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

Nov 15, 2025	If Bitcoin is the reference point for the entire crypto market, does salience in returns and trading volumes help explain why some coins underperform? Yes, in our latest working paper.
Oct 20, 2025	In China’s bank-based system, “asset growth” mixes liquidity and credit constraints. We show that a new PPE-based investment factor fixes this: better pricing power, clearer link to collateral risk.
Oct 05, 2025	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.
Aug 12, 2025	Could firms’ liquidity choices, namely the balance between internal cash holdings and external finance, determine when sunspot traps arise? Our paper shows that they do.
Jul 18, 2025	We are revising a Review of Economic Dynamics R&R, co-authored with my PhD student at 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},
}