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Meet the Researchers

Photo of Geng Li

Geng Li

Assistant Director Program Direction Section Research and Statistics
202-452-2995
[email protected]

Education

  • Ph.D., Economics, University of Michigan, 2006
  • M.A., Economics, University of New Mexico, 1998
  • B.A., Economics, Nankai University, 1997
Current Research Topics
  • Prepayments in the auto loan market
  • Trust, creditworthiness, and household economics
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2018 - present
  • Chief

    Board of Governors of the Federal Reserve System

    2014 - 2021
  • Economist and Senior Economist

    Board of Governors of the Federal Reserve System

    2005 - 2014
  • Your Friends, Your Credit: Social Capital Measures Derived from Social Media and the Credit Market
    Jesse Bricker and Geng Li
    Economics Letters (Forthcoming)
    See also » FRB Working Paper (2023)
  • Extrapolative Uncertainty and Household Economic Behavior
    Elyas Fermand, Camelia M. Kuhnen, Geng Li, and Itzhak Ben-David
    Management Science (Forthcoming)
    https://doi.org/10.1287/mnsc.2023.00820
  • One Month Longer, One Month Later? Prepayments in the Auto Loan Market
    Bradley Katcher, Geng Li, Alvaro Mezza, and Steve Ramos
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.056
  • Does the CARD Act affect price responsiveness? Evidence from credit card solicitations
    Yiwei Dou, Geng Li, and Joshua Ronen
    Journal of Banking & Finance (2024)
    https://doi.org/10.1016/j.jbankfin.2024.107199
  • In the Driver's Seat: Pandemic Fiscal Stimulus and Light Vehicles
    Jack Dunbar, Christopher Kurz, Geng Li, and Maria D. Tito
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.013
  • Are Real Assets Owners Less Averse to Inflation? Evidence from Consumer Sentiments and Inflation Expectations
    Geng Li and Nitish Ranjan Sinha
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2023.058
  • Your Friends, Your Credit: Social Capital Measures Derived from Social Media and the Credit Market
    Jesse Bricker and Geng Li
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2023.048
  • Credit Scores, Social Trust, and Stock Market Participation
    Jesse Bricker and Geng Li
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2017.008r1
  • Whose Disagreement Matters? Household Belief Dispersion and Stock Trading Volume
    Dan Li and Geng Li
    Review of Finance (2021)
    https://doi.org/10.1093/rof/rfab005
  • Developments in the Credit Score Distribution over 2020
    Sarena Goodman, Geng Li, Alvaro Mezza, and Lucas Nathe
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2902
  • Are Millennials Different?
    Christopher J. Kurz, Geng Li, and Daniel J. Vine
    Handbook of US Consumer Economics (2019)
    https://doi.org/10.1016/B978-0-12-813524-2.00008-1
    See also » FRB Working Paper (2018)
  • Does Price Regulation Affect Competition? Evidence from Credit Card Solicitations
    Yiwei Dou, Geng Li, and Joshua Ronen
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.018
  • Expectations Uncertainty and Household Economic Behavior
    Itzhak Ben-David, Elyas Fermand, Camelia M. Kuhnen, and Geng Li
    NBER Working Paper Series (2018)
    https://doi.org/10.3386/w25336
  • Are Income and Credit Scores Highly Correlated?
    Rachael Beer, Felicia Ionescu, and Geng Li
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2235
  • Gender-Related Differences in Credit Use and Credit Scores
    Geng Li
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2188
  • Unsecured Credit Supply, Credit Cycles, and Regulation
    Song Han, Benjamin J. Keys, and Geng Li
    Review of Financial Studies (2018)
    https://doi.org/10.1093/rfs/hhx114
  • Having a Lot Isn't Enough: Trends in Upsizing Houses and Shrinking Lots
    Dillon Bowen and Geng Li
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.2090
  • Credit Scores, Social Capital, and Stock Market Participation
    Jesse Bricker and Geng Li
    Finance and Economics Discussion Series (2017)
    https://doi.org/10.17016/FEDS.2017.008
  • The Young and the Carless? The Demographics of New Vehicle Purchases
    Christopher Kurz, Geng Li, and Daniel Vine
    FEDS Notes (2016)
    https://doi.org/10.17016/2380-7172.1798
  • Is Underemployment Underestimated? Evidence from Panel Data
    Geng Li and Brett McCully
    FEDS Notes (2016)
    https://doi.org/10.17016/2380-7172.1775
  • Do People Leave Money on the Table? Evidence from Joint Mortgage Applications and the Minimum FICO Rule
    Geng Li, Weifeng Wu, and Vincent Yao
    FEDS Notes (2016)
    https://doi.org/10.17016/2380-7172.1718
  • Information, Contract Design, and Unsecured Credit Supply: Evidence from Credit Card Mailings
    Song Han, Benjamin Keys, and Geng Li
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.103
  • Credit Scores, Trust, and Stock Market Participation
    Jesse Bricker and Geng Li
    FEDS Notes (2015)
    https://doi.org/10.17016/2380-7172.1588
  • Credit Scores and Committed Relationships
    Jane Dokko, Geng Li, and Jessica Hayes
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.081
  • Who Drives Luxury Cars (Only for a While)?
    Christopher Johann Kurz and Geng Li
    FEDS Notes (2015)
    https://doi.org/10.17016/2380-7172.1536
  • Household Income Uncertainties over Three Decades
    James Feigenbaum and Geng Li
    Oxford Economic Papers (2015)
    https://doi.org/10.1093/oep/gpv007
    See also » FRB Working Paper (2011)
  • How Does Student Loan Debt Affect Light Vehicle Purchases?
    Christopher Kurz and Geng Li
    FEDS Notes (2015)
    https://doi.org/10.17016/2380-7172.1482
  • The Intergenerational Correlation of Consumption Expenditures
    Kerwin Kofi Charles, Sheldon Danziger, Geng Li, and Robert Schoeni
    American Economic Review: Papers and Proceedings (2014)
    https://doi.org/10.1257/aer.104.5.136
  • Estimates of Annual Consumption Expenditures and Its Major Components in the PSID in Comparison to the CE
    Patricia Andreski, Geng Li, Mehmet Zahid Samancioglu, and Robert Schoeni
    American Economic Review: Papers and Proceedings (2014)
    https://doi.org/10.1257/aer.104.5.132
  • Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume
    Dan Li and Geng Li
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.35
  • Are Adjustable-Rate Mortgage Borrowers Borrowing Constrained?
    Kathleen W. Johnson and Geng Li
    Real Estate Economics (2014)
    https://doi.org/10.1111/1540-6229.12033
    See also » FRB Working Paper (2011)
  • Information Sharing and Stock Market Participation: Evidence from Extended Families
    Geng Li
    Review of Economics and Statistics (2014)
    https://doi.org/10.1162/REST_a_00301
    See also » FRB Working Paper (2009)
  • Are Household Surveys Like Tax Forms: Evidence from Income Underreporting of the Self Employed
    Erik Hurst, Geng Li, and Benjamin Pugsley
    Review of Economics and Statistics (2014)
    https://doi.org/10.1162/REST_a_00363
    See also » FRB Working Paper (2011)
  • Life Cycle Dynamics of Income Uncertainty and Consumption
    James A. Feigenbaum and Geng Li
    B.E. Journal of Macroeconomics (2012)
    https://doi.org/10.1515/1935-1690.2258
    See also » FRB Working Paper (2008)
  • Gamblers as Personal Finance Activists
    Geng Li
    Finance and Economics Discussion Series (2012)
    https://doi.org/10.17016/FEDS.2012.18
  • Credit Supply to Personal Bankruptcy Filers: Evidence from Credit Card Mailings
    Song Han, Benjamin J. Keys, and Geng Li
    Finance and Economics Discussion Series (2011)
    https://doi.org/10.17016/FEDS.2011.29
  • Household Borrowing after Personal Bankruptcy
    Song Han and Geng Li
    Journal of Money, Credit and Banking (2011)
    https://doi.org/10.1111/j.1538-4616.2010.00382.x
    See also » FRB Working Paper (2009)
  • A Semiparametric Characterization of Income Uncertainty Over the Life Cycle
    James Feigenbaum and Geng Li
    Finance and Economics Discussion Series (2010)
    https://doi.org/10.17016/FEDS.2010.42
  • The Debt-Payment-to-Income Ratio as an Indicator of Borrowing Constraints: Evidence from Two Household Surveys
    Kathleen W. Johnson and Geng Li
    Journal of Money, Credit and Banking (2010)
    https://doi.org/10.1111/j.1538-4616.2010.00345.x
  • New Expenditure Data in the PSID: Comparisons with the CE
    Geng Li, Robert F. Schoeni, Sheldon Danziger, and Kerwin Kofi Charles
    Monthly Labor Review (2010)
  • 401(k) Loans and Household Balance Sheets
    Geng Li and Paul A. Smith
    National Tax Journal (2010)
  • Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances
    Brahima Coulibaly and Geng Li
    Real Estate Economics (2009)
    https://doi.org/10.1111/j.1540-6229.2009.00259.x
    See also » FRB Working Paper (2007)
  • Do Constraints on Market Work Hours Change Home Production Efforts?
    Geng Li
    Finance and Economics Discussion Series (2009)
    https://doi.org/10.17016/FEDS.2009.21
  • New Evidence on 401(k) Borrowing and Household Balance Sheets
    Geng Li and Paul A. Smith
    Finance and Economics Discussion Series (2009)
    https://doi.org/10.17016/FEDS.2009.19
  • Transaction Costs and Consumption
    Geng Li
    Journal of Economic Dynamics & Control (2009)
    https://doi.org/10.1016/j.jedc.2008.12.003
    See also » FRB Working Paper (2007)
  • Household Liability Data in the Consumer Expenditure Survey
    Kathleen W. Johnson and Geng Li
    Monthly Labor Review (2009)
  • Borrowing From Yourself: 401(k) Loans and Household Balance Sheets
    Geng Li and Paul A. Smith
    Finance and Economics Discussion Series (2008)
    https://doi.org/10.17016/FEDS.2008.42
  • Lifecycle Dynamics of Income Uncertainty and Consumption
    James Feigenbaum and Geng Li
    Working paper (University of Pittsburgh. Department of Economics) (2008)
    See also » FRB Working Paper (2008)
  • A Nonparametric Characterization of Income Uncertainty over the Lifecycle
    James Feigenbaum and Geng Li
    Working paper (University of Pittsburgh. Department of Economics) (2008)
  • Do High Debt Payments Hinder Household Consumption Smoothing?
    Kathleen W. Johnson and Geng Li
    Finance and Economics Discussion Series (2007)
    https://doi.org/10.17016/FEDS.2007.52
  • Studying Consumption with the Panel Study of Income Dynamics: Comparisons with the Consumer Expenditure Survey and an Application to the Intergenerational Transmission of Well-being
    Kerwin Kofi Charles, Sheldon Danziger, Geng Li, and Robert F. Schoeni
    Finance and Economics Discussion Series (2007)
    https://doi.org/10.17016/FEDS.2007.16
  • Learning By Investing: Embodied Technology and Business Cycles
    Geng Li
    Finance and Economics Discussion Series (2007)
    https://doi.org/10.17016/FEDS.2007.15
  • Do Homeowners Increase Consumption after the Last Mortgage Payment? An Alternative Test of the Permanent Income Hypothesis
    Brahima Coulibaly and Geng Li
    Review of Economics and Statistics (2006)
    https://doi.org/10.1162/rest.2006.88.1.10
  • Essays on Business Cycles and Consumption Theory
    Geng Li
    University of Michigan (2006)
  • Big Push Industrialization: Some Empirical Evidence for East Asia and Eastern Europe
    Christine Sauer, Kishore Gawande, and Geng Li
    Economics Bulletin (2003)

  • conference

    January 2012

    AEA Annual Meeting, Chicago, Illinois

    Credit Supply to Bankrupt Consumers

  • conference

    April 2011

    University of Cambridge Conference on Consumer Credit, Cambridge, England

    Credit Supply to Bankrupt Consumers

  • conference

    July 2010

    Society of Economic Dynamics, Montreal, QC, Canada

    Credit Supply to Bankrupt Consumers

  • conference

    June 2010

    LAEF Conference on Credit, Default, and Bankruptcy, Santa Barbara, California

    Credit Supply to Bankrupt Consumers

  • conference

    October 2011

    CFS-EIEF Conference on Household Finance, Rome, Italy

    Gamblers as the Personal Finance Activists

  • conference

    September 2010

    Federal Reserve System Financial Committee Meeting, Cleveland, Ohio

    Belief Dispersion among Household Investors and Stock Trading Volume

  • conference

    May 2009

    Federal Reserve System Applied Micro Meeting, Kansas City, Missouri

    Household Borrowing after Personal Bankruptcy

  • conference

    May 2009

    Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, Chicago, Illinois

    Household Borrowing after Personal Bankruptcy

  • conference

    July 2009

    NBER Summer Institute, Cambridge, England

    Life Cycle Dynamics of Income Uncertainty and Consumption

  • conference

    July 2009

    Society of Economic Dynamics, Istanbul, Turkey

    Life Cycle Dynamics of Income Uncertainty and Consumption

  • conference

    June 2008

    Society of Computational Economics and Finance, Paris, France

    Life Cycle Dynamics of Income Uncertainty and Consumption

  • conference

    June 2008

    Econometric Society Summer Meetings, Pittsburg, Pennsylvania

    Life Cycle Dynamics of Income Uncertainty and Consumption

  • seminar

    April 2008

    SUNY Stony Brook

    Life Cycle Dynamics of Income Uncertainty and Consumption

  • seminar

    November 2008

    Utah State University

    401(k) Loans and Household Balance Sheets

Referee
  • Economics Bulletin
  • Economic Inquiry
  • Journal of Applied Econometrics
  • Journal of Money Credit and Banking
  • Journal of Urban Economics
  • National Tax Journal
  • Real Estate Economics
  • Review of Economic Dynamics
  • Review of Economics and Statistics
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Last Update: August 2, 2024