Research
Christina.Wang@bos.frb.org
Biography
J. Christina Wang is a senior economist and policy advisor in the macroeconomic/financial markets section of the Federal Reserve Bank of Boston Research Department. Wang’s research interests include exploring the nature of financial technology to understand why nonbank institutions (such as fintech firms) have emerged to supply financial services traditionally provided by banks, and how financial regulations need to adapt. Wang’s research also analyzes the impact of financial frictions on the business cycle, as well as the cyclical properties of productivity.
Wang received her BA in economics from Tsinghua University in China. She earned her MA in economics at the University of Western Ontario and her PhD in economics at the University of Michigan.
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
Education
PhD, University of Michigan, August 2002
Rackham Dissertation Fellowship, 2000
Department of Economics Summer Research Assistantship, 1996
MA, University of Western Ontario, Canada, 1995
BA, Tsinghua University, China, 1993
Publications
Refereed journal articles
"Real Output of Bank Services: What Counts Is What Banks Do, Not What They Own," with Robert Inklaar. 2013. Economica 80(317): 96–117. DOI: 10.1111/j.1468-0335.2012.00942.x.
"The Value of Risk: Measuring the Services of U.S. Commercial Banks," with Susanto Basu and Robert Inklaar. 2011. Economic Inquiry 49(1): 226–245. DOI: 10.1111/j.1465-7295.2010.00304.x.
"A TIPS Scorecard: Are They Accomplishing Their Objectives?" with Michelle L. Barnes, Zvi Bodie, and Robert K. Triest. 2010. Financial Analysts Journal 66(5): 68–84. DOI: https://doi.org/10.2469/faj.v66.n5.4.
"The Value of Risk: Measuring the Service Output of U.S. Commercial Banks," with Susanto Basu and Robert Inklaar. 2010. Economic Inquiry. Article first published online. DOI: 10.1111/j.1465-7295.2010.00304.x. 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, eds. W.E. Diewert, John Greenlees, and Charles R. Hulten. 2009. National Bureau of Economic Research Studies in Income and Wealth 70: 273–328. Chicago: The University of Chicago Press.
Working papers and other unpublished papers
“Productivity Improvements and Markup Normalization Can Support Further Wage Gains without Inflationary Pressures,” with Vaishali Garga and Giovanni P. Olivei. 2024. Federal Reserve Bank of Boston Current Policy Perspectives 24-5.
“Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?” with Anadu, Kenechukwu, Pablo D. Azar, Marco Cipriani, Thomas M. Eisenbach, Catherine Huang, Mattia Landoni, Gabriele La Spada, Marco Macchiavelli, and Antoine Malfroy-Camine. 2023. Federal Reserve Bank of Boston Research Department Working Papers No. 23-11. https://doi.org/10.29412/res.wp.2023.11
"Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?" With Kenechukwu E. Anadu, Pablo D. Azar, Marco Cipriani, Thomas M. Eisenbach, Catherine Huang, Mattia Landoni, Gabriele La Spada, Marco Macchiavelli, and Antoine Malfroy-Camine, 2023. Supervisory Research and Analysis Working Paper, 2023-2.
“Lease Expirations and CRE Property Performance,” with David P. Glancy. 2023. Federal Reserve Bank of Boston Research Department Working Papers No. 23-10. https://doi.org/10.29412/res.wp.2023.10
“The Tail That Wagged the Dog: What Explains the Persistent Employment Effect of the 10-Day PPP Funding Delay?” with Olga Gorbachev and María J. Luengo-Prado. 2023. Federal Reserve Bank of Boston Research Department Working Papers No. 23-6. https://doi.org/10.29412/res.wp.2023.06
“The Main Street Lending Program: Who Borrowed and How Have They Benefited?” 2022. Federal Reserve Bank of Boston Research Department Working Papers No. 22-24. https://doi.org/10.29412/res.wp.2022.24
“What Do 25 Million Records of Small Businesses Say about the Effects of the PPP?” with Gustavo Joaquim. 2022. Federal Reserve Bank of Boston Research Department Working Papers No. 22-23. https://doi.org/10.29412/res.wp.2022.23
“Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock?” with Falk Bräuning and José L. Fillat. 2022. Federal Reserve Bank of Boston Research Department Working Papers No. 22-13. https://doi.org/10.29412/res.wp.2022.13
“How Did the MSLP Borrowers Fare Before and During COVID-19?” with Joshua Ballance and Melanie Qing. 2021. Federal Reserve Bank of Boston Current Policy Perspectives. September 9, 2021
“A Helping Hand to Main Street Where and When It Was Needed,” with Falk Bräuning, José L. Fillat, and Frankie Lin. 2021. Federal Reserve Bank of Boston Current Policy Perspectives. May 27, 2021.
“Corporate Debt Maturity and Monetary Policy,” with Falk Bräuning and José L. Fillat. 2020. Federal Reserve Bank of Boston Current Policy Perspectives. October 22, 2020.
“How Magic a Bullet Is Machine Learning for Credit Analysis? An Exploration with FinTech Lending Data,” with Charles B. Perkins. 2019. Federal Reserve Bank of Boston Research Department Working Papers No. 19-16.
"Technology, the Nature of Information, and FinTech Marketplace Lending." 2018. Federal Reserve Bank of Boston Research Department Current Policy Perspectives No. 18–3.
"The Equilibrium Real Policy Rate through the Lens of Standard Growth Models," with Daniel E. Sichel. 2017. Federal Reserve Bank of Boston Current Policy Perspectives No. 17-6.
"Banks' Search for Yield in the Low Interest Rate Environment: A Tale of Regulatory Adaptation." 2017. Federal Reserve Bank of Boston Research Department Working Papers No. 17-3.
"Why has the Cyclicality of Productivity Changed? What does it Mean?" with John Fernald. 2015. Federal Reserve Bank of Boston Current Policy Perspectives No. 15-6.
"Vanishing Procyclicality of Productivity? Industry Evidence." 2014. Federal Reserve Bank of Boston Research Department Working Papers No. 14-15.
"Productivity in the Slow Lane? The Role of Information and Communications Technology," with Alison Pearson. 2014. Federal Reserve Bank of Boston Current Policy Perspectives No. 14-10.
"Student Loan Debt and Economic Outcomes," with Daniel Cooper. 2014. Federal Reserve Bank of Boston Current Policy Perspectives No. 14-7.
"Bitcoin as Money," with Stephanie Lo. 2014. Federal Reserve Bank of Boston Current Policy Perspectives No. 14-4.
"The Cost of Fiscal Policy Uncertainty: Industry Evidence of Its Impact on the Labor Market." 2013. Federal Reserve Bank of Boston Research Department Working Papers No. 13-22.
"Technological Progress, the 'User Cost of Money,' and the Real Output of Banks," with Susanto Basu. 2013. Federal Reserve Bank of Boston Research Department Working Papers No. 13-21.
"The Impact of Policy Uncertainty on U.S. Employment: Industry Evidence." 2013. Federal Reserve Bank of Boston Research Department Public Policy Briefs No. 13-3.
"The Great Recession and Bank Lending to Small Businesses," with Judit Montoriol-Garriga. 2011. Federal Reserve Bank of Boston Research Department Working Papers No. 11-16.
"Real Output of Bank Services: What Counts Is What Banks Do, Not What They Own," with Robert Inklaar. 2011. Federal Reserve Bank of Boston Research Department Working Papers No. 11-1.
"Evidence of a Credit Crunch? Results from the 2010 Survey of First District Community Banks," with Jihye Jeon, Judit Montoriol-Garriga, and Bob Triest. 2010. Federal Reserve Bank of Boston Research Department Public Policy Briefs No. 10-3.
"TIPS Scorecard: Are TIPS Accomplishing What They Were Supposed to Accomplish? Can They be Improved?" with Michelle Barnes, Zvi Bodie, and Robert K. Triest. 2009. Federal Reserve Bank of Boston Research Department Public Policy Discussion Papers No. 09-8.
"The Value of Risk: Measuring the Service Output of U.S. Commercial Banks," with Susanto Basu and Robert Inklaar. 2008. Federal Reserve Bank of Boston Research Department Working Papers No. 08-4.
"Technological Progress, 'Money' in the Utility Function, and the 'User Cost of Money,'" with Susanto Basu. 2006. Presented at the NBER/CRIW Summer Institute.
"Risk Bearing, Implicit Financial Services, and Specialization in the Financial Industry," with Susanto Basu. 2006. Federal Reserve Bank of Boston Research Department Public Policy Discussion Papers No. 06-3.
"A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output," with Susanto Basu and John G. Fernald. 2004. Federal Reserve Bank of Boston Research Department Working Papers No. 04-7.
"Merger-Related Cost Savings in the Production of Bank Services." 2003. Federal Reserve Bank of Boston Research Department Working Papers No. 03-8.
"Productivity and Economies of Scale in the Production of Bank Service Value Added." 2003. Federal Reserve Bank of Boston Research Department Working Papers No. 03-7.
"Service Output of Bank Holding Companies in the 1990s and the Role of Risk." 2003. Federal Reserve Bank of Boston Research Department Working Papers No. 03-6.
"Loanable Funds, Risk, and Bank Service Output." 2003. Federal Reserve Bank of Boston Research Department Working Papers No. 03-4.
"Do Bank Mergers in the 1990s Create Value? An Event Study." University of Michigan.
"Bank Production, Risk, and Output Measurement I: Theory." University of Michigan.
"Bank Production, Risk, and Output Measurement II: Implementation and Estimation." University of Michigan.
"Bank Mergers, Output, and Cost Savings." University of Michigan.