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Yi Wen

Assistant Vice President


Ph.D. Economics
University of Iowa

M.A. Philosophy of Science
Notre Dame University

B.S. Medical Sciences
West China University of Medical Sciences

Contact Info

Phone: (314) 444-8559
Fax: (314) 444-8731

Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442

For media inquiries contact:
Laura Taylor
Phone: (314) 444-8783

Working Papers

"Flight to What? — Dissecting Liquidity Shortages in the Financial Crisis,"
with Feng Dong.
Working Paper 2017-025B, August 2017, updated October 2017.

"Optimal Ramsey Capital Income Taxation —A Reappraisal,"
with YiLi Chien.
Working Paper 2017-024C, August 2017, updated October 2017.

"Withstanding Great Recession like China,"
with Jing Wu.
Working Paper 2014-007C, March 2014, updated October 2017.

"Institutions Do Not Rule: Reassessing the Driving Forces of Economic Development,"
with Jinfeng Luo.
Working Paper 2015-001B, January 2015, updated June 2017.

"Optimal Monetary Policy under Negative Interest Rate,"
with Feng Dong.
Working Paper 2017-019A, May 2017.

"The Inverted Leading Indicator Property and Redistribution Effect of the Interest Rate,"
with Patrick A. Pintus and Xiaochuan Xing.
Working Paper 2016-027B, November 2016, updated February 2017.

"Interest Rate Dynamics, Variable-Rate Loan Contracts, and the Business Cycle,"
with Patrick A. Pintus and Xiaochuan Xing.
Working Paper 2015-032C, September 2015, updated March 2016.

"The Making of an Economic Superpower―Unlocking China’s Secret of Rapid Industrialization,"
Working Paper 2015-006B, March 2015, updated June 2015.

"The Great Housing Boom of China"
with Kaiji Chen
Working Paper 2014-022A, posted August 2014.

"QE: When and How Should the Fed Exit?"
Working Paper 2014-016A, July 2014.

"Evaluating Unconventional Monetary Policies ─Why Aren’t They More Effective?"
Working Paper 2013-028B, October 2013, updated January 2014.

"Uncertainty and Sentiment-Driven Equilibria,"
with Jess Benhabib and Pengfei Wang.
Working Paper 2013-011A, March 2013.

"Is Government Spending a Free Lunch? -- Evidence from China"
with Xin Wang
Working Paper 2013-013A, posted March 2013.

"Financial Development and Long-Run Volatility Trends"
with Pengfei Wang
Working Paper 2013-003A, posted January 2013.

"Liquidity and Welfare,"
Working Paper 2012-037A, September 2012.

"Two-Way Capital Flows and Global Imbalances: A Neoclassical Approach"
with Pengfei Wang and Zhiwei Xu
Working Paper 2012-016A, posted June 2012.

"Capital, Finance, and Trade Collapse,"
with Yang Jiao.
Working Paper 2012-003A, February 2012.

"Explaining China's Trade Imbalance Puzzle,"
Working Paper 2011-018A, August 2011.

"When Do Inventories Destabilize the Economy? An Analytical Approach to (S,s) Policies"
with Pengfei Wang and Zhiwei Xu
Working Paper 2011-014A, posted May 2011.

"Dynamics of Externalities: A Second-Order Perspective,"
with Huabin Wu.
Working Paper 2008-044B, November 2008, updated March 2011.

"Making Sense of China’s Excessive Foreign Reserves,"
Working Paper 2011-006A, February 2011.

"Can Rising Housing Prices Explain China’s High Household Saving Rate?"
with Xin Wang.
Working Paper 2010-048A, November 2010.

"Saving and Growth under Borrowing Constraints: -- Explaining the “High Saving Rate” Puzzle,"
Working Paper 2009-045C, September 2009, updated June 2010.

"Lucas meets Baumol and Tobin,"
Working Paper 2010-014B, June 2010.

"Liquidity Demand and Welfare in a Heterogeneous-Agent Economy,"
Working Paper 2010-009A, March 2010.

"Dissecting Taylor Rules in a Structural VAR,"
with Woon Gyu Choi.
Working Paper 2010-005A, January 2010.

"Leveraged Financing, Over Investment, and Boom-Bust Cycles,"
with Patrick A. Pintus.
Working Paper 2008-014C, June 2008, updated December 2009.

"An Analytical Approach to Buffer-Stock Saving under Borrowing Constraints,"
Working Paper 2009-026A, June 2009, updated July 2009.

"Incomplete Information and Self-fulfilling Prophecies,"
with Pengfei Wang.
Working Paper 2007-033C, August 2007, updated July 2009.

"Financial Development and Economic Volatility: A Unified Explanation,"
with Pengfei Wang.
Working Paper 2009-022C, April 2009, updated May 2009.

"When does Heterogeneity Matter?"
Working Paper 2009-024A, May 2009.

"Liquidity and Welfare in a Heterogeneous-Agent Economy,"
Working Paper 2009-019B, April 2009, updated May 2009.

"Inventory Accelerator in General Equilibrium,"
with Pengfei Wang.
Working Paper 2009-010A, March 2009.

"Input and Output Inventory Dynamics,"
Working Paper 2008-008A, March 2008, updated February 2009.

"Inventories, Liquidity, and the Macroeconomy,"
Working Paper 2008-045A, December 2008.

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