Meet the Researchers
Yi Li
[email protected]
Education
- Ph.D., Economics, Princeton University, 2014
- B.A., Economics, Peking University, 2007
- B.S., Mathematics, Peking University, 2007
- Bank liquidity and lending
- Market impact of financial intermediaries
Principal Economist
Board of Governors of the Federal Reserve System
2019 - presentSenior Economist
Board of Governors of the Federal Reserve System
2016 - 2019Economist
Board of Governors of the Federal Reserve System
2013 - 2016
- Does Mutual Fund Fragility Impact Primary Market Pricing? Evidence from Commercial Paper
Yi Li, Sean Tibay, and Ashley Wang
FEDS Notes (2025)
https://doi.org/10.17016/2380-7172.3671 - Mutual Fund Fragility, Dealer Liquidity Provision, and the Pricing of Municipal Bonds
Yi Li , Maureen O’Hara, and Xing (Alex) Zhou
Management Science (2024)
https://doi.org/10.1287/mnsc.2023.4912 - Firms’ financing choice between short-term and long-term debts: Are they substitutes?
Sam Hempel, Yi Li, and Sean Tibay
FEDS Notes (2024)
https://doi.org/10.17016/2380-7172.3438 - Dealer Intermediation in the Primary Market of Commercial Paper
Max Gross, Yi Li, and Ashley Wang
FEDS Notes (2022)
https://doi.org/10.17016/2380-7172.3213 - Does Mutual Fund Illiquidity Introduce Fragility into Asset Prices? Evidence from the Corporate Bond Market
Hao Jiang, Yi Li, Zheng Sun, and Ashley Wang
Journal of Financial Economics (2022)
https://doi.org/10.1016/j.jfineco.2021.05.022 - Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds
Lei Li, Yi Li, Marco Macchiavelli, and Xing (Alex) Zhou
Review of Financial Studies (2021)
https://doi.org/10.1093/rfs/hhab065 - Reciprocal Lending Relationships in Shadow Banking
Yi Li
Journal of Financial Economics (2021)
https://doi.org/10.1016/j.jfineco.2021.04.004 - Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market
Fang Cai, Song Han, Dan Li, and Yi Li
Journal of Financial Economics (2019)
https://doi.org/10.1016/j.jfineco.2018.07.012
See also » FRB Working Paper (2016)
conference
2025Midwest Finance Association Conference (MFA), Financial Intermediation Research Society (FIRS) Conference, Western Finance Association (WFA) Conference, China International Conference in Finance (CICF)
conference
2024AFA*, China International Conference in Finance (CICF), European Finance Association (EFA) Conference in Bratislava
seminar
2024Federal Reserve System Quantitative Surveillance Call (×2), Federal Reserve Bank of Chicago (Brownbag), Carnegie Mellon University
conference
2023Bank of Canada Conference on Networks in Modern Financial & Payments Systems*, Financial Intermediation Research Society (FIRS) Conference*
seminar
2023University of Notre Dame, University of Illinois Chicago, Australian National University, Monash University, Cheung Kong Graduate School of Business
conference
2022AFA Annual Meeting at Boston*, Midwest Finance Association Conference (MFA) at Chicago, OCC's Research Symposium on Systemic Risk and Stress Testing in Banking, Adam Smith Workshop at INSEAD*, Advances in Macro-Finance Tepper-LAEF Conference*, Northeastern University Finance Conference, SFS Cavalcade at University of North Carolina, Barcelona School of Economics Summer Forum*, European Banking Center Network Conference at Tilburg*, EFA in Barcelona*, CESifo Conference on Money, Macro, and International Finance*
seminar
2022Purdue University, Federal Reserve Bank of Chicago, University of Illinois Urbana-Champaign, Columbia Business School, Federal Reserve Board, University of Liverpool Management School, Indiana University, Washington University in St. Louis
conference
2021Virtual Asset Management Seminar Series (VAMSS), Virtual Municipal Finance Workshop, Conference on Financial Market Regulation (CFMR), Western Finance Association (WFA) Conference*, Symposium on Money, Banking and Finance at Banque de France, China International Conference in Finance (CICF)*, Municipal Finance Conference at BROOKINGS*, China International Forum on Finance and Policy (CIFFP)*, Swedish House of Finance (SHoF) Annual conference on "Money Markets in a New Era of Central Bank Policies", Northern Finance Association (NFA) Conference (×2, one by coauthor), European Central Bank (ECB) Money Market Conference*
seminar
2021Federal Reserve Bank of Richmond (×2, Brownbag), Financial Stability Oversight Council (×2), University of Southern California Macro Finance Reading Group, Nanyang Technological University, Federal Reserve Board
conference
2020Workshop on Financial Stability and the Coronavirus Pandemic
seminar
2020Federal Reserve Board
conference
2019Federal Reserve System Day-Ahead Conference at Atlanta
seminar
2019Federal Reserve Bank of Chicago, Tsinghua University PBCSF (Brownbag)
conference
2018Columbia SIPA/The Clearing House Conference on Optimal Bank Liquidity Regulation, Midwest Finance Association (MFA) Conference at San Antonio, SFS Cavalcade at Yale University, Northeastern University Finance Conference, BAFFI CAREFIN Banking Conference at Bocconi University, Federal Reserve System Banking Conference, OFR-FRBC Financial Stability Conference
seminar
2018Shanghai Advanced Institute of Finance (SAIF), Antai College of Economics & Management at Shanghai Jiao Tong University, Johns Hopkins University (Brownbag)
conference
2017AFA Annual Meeting at Chicago, Federal Reserve System Day-Ahead Conference at Chicago
seminar
2017Securities and Exchange Commission (SEC), Federal Reserve Board
conference
2016Midwest Finance Association (MFA) Conference at Atlanta
conference
2014China International Conference in Finance (CICF)
seminar
2014Federal Reserve Board
seminar
2013Chinese University of Hong Kong; City University of Hong Kong; Federal Reserve Board; Nanyang Technological University; University of Warwick
Awards
- 2021
Western Finance Association (WFA)
Two Sigma Award for Best Paper on Investment Management
Conference Organization
May 19, 2023 | Washington, DC
the 6th Fed-Maryland Short-Term Funding Markets Conference
Co-organizer
April 30, 2021 | Virtual
the 4th Fed-Maryland Short-Term Funding Markets Conference
Co-organizer
September 25, 2020 | Virtual
the 3rd Fed-Maryland Short-Term Funding Markets Conference
Co-organizer
March 29, 2019 | Washington, DC
the 2nd Fed-Maryland-Delaware Short-Term Funding Markets Conference
Co-organizer
Editor
- Associate Editor for International Review of Finance, 2023.07 – current
Referee
- Journal of Finance
- Journal of Financial Economics
- Review of Financial Studies
- Management Science
- Review of Finance
- Journal of Money, Credit, and Banking
- Journal of Financial Intermediation
- Journal of Financial Markets
- Journal of Banking and Finance
- Financial Management
- Journal of Empirical Finance
- International Review of Finance
- Journal of Credit Risk