Senior Economic Advisor and Economist
Phone: (215) 574-3985
Fax: (215) 574-4303
Send an e-mail to Wenli Li
Current Working Papers
- "Real Estate Taxes and Home Value: Winners and Losers of TCJA," with Edison G. Yu, Working Paper 20-12, April 2020.
- "Population Aging, Credit Market Frictions, and Chinese Economic Growth,” with Michael Dotsey and Fang Yang, Working Paper 19-55, December 2019. Supersedes Working Paper 19-21
- "Institutional Investors and the U.S. Housing Recovery," with Lauren Lambie-Hanson and Michael Slonkosky, Working Paper 19-45, November 2019. Supersedes Working Paper 19-01.
- "The Dynamics of Subprime Adjustable-Rate Mortgage Default: A Structural Estimation," with Hanming Fang and You Suk Kim, Working Paper 16-02, February 2016.
- "Mortgage Default, Foreclosure, and Bankruptcy" with Michelle White, NBER Working Paper W15472.
Publications in Refereed Journals
- "Using Bankruptcy to Reduce Foreclosures: Does Strip-Down of Mortgages Affect the Supply of Mortgage Credit?" with Ishani Tewari and Michelle J. White, Journal of Financial Services Research, 55 (2019), pp. 59–87.
- "Recourse and Residential Mortgage Default: The Case of Nevada," with Florian Oswald, Journal of Urban Economics (Leading Article), 101 (2017), pp.1-13.
- "An Anatomy of U.S. Personal Bankruptcy Under Chapter 13," with Hülya Eraslan, Gizem Koşar, and Pierre-Daniel
Sarte, International Economic Review, 58 (2017), pp. 671-702.
- "Housing over Time and over the Life Cycle: A Structural Estimation," with Haiyong Liu, Fang Yang, and Rui Yao, International Economic Review, 57 (2016), pp. 1237-1260. View the online appendix for this paper. (178 KB)
- "Home Production and Social Security Reform," with Michael Dotsey and Fang Yang, European Economic Review, 73 (2015), pp. 131-150. View the online appendix for this paper. (178 KB)
- "Credit Access After Consumer Bankruptcy Filing: New Evidence," with Julapa Jagtiani, American Bankruptcy Law Journal, 89:2 (Spring 2015), pp. 327–361.
- "Consumption and Time Use over the Life Cycle," with Michael Dotsey and Fang Yang, International Economic Review (2014), pp. 665-692. View the online appendix for this paper. (176 KB)
- "Did Bankruptcy Reform Cause Mortgage Default Rates to Rise?" with Michelle White and Ning Zhu, American Economic Journal: Economic Policy (2011), pp. 123-47.
- "The Homeownership Experience of Households in Bankruptcy," with Sarah W. Carroll, Cityscape 13 (1) (2011), pp. 113-134.
- "Skill Shortages and Labor Market Outcomes in Central Europe," with Zuzana Brixova and Tarif Yousef, Economic Systems 33(1) (March 2009), pp. 45-59.
- "The Life-Cycle Effects of House Price Changes," with Rui Yao, Journal of Money, Credit, and Banking (September 2007), pp. 1375-1409.
- "Fresh Start or Head Start? The Effect of Filing for Personal Bankruptcy on the Labor Supply," with Song Han, Journal of Financial Services Research (June 2007), pp. 132-52.
- "U.S. Consumer Bankruptcy Choice: The Importance of General Equilibrium Effects," with Pierre-Daniel Sarte, Journal of Monetary Economics (April 2006), pp. 613-31.
- "Progressive Taxation and Long-run Growth," with Pierre-Daniel Sarte, American Economic Review (December 2004), pp. 1705-1716.
- "Credit Market Frictions and Their Direct Effects on U.S. Manufacturing Fluctuations," with Pierre-Daniel Sarte, Journal of Economic Dynamics and Control (December 2003), pp. 419-43.
- "Firm Specific Learning and the Investment Behavior of Large and Small Firms," with John Weinberg, International Economic Review (May 2003), pp. 599-625.
- "On the Differential Impact of the Asian Crisis on the World Economy: A General Equilibrium Perspective," with Xinshen Diao and Erinc Yeldan, Pacific Economic Review (October 2002), pp. 519-43.
- "Entrepreneurship and Government Subsidies: A General Equilibrium Analysis," Journal of Economic Dynamics and Control (September 2002), pp. 1815-44.
- "Dynamics Employment and Hours Effects of Government Spending Shocks," with Mingwei Yuan, Journal of Economic Dynamics and Control (July 2000), pp. 1233-63.
Federal Reserve Bank of Philadelphia Economic Insights Articles
Federal Reserve Bank of Philadelphia Business Review Articles
- “Smart Money or Dumb Money: Investors' Role in the Housing Bubble,” First Quarter 2015.
- “The Economics of Student Loan Borrowing and Repayment,” Third Quarter 2013.
- “The Economics of Household Leveraging and Deleveraging,” with Susheela Patwari, Third Quarter 2012.
- “American Dream or American Obsession? The Economic Benefits and Costs of Homeownership,” with Fang Yang, Third Quarter 2010.
- "Residential Housing and Personal Bankruptcy," Second Quarter 2009.
- "What Do We Know About Chapter 13 Personal Bankruptcy Filings?," Fourth Quarter 2007.
- "Your House Just Doubled in Value? Don't Uncork the Champagne Just Yet!" (with Rui Yao), First Quarter 2006.
- "Moving Up: Trend in Homeownership and Mortgage Indebtedness," First Quarter 2005.
- "Financial Distress Among the Elderly: Bankruptcy Reform and the Financial Crisis," with Michelle White in O.S. Mitchell and A. Lusardi (eds.), Remaking Retirement: Debt in an Aging Economy, Oxford, UK: Oxford University Press, forthcoming.
- "Mortgage Foreclosure Prevention Efforts," with Kristopher Gerardi, Economic Review, Federal Reserve Bank of Atlanta (2010), 95(2), pp. 1-13.
- "To Forgive or Not to Forgive: An Analysis of U.S. Consumer Bankruptcy Choices," Federal Reserve Bank of Richmond Economic Quarterly (Spring 2001), pp. 1-22.
- "How the Asian Crisis Affected the World Economy: A General Equilibrium Perspective," with Xinshen Diao and Erinc Yeldan, Federal Reserve Bank of Richmond Economic Quarterly (Spring 2000), pp. 35-59.
- "Government Loan, Guarantee and Grant Programs: An Evaluation," Federal Reserve Bank of Richmond Economic Quarterly (Fall 1998), pp. 25-51.