Macro Policy | Center for Economic Policy

Research Affiliate Marc Dordal Carreras Assistant Professor, Department of Economics Prof. Marc Dordal Carreras' research interests include Macroeconomics, Macrofinance, Business Cycles, Fiscal and Monetary Policy, Banking and Economic History.

Research Affiliate Edwin L.-C. Lai Associate Director, Center for Economic Policy
Visiting Professor, Department of Economics
Director of Center for Economic Development Edwin Lai is currently Associate Director of the Center for Economic Policy (since 2021). He was Professor of Economics at the Hong Kong University of Science and Technology (2009 - 2023), and later jointly appointed as the Director of the Center for Economic Development (2017-2021) and jointly-appointed as Professor in the Division of Public Policy (2018 - 2023). He was Senior Research Economist and Adviser at the Federal Reserve Bank of Dallas of the Federal Reserve System of the USA, from August 2007 to June 2009.

Publications SOE and Chinese Real Business Cycle By Juanyi Xu, Daoju Peng, Kang Shi, Yue Zhou

Publications Exchange Rates, Local Currency Pricing and International Tax Policies By Juanyi Xu, Sihao Chen, Michael B. Devereux, Kang Shi

Working Paper Series Managing Expectations in the New Keynesian Model We study the optimal monetary policy in a setting where the private sector is forward-looking and learning about the type of central bank in place. We consider two types of central bank, one patient type that can commit and one opportunistic type that is myopic and cannot commit. Being able to commit or not, the central bank in place chooses inflation policies optimally, taking into account the learning and rational expectation of the private sector. By Yang Lu, Robert G. King

Research Affiliate Yao Amber Li Associate Professor, Department of Economics
Associate Director, Center for Economic Development
Associate Director of the Dean of Business & Management Professor Yao Amber Li is currently an Associate Professor of Economics in School of Business and Management, the Associate Director of Center for Economic Development and the Dean of Business & Management at Hong Kong University of Science and Technology (HKUST). She has been serving as Vice-chairperson of the Standing Committee of CTRG (China Trade Research Group) since 2019 and Joint Secretary-General of the Secretariat of the Quality Alliance at Guangdong-Hong Kong-Macau University Alliance since 2020.

Research Affiliate Danyang Xie Chair Professor, Thrust of Innovation, Policy and Entrepreneurship, HKUST (Guangzhou) Professor Danyang Xie, Chair Professor of Thrust of Innovation, Policy and Entrepreneurship, HKUST (Guangzhou)

Research Affiliate David E Cook Acting Head and Professor, Department of Economics
Co-Director of the Dean of Business & Management Professor David Cook joined the Hong Kong University of Science and Technology Department of Economics in 1996 after receiving a Ph. D. in economics from the University of Wisconsin at Madison. He is currently a Professor at HKUST. His research focuses on international macroeconomics with a concentration on emerging markets issues. He is currently the Hong Kong editor of the Pacific Economic Review.

Research Affiliate Yang Lu Associate Professor, Department of Economics Prof. Lu's research interests are information friction, macro policy and political economy.

Working Paper Series Business Cycles and Earnings Inequality The author constructs a novel, quarterly measure of earnings inequality and document the following facts. First, shocks to productivity and government expenditure have significant effects on earnings inequality, while monetary policy shocks have little effect. Second, unanticipated innovations in earnings inequality, summarizing redistributive forces from the bottom to the top, substantially lower aggregate demand in a U-shaped manner. Finally, the power of stabilization policies increases with the level of inequality. By Byoungchan Lee