Publications:

Exchange Rates and Open-economy Macroeconomics

· "The Welfare Implications of Foreign Exchange Intervention,’’

Journal of International Money and Finance, Vol.27, No.8, p.1360-1382, 2008.

· "The Liquidity Effects of Foreign Exchange Intervention,’’

Journal of International Economics, Vol.63, No.1, p.179-208, 2004.

· "Credit Market Imperfections and Exchange Rate Variability,"

Canadian Journal of Economics, Vol.33 No.2, p.360-393, 2000.

· "Credit Market Imperfections and Nominal Exchange Rate Regimes,"

International Journal of Finance and Economics, Vol.3, No.4, p.337-361, 1998.

· "Foreign Exchange Controls and Liquidity,"

Journal of International Money and Finance, Vol.14, No.4, p.515-538, 1995.

· "Liquidity, Exchange Rates, and Business Cycles,"

Journal of Monetary Economics, Vol.32, No.1, p.121-145, 1993.

Money and Economic Growth

· "Inflation Taxation and Welfare with Externalities and Leisure,’’

with Jinli Zeng and Jie Zhang,

Journal of Money, Credit, and Banking, Vol. 39, No.1, p.105-131, 2007.

· "Imperfect Information, Money, and Economic Growth,"

Journal of Money, Credit and Banking, Vol.28, No.4, Part 1, p.578-603, 1996.

Chinese Economy

· "Financial Liberalization and Economic Growth: A Theoretical Analysis of the Transforming Chinese Economy,”

with Michael K.Y. Fung and Lijing Zhu,

Pacific Economic Review, Vol.10, No.1, p.125-148, 2005.

· "Macroeconomic Control in the Transforming Chinese Economy: An Analysis of Long-run Effect,"

with Michael K.Y. Fung and Lijing Zhu,

Pacific Economic Review, Vol.6, No.1, p.55-88, 2001.

· "The Impact of Credit Control and Interest Rate Regulation on the Transforming Chinese Economy: An Analysis of Long-run Effects,"

with Michael K.Y. Fung and Lijing Zhu,

Journal of Comparative Economics, Vol.28, No.2, p.293-320, 2000.

· "Stagflationary Effect of Government Bond Financing in the Transforming Chinese Economy: A General Equilibrium Analysis,"

with Michael K.Y. Fung and Lijing Zhu,

Journal of Development Economics, Vol.61, No.1, p.111-135, 2000.

· "Effects of Government Policy Changes on the Private Sector Development in a Transitional Economy: A Long-run Analysis,"

with Michael K.Y. Fung and Lijing Zhu,

Journal of Economic Development, Vol.24, No.2, p.19-41, 1999.

Working Paper:

· “Simple Monetary Policy Rules in an Open Economy, Limited Participation Model,”

with Scott Hendry and Kevin Moran,

Bank of Canada Working Paper, 2003-38.