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Meet the Economists

Photo of Dan Li

Dan Li

Assistant Director Financial Intermediaries Analysis Section Monetary Affairs
202-452-2626
dan.li@frb.gov

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
  • Liquidity management of institutional investors
  • 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
  • Hendershott, Terrence, Dan Li, Dmitry Livdan, and Norman Schurhoff (forthcoming). "Relationship Trading in OTC Markets," The Journal of Finance.
  • Cestau, Dario, Burton Hollifield, Dan Li, and Norman Schürhoff (2019). "Municipal Bond Markets," Annual Review of Financial Economics, vol. 11, pp. 65-84.
  • Lee, Seung Jung,, Dan Li, Ralf R. Meisenzahl, and Martin J. Sicilian (2019). "The U.S. Syndicated Term Loan Market: Who Holds What and When?" FEDS Notes 2019-11-25. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Dan, and Norman Schurhoff (2019). "Dealer Networks," The Journal of Finance, vol. 74, no. 1, pp. 91-144.
  • Cai, Fang, Song Han, Dan Li, and Yi Li (2019). "Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market," Journal of Financial Economics, vol. 131, no. 1, pp. 139-167.
  • Li, Dan, Antonio Falato, and Tod Milbourn (2015). "Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials," Management Science, vol. 61, no. 2, pp. 2845-2869.
  • 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.).
  • Han, Song, and Dan Li (2010). "The Fragility of Discretionary Liquidity Provision: Lessons from the Collapse of the Auction Rate Securities Market," Finance and Economics Discussion Series 2010-50. Board of Governors of the Federal Reserve System (U.S.).
  • Li, Dan, Richard C. Green, and Norman Schurhoff (2010). "Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster than they Fall?" Journal of Finance, vol. 65, no. 5, pp. 1669-1702.
  • Li, Dan (2007). "New Findings in the Market Microstructure of Over-the-Counter Markets," Ph.D. dissertation, Carnegie Mellon University.
Awards
  • 2010

    Journal of Finance

    Smith Breeden Prize, Distinguished Paper

Last update: January 27, 2020