Education

• PhD - Economics (City University of Hong Kong, 2017-2021)
• PhD - Economics (Xi'an Jiaotong University, 2016-2021)
• MSc - Economics (Xi'an Jiaotong University, 2013-2016)
• BSc - Economics (Xi'an Jiaotong University, 2009-2013)

Research Interest

• Fiscal Multipliers, Household Finance, and International Finance
  

Publications

• Fei GUO ^#, Isabel Kit-Ming YAN, Xue-Wu Liu, Chun-Yu Lei (2026). Positive and negative county-level fiscal spillovers in China, Pacific Economic Review, 1-21.

• Fei GUO, Zhuo-Guang ZENG ^#, Isabel Kit-Ming YAN, Shi HE (2025). How cultural values shape fiscal spending multipliers: a worldwide analysis, Applied Economics, 1-25.

• Fei GUO ^#, Ting LI, Isabel Kit-Ming YAN, Eric Evans Osei OPOKU (2025). Impacts of liquidity constraints, wealth and debt on happiness, Applied Economics, 58(3), 595–611.

• Chun-Yu LEI ^#, Nian LIU, Fei GUO, et al. (2024). Current account imbalance and the inequality ratio of income to consumption: evidence from China and other Asian countries, Journal of International Trade & Economic Development, 33(6), 1232–1249.

• Fei GUO ^#, Isabel Kit-Ming YAN, Tao CHEN, Chun-Tien HU (2023). Fiscal multipliers, monetary efficacy, and hand-to-mouth households, Journal of International Money and Finance, 130, 102743.

• Fei GUO, Shi HE ^#, Zhitao LIN (2023). Truths and myths about the effect of financial development on economic growth in China: a meta-analysis, Emerging Markets Finance and Trade, 59(5), 1408-1425.

• Maoxi Tian, Fei GUO ^#, Rong NIU (2022). Risk spillover analysis of China's financial sectors based on a new GARCH copula quantile regression model, The North American Journal of Economics and Finance, 63, 101817.

• Fei GUO ^#, Eric Evans Osei OPOKU, Kate HYNES, Isabel Kit-Ming YAN (2022). Fiscal decentralization and fiscal multiplier in China, The B E Journal of Macroeconomics, 22(2), 729-763.

• Fei GUO, Eric Evans Osei OPOKU, Isabel Kit-Ming YAN ^# (2021). The heterogeneous sectoral productivity impacts of FDI on real exchange rate, Journal of International Trade & Economic Development, 30(7), 1101-1121.

• Fei GUO, Shi HE ^# (2020). The finance-growth nexus in China: a meta-analysis, Applied Economics Letters, 27(13), 1071-1075.

Grant

• 主持：国家自科基金青年项目“收入提升和信贷扩张释放家庭储蓄约束、流动性约束机理研究”(72203118)，2023年1月1日 - 2025年12月31日
  PI: Young Scientists Fund of the National Natural Science Foundation of China, "Release the saving constraint and the liquidity constraint on households via income improvement and credit expansion" (72203118), Jan. 1st, 2023 - Dec. 31st, 2025

• 主持：宁夏回族自治区哲学社会科学青年托举人才项目“文化地理因素对财政支出刺激效果影响研究”(23DLQTZS005)，2024年5月 - 2027年5月
  PI: the Promotion Project for Young Talents of Ningxia Hui Autonomous Region, "How do cultural and geographic factors shape fiscal efficacy" (23DLQTZS005), May 2024 - May 2027

Working Papers

• With Shi HE, What Makes Bilateral Swaps with China? under review

• With Isabel Kit-Ming YAN, Jinfeng LIU, Bing HU, Heterogenous Fiscal Multipliers across Sectoral Price Stickiness, in progress

• With Zhuo-Guang Zeng and Isabel Kit-Ming YAN, Automation Development and Fiscal Spending Multipliers, under review

• With Zhuo-Guang ZENG and Isabel Kit-Ming YAN, Hand-to-Mouth Households Depress the MPC? Evidence from China, under review

Teaching

• Undergraduates: Mid-level Macroeconomics (Spring), International Finance (Spring)

• Postgraduates: Development Economics (Autumn), Theories and Policies of Taxes (Spring)

Last updated: Mar 18, 2026

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