About me

I’m a PhD candidate from the Department of Economics, Business School, Hong Kong University of Science and Technology. I obtained my master’s degree in Public Finance from the Chinese Academy of Fiscal Science, Ministry of Finance of China, and bachelor’s degree in Financial Engineering from Xiamen University. I was a visiting scholar at the University of California at San Diego and a senior associate at the Bank for International Settlements.

Research Interests

My research interests lie in International Macro and Finance, Monetary Economics, International Trade, and the Chinese Economy. My current and future work centers on two broad themes:

• From macro to micro: Understanding the causal effects and transmission mechanisms of macroeconomic shocks—such as monetary policy surprises—on real economic outcomes and financial markets, with a particular focus on international propagation. In this line, I employ state-of-the-art causal identification strategies and leverage detailed micro-level datasets—such as firm-product-level customs records, high-frequency nighttime light data, land transaction information, bond issuance data, forecast surveys, and intraday financial market variations—to trace the propagation of macro shocks.
• From micro to macro: Studying the macroeconomic implications of market frictions and the design of optimal policy responses. In this regard, I develop structural DSGE models to examine how financial frictions shape the responses of inflation, output, and trade to macroeconomic disturbances. I also analyze optimal policy design and potential international policy coordination in these contexts.

Other information

My CV. Email: jyaoam@connect.ust.hk