Yilin (David) Yang

Assistant Professor in Finance

University of Minnesota Twin Cities

I am an Assistant Professor of Finance at the University of Minnesota Twin Cities. My research focuses on financial intermediation and macro-finance. I am currently teaching a course on Financial Markets and Interest Rates. Previously, I was an Assistant Professor at the City University of Hong Kong, where I taught courses on Security Analysis and Asset Management.

Interests

• Macrofinance
• Financial Institution
• Financial Intermediation
• Central Banking
• Asset Pricing

Education

• PhD in Finance, 2022

  Stanford University

• MS in Mathematics, 2016

  University of Michigan, Ann Arbor

• MA in Economics, 2016

  University of Michigan, Ann Arbor

• BS in Finance and Mathematics (double major), 2014

  Wake Forest University

Publications

Bank Funding Risk, Reference Rates, and Credit Supply

Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated …

Harry Cooperman, Darrell Duffie, Stephan Luck, Zachry Wang, Yilin (David) Yang

PDF Cite Google Scholar Forthcoming, JF

Reserves were not so ample after all

We show that the likelihood of a liquidity crunch in wholesale US dollar funding markets is highly dependent on levels of reserve balances at the financial institutions that are the most active …

Adam Copeland, Darrell Duffie, Yilin (David) Yang

PDF Cite Google Scholar Forthcoming, QJE

Working Papers

Too Big to Fail, Too Small to Survive: How Safer National Banks Undermine Regional Banks' Stability

This paper extends the framework of global game modeling and identifies a novel bank-run externality. Regulations strengthening large banks can inadvertently increase the fragility of smaller …

Redouane Elkamhi, Yilin (David) Yang

Cite Draft Coming Soon

What Quantity of Reserves Is Sufficient?

What quantity of reserves should the Fed supply to support effective monetary policy implementation and an efficient interbank payment system? To answer this question, I construct a model linking …

Yilin (David) Yang

PDF Cite Google Scholar Revise & Resubmit, JFE WFA 2022 Brattle Group Ph.D. Candidate Awards For Outstanding Research The BlackRock Applied Research Award 2021 (runner-up)

Trading with High-Dimensional Data

We study a trading game with agents who face a high-dimensional estimation problem. In the presence of a curse of dimensionality, we show rational expectations equilibrium is ε-approximated by a …

Anirudha Balasubramanian, Yilin (David) Yang

PDF Cite Dataset Google Scholar

Other Publications

Three consecutive almost squares

Given a positive integer n, we let sfp(n) denote the squarefree part of n. We determine all positive integers n for which max{sfp(n),sfp(n+1),sfp(n+2)}<=150 by relating the problem to finding …

Jeremy Rouse, Yilin (David) Yang

PDF Cite

Discrete nonlinear equations and the Fučı´k Spectrum

We consider matrix-vector equations of the form Ax = f(x) that are motivated by nonlinear oscillating systems such as the Tacoma Narrows Bridge. We identify a particular set, called the Fučı´k …

Stephen B. Robinson, Yilin (David) Yang

PDF Cite

Work-in-Progress

Designing Efficient Payment Systems: A Structural Approach

Ye Li, Lina Lu, Yilin (David) Yang

Early Stage Work

Teaching

At the University of Minnesota Twin Cities, I am teaching one course.

• Fall 2025: FINA 4121 - Financial Markets and Interest Rates