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Pengfei Wang

Boya Distinguished Professor; Dean · Peking University HSBC Business School

Boya Distinguished Professor at Peking University and Dean of Peking University HSBC Business School. Works on macroeconomics, financial economics and monetary economics, including asset bubbles, business cycles and credit.

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Published Journal of Monetary Economics Online 1 Dec 2025 Published Dec 2025

Aggregate demand externality and self-fulfilling default cycles

Jess Benhabib · Feng Dong · Pengfei Wang · Zhenyang Xu

Why do corporate defaults cluster in recurring episodes rather than occurring smoothly? The paper asks whether observable fundamental factors — firm characteristics and macroeconomic variables — are …

Macroeconomics Banking Credit Asset Pricing Free Read ↗

Published Journal of Monetary Economics Published Oct 2025

Turbulent business cycles

Ding Dong · Zheng Liu · Pengfei Wang

Firm-level evidence shows that recessions are characterized not just by aggregate downturns but by a sharp rise in turbulence—a reshuffling of firms' productivity rankings in which high-productivity …

Business Cycles Financial Frictions Heterogeneous Agent Macro