Photo of Yi Li

Yi Li

Education

  • Ph.D., Economics, Princeton University, 2014
  • B.A., Economics, Peking University, 2007
  • B.S., Mathematics, Peking University, 2007
Current Research Topics
  • Institutional Investor Behaviors
  • Lending Relationships
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2019 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2016 - 2019
  • Economist

    Board of Governors of the Federal Reserve System

    2013 - 2016
  • Dealer Intermediation in the Primary Market of Commercial Paper
    Max Gross, Yi Li, and Ashley Wang
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3213
  • Does Mutual Fund Illiquidity Introduce Fragility into Asset Prices? Evidence from the Corporate Bond Market
    Hao Jiang, Yi Li, Zheng Sun, and Ashley Wang
    Journal of Financial Economics (2022)
    https://doi.org/10.1016/j.jfineco.2021.05.022
  • Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds
    Lei Li, Yi Li, Marco Macchiavelli, and Xing (Alex) Zhou
    Review of Financial Studies (2021)
    https://doi.org/10.1093/rfs/hhab065
  • Reciprocal Lending Relationships in Shadow Banking
    Yi Li
    Journal of Financial Economics (2021)
    https://doi.org/10.1016/j.jfineco.2021.04.004
  • Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market
    Fang Cai, Song Han, Dan Li, and Yi Li
    Journal of Financial Economics (2019)
    https://doi.org/10.1016/j.jfineco.2018.07.012
    See also » FRB Working Paper (2016)
  • Essays on Institutional Investors
    Yi Li
    Dissertations (Princeton University) (2014)
  • seminar

    2019

    Tsinghua University; Peking University

    Reciprocal Lending Relationships in Shadow Banking

  • conference

    2019

    Federal Reserve System Day-Ahead Conference at Atlanta

    Reciprocal Lending Relationships in Shadow Banking

  • seminar

    2018

    Shanghai Jiao Tong University; Shanghai Advanced Institute of Finance (SAIF); The Johns Hopkins Carey Business School

    Reciprocal Lending Relationships in Shadow Banking

  • conference

    2018

    BAFFI CAREFIN Banking Conference at Bocconi; Federal Reserve System Banking Conference; OFR-FRBC Financial Stability Conference

    Reciprocal Lending Relationships in Shadow Banking

  • conference

    2018

    Columbia/TCH Conference on Optimal Bank Liquidity Regulation; MFA; Northeastern University Finance Conference; SFS Cavalcade at Yale University

    Reciprocal Lending Relationships in Shadow Banking

  • conference

    2017

    AFA at Chicago; Federal Reserve System Day-Ahead Conference at Chicago

    Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market

  • seminar

    2017

    Securities and Exchange Commission (SEC)

    Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market

  • conference

    2016

    6th Risk Management Conference at Mont Tremblant; the 2016 Financial market Liquidity Conference; MFA at Atlanta

    Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market

  • seminar

    2016

    Johns Hopkins University; the Financial Stability Board (FSB); the Office of Financial Research (OFR)

    Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market

  • seminar

    2015

    Tsinghua University; Federal Reserve Board

    Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market

  • conference

    2014

    China International Conference in Finance (CICF)

    Reputation, Volatility and Performance Persistence of Private Equity

  • seminar

    2013

    Chinese University of Hong Kong; City University of Hong Kong; Federal Reserve Board; Nanyang Technological University; University of Warwick

    Reputation, Volatility and Performance Persistence of Private Equity

Awards
  • 2021

    Western Finance Association (WFA)

    Two Sigma Award for Best Paper on Investment Management

Conference Organization
  • April 30, 2021 | Virtual

    the 4th Fed-Maryland Short-Term Funding Markets Conference

    Co-organizer

  • September 25, 2020 | Virtual

    the 3rd Fed-Maryland Short-Term Funding Markets Conference

    Co-organizer

  • March 29, 2019 | Washington, DC

    the 2nd Fed-Maryland-Delaware Short-Term Funding Markets Conference

    Co-organizer

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Last Update: August 2, 2024