Huiqing LI, PhD in Economics
Associate Professor at Central University of Finance and Economics, Beijing, China.
Email: huiqing.li@siu.edu huiqing_li@cufe.edu.cn Phone (Office): (+86) 10-6228 8272
Address (Office): Center for China Fiscal Development, CUFE City Campus, No.39 South College Road, Haidian District, Beijing, China.
Website: http://icfd.cufe.edu.cn/webplats/personalcenter/teacherinfo.aspx?id=75
Education
Ph.D. Economics, Southern Illinois University Carbondale, 2009-2013.
Department of Economics, Dissertation: Essays in Monetary Economics, GPA: 3.6/4.0
M.A. Finance, University of International Business and Economics, Beijing, 2007-2009.
School of Insurance and Economics, GPA: 3.8/4.0
B.A. Economics, University of International Business and Economics, Beijing, 2003-2007.Recommended postgraduate student, Ranking: 1st/76, GPA: 3.7/4.0
Fields and Experience of Research Specialization
Macroeconomics, Monetary Economics, China's Economics, Applied Econometrics, and Public Finance.
10+ years of experience in designing and analysis of statistical modeling using R, SAS, SPSS, EVIEWS, STATA, MATLAB, Excel and LaTeX; Proficiency in Mathematical and Statistical Modeling, Macroeconomic Variables, Linear/Logistic Regression, Monte-Carlo Simulation, Statistical Experimental Design, Linear/Non-linear Optimization, Multivariate Methodologies, Non-parametric Techniques, Principal Components and Time Series Econometrics; 5+ years of experience in China?s economics.
Teaching Experience
Associate Professor (Tenure), Central University of Finance and Economics, Center for China Fiscal Development, Beijing, 2018-Current.
Assistant Professor (Tenure Track), Central University of Finance and Economics, Center for China Fiscal Development, Beijing, 2015-2018.
Advanced Macroeconomic Theory (Graduate-level); Monetary Economics (Graduate-level); Public Finance (Graduate-level).
Adjunct Faculty member, Mid-Continent University, US, 2013, 2014.
Microeconomic Theory (for adult learners); Facilitated online discussions with students.
Study Session Instructor/ Teaching Assistant/Tutor, Department of Economics, SIUC.
Study session instructor for Graduate-level Macroeconomic Theory: conducted independent study sessions, which include preparing and delivering a lecture of two hours every week, Fall 2011, Fall 2012, Spring 2013.
Teaching Assistant for Graduate-level Microeconomic Theory, Spring 2012; Introduction to Microeconomics, Spring 2011; Economics of Contemporary Social Issues, Fall 2010; Introduction to Macroeconomics, Spring 2010; Introduction to International Economics, Fall 2009.
Achieve Program Tutor: tutored undergraduate students for different courses, Fall 2009, Spring 2010.
Work Experience
Zurich Financial Service Group (General Insurance Beijing Branch), 2008.
Full-time Assistant in Underwriting Team of Technical Service Department. Conducted researches in fields of insurance, industrial organization and finance using complex and large data. Developed customized financial and insurance plan to address each client?s outlined goals and implemented the plan with suitable products and services.
SINOTRUST International Information & Consulting (Beijing) Co., Ltd., 2008.
Full-time Researcher in Automotive Marketing Research Service Department. As a researcher, has extensive experience in the development of appropriate survey questions, data collection, analysis, interpretation and generating reports to clients in both qualitative and quantitative research.
DaimlerChrysler–Mercedes-Benz (China) Limited, 2007.
Full-time Assistant in Network Development Department. Provided expert guidance and innovative solution for DCMB?s clients. Tracked clients progress and provided ongoing consultation and support.
Publications, Conference and Working Papers
1. Tanweer Akram, Huiqing Li, "What keeps long-term U.S. interest rates so low?", Economic Modelling: Volume 60, Pages 380?390, (DOI: 10.1016/j.econmod.2016.09.017), January 2017.
U.S. government indebtedness and fiscal deficits increased notably following the Global Financial Crisis. Yet long-term interest rates and U.S. Treasury yields have remained remarkably low. What keeps long-term interest rates so low? This paper relies on a simple model, based on John Maynard Keynes? view that the central bank's actions are the key drivers of long-term interest rates, to explain the behavior of long-term interest rates in the U.S. The empirical findings confirm that short-term interest rates are the most important determinants of long-term interest rates in the U.S. Contrary to conventional wisdom, higher government indebtedness has a negative effect on long-term interest rates, particularly on a long run basis. However, in the short run, higher government indebtedness has a positive effect on long-term interest rates. These are relevant for contemporary policy debates and macroeconomic theory.
2. Chong Peng, Jie Cheng, Huiqing Li and Qiang Cheng, "Subspace Clustering Using Log-determinant Rank Approximation", ACM SIGKDD Conference on Knowledge Discovery and Data Mining (KDD) , KDD'15 Pages 925-934, (DOI: 10.1145/2783258.2783303), 2015.
A number of machine learning and computer vision problems, such as matrix completion and subspace clustering, require a matrix to be of low-rank. To meet this requirement, most existing methods use the nuclear norm as a convex proxy of the rank function and minimize it. However, the nuclear norm simply adds all nonzero singular values together instead of treating them equally as the rank function does, which may not be a good rank approximation when some singular values are very large. To reduce this undesirable weighting effect, we use a log-determinant function as a non-convex rank approximation which reduces the contributions of large singular values while keeping those of small singular values close to zero. We apply the method of augmented Lagrangian multipliers to optimize this non-convex rank approximation-based objective function and obtain closed-form solutions for all subproblems of minimizing different variables alternatively. The log-determinant low-rank optimization method is used to solve subspace clustering problem, for which we construct an affinity matrix based on the angular information of the low-rank representation to enhance its separability property. Extensive experimental results on face clustering and motion segmentation data demonstrate the effectiveness of the proposed method.
3. Qiang Cheng, Hongbo Zhou, Huiqing Li, and Jie Cheng, "A Minimax Framework for Classification with Applications to Images and High Dimensional Data", IEEE Transactions on Pattern Analysis and Machine Intelligence, 36(11): Pages 2117-2130 (DOI: 10.1109/TPAMI.2014.2327978), 2014.
This paper introduces a minimax framework for multiclass classification. The framework consists of estimating a representation model that minimizes the fitting errors under a class of distortions of interest to an application, and deriving subsequently categorical information based on the estimated model. A variety of commonly used regression models, including lasso, elastic net and ridge regression, can be regarded as special cases that correspond to specific classes of distortions. Optimal decision rules are derived for this classification framework. By using kernel techniques the framework can account for nonlinearity in the input space. Extensive experimental results on images, gene expressions and other types of data verify the effectiveness of the proposed framework.
4. Tanweer Akram, Huiqing Li, "The Dynamics of Japanese Government Bonds' Nominal Yields", Levy Economics Institute of Bard College Working Paper Series No. 906, (http://www.levyinstitute.org/pubs/wp_906.pdf), May 2018.
This paper employs a Keynesian perspective to explain why Japanese government bonds? (JGBs) nominal yields have been low for more than two decades. It deploys several vector error correction (VEC) models to estimate long-term government bond yields. It shows that the low short-term interest rate, induced by the Bank of Japan?s accommodative monetary policy, is mainly responsible for keeping long-term JGBs? nominal yields exceptionally low for a protracted period. The results also demonstrate that higher government debt and deficit ratios do not exert upward pressure on JGBs? nominal yields. These findings are relevant to ongoing policy debates in Japan and other advanced countries about government bond yields, fiscal sustainability, fiscal policy, functional finance, monetary policy, and financial stability.
5. Tanweer Akram, Huiqing Li, "An Inquiry Concerning Long-term US Interest Rates Using Monthly Data", Levy Economics Institute of Bard College Working Paper Series No. 894, (http://www.levyinstitute.org/pubs/wp_894.pdf), August 2017.
This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within the autoregressive distributive lag (ARDL) framework, using monthly data and estimating a wide range of Keynesian models of long-term interest rates. While previous studies have mainly relied on quarterly data, the use of monthly data substantially expands the number of observations. This in turn enables the calibration of a wide range of models to test various hypotheses. The short-term interest rate is the key determinant of the long-term interest rate, while the rate of core inflation and the pace of economic activity also influence the long-term interest rate. A rise in the ratio of the federal fiscal balance (government net lending/borrowing as a share of nominal GDP) lowers yields on long-term US Treasury securities. The short- and long-run effects of short-term interest rates, the rate of inflation, the pace of economic activity, and the fiscal balance ratio on long-term interest rates on US Treasury securities are estimated. The findings reinforce Keynes?s prescient insights on the determinants of government bond yields.
6. Tanweer Akram, Huiqing Li, "The Empirics of Long-Term US Interest Rates", Levy Economics Institute of Bard College Working Paper Series No. 863, (http://www.levyinstitute.org/pubs/wp_863.pdf), May 2016.
7. Huiqing Li, "Money Demand in the United States: Evidence from Novel Regional Panel Data", Western Economic Association International 93rd Annual Conference, Vancouver, British Columbia, Canada, 2018-06-29.
This paper investigates the long-run demand for money using a novel panel dataset for the 50 U.S. states from 1977 to 2014. In contrast to previous studies in the field, this one adopts cointegrated dynamic panel data techniques, emphasizing possible cross-sectional parameter heterogeneity and dependencies in regional panel data. The results show that long-term income elasticity estimates from a model with heterogeneous parameters are close to unity and higher than that obtained using the standard homogeneous panel model that forces parameters to be identical across states. Compared to alternative specifications, the model allowing for dynamic and parameter heterogeneity across states performs best. The observed instability of U.S. money demand functions in previous studies can be explained by inappropriate aggregation across the heterogeneous states. In addition, short-run income elasticity is not significant at the 10% level, while short-run interest rate semi-elasticity is highly significant. Thus, dynamic adjustment of the function mainly rests on the error-correction term and on lagged interest rates. Furthermore, for an average interest rate of 4%, a permanent increase in interest rates of 100 basis points implies an immediate decline of 20% to 24% and a long-run decline of 12% to 72% in U.S. money demand.
8. Huiqing Li, Yixuan Xu and Ying Zhuang, "China?s Trilemma: Monetary Policy Autonomy in an Economy with a Managed Floating Exchange Rate", WEA International?s 14th International Conference, CEP (Contemporary Economic Policy) Invited Sessions, Newcastle, Australia, 2018-01-09.
This paper introduces a new theoretical hypothesis that the central bank can internally offset the effect of exchange rate volatility by using open market operations like central bank securities and treasury bonds. We find that the effectiveness of the central bank securities in compensating for the flow of foreign exchange reserves has gradually been strengthened in China. Two empirical techniques are employed to test our hypothesis: vector error correction model (VECM) and autoregressive distributed lag (ARDL) model with breakpoints. The data employed in this study include 1999?2016 monthly data coming from the balance sheet of the People?s Bank of China along with the exchange rate data. We find that the Mundell Trilemma theory is not nearly as tight in China?s practice as in theory, and the conflict between exchange rate stability and monetary policy autonomy is not as sharp as expected. Before 2012, monetary policy autonomy in China was weak due to the problem of ?Funds Outstanding for Foreign Exchange?. The People?s Bank of China has been increasingly inclined to use open market operations and reduce the use of required reserves and currency. This enables it to achieve the dual objectives of exchange rate stability and monetary policy autonomy. Our results also reveal that issuing one unit central bank securities could offset around 0.0989 net foreign exchange reserves change in the long run. Furthermore, the obtained results show that the effectiveness of different new monetary policy tools on exchange rate volatility varies in China.
9. Tanweer Akram, Huiqing Li (Presenter), "Investigation of U.S. government bond yields Using ARDL Model", 1st International Modern Monetary Theory Conference, Kansas City, USA, 2017-09-19.
10. Huiqing Li, "Inflation Dynamics: Forward or Backward Looking?" (Working on).
This paper tests the forward-looking New Keynesian Phillips curve using a novel panel data set for the 50 U.S. states from year 1977 to 2015. Consistent with Gali and Gertler (1999), our results support a linkage between inflation and real unit labor cost, and reject a linkage between inflation and the output gap. We also address several important econometrics issues in the empirical studies. Our tests on model identi?cation and instruments validity reveal that compared with the model with real unit labor cost, the GMM estimators in the model with output gap are more sensitive to the choice of instruments. Also, we ?nd that the unit labor cost has stronger persistence than the output gap, and that these two variables have almost opposite dynamic cross correlations with inflation. We conclude that the observed high autocorrelation properties of U.S. inflation-as measured by the sum of AR coe?cients-is well described by the forward-looking New Keynesian Phillips curve.
11. Huiqing Li, Chang Liu and Kangle Li, "Study on the System of Safe Production Liability Insurance in China Coal-mining Industry", First Prize in the Beijing Graduate Student Scienti?c Research Program, sponsored by the Chinese government, 2008.
Compared with developed countries, the casualties caused by the work safety accidents are heavy in China, especially in coal mining industry. Under the labor insurance system of China, most of the industrial injuries are indemnified by ?Industrial Injury Insurance?. However, the determination of its premium rate is not reasonable, besides that, the legal procedure is also miscellaneous. The establishment of a specific Safe Production Liability Insurance? system is of practical significance. ?Safe Production Liability Insurance? could exert insurance?s effects in safe production and mine disaster governance, alleviate miners and their families? difficulties, help to set up good images of insurance companies and make a promote of other insurance products. Through surveying at Taiyuan, Shanxi province in 2008, we obtain the first hand material. This paper tells the difference between ?Safe Production Liability Insurance? and ?Industrial Injury Insurance?. We also analyses its marketing strategy, mode of execution, operation main body, extract of reserve and related supporting facilities. The creativities of this paper are determination of premium rate by actuarial science methodology and empirical analysis on the result.
Projects
National Natural Science Foundation of China, "Wealth Shock, Individual Property Rights and Family Economic Behavior (Foundation No. 71673317) ", 480,000 RMB, 2016-2019, Project member.
Co-project with the Ministry of Finance, "Fiscal and Financial Policies Supporting the Real Economy", 180,000 RMB, 2018, Project Leader.
Book and Chapters
Chapters:《中国财政可持续发展研究：中国财税研究报告2016》 (Study on the sustainable development of China's public finance)，主编：马海涛，中央财经大学财政税务学院，中国财政发展协同创新中心，出版社:中国财政经济出版社 ，2017.
Chapters:《财政理论与实践教材》(Public Finance in Theory and Practice), October, 2018.
Book:《现代货币理论》(Modern Money Theory), December, 2018.
Honors, Awards, & Fellowships
"Excellent Employee Award", granted by Central University of Finance and Economics, 2017
Graduate Assistantship, 2009-2013, SIUC
Thomas and Chany Chung Endowed Scholarship, Fall 2011, Fall 2012, SIUC
Graduate Fellowship, 2007-2009, University of International Business and Economics
"Outstanding Graduate Award", granted by the Education Commission of Beijing City, Fall 2007
UK Prudential Scholarship, sponsored by the Prudential plc, UK, 2006
Professional Affiliation
American Economic Association; West Economic Association International; Midwest Economic Association; Missouri Valley Economic Association
