As a research-oriented master student, I have always had an interest in conducting economics research. After graduating from Jinan University with a Bachelor of Economics degree and achieving the highest school record (4-year GPA ranked 10), as well as excelling in mathematical and programming courses, I enrolled at Wuhan University in 2017 to pursue a Master of Science degree in Finance by 2020. Due to my passion for learning and unwavering enthusiasm for research, I am particularly interested in pursuing my Ph.D. studies at your institution.
My interest in research started during my junior undergraduate years at Jinan University. During that time, I participated in the Institute for Economic and Social Research’s weekly seminars, where professors from different universities presented their working papers. The economic models discussed in these papers were accompanied by detailed analyses and captivating narratives that fascinated me and ignited my passion for economic research.
After attending seminars, I independently explored several relevant papers and gained knowledge in various empirical methodologies. This included learning how to use quantile regressions to study factors such as education that impact wage distribution. Additionally, I developed skills in utilizing Instrumental Variable methods to address endogeneity concerns, as well as applying techniques like Difference-in-Difference and Regression Discontinuity Designs to analyze policy effects.
In 2017, I worked as a research assistant for the Institute for Economic and Social Research on a project focused on left-behind children in the western region. Throughout this period, I made significant contributions to the data analysis process.
My undergraduate thesis, in which I used panel General Method of Moment to study the impact of central investment on private investment in China, received recognition as an outstanding undergraduate thesis at Jinan University and was also published in a Chinese Social Sciences Citation Index journal.
While studying for my master’s degree at Wuhan University in 2017, I immersed myself in graduate-level classes that centered on advanced economics and finance. My research primarily revolved around macroeconomics, particularly the creation of dynamic stochastic general equilibrium models. Throughout this period, I committed myself to comprehending various models within this field, including the fundamental real business cycle model and the modern new Keynesian model. Additionally, I also investigated different scales and sectors within these models and analyzed the transition from homogeneous to heterogeneous models.
These processes helped me comprehend how the DSGE model slowly incorporates nominal frictions (such as sticky prices and wages), consumption habit, investment adjusted cost, and capital utilization rate into the New Keynesian model, making it better able to capture the observed patterns in real data. One major criticism of macro models is their inability to predict the recent financial crisis triggered by the subprime crisis in the United States.
Following the crisis, the DSGE model began to give greater importance to financial institutions and frictions related to them, including those generated internally within these institutions and those associated with borrowers. It is evident how the development of the DSGE model can be observed in this context, and this is precisely the reason why I believe that macroeconomics is a discipline that is somewhat advanced and mature, but still requires significant enhancements.
I completed my initial DSGE research paper in November 2018. In this paper, I incorporated countercyclical capital buffer macroprudential policy into a typical medium-scale DSGE model with financial constraints. The aim was to analyze the stabilization effects and mechanisms of the buffer. Additionally, I presented this paper at two conferences organized by the Economic Research Journal – the leading economics journal in mainland China.
From Aug. 2019 to Dec.2019, I worked as a research assistant at Hongkong University of Science and Technology Business School with Prof. Kim. Prior to that, I was a research assistant at Hongkong Polytechnic University under the guidance of Prof. Lei Yang for the project “Strategic FDI When Local Firms Face Credit Constraints: Theory and Empirical Evidence.” In this role, I contributed to model building and performed data analyses, including tasks like panel data cleaning, merging, and using various methods to construct total factor productivity. My proficiency in programming languages such as STATA, R, and MATLAB, along with my strong foundation in mathematics, played a crucial role in securing these positions. Working as a research assistant has not only improved my programming skills but also deepened my expertise in research.
I am deeply passionate about conducting research in Economics, specifically in macroeconomics. I have successfully completed numerous independent research projects in this area and intend to continue pursuing research in the future. My commitment to knowledge acquisition, enthusiasm for research, and fondness for freedom and independent thinking motivate me to aspire towards a career in research or teaching at a university. This would grant me the opportunity to maintain a flexible schedule while regularly interacting with young and enthusiastic individuals.
In order to achieve these objectives, it is crucial for me to obtain a Ph.D. degree. I am confident that by combining my determination and skills with the comprehensive and specialized education offered by your Ph.D. program, I will be able to accomplish my professional goal once I complete my studies.
My dedication, resolution, capability, and talent can contribute to future research. My scholarly background and academic achievements demonstrate that I am an ideal candidate for your Ph.D. program. I sincerely hope you will consider me for admission.
