Full-time Faculty

Faculty CV

Li An


Dr. ZHOU Zhen is an Associate Professor (without tenure) at the People’s Bank of China School of Finance, Tsinghua University, where he has been a faculty member since 2016. He is also a research fellow and deputy director at the Research Center for Monetary Policy and Financial Stability at PBC School of Finance. Dr. Zhou's primary research interest is understanding financial panics and designing regulatory policies to prevent them. His recent work includes developing theoretical models to investigate financial regulation, corporate policies, and macroeconomics from an information perspective. In addition, he applies experimental methods to understand strategic decision-making regarding coordination and information transmission, and conducts empirical investigations of the Chinese banking system. Dr. Zhou's research has been published in prestigious journals such as the American Economic Review, Games and Economic Behavior, and the Journal of Economic Theory.


Dec 2022- current             Associate Professor (untenured), PBC School of Finance, Tsinghua University

Sep 2016- Nov 2022         Assistant Professor, PBC School of Finance, Tsinghua University
Sep 2012- May 2016        Adjunct Lecturer, Department of Economics, New York University


May 2016                          Ph.D. in Economics, New York University
June 2010                         M.A. in Economics, Tsinghua University
July 2008                           B.A. in Economics, Fudan University





  • The Implicit Non-guarantee in the Chinese Banking System, with Liyuan Liu and Xianshuang Wang (Tsinghua PBCSF)

  • Strength v.s. Frequency of the Liquidity Stress Tests, with Deepal Basak (Indiana Kelley) and Mayur Choudhary (LBS)

  • Communication with Transparent Motives in the Laboratory, with Wendy Jin (NYU Shanghai)


  • 2014:NYU Financial Economics Workshop, Micro Foundations for Macro Finance Workshop

  • 2015:RES Annual Conference (Manchester), The 10th PHD Meeting of RES (UCL), Annual Conference of SED (Warsaw), NYU Financial Economics Workshop

  • 2016:SAIF, PBCSF Tsinghua, CKGSB, Luxembourg School of Finance, SHUFE, Fudan, Hanqing (RUC), MoFiRWorkshop on Banking (Chicago), Econometric Society North American Meeting (Upenn), Global Games in Ames (Iowa State), Greater China Area Finance Conference (Xiamen), CICF (Xiamen), UECE Lisbon Meetings 2016, UNSW-ADB Conference (Sydney), 2nd Annual Conference Volatility Institute NYU Shanghai (discussant)

  • 2017:CUHK Shenzhen, Frontier of Finance 2017 (London), Econometric Society Asian Meeting (Hong Kong), Tsinghua Macro Workshop (discussant), Tsinghua Finance Workshop (discussant), Applications of Behavioural Economics, and Multiple Equilibrium Models to Macroeconomic Policy Conference (Bank of England),  CCER Summer Institute (Yantai), ISB Summer Conference (Hyderabad), FTG Summer meeting on Liquidity in Financial Markets and Insttutions (St Louis), BIS, 9th ECB Network Conference, SFS Cavalcade Asia-Pacific 2017 (discussant)

  • 2018:PKU-NSD Theory Seminar, Seoul National University, SHUFE Microeconomics Workshop 2018, HKUST, CUEB, Five-Star Finance Workshop 2018 (Beijing)

  • 2019:NYU Shanghai, FTG Summer Meeting (Madrid), CICF (Guangzhou, discussant), Conference on Systemic Risk and Financial Stability (Freiburg), OXFIT 2019, UPF, NUS, Singapore Management University, Fudan FISF, SHUFE Finance, University of Toronto, UW Bothell, Rochester (Simon)

  • 2020:UC Davis, Econometric Society World Congress, NFA (discussant)

  • 2021:AEA, Seminars in Economic Theory (Warwick)

  • 2022:China Fintech Research Conference (discussant), University of Macau, CFRC, Econometric Society Japan/Asian/European Summer Meeting, International Conference of the Stony Brook Game-Theory

  • 2023:Tongji University, SAIF(scheduled), Junior Banking Theory Brown-Bag (online, scheduled), CUHK-SZ (scheduled), Bank of Finland (scheduled)


2023-                      Advanced Financial Intermediation and Regulation, Tsinghua, Instructor

2019-                      Third-year Research Paper workshop, Tsinghua, Instructor

2017-                      Advance Microeconomics II, Tsinghua, Instructor

Fall 2016                Principle of Economics, Tsinghua, Instructor

2012-2014              Intermediate Macroeconomics, NYU, TA for Prof. Jaroslav Borovicka

Fall 2014                Hedge Fund Strategies, NYU Stern, Teaching Fellow for Prof. Manjiree Jog

Fall 2014                Credit Risk and Financial Crisis (Module 3), NYU Stern, Teaching Fellow

Summer 2014        Intermediate Microeconomics, NYU, Instructor

Summer 2013        Intermediate Macroeconomics, NYU, Instructor

Fall 2012                Economic Principles I (Macro), NYU, TA for Prof. Marc Lieberman

Fall 2011                Statistics, NYU TA for Prof. Dermot Gately



Nov 2019-now             Associate Director, Research Center for Monetary Policy and Financial Stability at 

                                    the National Institute of Financial Research, Tsinghua University

Spring 2015                GRI Fellow, NYU London

Fall 2012                     Research Assistant for Professor Vasiliki Skreta, NYU Stern

Fall 2009                     Visiting Student, University of Zurich


2022                  PWC 3535 Best Paper Award

2021-2023        Tsinghua University Spring Breeze Fund (RMB 250K)

2020                 Research Award, China Information Economics Society

2018-2020        National Natural Science Funds of China Grant#71703101 (RMB 190K), Co-investigator

2016-2019        Tsinghua University Initiative Scientific Research Grant (RMB 300K)

2010-2015        Henry M. MacCracken Fellowship, NYU

2011                  Pass with Distinction in Macro Qualifying examination

2008                  Distinguished Undergraduate Thesis, Fudan University



  • Ad-hoc Referee: Canadian Journal of Economics, Economic Modeling, Games and Economic Behavior, International Economic Review, Journal of Banking and Finance, Journal of Economic Theory, Journal of Finance, Review of Economic Studies, Review of Financial Studies, Hong Kong Research Grant Council

  • Program committee member: China Financial Research Conference (2019- ), China International Conference in Macroeconomics (2021-)

  • Conference organization: Tsinghua Theory and Finance Workshop 2019 (Program)