J. Christina Wang

photo of j. christina wang
Senior Economist and Policy Advisor
Research Department
T: 617-973-3209
Christina.Wang@bos.frb.org
 
 
Primary fields of research:
Banking, financial institutions, productivity analysis

J. Christina Wang is a Senior Economist and Policy Advisor in the macroeconomic/financial markets section of the Research Department at the Federal Reserve Bank of Boston. Ms. Wang’s current research interests are in refining a consistent measure of bank output, analyzing the impact of financial contracts on business cycle, and understanding optimal banking regulation.

Wang earned her B.A. in economics at Tsinghua University, China. She earned her M.A. in economics at the University of Western Ontario, Canada, and her Ph.D. in economics at the University of Michigan.

  • Education
  • Work Experience
  • Publications
  • Public Service

Education

Ph.D., University of Michigan, August 2002
Department of Economics Summer Research Assistantship, 1996
University of Michigan Rackham Dissertation Fellowship, 2000
M.A., University of Western Ontario, Canada, 1995
 
B.A., Tsinghua University, China, 1993

Work Experience

Federal Reserve Bank of Boston
Senior Economist and Policy Advisor, 2012-
Senior Economist, 2007-2012
Economist, 2001-2007
University of Michigan
Graduate Student Instructor in Economics, 1995-1999
University of Western Ontario, Canada
Instructor of Intermediate Microeconomics, summer, 1995

Publications

Refereed journal articles

"Real Output of Bank Services: What Counts Is What Banks Do, Not What They Own," with Robert Inklaar. Economica, 80(317): 96-117 (2013).

"The Value of Risk: Measuring the Services of U.S. Commercial Banks," with Susanto Basu and Robert Inklaar. Economic Inquiry 49(1), 226-245 (2011).

"A TIPS Scorecard: Are They Accomplishing Their Objectives?" with Michelle L. Barnes, Zvi Bodie, and Robert K. Triest. Financial Analysts Journal 66(5):68-84 (September-October 2010).

"The Value of Risk: Measuring the Services of U.S. Commercial Banks," with Susanto Basu and Robert Inklaar. Economic Inquiry Article first published online : 15 JUN 2010, DOI: 10.1111/j.1465-7295.2010.00304.x.

Books and book chapters

“A General Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output,” with Susanto Basu and John Fernald in Price Index Concepts and Measurement, W.E. Diewert, John Greenlees, and Charles R. Hulten (eds.) NBER Studies in Income and Wealth 70: 273-328, Chicago: The University of Chicago Press, 2009.

Working papers and other unpublished papers

"Student Loan Debt and Economic Outcomes", with Daniel Cooper. FRB Boston Current Policy Perspectives No. 14-7 (2014).

"Bitcoin as Money" with Stephanie Lo. FRB Boston Current Policy Perspectives, paper no. 14-7 (2014).

"The Cost of Fiscal Policy Uncertainty: Industry Evidence of its Impact on the Labor Market." FRB Boston Working Papers Series, paper no. 13-22 (2013).

"Technological Progress, the 'User Cost of Money,' and the Real Output of Banks" with Susanto Basu. FRB Boston Working Papers Series, paper no. 13-21 (2013).

"The Impact of Policy Uncertainty on U.S. Employment: Industry Evidence." FRB Boston Public Policy Brief Series, brief no. 13-3 (2013).

"The Great Recession and Bank Lending to Small Businesses," with Judit Montoriol-Garriga. FRB Boston Working Papers Series, paper no. 11-16 (2011).

"Real Output of Bank Services: What Counts Is What Banks Do, Not What They Own" with Robert Inklaar. FRB Boston Working Papers Series, paper no. 11-1 (2011).

"Evidence of a Credit Crunch? Results from the 2010 Survey of First District Community Banks" with Jihye Jeon, Judit Montoriol-Garriga and Bob Triest. FRB Boston Public Policy Brief Series, brief no.10-3 (2010).

"TIPS Scorecard: Are TIPS Accomplishing What They Were Supposed to Accomplish? Can They be Improved?" with Michelle Barnes, Zvi Bodie and Robert K. Triest. FRB Boston Public Policy Discussion Papers Series, paper no. 09-8 (2009).

"The Value of Risk: Measuring the Service Output of U.S. Commercial Banks," with Susanto Basu and Robert Inklaar. FRB Boston Working Papers, paper no. 08-4 (2008).

"Technological Progress, 'Money' in the Utility Function, and the 'User Cost of Money,'" with Susanto Basu, presented at the NBER/CRIW Summer Institute (2006).

Risk Bearing, Implicit Financial Services, and Specialization in the Financial Industry,” with Susanto Basu. FRB Boston Public Policy Discussion Papers Series, paper no. 06-3 (2006).

A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output,” with Susanto Basu and John G. Fernald. FRB Boston Working Papers Series, paper no. 04-7 (2004).

Merger-Related Cost Savings in the Production of Bank Services.” FRB Boston Working Papers Series, paper no. 03-8 (2003).

Productivity and Economies of Scale in the Production of Bank Service Value Added.” FRB Boston Working Papers Series, paper no. 03-7 (2003).

Service Output of Bank Holding Companies in the 1990s and the Role of Risk.” FRB Boston Working Papers Series, paper no. 03-6 (2003).

Loanable Funds, Risk, and Bank Service Output.” FRB Boston Working Papers Series, paper no. 03-4 (2003).

“Do Bank Mergers in the 1990s Create Value? An Event Study,” unpublished, University of Michigan.

“Bank Production, Risk, and Output Measurement I: Theory," unpublished, University of Michigan.

“Bank Production, Risk, and Output Measurement II: Implementation and Estimation,” unpublished, University of Michigan.

“Bank Mergers, Output, and Cost Savings,” unpublished, University of Michigan.

Public Service

"Technological Progress, the 'User Cost of Money', and the Real Output of Banks." paper presented at the American Economic Association annual meeting, downloadable at http://www.aeaweb.org/aea/2014conference/program/retrieve.php?pdfid=773

Referee: American Economic Review; Rand Journal of Economics; Review of Economics and Statistics; Review of Income and Wealth; Financial Analyst Journal.

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