Wang
Boston University - Department of Economics and HKUST, Department of Economics
Downloads 169 (191,711)
Citation 7

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Bubbles, Collateral Constraints, Externality, Economic Growth, Capital Reallocation, Multiple Equilibria

8.

Financial Development and The Aggregate Savings Rates: A Hump-Shaped Relationship

Number of pages: 45 Posted: 04 Jul 2012 Last Revised: 09 Sep 2019
Pengfei Wang, Lifang Xu and Zhiwei Xu
HKUST, Department of Economics, Shanghai National Accounting Institute and Hong Kong University of Science & Technology (HKUST)
Downloads 152 (209,724)
Citation 5

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high saving rate puzzle, financial development, heterogeneous firms, heterogeneous households, borrowing constraints

9.

Banking Bubbles and Financial Crisis

Number of pages: 33 Posted: 09 Apr 2012
Jianjun Miao and Pengfei Wang
Boston University - Department of Economics and HKUST, Department of Economics
Downloads 141 (222,902)
Citation 7

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Banking Bubble, Multiple Equilibria, Financial Crisis, Self-fulfilling Prophecy, Credit Policy, Capital Requirements, Borrowing Constraints

10.

Stock Market Bubbles and Unemployment

Number of pages: 46 Posted: 10 Apr 2012
Jianjun Miao, Pengfei Wang and Lifang Xu
Boston University - Department of Economics, HKUST, Department of Economics and Shanghai National Accounting Institute
Downloads 137 (228,043)
Citation 10

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stock market bubbles, unemployment, self-fulfilling beliefs, credit constraints, multiple equilibria, search and matching

Sentiments, Financial Markets, and Macroeconomic Fluctuations

Journal of Financial Economics (JFE), Vol. 120, No. 2, 2016
Number of pages: 45 Posted: 09 Feb 2015 Last Revised: 18 Sep 2016
Jess Benhabib, Xuewen Liu and Pengfei Wang
New York University - Leonard N. Stern School of Business - Department of Economics, University of Hong Kong (HKU) - Finance Area, Faculty of Business and Economics and HKUST, Department of Economics
Downloads 119 (255,052)
Citation 3

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Sentiments, Asset Prices, Feedback, Real Economy, Self-fulfilling Equilibrium

Sentiments, Financial Markets, and Macroeconomic Fluctuations

NBER Working Paper No. w21294
Number of pages: 52 Posted: 22 Jun 2015
Jess Benhabib, Xuewen Liu and Pengfei Wang
New York University - Leonard N. Stern School of Business - Department of Economics, University of Hong Kong (HKU) - Finance Area, Faculty of Business and Economics and HKUST, Department of Economics
Downloads 16 (610,481)
Citation 1

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12.

Solving Linear Difference Systems with Lagged Expectations by a Method of Undetermined Coefficients

FRB of St. Louis Working Paper No. 2006-003C
Number of pages: 24 Posted: 16 Jan 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 121 (250,829)

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Undetermined Coefficients, Linear Difference System, Lagged Expectations, Labor Hoarding, Sticky Information, Indeterminacy, Serially Correlated Sunspots

13.

Do Credit Constraints Amplify Macroeconomic Fluctuations?

FRB Atlanta Working Paper No. 2010-1
Number of pages: 40 Posted: 23 Mar 2015
Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 111 (266,967)
Citation 13

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credit constraints, collateral asset, housing prices, investment, financial multiplier, business cycle, structural estimation

14.

Inflation and Money: A Puzzle

FRB St. Louis Working Paper No. 2005-076A
Number of pages: 36 Posted: 06 Jan 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 99 (288,828)

Abstract:

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Sticky Information, Sticky Prices, Inflation Dynamics, Inflation Comovement, Money

15.

Financial Development and Economic Volatility: A Unified Explanation

FRB of St. Louis Working Paper No. 2009-022C
Number of pages: 28 Posted: 29 Apr 2009 Last Revised: 08 May 2009
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 92 (302,713)

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Great Moderation, Firm-Level Volatility, Irreversible Investment, Borrowing Constraints, Heterogenous Firms, Business Cycle

16.

Imperfect Competition and Indeterminacy of Aggregate Output

FRB of St. Louis Working Paper No. 2006-017C
Number of pages: 30 Posted: 16 Apr 2006
Yi Wen and Pengfei Wang
Federal Reserve Bank of St. Louis - Research Department and HKUST, Department of Economics
Downloads 78 (334,803)
Citation 1

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Indeterminacy, Global Sunspots, Self-fulfilling Expectations, Procyclical Productivity, Marginal Costs, Counter-Cyclical Markup, Cost-Push Shocks, Hump-Shaped Impulse Responses

17.

Granular Uncertainty and Disastrous Misallocation

Number of pages: 51 Posted: 10 Apr 2020
Winston Dou, Yan Ji and Pengfei Wang
The Wharton School, University of Pennsylvania, Hong Kong University of Science & Technology (HKUST) and HKUST, Department of Economics
Downloads 71 (353,096)
Citation 1

Abstract:

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Misallocation, Firm distribution, Financial constraints, Idiosyncratic shocks, Volatility, Slow recovery, Nonlinear dynamics

18.

Bubbles and Total Factor Productivity

American Economic Review, Forthcoming
Number of pages: 6 Posted: 09 Apr 2012
Jianjun Miao and Pengfei Wang
Boston University - Department of Economics and HKUST, Department of Economics
Downloads 69 (358,608)
Citation 3

Abstract:

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19.

Hayashi Meets Kiyotaki and Moore: A Theory of Capital Adjustment Costs

Number of pages: 45 Posted: 19 Oct 2010 Last Revised: 15 May 2011
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 68 (361,439)
Citation 4

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Adjustment Costs, Collateral, Borrowing Constraints, Tobin’s Q, Investment

20.

Two-Way Capital Flows and Global Imbalances: A Neoclassical Approach

FRB of St. Louis Working Paper No. 2012-016A
Number of pages: 55 Posted: 21 Jun 2012
Yi Wen, Pengfei Wang and Zhiwei Xu
Federal Reserve Bank of St. Louis - Research Department, HKUST, Department of Economics and Hong Kong University of Science & Technology (HKUST)
Downloads 61 (382,171)
Citation 5

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Allocation Puzzle, Saving Glut, Immiserization Effect of FDI, Global Imbalances, Two-Way Capital Flows, Welfare

21.

Inflation Dynamics: A Cross-Country Investigation

FRB of St. Louis Working Paper No. 2005-076C
Number of pages: 33 Posted: 15 Apr 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 57 (395,035)
Citation 8

Abstract:

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Sticky Information, Sticky Prices, Inflation Dynamics, Inflation Comovement, Money

22.

Volatility, Growth, and Welfare

FRB of St. Louis Working Paper No. 2006-032D
Number of pages: 28 Posted: 01 Nov 2008 Last Revised: 17 Mar 2011
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 54 (405,161)

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Endogenous Growth, Welfare Cost of Business Cycle, Stabilization Policy, Sunspots, Imperfect Competition, Coordination Failures

Market Thickness and the Impact of Unemployment on Housing Market Outcomes

Number of pages: 91 Posted: 13 Mar 2017
Li Gan, Pengfei Wang and Qinghua Zhang
Texas A&M University - Department of Economics, HKUST, Department of Economics and Peking University - Guanghua School of Management
Downloads 40 (467,946)

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housing markets, unemployment rate, thick market effect, search-matching

24.

Inventory Accelerator in General Equilibrium

FRB of St. Louis Working Paper No. 2009-010A
Number of pages: 18 Posted: 19 Mar 2009
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 53 (408,525)

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Inventories, Accelerator, Business Cycle, Target-Adjustment Model

25.

A Defense of RBC: Understanding the Puzzling Effects of Technology Shocks

Number of pages: 36 Posted: 28 Jun 2007
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 51 (415,494)
Citation 2

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RBC, Technology Shocks, Aggregate Production Function, Entry and Exit,

26.

Volatility, Growth, and Large Welfare Gains from Stabilization Policies

Number of pages: 31 Posted: 15 May 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 51 (415,494)
Citation 2

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Endogenous Growth, Welfare Cost of Business Cycle, Stabilization Policy, Sunspots, Imperfect Competition, Indeterminacy

27.

Financial Development and Long-Run Volatility Trends

FRB of St. Louis Working Paper No. 2013-003A
Number of pages: 45 Posted: 23 Jan 2013
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 50 (419,090)

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Financial Development, Firm Dynamics, Private Debts, Volatility Trends, Great Moderation, Lumpy Investment

28.

Imperfect Competition and Sunspots

FRB of St. Louis Working Paper No. 2006-015A
Number of pages: 35 Posted: 12 Apr 2006
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 50 (419,090)

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Sunspots, Self-fulfilling Expectations, Imperfect Competition, Imperfect Information, Indeterminacy, Real Business Cycles, Marginal Costs, Counter-cyclical Markup

29.
Downloads 47 (430,171)
Citation 44

Land-Price Dynamics and Macroeconomic Fluctuations

NBER Working Paper No. w17045
Number of pages: 44 Posted: 16 May 2011 Last Revised: 04 Jul 2014
Zheng Liu, Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 26 (541,872)
Citation 1

Abstract:

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Land-Price Dynamics and Macroeconomic Fluctuations

FRB Atlanta Working Paper No. 2011-11
Number of pages: 43 Posted: 22 Mar 2015
Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 21 (575,397)
Citation 46

Abstract:

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land prices, collateral assets, investment, dynamic multiplier, propagation mechanism, co-movements

30.

Endogenous Volatility, Endogenous Growth, and Large Welfare Gains from Stabilization Policies

Number of pages: 33 Posted: 12 Sep 2007
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 47 (430,171)

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Endogenous Growth, Welfare Cost of Business Cycle, Stabilization Policy, Sunspots, Imperfect Competition, Coordination Failures

31.
Downloads 45 (437,844)

A Theory of Housing Demand Shocks

FRB Atlanta Working Paper No. 2019-4
Number of pages: 40 Posted: 28 Mar 2019 Last Revised: 29 Apr 2020
Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 36 (486,513)

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price-rent puzzle, heterogeneity, marginal agent, cutoff point, liquidity premium, price-to-rent ratio, collateral constraint

A Theory of Housing Demand Shocks

NBER Working Paper No. w25667
Number of pages: 41 Posted: 19 Mar 2019
Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 9 (662,817)
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32.

Does Lumpy Investment Matter for Business Cycles?

Number of pages: 46 Posted: 24 Apr 2009
Jianjun Miao and Pengfei Wang
Boston University - Department of Economics and HKUST, Department of Economics
Downloads 45 (437,844)
Citation 1

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generalized (S,s) rule, lumpy investment, general equilibrium, business cycles, marginal Q, exact irrelevance proposition

33.

Incomplete Information and Self-Fulfilling Prophecies

Number of pages: 27 Posted: 31 Aug 2007
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 45 (437,844)

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Sunspots, Self-fulfilling Expectations, Imperfect Competition, Incomplete Information, Indeterminacy, Real Business Cycles, Marginal Costs, Counter-cyclical Markup

34.
Downloads 35 (480,109)
Citation 1

Uncertainty and Sentiment-Driven Equilibria

FRB of St. Louis Working Paper No. 2013-011A
Number of pages: 24 Posted: 11 Mar 2013
Jess Benhabib, Pengfei Wang and Yi Wen
New York University - Leonard N. Stern School of Business - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 25 (548,358)

Abstract:

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Keynesian Self-fulfilling Equilibria, Sentiments, Extrinsic Uncertainty, Sunspots

Uncertainty and Sentiment-Driven Equilibria

NBER Working Paper No. w18878
Number of pages: 25 Posted: 31 Jul 2013 Last Revised: 03 Aug 2013
Jess Benhabib, Pengfei Wang and Yi Wen
New York University - Leonard N. Stern School of Business - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 10 (655,212)

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35.

What Inventories Tell Us about Aggregate Fluctuations - A Tractable Approach to (S,s) Policies

FRB of St. Louis Working Paper No. 2012-059B
Number of pages: 54 Posted: 29 Nov 2012 Last Revised: 25 Mar 2014
Pengfei Wang, Yi Wen and Zhiwei Xu
HKUST, Department of Economics, Federal Reserve Bank of St. Louis - Research Department and Shanghai Jiao Tong University (SJTU) - Antai College of Economics and Management
Downloads 34 (484,793)

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(S,s) Inventories Policy, State-Dependent Decisions, Heterogeneous-Agent Models, Perturbation Methods

36.

Endogenous Information Acquisition and Countercyclical Uncertainty

Journal of Economic Theory, Vol. 165, 2016
Number of pages: 49 Posted: 19 Sep 2016
Jess Benhabib, Xuewen Liu and Pengfei Wang
New York University - Leonard N. Stern School of Business - Department of Economics, University of Hong Kong (HKU) - Finance Area, Faculty of Business and Economics and HKUST, Department of Economics
Downloads 33 (489,595)

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Information acquisition, Countercyclical uncertainty, Strategic complementarity and substitutability, Resource misallocation

37.

Incomplete Information and Self-Fulfilling Prophecies

FRB of St. Louis Working Paper No. 2007-033C
Number of pages: 30 Posted: 29 Apr 2009 Last Revised: 08 Jul 2009
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 33 (489,595)

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Sunspots, Self-fulfilling Expectations, Demand Externality, Incomplete Information, Indeterminacy, Forecasting the Forecasts of Others

Liquidity Premia, Price-Rent Dynamics, and Business Cycles

FRB Atlanta Working Paper No. 2014-15
Number of pages: 54 Posted: 04 Apr 2015
Jianjun Miao, Pengfei Wang and Tao A. Zha
Boston University - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 25 (548,358)
Citation 1

Abstract:

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asset pricing, financial frictions, working capital, cutoff productivity, heterogeneous firms, endogenous TFP, house price, liquidity constraint

Discount Shock, Price-Rent Dynamics, and the Business Cycle

NBER Working Paper No. w20377
Number of pages: 56 Posted: 18 Aug 2014
Jianjun Miao, Pengfei Wang and Tao A. Zha
Boston University - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 7 (678,061)

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39.
Downloads 31 (499,355)
Citation 42

Sentiments and Aggregate Demand Fluctuations

FRB of St. Louis Working Paper No. 2012-039B
Number of pages: 38 Posted: 24 Sep 2012 Last Revised: 26 Sep 2014
Jess Benhabib, Pengfei Wang and Yi Wen
New York University - Leonard N. Stern School of Business - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 20 (582,214)

Abstract:

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Keynesian Self-fulfilling, Equilibria, Sentiments, Sunspots

Sentiments and Aggregate Demand Fluctuations

NBER Working Paper No. w18413
Number of pages: 38 Posted: 22 Sep 2012
Jess Benhabib, Pengfei Wang and Yi Wen
New York University - Leonard N. Stern School of Business - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 11 (647,770)
Citation 9

Abstract:

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40.

Understanding the Puzzling Effects of Technology Shocks

Number of pages: 26 Posted: 18 Apr 2007
Pengfei Wang and Yi Wen
HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 31 (499,355)
Citation 3

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Technology Shocks, Entry and Exit, Labor Market, Sticky Prices, Demand Rigidity, Business Cycle

41.

Delayed Crises and Slow Recoveries

Number of pages: 65 Posted: 31 Mar 2020 Last Revised: 08 Jun 2020
Xuewen Liu, Pengfei Wang and Zhongchao Yang
University of Hong Kong (HKU) - Finance Area, Faculty of Business and Economics, HKUST, Department of Economics and Hong Kong University of Science & Technology (HKUST) - Department of Economics
Downloads 29 (509,790)

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42.

Hetergeneous Sectors, Trade, and Growth

Number of pages: 23 Posted: 25 Apr 2009
Danyang Xie and Pengfei Wang
Hong Kong University of Science & Technology (HKUST) - Department of Economics and HKUST, Department of Economics
Downloads 27 (520,637)
Citation 1

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Heterogeneous Sectors, International Trade, Growth

43.

Credit Search and Credit Cycles

FRB St. Louis Working Paper No. 2015-23
Number of pages: 31 Posted: 06 Oct 2015 Last Revised: 06 Mar 2019
Feng Dong, Pengfei Wang and Yi Wen
Tsinghua University - School of Economics and Management, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 14 (601,939)

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Search Frictions, Credit Utilization, Credit Rationing, Self-fulfilling Prophecy. Business Cycles.

44.

A Search-Based Neoclassical Model of Capital Reallocation

FRB St. Louis Working Paper No. 2018-17
Number of pages: 28 Posted: 28 Aug 2018 Last Revised: 21 Feb 2019
Feng Dong, Pengfei Wang and Yi Wen
Tsinghua University - School of Economics and Management, HKUST, Department of Economics and Federal Reserve Bank of St. Louis - Research Department
Downloads 11 (622,443)

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Capital Reallocation, Capital Search, Fragmented Markets, Endogenous Dispersion of rmsTFP, Endogenous Total Factor Productivity, Business Cycles

45.

Financial Constraints, Endogenous Markups, and Self-Fulfilling Equilibria

NBER Working Paper No. w18074
Number of pages: 29 Posted: 12 May 2012
Jess Benhabib and Pengfei Wang
New York University - Leonard N. Stern School of Business - Department of Economics and HKUST, Department of Economics
Downloads 9 (636,225)
Citation 2

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46.

Discount Shock, Price-Rent Dynamics, and the Business Cycle

FRB Atlanta Working Paper No. 2020-7
Number of pages: 43 Posted: 23 May 2020
Jianjun Miao, Pengfei Wang and Tao A. Zha
Boston University - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 8 (643,283)

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comovements, liquidity premium, stochastic discount factor, asset pricing, production economy, heterogenous firms, endogenous TFP, general equilibrium

47.

Adverse Selection and Self-Fulfilling Business Cycles

NBER Working Paper No. w20642
Number of pages: 52 Posted: 03 Nov 2014
Jess Benhabib, Feng Dong and Pengfei Wang
New York University - Leonard N. Stern School of Business - Department of Economics, Tsinghua University - School of Economics and Management and HKUST, Department of Economics
Downloads 8 (643,283)
Citation 2

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48.

Private Information and Sunspots in Sequential Asset Markets

NBER Working Paper No. w20044
Number of pages: 25 Posted: 14 Apr 2014
Jess Benhabib and Pengfei Wang
New York University - Leonard N. Stern School of Business - Department of Economics and HKUST, Department of Economics
Downloads 6 (657,366)

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49.

Two‐Way Capital Flows and Global Imbalances

The Economic Journal, Vol. 127, Issue 599, pp. 229-269, 2017
Number of pages: 41 Posted: 06 Feb 2017
Pengfei Wang, Yi Wen and Zhiwei Xu
HKUST, Department of Economics, Federal Reserve Bank of St. Louis - Research Department and Shanghai Jiao Tong University (SJTU) - Antai College of Economics and Management
Downloads 1 (702,493)
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50.

Lumpy Investment and Corporate Tax Policy

Posted: 07 Feb 2010
Pengfei Wang and Jianjun Miao
HKUST, Department of Economics and Boston University - Department of Economics

Abstract:

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generalized (S,s) rule, lumpy investment, general equilibrium, marginal Q, tax policy, adjustment costs