3 papers
econ.TH2026
The Screening Cost of Liquidity
Rui Sun
A principal with cheap capital optimally forces her counterparty to borrow at above-market rates. The reason: the form of finance is a screening device. Advances provide liquidity…
econ.GN2026
The Inflation of Resetting Workers
Rui Sun
The standard wage Phillips curve aggregates away from which workers reset wages when. I show this aggregation omits a first-order term: the covariance between workers' cost-push ex…
econ.TH2026
Risk Capacity and Optimal Monetary Policy
Rui Sun
We characterize optimal monetary policy when policy endogenously moves risk premia through redistribution across agents who differ in their willingness to bear risk. The analytical…