Wenhao Li

University of Southern California - Marshall School of Business

Assistant Professor of Finance and Business Economics

701 Exposition Blvd

Los Angeles, CA California 90089

United States

http://www.wenhao-li.com

  • University of Southern California - Marshall School of Business

SCHOLARLY PAPERS

13

DOWNLOADS

6,386

SSRN CITATIONS

128

CROSSREF CITATIONS

5

Scholarly Papers (13)

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1.

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment

Downloads 1,122 (37,933)
Citation 4

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment

Number of pages: 81 Posted: 09 Apr 2020 Last Revised: 02 Aug 2024
Arvind Krishnamurthy and Wenhao Li
Stanford Graduate School of Business and University of Southern California - Marshall School of Business
Downloads 1,089 (39,062)
Citation 1

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financial crises, intermediation, sentiment, credit spread

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment

NBER Working Paper No. w27088
Number of pages: 85 Posted: 05 May 2020 Last Revised: 08 Jul 2023
Arvind Krishnamurthy and Wenhao Li
Stanford Graduate School of Business and University of Southern California - Marshall School of Business
Downloads 33 (885,881)
Citation 3

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2.

The Passthrough of Treasury Supply to Bank Deposit Funding

Columbia Business School Research Paper, USC Marshall School of Business Research Paper
Number of pages: 85 Posted: 09 Jan 2019 Last Revised: 10 Feb 2023
Wenhao Li, Yiming Ma and Yang Zhao
University of Southern California - Marshall School of Business, Columbia University - Columbia Business School and Stanford University, Graduate School of Business
Downloads 987 (45,496)

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safe assets, bank deposits, deposit competition, treasury supply, monetary policy

3.

Public Liquidity and Financial Crises

American Economic Journal: Macroeconomics, Forthcoming , USC Marshall School of Business Research Paper
Number of pages: 76 Posted: 24 Jun 2018 Last Revised: 11 Oct 2023
Wenhao Li
University of Southern California - Marshall School of Business
Downloads 960 (47,275)

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public liquidity, financial crisis, liquidity premium, banking

4.

The Term Structure of Liquidity Premium

USC Marshall School of Business Research Paper
Number of pages: 58 Posted: 07 Nov 2019 Last Revised: 23 Mar 2021
Scott Joslin, Wenhao Li and Yang Song
University of Southern California - Department of Finance and Business Economics, University of Southern California - Marshall School of Business and University of Washington - Michael G. Foster School of Business
Downloads 736 (67,750)
Citation 2

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Liquidity Premium, Term Structure, Monetary Policy

5.

Intermediary Balance Sheets and the Treasury Yield Curve

Downloads 597 (88,348)
Citation 16

Intermediary Balance Sheets and the Treasury Yield Curve

USC Marshall School of Business Research Paper , Journal of Financial Economics (JFE), Forthcoming
Number of pages: 123 Posted: 07 Jul 2022 Last Revised: 07 Sep 2023
Wenxin Du, Benjamin Hebert and Wenhao Li
Harvard Business School, Stanford University and University of Southern California - Marshall School of Business
Downloads 403 (140,620)
Citation 2

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negative swap spread, covered interest rate parity deviations, Treasury yield curve

Intermediary Balance Sheets and the Treasury Yield Curve

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-94
Number of pages: 123 Posted: 18 Jul 2022 Last Revised: 07 Sep 2023
Wenxin Du, Benjamin Hebert and Wenhao Li
Harvard Business School, Stanford University and University of Southern California - Marshall School of Business
Downloads 110 (477,272)
Citation 1

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Intermediary Balance Sheets and the Treasury Yield Curve

FRB of New York Staff Report No. 1023
Number of pages: 123 Posted: 11 Jul 2022 Last Revised: 06 Sep 2023
Wenxin Du, Benjamin Hebert and Wenhao Li
Harvard Business School, Stanford University and University of Southern California - Marshall School of Business
Downloads 66 (659,099)

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yield curve, balance sheet constraints, CIP deviations

Intermediary Balance Sheets and the Treasury Yield Curve

NBER Working Paper No. w30222
Number of pages: 124 Posted: 11 Jul 2022 Last Revised: 27 May 2023
Wenxin Du, Benjamin Hebert and Wenhao Li
Harvard Business School, Stanford University and University of Southern California - Marshall School of Business
Downloads 18 (1,038,917)
Citation 9

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6.

Firm Quality Dynamics and the Slippery Slope of Credit Intervention

USC Marshall School of Business Research Paper
Number of pages: 91 Posted: 01 Dec 2020 Last Revised: 04 Sep 2024
Wenhao Li and Ye Li
University of Southern California - Marshall School of Business and University of Pennsylvania - Finance Department
Downloads 592 (89,295)

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credit intervention, heterogeneous firms, firm quality, central bank, crisis dynamics

7.

The Demand for Money, Near-Money, and Treasury Bonds

Downloads 487 (113,669)
Citation 20

The Demand for Money, Near-Money, and Treasury Bonds

Forthcoming at Review of Financial Studies
Number of pages: 67 Posted: 07 Jul 2021 Last Revised: 28 Aug 2022
Arvind Krishnamurthy and Wenhao Li
Stanford Graduate School of Business and University of Southern California - Marshall School of Business
Downloads 470 (117,289)

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Liquidity Premium; Money; Government Debt; Shadow Banking

The Demand for Money, Near-Money, and Treasury Bonds

NBER Working Paper No. w30051
Number of pages: 67 Posted: 16 May 2022 Last Revised: 24 Apr 2023
Arvind Krishnamurthy and Wenhao Li
Stanford Graduate School of Business and University of Southern California - Marshall School of Business
Downloads 17 (1,050,498)
Citation 24

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8.

Inflation and Treasury Convenience

Downloads 364 (159,104)
Citation 1

Inflation and Treasury Convenience

USC Marshall School of Business Research Paper Sponsored by iORB
Number of pages: 77 Posted: 23 Nov 2023
Anna Cieslak, Wenhao Li, Carolin E. Pflueger and Carolin E. Pflueger
Duke University - Fuqua School of Business, University of Southern California - Marshall School of Business and National Bureau of Economic Research (NBER)University of Chicago - Harris School of Public Policy
Downloads 359 (160,200)
Citation 1

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Treasury convenience, inflation, demand shocks, money view, JEL classification: E44, E58, G01, G28

Inflation and Treasury Convenience

NBER Working Paper No. w32881
Number of pages: 78 Posted: 03 Sep 2024
Anna Cieslak, Wenhao Li, Carolin E. Pflueger and Carolin E. Pflueger
Duke University - Fuqua School of Business, University of Southern California - Marshall School of Business and National Bureau of Economic Research (NBER)University of Chicago - Harris School of Public Policy
Downloads 3 (1,214,276)
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Inflation and Treasury Convenience

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2024-108
Number of pages: 78 Posted: 05 Sep 2024
Anna Cieslak, Wenhao Li, Carolin E. Pflueger and Carolin E. Pflueger
Duke University - Fuqua School of Business, University of Southern California - Marshall School of Business and National Bureau of Economic Research (NBER)University of Chicago - Harris School of Public Policy
Downloads 2 (1,227,374)

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9.

Deep Learning for Solving and Estimating Dynamic Macro-Finance Models

Number of pages: 30 Posted: 09 May 2023
Benjamin Fan, Edward Qiao, Anran Jiao, Zhouzhou Gu, Wenhao Li and Lu Lu
Massachusetts Institute of Technology (MIT) - Department of Mathematics, Massachusetts Institute of Technology (MIT) - Department of Mathematics, University of Pennsylvania, Princeton University, University of Southern California - Marshall School of Business and University of Pennsylvania
Downloads 202 (288,203)

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Dynamic macro-finance models, Industrial dynamics of firms, Macroeconomic models with financial frictions, Partial differential equations, Deep learning, Parameter estimation

10.

Intermediary Funding Cost and Short-Term Risk Premia

Number of pages: 46 Posted: 29 May 2018 Last Revised: 14 Nov 2018
Wenhao Li and Jonathan Wallen
University of Southern California - Marshall School of Business and Stanford University, Graduate School of Business
Downloads 155 (363,786)

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intermediary asset pricing; risk premia; idiosyncratic risks; price reversal

11.

Granular Treasury Demand with Arbitrageurs

Number of pages: 93
Kristy A.E. Jansen, Wenhao Li and Lukas Schmid
University of Southern California - Marshall School of Business, University of Southern California - Marshall School of Business and University of Southern California - Marshall School of Business
Downloads 95

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Treasury demand, financial intermediaries, arbitrage, monetary policy, quantitative easing

12.

Appendix To 'Public Liquidity and Financial Crises'

Number of pages: 30 Posted: 27 Mar 2019 Last Revised: 10 Jul 2020
Wenhao Li
University of Southern California - Marshall School of Business
Downloads 89 (547,289)
Citation 1

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13.

Liquidity Premium and the Substitution Between Money and Treasuries

USC Marshall School of Business Research Paper
Posted: 11 Sep 2018 Last Revised: 03 Jul 2021
Wenhao Li
University of Southern California - Marshall School of Business

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liquidity premium; substitution; Treasury supply; money; debt valuation

Other Papers (1)

Total Downloads: 641
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1.

Brokers or Dealers? Trading Intermediation and Market Liquidity

Number of pages: 52 Posted: 17 Apr 2016 Last Revised: 28 Oct 2022
Jiacui Li and Wenhao Li
David Eccles School of Business, University of Utah and University of Southern California - Marshall School of Business
Downloads 641 (61,193)

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Intermediaries, Agency Trading, Principal Trading, Price Benchmark, Market Transparency