Tao Jin 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, Tsinghua University PBCSF-NIFR, 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,
2014-present Professorial Fellow, The National Institute of Financial Research, Tsinghua University
2016-present Director, Monetary & Fiscal Policy Research Lab, Hang Lung Center for Real Estate,
2018-present Deputy Director, Center for Finance & Development,
The National Institute of Financial Research,Tsinghua University,
2020-present Director, China Society for Finance & Banking
PAST APPOINTMENTS & RESEARCH EXPERIENCE
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
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);
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);
12/2009, Central University of Finance & Economics:
06-08/2006 Graduate course: Topics in Macroeconomics (minicourse);
Undergraduate courses: Principles of Mathematical Analysis, Probability Theory;
(with Simon Kwok and Xin Zheng)
International Review of Economics & Finance, 79, (2022) 114-134.
(with Xiaoyu Huang and Ji Zhang),
Applied Economics, 53, (2021) 6855-6877.
(with Yinxiao Chu and Xiaoyu Huang)
Applied Economics, 53, (2021) 5281-5302.
Review of Economic Dynamics, 39, (2021) 1-25 (Lead Article).
(with Ding Ding, Xiaoyu Huang and W. Raphael Lam）
Annals of Economics and Finance, Vol. 18, No. 2 (November, 2017), 411-442.
Econometrica, Vol. 79, No. 5 (September, 2011), 1567-1589.
(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
Proceedings of 2007 IEEE Power Engineering Society General Meeting, Tampa, FL, June 2007
“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.
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.
HONORS, FELLOWSHIPS, & GRANTS
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
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
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,
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
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),
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
SUPERVISION OF PhD STUDENTS & POSTDOCTORAL RESEARCHERS
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