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Meet the Economists

Photo of Dan Li

Dan Li

Assistant Director Program Direction Section Monetary Affairs
202-452-2626
[email protected]

Education

  • Ph.D., Financial Economics, Carnegie Mellon University, 2007
  • M.Sc., Computer Science (Machine Learning), Carnegie Mellon University, 2007
  • M.Sc., Financial Economics, Norwegian School of Management, 2002
  • B.A., Accounting, Fudan University (China), 1999
Current Research Topics
  • Financial Intermediaries, OTC markets
  • CLO market liquidity
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2019 - present
  • Section Chief

    Board of Governors of the Federal Reserve System

    2015 - 2019
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2014 - 2015
  • Economist

    Board of Governors of the Federal Reserve System

    2007 - 2014
  • Fire-Sale Spillovers in Debt Markets
    Antonio Falato, Ali Hortaçsu, Dan Li, and Chaehee Shin
    Journal of Finance (2021)
    https://doi.org/10.1111/jofi.13078
  • 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
  • Dynamic Liquidity Management by Corporate Bond Mutual Funds
    Hao Jiang, Dan Li, and Ashley Wang
    Journal of Financial and Quantitative Analysis (2021)
    https://doi.org/10.1017/S0022109020000460
  • Relationship Trading in Over-the-Counter Markets
    Terrence Hendershott, Dan Li, Dmitry Livdan, and Norman Schurhoff
    Journal of Finance (2020)
    https://doi.org/10.1111/jofi.12864
  • The U.S. Syndicated Term Loan Market: Who Holds What and When?
    Seung Jung Lee, , Dan Li, Ralf R. Meisenzahl, and Martin J. Sicilian
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2473
  • Municipal Bond Markets
    Dario Cestau, Burton Hollifield, Dan Li, and Norman Schürhoff
    Annual Review of Financial Economics (2019)
    https://doi.org/10.1146/annurev-financial-110118-123034
  • Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market
    Fang Cai, Song Han, Dan Li, and Yi Li
    Journal of Financial Economics (2019)
    https://doi.org/10.1016/j.jfineco.2018.07.012
    See also » FRB Working Paper (2016)
  • Dealer Networks
    Dan Li and Norman Schurhoff
    Journal of Finance (2019)
    https://doi.org/10.1111/jofi.12728
    See also » FRB Working Paper (2014)
  • Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials
    Dan Li, Antonio Falato, and Tod Milbourn
    Management Science (2015)
    https://doi.org/10.1287/mnsc.2014.2024
  • The Fragility of Discretionary Liquidity Provision: Lessons from the Collapse of the Auction Rate Securities Market
    Song Han and Dan Li
    Finance and Economics Discussion Series (2010)
    https://doi.org/10.17016/FEDS.2010.50
  • Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall?
    Dan Li, Richard C. Green, and Norman Schurhoff
    Journal of Finance (2010)
    https://doi.org/10.1111/j.1540-6261.2010.01590.x
  • New Findings in the Market Microstructure of Over-the-Counter Markets
    Dan Li
    Carnegie Mellon University (2007)
Awards
  • 2010

    Journal of Finance

    Smith Breeden Prize, Distinguished Paper

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Last Update: February 13, 2023