余昌华，北大博雅青年学者、北大国发院经济学副教授（长聘）、教育部长江青年学者。2012年毕业于英属哥伦比亚大学，获经济学博士。在此之前，先后就读于中国人民大学（法学学士）和北京大学（经济学硕士）。主要研究方向为国际金融、货币政策、金融市场与宏观经济，在国内外顶级经济学学术刊物 Review of Economic Studies, Journal of International Economics, Journal of Monetary Economics, The Economic Journal, Journal of Economic Theory, Journal of International Money and Finance，《经济研究》等发表多篇学术论文。

英文学术论文：

“OptimalMonetary Policy in Production Networks with Distortions”, with ZhihaoXu, Journal of Economic Theory,2025, 105979

“Exchange RateRegime and Optimal Policy: The Case of China”, with Yujeong Cho, Yintao He, Yiping Huang,Jieru Wang, Journal ofInternational Money and Finance, Volume 152,2025,103277

“Monetary policy shocks and the signaling channelof monetary policy in China”, with Zhenzhu Chen and Li Li. ChinaEconomic Quarterly International 3 (2023) 46–59

“ProductionNetworks and International Fiscal Spillovers”, Michael B. Devereux, KarineGente & Changhua Yu, The Economic Journal, Volume133, Issue 653, July 2023, Pages 1871–1900 (featured article)

“Sudden Stops and Optimal Foreign ExchangeIntervention”, with Scott Davis and Michael B. Devereux. Journalof International Economics, Volume141, March 2023, 103728

“Theimpact of the digital economy on China’s economic growth and productivityperformance”, with Harry X. Wu, China Economic Journal (2022) 15.2: 153-170.

“InternationalCapital Flows, Portfolio Composition, and the Stability of ExternalImbalances”, with Michael B. Devereux and Makoto Saito, Journalof International Economics (2020) Volume 127, Article number103386.

“International Financial Integration andCrisis Contagion”, with Michael B. Devereux, Review of Economic Studies (2020) 87,1174–1212.

“Models of International Fiscal Spillovers”, with Michael B. Devereux, EconomicsLetters，Volume175, Pages 76-79, 2019

“Capital Controls and Monetary Policy inSudden-Stop Economies”, with Michael B. Devereux and Eric R. Young.(Previously circulated title “A New Policy Dilemma: Capitalcontrols and monetary policy in sudden-stop economies”.)Journalof Monetary Economics, Volume 103, May 2019, Pages 52-74

“Evaluating the Role of Capital Controls andMonetary Policy in Emerging Market Crises”, with Michael B. Devereux, Journalof International Money and Finance 95 (2019) 189–211

"Exchange Rate Adjustment in FinancialCrises", with Michael B. Devereux, IMF Economic Review,Palgrave Macmillan; International Monetary Fund, 2017, vol. 65(3), pages528-562.

“Evaluating International Financial Integrationin a Center-Periphery Economy”, Journal of International Economics,Volume 95, Issue 1, January 2015, Pages 129-144.

中文学术论文：

1. 陈贞竹，李力，余昌华。我国货币政策传导效率及信号效应研究————基于金融市场日度数据识别的视角[J]。《经济学》（季刊），2023,23(1):58-75。

2. 黄益平, 曹裕静, 陶坤玉, 余昌华。 货币政策与宏观审慎政策共同支持宏观经济稳定[J]。《金融研究》,2019, 474(12): 70-91. 《金融研究》年度优秀论文（2019年）

3. 黄益平、徐诗语、余昌华、杜浩锋、伍晓鹰。生产网络视角下的中国经济周期[J]。《经济研究》，2024年第9期，总第684期第59卷：42-61.

论文集（著作）章节：

17. “Monetary Policy Responses to External Spillovers in Emerging Market Economies”, with Michael B. Devereux, in book “Monetary policy and global spillovers: Mechanisms, effects and policy measures”, pp. 183-222, edited by Enrique G. Mendoza, Ernesto Pasten and Diego Saravia, Central bank of Chile, Santiago, Chile, 2018.

工作论文：

“BigTech Credit and Monetary Policy Transmission”,with Yiping Huang, Xiang Li, Han Qiu, 2022, CCER working paper. Reject andResubmit, Management Science, BIS Working Papers, March 2023

“Banking in Production Networks: Evidence andTheory from Supply Chain Finance”, with Wukuang Cun, Dongmei Guo, JunjieXia

“The US as an Equity Safe Haven”, with Zefeng Chen,Yintao He, Zhiquan Shao.

“Monetary Policy and Endogenous Crisis Contagionacross Borders”, with Frédéric Boissay and Guangyu Nie

“Natural Levelof Debt Flows”, with Yue Liao

“Age will Tell: Bank Lending Decisions for SmallBusinesses”, with Fangxiu Song, Kuibi Song and Jieru Wang

在研项目：

“OptimalMonetary Policy in Open Economies with Production Networks” with MichaelDevereux

“Large Devaluations, Production Networks andSudden Stops” with Michal Szkup