Yu Yi

Yu Yi

Assistant Professor

Research

Working Papers

  1. “Bank Capital, Bank Concentration, and Risk-taking”, 2025. SSRN (first version: Nov 2022)
    • Brief Abstract: The effect on bank concentration on risks and capital allocation are both non-monotonic. Bank capital plays a role.
    • Awarded with Rising Star Award, Chinese Economist Society.
    • Selected presentations: LSE; MMF; CES Annual Meeting (China); AMES; EFG (Xiamen University).
  2. “Excess Loan Premium and Business Cycle Fluctuations”, 2025. (with Pengfei Wang and Shengxing Zhang).
    • Brief Abstract: Countercyclical excess loan premium, because of search friction and imperfect bank competition, amplifies the traditional financial accelerator mechanism.
    • Selected presentations: Penn state.
  3. “Held-to-maturity Securities and Bank Runs” (with Kaiji Chen and Shengxing Zhang), 2024.
    • Brief Abstract: Held-to-maturity accounting avoids current capital losses, but makes banks more volunrable to run risks if the interest rate further increases.
    • Selected presentations: Wharton Conference on Liquidity and Financial Fragility; CICM; CICF; CFRC; Workshop on Money, Banking, Payments, and Finance (Federal Reserve Board of Governors); Macro Finance and Banking Workshop (SHUFE); AMES; Fudan (Econ); Rutgers (Finance); Wuhan University; Tsinghua (PBC and SEM); CEIBS; CUHK (Shenzhen); Zhejiang University; CMU-LAEF Conference.
  4. “Bank Expertise and Structural Transformation” (with Gang Zhang and Shengxing Zhang), 2025.
    • Brief Abstract: Economic structure across states with deregulated banking sectors became closer.
    • Selected presentations: SFS Cavalcade NA; PKU (NSD); CUFE (Finance); Midwest Macro; EFG (Xiamen University); Wuhan University; Liaoning University; SHUFE; Jinan University; SFS Cavalcade Asia-Pacific (scheduled); CAS (Math).
  5. “Bank Market Power and Capital Allocation”, 2025. (first version: Feb 2022)
    • Brief Abstract: Accumulating too much bank capital is NOT good in terms of allocative efficiency.
    • Selected presentations: Macro Finance Society Workshop (Bank of Greece); Macro PhD Workshop, University of Zurich; LSE; AMES; AFR (Zhejiang University); ESAM; EFG (Xiamen University).
  6. “In the Shadow of Rainbow: Is Sexual Orientation Wage Gap Disappearing in the United States?” (with Yuxiao Hu), 2023. Slides
    • Brief Abstract: Sexual orientation wage gap increases across the wage distribution.
    • Selected presentations: AEA; SEA; LSE Development Seminar.

Selected Work In Progress

  1. “Imperfect Competition between Intermediaries” (with Shengxing Zhang).

Paper Discussions

  1. Slides for “Payment System in a Theory a Banking” by Zehao Liu, Haiyang Tu and Chengsi Zhang.
  2. Slides for “FinTech, Banking and Monetary Policy Transmission Evidence from the Deposit Market” by Yueteng Zhu and Jiajun Lu.
  3. Slides for “Local Government Ownership of Banks and Public Financing in China” by Yichen Wang and Naide Ye.