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Journal Article
The quantity theory of money
Wen, Yi (2006-11)
Monetary Trends , Issue Nov

Journal Article
Granger causality and equilibrium business cycle theory
Wen, Yi (2007-05)
Postwar U.S. data show that consumption growth "Granger-causes" output and investment growth, which is puzzling if technology is the driving force of the business cycle. The author asks whether general equilibrium models with information frictions and non-technology shocks can rationalize the observed causal relationships. His conclusion is they cannot.
Review , Volume 89 , Issue May , Pages 195-206

Journal Article
Understanding the Trade Imbalance and Employment Decline in U.S. Manufacturing
Wen, Yi; Reinbold, Brian (2018)
Economic analysis suggests that a trade war with China can neither stop the decline in American manufacturing employment nor eliminate the U.S. trade deficit, but it could significantly reduce the welfare of American consumers by making U.S. imports of Chinese goods more expensive. Moreover, it could cause the United States to lose its global leadership in free trade and globalization and facilitate China's rise as a world leader in trade and commerce. A better approach may be for policymakers to design policies that can ensure fair redistribution of the gains from free trade among American ...
Economic Synopses , Issue 15 , Pages 1-3

Journal Article
Money supply, credit expansion, and housing price inflation
Wen, Yi (2010)
Credit and M2 may be driven simultaneously as part of a broader financial intermediation process; a common underlying factor may be the interest rate
Economic Synopses

V-Shaped Recovery Eludes G-7 Countries
Arbogast, Iris; Wen, Yi (2020-11-16)
Economic growth should overshoot its long-run trend to make up for the downturn caused by the pandemic. So far, this hasn’t happened.
On the Economy

Journal Article
Anecdotal Evidence Suggests State Capacity Unrelated to COVID-19 Spread
Wen, Yi; Arbogast, Iris; Reinbold, Brian (2020-11-23)
The COVID-19 pandemic has underscored many societal issues, including the capacity of different world governments to contain the virus’ spread.
The Regional Economist , Volume 28 , Issue 4

Journal Article
Oil shocks and price stability
Shimek, Luke M.; Wen, Yi (2007-12)
Monetary Trends , Issue Dec

Journal Article
Secured and Unsecured Debt Over the Business Cycle
Wen, Yi; Arias, Maria A. (2017)
Unsecured debt better predicts economic activity than secured debt
Economic Synopses , Issue 1 , Pages 1-2

Working Paper
Demand shocks and economic fluctuations
Wen, Yi (2006)
This paper studies conditions under which demand-side shocks can generate realistic business cycles in RBC models. Although highly persistent demand shocks are necessary for generating procyclical investment, variable capacity utilization and habit formation can reduce the required degree of persistence.
Working Papers , Paper 2006-011

Working Paper
Production and inventory behavior of capital
Wen, Yi (2005)
This paper provides a dynamic optimization model of durable good inventories to study the interactions between investment demand and production of capital goods. There are three major findings: First, capital suppliers' inventory behavior makes investment demand more volatile in equilibrium; Second, equilibrium price of capital is characterized by downward stickiness; Third, the responses of the capital market to interest rate and other environmental changes are asymmetric. All are the results of equilibrium interactions between demand and supply.
Working Papers , Paper 2005-044

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