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Becker Friedman Institute for Economics
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        • About the Becker Friedman Institute
          The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...
        • Our Legacy
          Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.
        • Pre-Doctoral Research Professionals
          The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
        • Expanding Discovery in Economics+
          Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
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          • Program in Behavioral Economics Research
          • TMW Center for Early Learning + Public Health
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  • Scholars
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        • The Price and the Quantity of Bank Money
          Elton Dusha and Carlos J. Pérez

          Banks create money when they lend. We ask what determines its price and quantity in an economy without fiat money, reserve requirements, or a central bank. We study an overlapping-generations economy in which, by assumption, loans are nominal and settled...

          Deconstructing Job Search Behavior
          Stefano Banfi, Sekyu Choi, and Benjamín Villena-Roldán

          Using online job board data, we study the key factors driving application decisions for unemployed and employed job seekers. We identify relevant job consideration sets using a network approach based on co-application patterns. We document how demographics and ad timing...

          Risk and Return in Government Bonds
          Matteo Leombroni, Carolin Pflueger, and Adi Sunderam

          Does the compensation investors require for holding government bonds vary with their risk? We measure expected excess returns using market yields and professional forecasts of future yields, showing that they are tightly linked to a standard measure of risk: bonds’...

        • View All caret-right
  • Insights
        • Research Briefs

          Capital-Skill Complementarity Beyond Firm Boundaries
          Crime in Covid Times
          (How) Do We Teach Emotions?
        • View All caret-right
        • BFI Data Studio

          Sticky Wage Norms and the Real Wage Cost of Unexpected Inflation
          The Impact of Pay Period Reporting on Improper Redeterminations for Medicaid: Problems and Implications for Implementation
          Carbon Prices, Forest Conservation and Reforestation in the Brazilian Amazon
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        • Podcasts

          Do Age Verification Laws Work? Evidence from Adult Websites
          The Everywhere Millionaire: Who’s Really Rich in America
          Why Your Raise Didn’t Keep Up with Inflation
        • View All caret-right
        • Videos

          BFI Youtube Channel external
          Captivating and informative videos on the latest insights and trends as well as the tested stock of knowledge in economics from leaders in academia, policy, business, and the media.
  • Events
        • Upcoming Events

          Nov 4

          How to Win a Trade War

          Nov 5

          BFI Student Lunch Series – How to Win a Trade War: An Optimistic Guide to an Anxious Global Economy with Soumaya Keynes

          Nov 6

          Fall 2026 Development Lunch Workshop

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Ji Huang

Assistant Professor of Economics and 2013 MFM Fellowship Awardee, The Chinese University of Hong Kong

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© 2026 Becker Friedman Institute for Economics at the University of Chicago

  • About
        • About the Becker Friedman Institute
          The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...
        • Our Legacy
          Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.
        • Pre-Doctoral Research Professionals
          The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
        • Expanding Discovery in Economics+
          Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
        • Visitors & Fellows
        • Our Team
        • BFI Employment Opportunities
        • Contact
  • Network
        • Research Initiatives
          • Big Data Initiative
          • Health Economics Initiative
          • Industrial Organization Initiative
          • International Economics and Economic Geography Initiative
          • Macroeconomic Research Initiative
          • Political Economics Initiative
          • Price Theory Initiative
          • Public Economics Initiative
          • Ronzetti Initiative for the Study of Labor Markets
          • Socioeconomic Inequalities Initiative
        • View All caret-right
        • Global Initiatives
          • BFI-China
          • BFI-Latin America
          • Tata Centre for Development
        • View All caret-right
        • Programs & Centers
          • Development Economics Center
          • Expanding Discovery in Economics+ (EDE+)
          • Experimental Economics Program
          • Global Center for Economic Growth - Growth Academy
          • Gracias Center for Human Sciences and Well-Being
          • Macro Finance Research Program
          • Program in Behavioral Economics Research
          • TMW Center for Early Learning + Public Health
        • View All caret-right
  • Scholars
    • UChicago Scholars
    • Visiting Scholars
    • Saieh Family Fellows
    • Predoctoral Research Professionals
  • Research
        • The Price and the Quantity of Bank Money
          Elton Dusha and Carlos J. Pérez

          Banks create money when they lend. We ask what determines its price and quantity in an economy without fiat money, reserve requirements, or a central bank. We study an overlapping-generations economy in which, by assumption, loans are nominal and settled...

          Deconstructing Job Search Behavior
          Stefano Banfi, Sekyu Choi, and Benjamín Villena-Roldán

          Using online job board data, we study the key factors driving application decisions for unemployed and employed job seekers. We identify relevant job consideration sets using a network approach based on co-application patterns. We document how demographics and ad timing...

          Risk and Return in Government Bonds
          Matteo Leombroni, Carolin Pflueger, and Adi Sunderam

          Does the compensation investors require for holding government bonds vary with their risk? We measure expected excess returns using market yields and professional forecasts of future yields, showing that they are tightly linked to a standard measure of risk: bonds’...

        • View All caret-right
  • Insights
        • Research Briefs

          Capital-Skill Complementarity Beyond Firm Boundaries
          Crime in Covid Times
          (How) Do We Teach Emotions?
        • View All caret-right
        • BFI Data Studio

          Sticky Wage Norms and the Real Wage Cost of Unexpected Inflation
          The Impact of Pay Period Reporting on Improper Redeterminations for Medicaid: Problems and Implications for Implementation
          Carbon Prices, Forest Conservation and Reforestation in the Brazilian Amazon
        • View All caret-right
        • Podcasts

          Do Age Verification Laws Work? Evidence from Adult Websites
          The Everywhere Millionaire: Who’s Really Rich in America
          Why Your Raise Didn’t Keep Up with Inflation
        • View All caret-right
        • Videos

          BFI Youtube Channel external
          Captivating and informative videos on the latest insights and trends as well as the tested stock of knowledge in economics from leaders in academia, policy, business, and the media.
  • Events
        • Upcoming Events

          Nov 4

          How to Win a Trade War

          Nov 5

          BFI Student Lunch Series – How to Win a Trade War: An Optimistic Guide to an Anxious Global Economy with Soumaya Keynes

          Nov 6

          Fall 2026 Development Lunch Workshop

        • View All caret-right
  • News
    • BFI News
    • Media Mentions
    • Press Releases
  • Info For
    • Scholars
    • Students
    • Media
    • Pre-Doctoral Research Professionals
  • Subscribe
    • Join Our Weekly Briefing Newsletter
    • Newsletter Archive
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