Full-time Faculty

Faculty CV

Li An


JIN Tao is currently an Associate Professor in the PBC School of Finance, Tsinghua University. He is also the Deputy Director of the Center for Finance & Development, PBC School of Finance, Tsinghua University, the Director of the Monetary & Fiscal Policy Research Lab, Hang Lung Center for Real Estate, Tsinghua University, and a Director of the China Society for Finance & Banking. Prior to joining Tsinghua, he worked at the Federal Reserve Bank of Boston as a research fellow, at the National Bureau of Economic Research (NBER) as a research assistant, and at Harvard University as a teaching fellow. He received a Ph.D. degree in Economics from Harvard University (2014) and a Ph.D. degree in Mathematics from the University of Rochester (2010). He also holds a M.S. degree in Probability and Statistics from Peking University and a B.A. degree in Economics and a B.S. degree in Mathematics from Wuhan University.

Dr. Jin's research agenda covers macroeconomics, asset pricing, artificial intelligence, and applied mathematics. His work has been published in top academic journals, such as Econometrica and Review of Economic Dynamics, and IEEE conferences.


Ph.D. (2014), M.A. (2012), Economics, Harvard University

Ph.D. (2010), M.A. (2005), Mathematics, University of Rochester

M.S., Probability & Statistics (2003), Peking University

B.A., Economics & B.S., Mathematics (2000), Wuhan University, Highest Distinction


2021-present      Associate Professor, PBC School of Finance, Tsinghua University,

2014-2021          Assistant Professor, PBC School of Finance, Tsinghua University,

2016-present      Director, Monetary & Fiscal Policy Research Lab, Hang Lung Center for Real Estate, 

                           Tsinghua University,

2018-present      Deputy Director, Center for Finance & Development, 

                           PBC School of Finance,Tsinghua University,                         

2020-present      Director, China Society for Finance & Banking


XIN Real Estate FinTech Research Center, The National Institute of Financial Research, Tsinghua University,

Deputy Director, 2016-2017

Department of Economics, Harvard University, Visiting Scholar, 02/2018, 01-02/2017, 07-08/2016

JTL: The Urban Mobility Lab, MIT, Visiting Scholar, 05-06/2016, 01-02/2016, 07-09/2015

Federal Reserve Bank of Boston, Visiting Scholar, 07-08/2017, 04-05/2015; Research Fellow, 07-11/2014

National Bureau of Economic Research (NBER), Research Assistant, 2009-2014

China Economics & Management Academy (CEMA), Central University of Finance & Economics, Visiting Research Fellow, 07/2012

Faculty of Arts & Sciences, Harvard University, Teaching Fellow, 09/2010-05/2012


2015-present:Tsinghua University

                         Ph.D. courses: Advanced Econometrics II, Research Topics in  Finance,

                         Ph.D. Thesis Workshop;

                         Undergraduate course: Analytical Methods in Finance(Massive Open Online Course [MOOC]); 


2010-2012:    Harvard University: 

                         Undergraduate courses: Introduction to Econometrics (Econ  1123), 

                         Macroeconomic Policy in the Global Economy (Econ 1435), 

                         Quantitative  Methods in Economics (Econ 1126); Teaching Fellow

                         Introduction to Econometrics (Econ 1123), 

                         Macroeconomic Policy in the Global Economy (Econ 1435),

                         Quantitative Methods in Economics (Econ 1126), (undergraduate);

                         Teaching Fellow

2004-2008:    University of Rochester: 

                         Undergraduate courses: Calculus II/III (Math 142/143),  

                         Calculus IA/IIA (Math 161/ 162, accelerated sequence),

                         Linear Algebra with  Differential Equations (Math 165), Linear Algebra (Math 235), 

                         Honors Calculus  I/III/IV (Math 171Q/173Q/174Q), Fractals & Computer Graphics (Math 215), 

                         Theory of Numbers (Math 230), Point Set Topology (Math 240); 

                         Teaching Assistant

12/2009,           Central University of Finance & Economics: 

06-08/2006       Graduate course: Topics in  Macroeconomics (minicourse); 

                          Undergraduate courses: Principles of Mathematical  Analysis, Probability Theory; 




  • “Financial Wealth, Investment, and Confidence in a DSGE Model for China” 

(with Simon Kwok and Xin Zheng)

 International Review of Economics & Finance, 79, (2022) 114-134.

  • “Monetary Policy, Hot Money and Housing Price Growth across Chinese Cities” 

(with Xiaoyu Huang and Ji Zhang), 

 Applied Economics, 53, (2021) 6855-6877.

  • “Political Relations and Tourism: Evidence from China”

 (with Yinxiao Chu and Xiaoyu Huang

 Applied Economics, 53, (2021) 5281-5302.

  • "Rare Events and Long-Run Risks" (with Robert J. Barro),

 Review of Economic Dynamics, 39, (2021) 1-25 (Lead Article).

  • “The Residential Real Estate Market in China: Assessment and Policy Implications” 

 (with Ding Ding, Xiaoyu Huang and W. Raphael Lam)

 Annals of Economics and Finance, Vol. 18, No. 2 (November, 2017), 411-442.

  • “On the Size Distribution of Macroeconomic Disasters” (with Robert J. Barro), 

 Econometrica, Vol. 79, No. 5 (September, 2011), 1567-1589. 

  • “Dual Stepsize Explicit Numerical Integration Method & Applications” 

 (with Dan Yang, Zhijun Wu and Heng-fu Zou)

 Proceedings of 2008 IEEE Power Engineering Society General Meeting—Conversion and 

 Delivery of Electrical Energy in the 21st Century, Pittsburgh, PA, July 2008 

 (doi: 10.1109/PES.2008.4596126).

  • “A Decoupled Dynamical Simulation Method via Modal Partition” (with Dan Yang),

 Proceedings of 2007 IEEE Power Engineering Society General Meeting, Tampa, FL, June 2007 

 (doi: 10.1109/PES.2007.385854).


  • “Development of Green Finance in China under the Framework of UN Sustainable Development Goals” (with Lei Peng), The Chinese Banker, No.3, 2020, 101-104.

  • “Comparison and Applicability Analysis of Micro-level Systemic Risk Measures: A Study Based on  China's Financial System” (with Xiangpeng Chen, Hao Zhou, and Zhengwei Wang), Journal of Financial Research, No. 5, 2019, 17-36.

  • “Research Progress in Rare Disaster Models” (with Huang Xiaoyu), Financial Science, No. 1, 2019, 42-58.

  • “Research Progress in Systemic Risk in Financial Sector” (with Chen Xiangpeng, He Biqing, and Jia 3 Yandong), Financial Science, No. 1, 2018, 74-93.

  • “Empirical Study on Central Banks’ Balance Sheet Policy Based on a FAVAR Model—Evidence from  the U.S. and Japan” (with Wan Lipeng and Huang Xiaoyu), Review of Investment Studies, Vol. 37, No. 2, 2018, 4-23 (Lead Article).

  • “On the Functional Orientation and Path Choice of China’s Real Estate Tax Reform” (with Huang  Xiaoyu, Jin Chao, and Zheng Siqi), China Real Estate, Academic Issue, No. 12, 2016, 15-20.


  • “Real(istic) Time-Varying Probability of Consumption Disasters” (with Xiaoyu Huang and Hao Zhou) 

 Harvard University OpenScholar Working Paper.


1. "What Generates Equity Premium: Rare Events or Long-Run Risks? ”

     Tsinghua Financial Review, No. 4, 2021, 97-98.

2.  “Development Path for International Business of Chinese Securities Firms” (with Yu Yongcheng)

     Tsinghua Financial Review, No. 11, 2019, 105-108.

3. “Five Measures to Alleviate Risk of Local Government Debt” (with Zheng Xiaoyu)
    Tsinghua Financial Review, No. 7, 2019, 43-44.

4. “Construction and Governance of Platform-type Financial Ecosystems” (with Zhang Ran)
    Tsinghua Financial Review, No. 5, 2019, 101-104.

5.  “Security and Future of the Internet Finance” (with Jin Chao)
    Tsinghua Financial Review, No. 2, 2017, 97-101.

6. “Practice and Prospect of Blockchain Technology in Finance” (with Jin Chao)
     Tsinghua Financial Review, No. 9, 2016, 97-101.


01/2019-12/2020   Co-Principle Investigator, National Natural Science Foundation of China, 

                               Project No. 71828301, 

                               “Study on China’s Economic Growth, Opening-up and Reform in the Context of Globalization”

01/2017-12/2020   Principle Investigator, National Natural Science Foundation of China, Project No. 71673166,       

                               “Rare Events in Macroeconomy and Financial Markets and Their Impacts: 

                                A Study Based on the Case of China”

01/2017-12/2020    Co-Investigator, National Natural Science Foundation of China, Project No. 71671004, 

                               “A New Option Pricing Model Based on High Frequency Financial Data: 

                                Theoretical and Empirical Studies”

11/2017-05/2018     Principle Investigator, The Office of the Central Leading Group on Financial and Economic 

                                Affairs Research Project “On the Construction of the New International Ratings System”

12/2017-03/2018    Principle Investigator, The Export-Import Bank of China Research Project 

                                “Study on Interest Rates of Official Export Credit Loans in China”

07/2016-06/2017    Co-Investigator, China Finance 40 Forum Research Project 

                                “Study on China Systemic Risk Assessment Model (PBC-SRAM)”

07/2016-12/2016    Co-Investigator, National Natural Science Foundation of China, Project No. 71640001, 

                                “Research on Risk Analysis and Prevention in P2P Lending”

01/2016-12/2019    Co-Investigator, National Natural Science Foundation of China, Project No. 71573147,

                                “Research on Chinese Financial Literacy”

10/2015-09/2018     Principle Investigator, Tsinghua University Initiative Scientific Research Program 

                                 No. 20151080450, “Urbanization, Housing Market, and Macroeconomy”

2008-2012, 2014     Bradley Fellowship, Harvard University

2008-2013               Harvard University GSAS Fellowship

2003-2008               University of Rochester Teaching Fellowship


Journal Referee: 

Econometrica; Quarterly Journal of Economics; Economic Journal; Journal of  Applied Econometrics; Journal of Money, Credit and Banking; Journal of Economic  Dynamics & Control; Economic Modelling; Data & Policy; China Finance Review  International; Journal of Financial Research; Review of Investment Studies 
External Reviewer:  

Research Grants Council (RGC) of Hong Kong; Cyberspace Administration of  China; Social Science Foundation of Beijing City; World Finance Conference; Zhongtai Securities; China EverBright Group; National Natural Science Foundation  of China; The People’s Bank of China; Postal Savings Bank of China; Renmin  University of China; China Financial Research Conference; Huaxia Bank

Presentations:  *By Coauthors 

2021: 2021 Asian Meeting of the Econometric Society, Miri, Malaysia, June

           State Administration of Foreign Exchange, Beijing, May 

           School of Management and Economics, The Chinese University of Hong  Kong, Shenzhen, May

2020: NBER-NSF SBIES Conference, Washington University in St. Louis, August*

           School of Economics, Peking University, May

2019: Joint Tsinghua University-LSE Workshop 2019, Beijing, November*

           The Thirteenth Annual Risk Management Conference, Singapore, July

2017: International School of Economics and Management, Capital University of Economics and Business, Oct.

           The 2017 China Meeting of the Econometric Society, Wuhan, June*

           CEMA, Central University of Finance & Economics, April

           Symposium on Monetary Policy and Related Issues, The School of Finance, 

            Renmin University of China, April*

           Department of Public Finance, National Chengchi University, Taipei, April

           National School of Development, Peking University, March

2016: Symposium on Blockchain & Artificial Intelligence Technology and Their Industrial Application Scenarios, 

           Zhengzhou, October

           Symposium on the Law and Policy on the Application of Blockchain Technology, PBC School of Finance, 

           Tsinghua University, October

           Symposium on World Economic Situations, Ministry of Commerce of the People’s Republic of China, June

           National School of Development, Peking University, April

           2016 Symposium on Real Estate Taxes, School of Public Administration & Policy, 

           Renmin University of China, March

2015: National School of Development, Peking University, May

           The School of Finance, Renmin University of China, April

2014: MIT Department of Economics, April

           Department of Economics & Finance, City University of Hong Kong, January

           School of Economics & Finance, The University of Hong Kong, January

           PBC School of Finance, Tsinghua University, January

2013: Harvard Business School, October

           MIT Department of Economics, October

           MIT Sloan School of Management, October

2012: Harvard Business School, December

           MIT Sloan School of Management, December

           School of Economics, Peking University, July

           China Economics & Management Academy, Central University of Finance & Economics, July

           School of Economics & Finance, The University of Hong Kong, June
Invited Participant:

2021: Panelist for Colloquium on Social Value of Internet & Social Development (Tencent), Beijing, April

2019: Panelist for Global Asset Allocation Summit, Beijing, November

          Discussant for 2019 China International Conference in Macroeconomics, Shenzhen, June

          Discussant for 2019 Wuhan University IAS Economics Workshop, June

2018: China Government Debt Symposium, Beijing, September

2016: Discussant for Session “International Risk” in the 14th China International Conference in Finance (CICF), 

          Xiamen, July

2015: Discussant for Sessions “Micro Theory of Financial Institutions & Money” and “Financial Crisis & Monetary 

          Policy” in the 13th China International Conference in Finance (CICF), Shenzhen, July

2013: Conference in Econometrics: Partial Identification, Weak Identification, & Related Econometric Problems, 

          Cowles Foundation for Research in Economics, Yale University, June

2005: Mathematical Science Research Institute (MSRI) Summer Program in CR-Geometry: 

          Complex Analysis Meets Real Geometry & Number Theory, MSRI, Berkeley, CA, July

2004: MSRI Summer Program in Hyperplane Arrangements & Applications, University of Oregon, August


Zhang Ran (2017, PostDoc, China EverBright Group)
Yu Yongcheng  (2017, PostDoc, Zhongtai Securities)
Zheng Chongyang (2018, PostDoc)
Xi Yu  (2018, PhD, The People’s Bank of China)
Huang Xiaoyu (2018, PhD, School of Banking & Finance, Univ. of International Business & Economics)

Lei Peng (2018, PostDoc, Postal Savings Bank of China)

Zhang Yangzi (2018, PostDoc, China EverBright Group)

Zhou Xiaobo (2018, PostDoc, China EverBright Group)

Jin Chao (2019, PhD, CCB International)

Hou Jingya (2019, PhD, JD Digits)

Wenzhe Li (2019, PhD, The People’s Bank of China)

Zheng Xin (2019, PostDoc)

Harrison Hu (2020, PhD, Autonomy Capital)

Lipeng Wan (2020, PhD, The People’s Bank of China)
Miao Li (2020, PhD)

Feiyan Zhang (2020, PhD)

Qingyu Mu (2020, PostDoc, Zhongtai Securities) 

Lexiang Zhao (2021, PostDoc, China Investment Corporation)


China Society for Finance & Banking, American Economic Association, American Finance Association, Econometric Society, American Mathematical Society, Finance 40 Forum (CF40) - Youth Economist