He Nie

henieecon@gmail.com

School of Economics and Management

Wuhan University, Wuhan, China

I am an (untenured) Associate Professor of Finance at the School of Economics and Management, Wuhan University. My research lies at the intersection of macroeconomics and asset pricing, with current work on the real cost channel of monetary transmission, fiscal policy under the zero lower bound, and the empirics of Chinese stock and cryptocurrency markets. I also serve as Associate Editor at Financial Economics Letters.

I received my Ph.D. in Economics from the National University of Singapore in 2023, advised by Jordan Roulleau-Pasdeloup.

My ongoing projects are funded by the National Natural Science Foundation of China (2025–2027) and the Ministry of Education Humanities and Social Science Fund (2025–2027), both as PI. Recent work has appeared in Review of Economic Dynamics, Macroeconomic Dynamics, Energy Economics, and Economics Letters.

I advise undergraduate theses in finance at Wuhan University (in Chinese). A current list of advisees and their placements is available here.

news

Sep 26, 2026	Our paper The Real Cost Channel and Optimal Labor Taxation at the Zero Lower Bound, coauthored with Haoan Wang and Haochun Ma, has been published in the Journal of Public Economic Theory.
Sep 11, 2026	Our paper Green Collateral Policy and Firm-Level New Quality Productive Forces: Evidence from the PBoC’s 2018 Collateral Expansion, coauthored with Ruijie Ke and Yu Li, has been published in Applied Economics Letters. This paper grew out of an undergraduate thesis that I supervised, and it is especially rewarding to see the project develop into a published article.
Aug 26, 2026	Are existing $\ell_1$-based methods providing a fair benchmark to evaluate the trade-off between weak–dense and sparse–strong factor views in asset pricing? We provide new insights. RR at Econometric Reviews.
Jul 18, 2025	We are revising a Review of Economic Dynamics R&R, co-authored with Haoan Wang (WHU), on how consumption taxes influence the duration of the zero lower bound.

selected publications

The real cost channel and the Phillips Curve for China

He Nie, Jiarong Yao, and Hao Wang

Economics Letters,, 2025

DOI Bib HTML

@article{nie2025realcost,
  title = {The real cost channel and the {Phillips} {Curve} for {China}},
  author = {Nie, He and Yao, Jiarong and Wang, Hao},
  journal = {Economics Letters,},
  volume = {247},
  pages = {112160},
  year = {2025},
  doi = {10.1016/j.econlet.2024.112160},
}

Government spending multipliers with the real cost channel

He Nie

Macroeconomic Dynamics,, 2024

DOI Bib HTML

@article{nie2024spendingmultipliers,
  title = {Government spending multipliers with the real cost channel},
  author = {Nie, He},
  journal = {Macroeconomic Dynamics,},
  volume = {28},
  number = {4},
  pages = {791--812},
  year = {2024},
  doi = {10.1017/S1365100523000251},
}

RED

The promises (and perils) of control-contingent forward guidance

He Nie and Jordan Roulleau-Pasdeloup

Review of Economic Dynamics,, 2023

DOI Bib HTML

@article{nie2023forwardguidance,
  title = {The promises (and perils) of control-contingent forward guidance},
  author = {Nie, He and Roulleau-Pasdeloup, Jordan},
  journal = {Review of Economic Dynamics,},
  volume = {49},
  pages = {77--98},
  year = {2023},
  doi = {10.1016/j.red.2022.07.002},
}

JIFMIM

Do cryptocurrencies hedge against EPU and the equity market volatility during COVID-19? New evidence from quantile coherency analysis

Yonghong Jiang, Lanxin Wu, Gengyu Tian, and 1 more author

Journal of International Financial Markets, Institutions and Money,, 2021

DOI Bib HTML

@article{jiang2021cryptohedge,
  title = {Do cryptocurrencies hedge against {EPU} and the equity market volatility during {COVID}-19? New evidence from quantile coherency analysis},
  author = {Jiang, Yonghong and Wu, Lanxin and Tian, Gengyu and Nie, He},
  journal = {Journal of International Financial Markets, Institutions and Money,},
  volume = {72},
  pages = {101324},
  year = {2021},
  doi = {10.1016/j.intfin.2021.101324},
}