Gaosheng Ju received his PhD in Economics from Texas A&M University in May 2011 and joined the School of Economics at Fudan University as an assistant professor in September 2011. His research interests span the fields of Macro Finance, Applied Microeconomics and Econometrics.
In the paper entitled ``Household Debt, Aggregation and Asset Pricing Puzzles' (coauthored with Q. Li), we establish from micro-consumption data two solid facts, dubbed ``big bang' and ``accelerated expansion', respectively. These facts are useful in explaining many asset pricing anomalies, including Equity Premium puzzle, Excess Volatility Puzzle, Risk-Free Rate puzzle, Stock Predictability puzzle, Low Correlation puzzle, and Pricing Kernel puzzle. Also, these facts help understand why many such solutions in the literature as habit formation, recursive preferences, risk for the long run, rare disasters, ambiguity and ambiguity aversion, idiosyncratic shocks, preference non-separability between goods, debt, behavioral finance, and heterogeneous preferences, are incomplete in solving pricing puzzles.
Publications and Working Papers/in Progress：
1. Nonparametric Panel Estimation of Labor Supply (with L. Gan and Q. Li,Journal of Business & Economic Statistics, forthcoming, 2017);
2. Identifying Latent Grouped Patterns in Panel Data Models with Interactive Fixed Effects (With L. Su, Journal of Econometrics, forthcoming, 2017);
3. Nonparametric Estimation of Structural Labor Supply and Exact Welfare Change under Nonconvex Piecewise-linear Budget Sets ( with L. Gan and X. Zhu, Journal of Econometrics, 188 (2015), pp. 526-544);
4. Nonparametric Estimation of Multivariate CDF with Categorical and Continuous Data (with R. Li and Z. Liang, Advances in Econometrics, 2009);
5. An Empirical Analysis of Gender Differences in Mincerian Rate of Returns to Education (with L. Chen, Peking University Education Review, 2004, 3, 41-46);
6. Household Debt, Aggregation and Asset Pricing Puzzles (With Q. Li, Under Review, 2017);
7. The Declining Interstate Family Migration in the United States (with L. Gan and S. Zhu, 2016);
8. Conservative Coalitional Equilibrium (Working Paper, 2013);
9. Game-Theoretic Family Joint Labor Supply and Optimal Nonlinear Income Taxation (In Progress);
10. An Estimation of the Coefficient of Relative Risk Aversion and the Elasticity of Intertemporal Substitution (In Progress);
11. Understanding the Volatility Smile in the Option Markets (In Progress);
12. Can Ambiguity and Ambiguity Aversion Explain the Equity Premium Puzzle? (In Progress);
13. Grouped Patterns in Predictability of Stock Returns (In Progress);
14. Long-run Effects of Monetary Policy on Inflation (In Progress);
15. Identification of Heterogeneous Effects of Monetary Policy on Equity Returns (In Progress);
16. Monetary Policy and Housing Prices (In Progress).
