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Research Interests
macroeconomics, public finance, international finance, household financeSelected Work
“The Ramsey Steady-State Conundrum in Heterogeneous-Agent Economies”
with Yi Wen
FORTHCOMING: Journal of Economic Theory
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“Optimal Fiscal Policy under Capital Overaccumulation”
with Yi Wen
Macroeconomic Dynamics, Sep 2023, Vol. 27, No. 6, pp. 1706-1736
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“Optimal Dynamic Tax-Transfer Policies in Heterogeneous-Agents Economies”
with Yi Wen
Federal Reserve Bank of St. Louis Working Paper 2023-009A, May 2023
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“Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences”
with Yi Wen
Review of Economic Dynamics, Oct 2022, Vol. 46, pp. 124-160
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“The Determination of Public Debt under both Aggregate and Idiosyncratic Uncertainty”
with Yi Wen
Journal of Economic Theory, July 2022, Vol. 203, 105474
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“Time-Inconsistent Optimal Quantity of Debt”
with Yi Wen
European Economic Review, Nov 2021, Vol. 140, 103913, pp. 103913
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“Are Unconditional Lump-sum Transfers a Good Idea?”
with Yunmin Chen, Yi Wen, and C.C. Yang
Economics Letters, December 2021, Vol. 209, 110088, pp. NA
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“Implications Of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies in An Endowment Economy”
with Harold L. Cole and Hanno Lustig
Review of Economic Dynamics, April 2016, Vol. 20, pp. 215-239
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“The Risk Premium and Long-run Global Imbalances”
with Kanda Naknoi
Journal of Monetary Economics, November 2015, Vol. 76, pp. 299-315
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“Understanding The Distributional Impact of Long-Run Inflation”
with Gabriele Camera
Journal of Money, Credit, and Banking, September 2014, Vol. 46, No. 6, pp. 1137-1170
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“Is the Volatility of the Market Price of Risk Due to Intermittent Portfolio Rebalancing?”
with Harold L. Cole and Hanno Lustig
American Economic Review, Oct 2012, Vol. 102, No. 6, pp. 2859-2896
Appendix file (PDF)
“A Multiplier Approach to Understanding the Macro Implications of Household Finance”
with Harold L. Cole and Hanno Lustig
Review of Economic Studies, January 2011, Vol. 78, No. 1, pp. 199-234
Program code file (zip)
“Credit Expansion and Markups”
with Hyungsuk Lee and Junsang Lee
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2022
“The Recent Rise of U.S. National Wealth”
with Ashley Stewart
Federal Reserve Bank of St. Louis Economic Synopses, 2022, No. 28
“The Value of $600 Across States Hit Hardest by COVID-19”
with Julie Bennett
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 26
“The Large Gap in Stock Market Participation Between Black and White Households”
with Julie Bennett
Federal Reserve Bank of St. Louis Economic Synopses, 2022, No. 7
“Stability and Equilibrium Selection in Learning Models: A Note of Caution”
with In-Koo Cho and B. Ravikumar
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2021
“Optimal Capital Taxation and Precautionary Savings”
with Yunmin Chen and C.C. Yang
Federal Reserve Bank of St. Louis Review, Third Quarter 2021
“Convergence to Rational Expectations in Learning Models: A Note of Caution”
with In-Koo Cho and B. Ravikumar
Federal Reserve Bank of St. Louis Review, Third Quarter 2021
“Will Workers Want To Be Laid Off?”
with Julie Bennett
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 22
“The Wage Bills of COVID-19”
with Julie Bennett
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 18
“The Real Term Premium in a Stationary Economy with Segmented Asset Markets”
with Junsang Lee
Federal Reserve Bank of St. Louis Review, Second Quarter 2019
“Optimal Ramsey Capital Taxation with Endogenous Government Spending”
with Junsang Lee
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2016
https://doi.org/10.20955/r.97.67-86
“The Welfare Cost of Business Cycles with Heterogeneous Trading Technologies”
Federal Reserve Bank of St. Louis Review, First Quarter 2015
“What about Japan?” (PDF)
with Harold L. Cole and Hanno Lustig
Federal Reserve Bank of St. Louis Working Paper 2023-028C, July 2024
“Optimal Dynamic Tax-Transfer Policies in Heterogeneous-Agents Economies” (PDF)
with Yi Wen
Federal Reserve Bank of St. Louis Working Paper 2023-009A, May 2023
“Convergence to Rational Expectations in Learning Models: A Note of Caution” (PDF)
with In-Koo Cho and B. Ravikumar
Federal Reserve Bank of St. Louis Working Paper 2020-027B, September 2020
“Are Government Bonds Net Wealth or a Liability? Optimal Debt and Taxes in an OLG Model with Uninsurable Income Risk” (PDF)
with Yi Wen and HsinJung Yu
Federal Reserve Bank of St. Louis Working Paper 2020-007C, January 2021
“The Real Term Premium in a Stationary Economy with Segmented Asset Markets” (PDF)
with Junsang Lee
Federal Reserve Bank of St. Louis Working Paper 2018-030A, April 2018
“Optimal Ramsey Capital Income Taxation—A Reappraisal” (PDF)
with Yi Wen
Federal Reserve Bank of St. Louis Working Paper 2017-024C, February 2018
“Implementing the Modified Golden Rule? Optimal Ramsey Capital Taxation with Incomplete Markets Revisited” (PDF)
with Yunmin Chen and C.C. Yang
Federal Reserve Bank of St. Louis Working Paper 2017-003I, October 2020
“Incentive Compatibility as a Nonnegative Martingale” (PDF)
with Yunmin Chen and C.C. Yang
Federal Reserve Bank of St. Louis Working Paper 2015-043C, December 2016
YiLi Chien is an economic policy advisor in the Research division of the Federal Reserve Bank of St. Louis, which he joined in February 2012. His research interests lie in the area of macroeconomics, public finance, international finance, and household finance. He received his Ph.D. in economics from the University of California, Los Angeles, in 2006, and a master’s degree in economics from National Taiwan University (NTU), Taipei, Taiwan, in 1998. Previously, he was an assistant professor in the department of economics at Purdue University.
He has also collaborated actively with researchers at leading universities, and several of his research papers have been published in the top economics and finance journals, including American Economic Review, Review of Economic Studies, Journal of Monetary Economics, and Review of Financial Studies. His recent paper “What about Japan?” studies fiscal sustainability in Japan and has received media coverage from the Financial Times, among other outlets.
