Students on the Job Market and Placement Record

Students on the Job Market

Hei Chun LO, Alvin

Job Market Paper: Asset Market Liquidity, Households Heterogeneity and Monetary Policy

Research Interests: Asset Liquidity, Monetary Policy, Heterogeneous Agent, Financial Macroeconomics

Pang WANG, Paul

Job Market Paper: The Evolving Comparative Advantage of Nations

Research Interests: Innovation and Technology, International Trade and Economics, and Chinese Economy


Detailed Job Canadidate Profiles

Hei Chun LO, Alvin

 

Job Market Paper:

Asset Market Liquidity, Households Heterogeneity and Monetary Policy

Abstract:

One of the salient features of the Great Recession is the significant delay in the asset liquidation process, which has been shown to be an important driver to the asset market slump during the crisis. This paper takes a policy perspective to analyze the importance of market liquidity in monetary policy design. I use a Heterogeneous Agent New-Keynesian model to quantify the impact of time-varying market liquidity risk on the monetary transmission mechanism. I found that monetary policy will be amplified through market liquidity fluctuations. I identify two channels of market liquidity that can amplify the monetary policy: i) forced consumption adjustment; ii) liquidity wealth channel. Moreover, monetary policy generates substantial distributional consequences, the wealthy hand-to-mouth agents suffer the largest to contractionary monetary policy, and significantly reduce their consumption after the shocks. NHtM agents, on the other hand, mildly adjust their consumption. The value of elasticity of selling probability to market tightness determines the importance of market liquidity. In addition, the model matches the empirical finding that contractionary monetary policy is more powerful than expansionary monetary policy. 

Research Interests:

Asset Liquidity, Monetary Policy, Heterogeneous Agent and Financial Macroeconomics

Personal website:

https://sites.google.com/view/alvinloheichun/home


Peng WANG, Paul

 

Job Market Paper:

The Evolving Comparative Advantage of Nations

Abstract:

Until recently, the world has generally increased global cooperation over the past three decades, with an ever-increasing number of multilaterial and bilateral trade agreements signed. In this paper, the changes in comparative advantages of 16 manufacturing sectors from 64 major economies from 1995 to 2015 based on well established theoretical and empirical frameworks are analyzed and compared with cross-sectional measures of R&D intensity and Skills intensity. Using OECD's inter-country input-output table, the analysis is carried out for both intermediate and final goods trade. The results indicate that comparative advantages have converged, with developing countries catching up to developed economies. Furthermore, comparative advantage for most developing economies have moved towards industries with higher R&D intensities and sectors with higher skills intensity. Moreover, two counterfactuals performed found that 1) removing the Ricardian forces reduces the trade volume with minor impact on welfare and 2) trade volumes would increase by an average of 20% for intermediate goods and 25% for final goods the next year if productivities had not converged. 

Research Interests:

Innovation and Technology, International Trade and Chinese Economy

Personal website:

http://ppwang.student.ust.hk/?pw=HKUST

 

Placement Record

2021  
Hunan University 1
Southern University of Science and Technology 1
Wuhan University 1
2020  
Hong Kong Baptist University 1
Hunan University 1
2019  
Beihang University (BUAA, Shenzhen) 1
CUHK University (Shenzhen) 1
Fudan University 1
Renmin University 1
Wuhan University 3
Zhejiang Gongshang University 1
CITIC Bank International (HK) 1
2018  
Citi Bank 1
Jinan University (Guangzhou) 1
2017  
Nanjing Audit University (Guangzhou) 1
2016  
Fudan University 1
Jinan University (Guangzhou) 1
Shanghai Finance University 1
Southwestern University of Finance and Economics 2
2015  
Dongbei (Northeast) University of Finance and Economics  1
University of International Business and Economics (UIBE, Beijing)  1
2014  
Central University of Finance and Economics 1
Hong Kong Baptist University 1
Renmin University 1
Wuhan University 1