Tao Wu

Last Updated: May 16, 2018

Tao Wu is a Senior Economist at the IMF. Prior to joining the IMF in 2010, he had worked as a Policy Advisor for the U.S. Federal Reserve for ten years, where he was responsible for analyzing the U.S. economy and global financial market, and providing monetary policy recommendations to the Federal Open Market Committee (FOMC) members. After joining the IMF, he has worked on monetary, fiscal, and exchange rate policies of the U.S. and the euro area. Mr. Wu conducts research in macroeconomics, monetary policy, asset pricing, and financial market. His research papers have been widely published in top economics and finance journals. He is the recipient of the Best Paper Award by the Royal Economic Society for the best paper published in the Economic Journal in 2008. He also serves as an associate editor for the Journal of Money, Credit, and Banking. Mr. Wu holds a Ph.D.'s degree in Economics from Yale University.

Email: TWU@imf.org

Fluent In: Chinese.

Education:

Ph.D., Economics, Yale University, 2001.

Master, Economics, Wuhan University, 1995.

Bachelor, Economics, Wuhan University, 1992.


Previous Experience:

Policy Advisor, Federal Reserve Bank of Dallas, 2008-2010

Senior Research Economist, Federal Reserve Bank of Dallas, 2006-2008

Research Economist, Federal Reserve Bank of San Francisco, 2001-2006

Visiting Scholar, Oxford University, 2008, 2010.

Visiting Scholar, Bank of England, 2004, 2005, 2008, and 2010.

Visiting Scholar, University of Tokyo, 2007.

Visiting Fellow, Hong Kong Monetary Authority, 2006.

Visiting Scholar, Bank for International Settlements, 2005.


Referee Activities:

American Economic Review, Business Economics, Economic Journal, International Economic Review, International Journal of Central Banking, Journal of Economic Dynamics and Control, Journal of Business and Economic Statistics, Journal of Econometrics, Journal of Financial and Quantitative Analysis, Journal of International Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, Quarterly Review of Economics and Finance, Review of Economics and Statistics, Review of Financial Studies.


Editorial Activities:

Associate Editor, Journal of Money, Credit, and Banking, since 2010


Awards and Honors:

Best Paper of the Year Prize, awarded by the Royal Economic Society for the best paper published in the Economic Journal in 2008.

IMF Books and Working Papers:

Building a Better Union : Incentivizing Structural Reforms in the Euro Area , Working Paper No. 15/201 , September 11, 2015

Playing by the Rules: Reforming Fiscal Governance in Europe , Working Paper No. 15/67 , March 24, 2015

Regional Labor Market Adjustments in the United States , Working Paper No. 14/211 , November 25, 2014

Unconventional Monetary Policy and Long-Term Interest Rates , Working Paper No. 14/189 , October 22, 2014

Measuring Oil-Price Shocks Using Market-Based Information , Working Paper No. 12/19 , January 01, 2012

Publications in Journals (Referred)

“The U.S. Money Market and the Term Auction Facility in Financial Crisis of 2007-2009,” 2011. Review of Economics and Statistics, Volume 93, No. 2, 617-631.

“Regulation and the Neo-Wicksellian Approach to Monetary Policy” (with John Duca), 2008. Journal of Money, Credit, and Banking, Volume 41, Issue 4, 799-807.

“A Macro-Finance Model of the Term Structure, Monetary Policy, and the Economy” (with Glenn Rudebusch), 2008. Economic Journal, Volume 118, 1-21. Lead article. Awarded the Best Paper Prize by the Royal Economic Society for the best paper published in 2008.

“The Recent Shift in Term Structure Behavior from a No-arbitrage Macro-Finance Perspective,” (with Glenn Rudebusch), 2007. Journal of Money, Credit, and Banking, Volume 39, Number 2, 395-422.

“Time-Varying Equilibrium Real Rates and Monetary Policy Analysis” (With Bharat Trehan), 2007. Journal of Economic Dynamics and Control, Volume 31, 1584-1609.

“The Bond Yield ‘Conundrum’ from a Macro-Finance Perspective” (with Glenn Rudebusch and Eric Swanson), 2006. Monetary and Economic Studies, Volume 24, No. S-1, 83-109.

“Macro Factors and the Affine Term Structure of Interest Rates,” 2006. Journal of Money, Credit, and Banking, Volume 38, Number 7, 1847-1875.

“Stylized Facts on Nominal Term Structure and Business Cycles: An Empirical VAR Study,” Applied Economics, Volume 35, Number 8, May 2003.

Other Published Materials

“The Term Auction Facility’s Effectiveness in the Financial Crisis of 2007–09,” Economic Letter, Federal Reserve Bank of Dallas, Volume 5, Number 4, 2010

“Accounting For the Bond-Yield Conundrum,” Economic Letter, Federal Reserve Bank of Dallas, Volume 3, Number 2, 2008.

“Moderate Economic Growth, Subsiding Inflation” Expand Your Insight: National Update, Federal Reserve Bank of Dallas, November 2007.

“Economic Growth Remains Moderate,” Expand Your Insight: National Update, Federal Reserve Bank of Dallas, September 2007.

“Globalization’s Effect on Interest Rates and the Yield Curve,” Economic Letter, Federal Reserve Bank of Dallas, Volume 1, Number 9, 2006.

“Modest Growth, Moderating Inflationary Pressures,” Expand Your Insight: National Update, Federal Reserve Bank of Dallas, December 2006.

“The National Economy: Slower Growth, Moderating Inflationary Pressure,” Expand Your Insight: National Update, Federal Reserve Bank of Dallas, October 2006.

“Do Oil Futures Prices Help Predict Future Oil Prices?” (with Andrew McCallum), FRBSF Economic Letter, issue 38, 2005.

“Estimating the ‘Neutral’ Real Interest Rate in Real Time,” FRBSF Economic Letter, issue 27, 2005.

“The Long-term Interest Rate Conundrum: Not Unraveled Yet?” FRBSF Economic Letter, issue 8, 2005.

“Two Measures of Employment: How Different Are They?” FRBSF Economic Letter, issue 23, 2004.

“Interest Rates and Monetary Policy: Conference Summary” (with Richard Dennis), FRBSF Economic Letter, issue 13, 2004.

“Understanding Deflation,” FRBSF Economic Letter, issue 8, 2004.

“Improving the Way We Measure Consumer Prices,” FRBSF Economic Letter, issue 24, 2003.

“What Makes the Yield Curve Move?” FRBSF Economic Letter, issue 15, 2003.

“Macroeconomic Models for Monetary Policy” (with Glenn Rudebusch), FRBSF Economic Letter, issue 11, 2002.

Tao Wu is a Senior Economist at the IMF. Prior to joining the IMF in 2010, he had worked as a Policy Advisor for the U.S. Federal Reserve for ten years, where he was responsible for analyzing the U.S. economy and global financial market, and providing monetary policy recommendations to the Federal Open Market Committee (FOMC) members. After joining the IMF, he has worked on monetary, fiscal, and exchange rate policies of the U.S. and the euro area. Mr. Wu conducts research in macroeconomics, monetary policy, asset pricing, and financial market. His research papers have been widely published in top economics and finance journals. He is the recipient of the Best Paper Award by the Royal Economic Society for the best paper published in the Economic Journal in 2008. He also serves as an associate editor for the Journal of Money, Credit, and Banking. Mr. Wu holds a Ph.D.'s degree in Economics from Yale University.

Email: TWU@imf.org

Fluent In: Chinese.

Education:

Ph.D., Economics, Yale University, 2001.

Master, Economics, Wuhan University, 1995.

Bachelor, Economics, Wuhan University, 1992.


Previous Experience:

Policy Advisor, Federal Reserve Bank of Dallas, 2008-2010

Senior Research Economist, Federal Reserve Bank of Dallas, 2006-2008

Research Economist, Federal Reserve Bank of San Francisco, 2001-2006

Visiting Scholar, Oxford University, 2008, 2010.

Visiting Scholar, Bank of England, 2004, 2005, 2008, and 2010.

Visiting Scholar, University of Tokyo, 2007.

Visiting Fellow, Hong Kong Monetary Authority, 2006.

Visiting Scholar, Bank for International Settlements, 2005.


Referee Activities:

American Economic Review, Business Economics, Economic Journal, International Economic Review, International Journal of Central Banking, Journal of Economic Dynamics and Control, Journal of Business and Economic Statistics, Journal of Econometrics, Journal of Financial and Quantitative Analysis, Journal of International Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, Quarterly Review of Economics and Finance, Review of Economics and Statistics, Review of Financial Studies.


Editorial Activities:

Associate Editor, Journal of Money, Credit, and Banking, since 2010


Awards and Honors:

Best Paper of the Year Prize, awarded by the Royal Economic Society for the best paper published in the Economic Journal in 2008.

IMF Books and Working Papers:

Building a Better Union : Incentivizing Structural Reforms in the Euro Area , Working Paper No. 15/201 , September 11, 2015

Playing by the Rules: Reforming Fiscal Governance in Europe , Working Paper No. 15/67 , March 24, 2015

Regional Labor Market Adjustments in the United States , Working Paper No. 14/211 , November 25, 2014

Unconventional Monetary Policy and Long-Term Interest Rates , Working Paper No. 14/189 , October 22, 2014

Measuring Oil-Price Shocks Using Market-Based Information , Working Paper No. 12/19 , January 01, 2012

Publications in Journals (Referred)

“The U.S. Money Market and the Term Auction Facility in Financial Crisis of 2007-2009,” 2011. Review of Economics and Statistics, Volume 93, No. 2, 617-631.

“Regulation and the Neo-Wicksellian Approach to Monetary Policy” (with John Duca), 2008. Journal of Money, Credit, and Banking, Volume 41, Issue 4, 799-807.

“A Macro-Finance Model of the Term Structure, Monetary Policy, and the Economy” (with Glenn Rudebusch), 2008. Economic Journal, Volume 118, 1-21. Lead article. Awarded the Best Paper Prize by the Royal Economic Society for the best paper published in 2008.

“The Recent Shift in Term Structure Behavior from a No-arbitrage Macro-Finance Perspective,” (with Glenn Rudebusch), 2007. Journal of Money, Credit, and Banking, Volume 39, Number 2, 395-422.

“Time-Varying Equilibrium Real Rates and Monetary Policy Analysis” (With Bharat Trehan), 2007. Journal of Economic Dynamics and Control, Volume 31, 1584-1609.

“The Bond Yield ‘Conundrum’ from a Macro-Finance Perspective” (with Glenn Rudebusch and Eric Swanson), 2006. Monetary and Economic Studies, Volume 24, No. S-1, 83-109.

“Macro Factors and the Affine Term Structure of Interest Rates,” 2006. Journal of Money, Credit, and Banking, Volume 38, Number 7, 1847-1875.

“Stylized Facts on Nominal Term Structure and Business Cycles: An Empirical VAR Study,” Applied Economics, Volume 35, Number 8, May 2003.

Other Published Materials

“The Term Auction Facility’s Effectiveness in the Financial Crisis of 2007–09,” Economic Letter, Federal Reserve Bank of Dallas, Volume 5, Number 4, 2010

“Accounting For the Bond-Yield Conundrum,” Economic Letter, Federal Reserve Bank of Dallas, Volume 3, Number 2, 2008.

“Moderate Economic Growth, Subsiding Inflation” Expand Your Insight: National Update, Federal Reserve Bank of Dallas, November 2007.

“Economic Growth Remains Moderate,” Expand Your Insight: National Update, Federal Reserve Bank of Dallas, September 2007.

“Globalization’s Effect on Interest Rates and the Yield Curve,” Economic Letter, Federal Reserve Bank of Dallas, Volume 1, Number 9, 2006.

“Modest Growth, Moderating Inflationary Pressures,” Expand Your Insight: National Update, Federal Reserve Bank of Dallas, December 2006.

“The National Economy: Slower Growth, Moderating Inflationary Pressure,” Expand Your Insight: National Update, Federal Reserve Bank of Dallas, October 2006.

“Do Oil Futures Prices Help Predict Future Oil Prices?” (with Andrew McCallum), FRBSF Economic Letter, issue 38, 2005.

“Estimating the ‘Neutral’ Real Interest Rate in Real Time,” FRBSF Economic Letter, issue 27, 2005.

“The Long-term Interest Rate Conundrum: Not Unraveled Yet?” FRBSF Economic Letter, issue 8, 2005.

“Two Measures of Employment: How Different Are They?” FRBSF Economic Letter, issue 23, 2004.

“Interest Rates and Monetary Policy: Conference Summary” (with Richard Dennis), FRBSF Economic Letter, issue 13, 2004.

“Understanding Deflation,” FRBSF Economic Letter, issue 8, 2004.

“Improving the Way We Measure Consumer Prices,” FRBSF Economic Letter, issue 24, 2003.

“What Makes the Yield Curve Move?” FRBSF Economic Letter, issue 15, 2003.

“Macroeconomic Models for Monetary Policy” (with Glenn Rudebusch), FRBSF Economic Letter, issue 11, 2002.