HKUST Business School


HKUST Business School
Associate Professor

Academic qualification

  • Ph.D. Economics, University of British Columbia, 2005
  • M.A. Economics, University of British Columbia, 1999
  • M.A. Political Economics Zhejiang University, 1998
  • B.A. Economics Zhejiang University, 1996

Academic and Professional Experience

  • Associate Professor (July 2012 - ) Department of Economics, the Hong Kong University of Science and Technology.
  • Assistant Professor (July 2006 - June, 2012) Department of Economics, the Hong Kong University of Science and Technology.
  • Assistant Professor (Feb 2005 - September, 2009) Department of Economics, Simon Fraser University
  • Instructor (Sept 2004 - Jan 2005) Department of Economics, Simon Fraser University


  • “Friedman Redux: Restricting Monetary Policy Rules to Support Flexible Exchange Rates," June 2005, with Michael B. Devereux and Kang Shi, Economics Letters, vol. 87(3), Pg. 291-299
  • "Exchange Rates and Monetary Policy in Emerging Market Economies," April 2006, with Michael B. Devereux and Philip R. Lane, Economic Journal, vol. 116 (April) , Pg. 478-506
  • "Global Monetary Policy under a Dollar Standard," July 2005, with Michael B. Devereux and Kang Shi, CEPR Working Paper No. 4317, Journal of International Economics, vol. 21(1), Pg. 113-132
  • "Optimal Monetary Policy with Vertical Production and Trade " October 2005, with Kang Shi,Review of International Economics, vol. 15(3), Pg. 514-537
  • “Entry Cost, Tobin Tax, and Noise Trading on the Foreign Exchange Market,” November 2009, with Kang Shi, Canadian Journal of Economics, vol 42(4), Pg. 1501 - 1526.
  • “Oil Currency and the Dollar Standard,” with Michael B. Devereux and Kang Shi, June 2010,Journal of Money, Credit and Banking, vol 42 (4), Pg. 521-550 .
  • “Twin Dollarization and Exchange Rate Policy, ” with Kang Shi, May 2010, Journal of International Economic, vol 81 (1), Pg. 109-121.
  • “Intermediate Good Trade and Exchange Rate Pass-through, “ with Kang Shi, June 2010, J_ournal of Macroeconomics, vol. 32 (2), Pg.571-583._
  • "Noise traders, exchange rate disconnect puzzle, and the Tobin tax," March 2010, Journal of International Money and Finance, vol 39 (2), Pg. 336-357.
  • Oil Price Stabilization and Global Welfare, November 2014, Qing Liu, Kang Shi, Zhouheng Wu, and Juanyi Xu,  Journal of Development Economics, vol. 111(C), Pg. 246-260.
  •  Eurosclerosis and International Business Cycles, January 2015,  David Cook and Juanyi Xu,  Journal of International Economic, vol. 95(1), Pg. 54-67.
  • Input Substitution, Export Pricing, and Exchange Rate Policy, March 2015 ,  Kang Shi, Juanyi Xu, and Xiaopeng Yin, Journal of International Money and Finance, vol. 51, Pg. 26-46.
  • Endogenous Firm Entry and Expectation Driven Business Cycles, December 2016 Haichao Fan, Xiang Gao, Juanyi Xu, and Zhiwei Xu,  Journal of Economic Dynamics and Control,vol. 73, Pg. 159-180.
  • Excess Liquidity and Credit Misallocation: Evidence from China, Shiyuan Pan, Kang Shi, Lisheng Wang, and Juanyi Xu, accepted at China Economic Journal.
  • Local Government Debt and Corporate Leverage, Yousha Liang, Kang Shi and Lisheng Wang, and Juanyi Xu, accepted at Asian Economic Policy Review.

Referee For

Journal of International Economics, Canadian Journal of Economics, China Economic Review, Review of International Economics, Journal of Development Economics, and Open Economic Review


International macroeconomic, monetary economics, macroeconomics


  • GRF, 2010-2012, Principal investigator
  • GRF, 2009-2010, Co-investigator;
  • Social Sciences and Humanities Research Council of Canada (SSHRC) Standard Research Grant, 2006-2009
  • President’s Research Grant, Simon Fraser University, 2004-2006
  • SFU Endowment Grant: 2004-2005

Read about executive education

Other experts

Overview I am a Senior Lecturer in the Centre for Academic and Researcher Development (CARD), Faculty of Biology, Medicine and Health. I provide education and training to research staff and academic staff in their research, teaching and learning, and career development in line with their own care...
Richard Sheehan conducts research on banking and the economics of sports. In recent papers, he has investigated the determinants of bank deposit pricing, the valuation of financial institutions’ core deposits, relationships among deposit rates and between deposit rates, and market rates. He also ...
Noah Lim is the John P. Morgridge Distinguished Chair in Business and Professor of Marketing at the Wisconsin School of Business, University of Wisconsin-Madison. He received his PhD from the Wharton School, University of Pennsylvania. Prior to that, he received a bachelor’s degree in economics ...