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Research Fellows

Yang, Shu-Chun S.

Yang, Shu-Chun S.

  • Title: Research Fellow
  • E-Mail:ssyang at econ.sinica.edu.tw
  • Personal Website:https://sites.google.com/view/ssyang
  • CV:CV
  • 研究室:C206
  • curriculum vitae:Ph.D. in Economics, Indiana University (2003)

    Research Fields: Macroeconomic Effects of Fiscal Policy, DSGE Modeling, Development Economics

Research Fields

  • Macroeconomics and Monetary Economics - Macroeconomic Effects of Fiscal Policy, DSGE Models, Development Economics

Current Position

  • Research Fellow, Institute of Economics, Academia Sinica (2021-)


  • Senior Economist, Fiscal Affairs Department, International Monetary Fund, Aug 2018-Mar 2021
  • Director, Institute of Economics, National Sun Yat-Sen University, Feb 2015-Jul 2018
  • Professor, Institute of Economics, National Sun Yat-Sen University, Aug 2014-Jul 2018
  • Senior Economist, Research Department, International Monetary Fund, Jun 2010-Jul 2014
  • Principal Analyst, Macroeconomic Analysis Division, Congressional Budget Office, Nov 2008-Apr 2010
  • Assistant Research Fellow, Institute of Economics, Academia Sinica, Feb 2007-Oct 2009
  • Economist, Joint Committee on Taxation, United States Congress, Aug 2004-Jan 2007
  • Assistant Professor, John Carroll University, Aug 2003-Jul 2004
  • Research Assistant, Center for Econometric Model Research, Indiana University, 2000-2003
  • Research Assistant, Eric M. Leeper, Indiana University, Summer 1999, Summer 2000
  • Legal Assistant, Law Offices of Wendell K. Hu, Los Angeles, 1995-1996


  • Outstanding Research Award, Ministry of Science and Technology, 2016
  • Award for Recruiting Outstanding Young Scholars Overseas, Foundation for Advancement of Outstanding Scholarship, 2015
  • Award for Special and Outstanding Talent, Ministry of Science and Technology, Taiwan, 2014
  • Recognition of Outstanding Contribution: A Special Spot Award and A Special Department Award, International Monetary Fund, 2013
  • Outstanding Contribution to the Formation of the Tax Laws of the United States of America, 108th-110th Congress, 2007



  • Bi, H., W. Shen, and S.-C. S. Yang(forthcoming), "Fiscal Implications of Interest Rate Normalization in the United States," Canadian Journal of Economics,.
  • Chang J.-J., H.-Y. Lin, N. Traum, and S.-C. S. Yang (2021), "Fiscal Consolidation and Public Wages," Journal of Money, Credit and Banking, 53(2-3), 503-533 (IMF Working Paper 19/125).
  • Fotiou A., W. Shen, and S.-C. S. Yang (2020), "Fiscal State-Dependent Effects of Capital Income Tax Cuts," Journal of Economic Dynamics and Control, 117(August), 1-21.
  • Chang J.-J., H.-Y. Lin, C.-H. Su, and S.-C. S. Yang (2019), "The Macroeconomic Effects of Fluctuating Tourism Receipts," Academia Economic Papers, 47(2), 163-207 (in Chinese).
  • Fu C.-Y., H.-Y. Lin, and S.-C. S. Yang (2018), "Tax Reform and the Underground Economy in Taiwan: a DSGE Approach," Taiwan Economic Forecasts and Policies, 49(1), 1-45 (in Chinese).
  • Shen W. and S.-C. S. Yang (2018), "Downward Nominal Wage Rigidity and State-Dependent Government Spending Multipliers," Journal of Monetary Economics, 98 11-26.
  • Shen W., S.-C. S. Yang, and F.-L. Zanna (2018), "Government Spending Effects in Low-Income Countries," Journal of Development Economics, 133 201-219 (IMF Working Paper 15/286, substantially revised from ''The Effects of Government Spending under Limited Capital Mobility,'' IMF Working Paper 12/129).
  • Deléchat C. and S.-C. S. Yang et al. (2017), "Harnessing Resource Wealth for Inclusive Growth in Fragile West Africa," Journal of African Economies, 26(2), 256-293 (revised from IMF Working Paper 15/25).
  • Bi H., W. Shen, and S.-C. S. Yang (2016), "Fiscal Limits in Developing Countries: a DSGE Approach," Journal of Macroeconomics, 49 119-130 (revised from IMF Working Paper 14/49).
  • Bi H., W. Shen, and S.-C. S. Yang (2016), "Debt-Dependent Effects of Fiscal Expansions," European Economic Review, 88 142-157.
  • Melina G., S.-C. S. Yang, and F. Zanna (2016), "Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: the DIGNAR Model," Economic Modelling, 52 630-649 (revised from IMF Working Paper 14/50).
  • Richmond C., I. Yackovlev, and S.-C. S. Yang (2015), "Investing Volatile Resource Revenues in Capital-Scarce Economies," Pacific Economic Review, 20(1), 193-221 (IMF Working Paper 13/147).
  • Traum N. and S.-C. S. Yang (2015), "When Does Government Debt Crowd Out Investment?," Journal of Applied Econometrics, 30 24-45 (CBO Working Paper 2010-002).
  • Leeper E., T. Walker, and S.-C. S. Yang (2013), "Fiscal Foresight and Information Flows," Econometrica, 81(3), 1115-1145, (NBER Working Paper 14630, 14028; IMF Working Paper 12/153).
  • Berg A., R. Portillo, S.-C. S. Yang, and L.-F. Zanna (2013), "Public Investment in Resource-Abundant Developing Countries," IMF Economic Review, 61(1), 92-129, (IMF Working Paper 12/247).
  • Traum N. and S.-C. S. Yang (2011), "Monetary and Fiscal Policy Interactions in the Post-war U.S.," European Economic Review, 55(1), 140-164, (IMF Working Paper 10/243).
  • Leeper E., T. Walker, and S.-C. S. Yang (2010), "Government Investment and Fiscal Stimulus," Journal of Monetary Economics, 57(8), 1000-1012, (NBER Working Paper 15153; IMF Working Paper 10/229).
  • Leeper E. and S.-C. S. Yang (2008), "Dynamic Scoring: Alternative Financing Schemes," Journal of Public Economics, 92 159-182, (NBER Working Paper 12103).
  • Yang S.-C. S. (2007), "Do Capital Income Tax Cuts Trickle Down?," National Tax Journal, 60(3), 551-567.
  • Yang S.-C. S. (2007), "Tentative Evidence of Tax Foresight," Economics Letters, 96(1), 30-37.
  • Yang S.-C. S. (2005), "Quantifying Tax Effects under Policy Foresight," Journal of Monetary Economics, 52(8), 1557-1568.