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Meet the Economists

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
  • Kurz, Christopher J., Geng Li, and Daniel J. Vine (2019). "Are Millennials Different?," in Andrew Haughwout and Benjamin Mandel, eds., Handbook of US Consumer Economics, pp. 193-232.
  • Han, Song, Benjamin J. Keys, and Geng Li (2018). "Unsecured Credit Supply, Credit Cycles, and Regulation," The Review of Financial Studies, vol. 31, no. 3, pp. 1184-1217.
  • Feigenbaum, James, and Geng Li (2015). "Household Income Uncertainties over Three Decades," Oxford Economic Papers, vol. 67, no. 4, pp. 963-986.
  • Li, Geng (2014). "Information Sharing and Stock Market Participation: Evidence from Extended Families," The Review of Economics and Statistics, vol. 96, no. 1, pp. 151-160.
  • Hurst, Erik, Geng Li, and Benjamin Pugsley (2014). "Are Household Surveys Like Tax Forms: Evidence from Income Underreporting of the Self Employed," The Review of Economics and Statistics, vol. 96, no. 1, pp. 19-33.
  • Charles, Kerwin Kofi, Sheldon Danziger, Geng Li, and Robert Schoeni (2014). "The Intergenerational Correlation of Consumption Expenditures," American Economic Review: Papers and Proceedings, vol. 104, no. 5, pp. 136-140.
  • Andreski, Patricia, Geng Li, Mehmet Zahid Samancioglu, and Robert Schoeni (2014). "Estimates of Annual Consumption Expenditures and its Major Components in the PSID in Comparison to the CE," American Economic Review: Papers and Proceedings, vol. 104, no. 5, pp. 132-135.
  • Johnson, Kathleen W., and Geng Li (2014). "Are Adjustable-Rate Mortgage Borrowers Borrowing Constrained?" Real Estate Economics, vol. 42, no. 2, pp. 457-471.
  • Feigenbaum, James A., and Geng Li (2012). "Life Cycle Dynamics of Income Uncertainty and Consumption," B. E. Journal of Macroeconomics: Advances, vol. 12, no. 1.
  • Han, Song, and Geng Li (2011). "Household Borrowing After Personal Bankruptcy," Journal of Money, Credit, and Banking, vol. 43, no. 2-3, pp. 491-517.
  • Johnson, Kathleen W., and Geng Li (2010). "The Debt-Payment-to-Income Ratio as an Indicator of Borrowing Constraints: Evidence from Two Household Surveys," Journal of Money, Credit, and Banking, vol. 42, no. 7, pp. 1373-1390.
  • Li, Geng, and Paul A. Smith (2010). "401(k) Loans and Household Balance Sheets," National Tax Journal, vol. 63, no. 3, pp. 479-508.
  • Li, Geng, Robert F. Schoeni, Sheldon Danziger, and Kerwin Kofi Charles (2010). "New Expenditure Data in the PSID: Comparisons with the CE," Monthly Labor Review, vol. 133, no. 2, pp. 29-39.
  • Li, Geng (2009). "Transaction Costs and Consumption," Journal of Economic Dynamics and Control, vol. 33, no. 6, pp. 1263-1277.
  • Coulibaly, Brahima, and Geng Li (2009). "Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances," Real Estate Economics, vol. 37, no. 4, pp. 659-673.
  • Johnson, Kathleen W., and Geng Li (2009). "Household Liability Data in the Consumer Expenditure Survey," Monthly Labor Review, vol. 132, no. 12, pp. 18-27.
  • Coulibaly, Brahima, and Geng Li (2006). "Do Homeowners Increase Consumption After the Last Mortgage Payment? An Alternative Test of the Permanent Income Hypothesis," The Review of Economics and Statistics, vol. 88, no. 1, pp. 10-19.
  • Sauer, Christine, Kishore Gawande, and Geng Li (2003). "Big Push Industrialization: Some Empirical Evidence for East Asia and Eastern Europe," Economics Bulletin, vol. 15, no. 9, pp. 1-7.
  • Goodman, Sarena, Geng Li, Alvaro Mezza, and Lucas Nathe (2021). "Developments in the Credit Score Distribution over 2020," FEDS Notes 2021-04-30. Board of Governors of the Federal Reserve System (U.S.).
  • Dou, Yiwei, Geng Li, and Joshua Ronen (2019). "Does Price Regulation Affect Competition? Evidence from Credit Card Solicitations," Finance and Economics Discussion Series 2019-018. Board of Governors of the Federal Reserve System (U.S.).
  • Ben-David, Itzhak, Elyas Fermand, Camelia M. Kuhnen, and Geng Li (2018). "Expectations Uncertainty and Household Economic Behavior," NBER Working Paper No. 25336. National Bureau of Economic Research.
  • Kurz, Christopher, Geng Li, and Daniel J. Vine (2018). "Are Millennials Different?" Finance and Economics Discussion Series 2018-080. Board of Governors of the Federal Reserve System (U.S.).
  • Beer, Rachael, Felicia Ionescu, and Geng Li (2018). "Are Income and Credit Scores Highly Correlated?" FEDS Notes 2018-08-13. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng (2018). "Gender-Related Differences in Credit Use and Credit Scores," FEDS Notes 2018-06-22. Board of Governors of the Federal Reserve System (U.S.).
  • Bowen, Dillon, and Geng Li (2017). "Having a Lot Isn't Enough: Trends in Upsizing Houses and Shrinking Lots," FEDS Notes 2017-11-03. Board of Governors of the Federal Reserve System (U.S.).
  • Bricker, Jesse, and Geng Li (2017). "Credit Scores, Social Capital, and Stock Market Participation," Finance and Economics Discussion Series 2017-008. Board of Governors of the Federal Reserve System (U.S.).
  • Kurz, Christopher, Geng Li, and Daniel Vine (2016). "The Young and the Carless? The Demographics of New Vehicle Purchases," FEDS Notes 2016-06-24. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng and Brett McCully (2016). "Is Underemployment Underestimated? Evidence from Panel Data," FEDS Notes 2016-05-16. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng, Weifeng Wu, and Vincent Yao (2016). "Do People Leave Money on the Table? Evidence from Joint Mortgage Applications and the Minimum FICO Rule," FEDS Notes 2016-03-28. Board of Governors of the Federal Reserve System (U.S.).
  • Han, Song, Benjamin Keys, and Geng Li (2015). "Information, Contract Design, and Unsecured Credit Supply: Evidence from Credit Card Mailings," Finance and Economics Discussion Series 2015-103. Board of Governors of the Federal Reserve System (U.S.).
  • Bricker, Jesse, and Geng Li (2015). "Credit Scores, Trust, and Stock Market Participation," FEDS Notes 2015-10-01. Board of Governors of the Federal Reserve System (U.S.).
  • Dokko, Jane, Geng Li, and Jessica Hayes (2015). "Credit Scores and Committed Relationships," Finance and Economics Discussion Series 2015-081. Board of Governors of the Federal Reserve System (U.S.).
  • Kurz, Christopher Johann, and Geng Li (2015). "Who Drives Luxury Cars (Only for a While)?" FEDS Notes 2015-06-01. Board of Governors of the Federal Reserve System (U.S.).
  • Kurz, Christopher and Geng Li (2015). "How Does Student Loan Debt Affect Light Vehicle Purchases?" FEDS Notes 2015-02-02. Board of Governors of the Federal Reserve System (U.S.)
  • Li, Dan, and Geng Li (2014). "Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume," Finance and Economics Discussion Series 2014-35. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng (2012). "Gamblers as Personal Finance Activists," Finance and Economics Discussion Series 2012-18. Board of Governors of the Federal Reserve System (U.S.).
  • Feigenbaum, James, and Geng Li (2011). "Household Income Uncertainties Over Three Decades," Finance and Economics Discussion Series 2011-25. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Dan, and Geng Li (2011). "Belief Dispersion among Household Investors and Stock Trading Volume," Finance and Economics Discussion Series 2011-39. Board of Governors of the Federal Reserve System (U.S.).
  • Han, Song, Benjamin J. Keys, and Geng Li (2011). "Credit Supply to Personal Bankruptcy Filers: Evidence from Credit Card Mailings," Finance and Economics Discussion Series 2011-29. Board of Governors of the Federal Reserve System (U.S.).
  • Johnson, Kathleen W., and Geng Li (2011). "Are Adjustable-Rate Mortgage Borrowers Borrowing Constrained?" Finance and Economics Discussion Series 2011-21. Board of Governors of the Federal Reserve System (U.S.).
  • Hurst, Erik, Geng Li, and Benjamin Pugsley (2011). "Are Household Surveys Like Tax Forms: Evidence from Income Underreporting of the Self-Employed," Finance and Economics Discussion Series 2011-06. Board of Governors of the Federal Reserve System (U.S. ).
  • Feigenbaum, James, and Geng Li (2010). "A Semiparametric Characterization of Income Uncertainty Over the Life Cycle," Finance and Economics Discussion Series 2010-42. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng (2009). "Information Sharing and Stock Market Participation: Evidence from Extended Families," Finance and Economics Discussion Series 2009-47. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng (2009). "Do Constraints on Market Work Hours Change Home Production Efforts?" Finance and Economics Discussion Series 2009-21. Board of Governors of the Federal Reserve System (U.S.).
  • Han, Song, and Geng Li (2009). "Household Borrowing After Personal Bankruptcy," Finance and Economics Discussion Series 2009-17. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng, and Paul A. Smith (2009). "New Evidence on 401(k) Borrowing and Household Balance Sheets," Finance and Economics Discussion Series 2009-19. Board of Governors of the Federal Reserve System (U.S.).
  • Feigenbaum, James, and Geng Li (2008). "A Nonparametric Characterization of Income Uncertainty Over the Lifecycle," Working Papers 359. University of Pittsburgh, Department of Economics.
  • Feigenbaum, James, and Geng Li (2008). "Lifecycle Dynamics of Income Uncertainty and Consumption," Working Papers 360. University of Pittsburgh, Department of Economics.
  • Li, Geng, and Paul A. Smith (2008). "Borrowing from Yourself: 401(k) Loans and Household Balance Sheets," Finance and Economics Discussion Series 2008-42. Board of Governors of the Federal Reserve System (U.S.).
  • Feigenbaum, James, and Geng Li (2008). "Lifecycle Dynamics of Income Uncertainty and Consumption," Finance and Economics Discussion Series 2008-27. Board of Governors of the Federal Reserve System (U.S.).
  • Johnson, Kathleen W., and Geng Li (2007). "Do High Debt Payments Hinder Household Consumption Smoothing?" Finance and Economics Discussion Series 2007-52. Board of Governors of the Federal Reserve System (U.S.).
  • Coulibaly, Brahima, and Geng Li (2007). "Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances," Finance and Economic Discussion Series 2007-50. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng (2007). "Transaction Costs and Consumption," Finance and Economics Discussion Series 2007-38. Board of Governors of the Federal Reserve System (U.S.).
  • Charles, Kerwin Kofi, Sheldon Danziger, Geng Li, and Robert F. Schoeni (2007). "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," Finance and Economics Discussion Series 2007-16. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng (2007). "Learning by Investing--Embodied Technology and Business Cycles," Finance and Economics Discussion Series 2007-15. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Geng (2006). "Essays on Business Cycles and Consumption Theory," Ph.D. dissertation, University of Michigan.

  • 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
Last update: October 3, 2022