Bio

Lu Han is a Principal Researcher in the International Economic Analysis Department. He is a macroeconomist with research interests in International Economics, Open Macroeconomics, Firms and Trade. Lu obtained his PhD in Economics from the University of Cambridge.

Research Field(s): International Macroeconomics International Trade and Finance Monetary and Fiscal Policy Monetary Economics

Staff working papers

The Mutable Geography of Firms’ International Trade

Staff Working Paper 2025-11 Lu Han
Exporters frequently change their market destinations. This paper introduces a new approach to identifying the drivers of these decisions over time. Analysis of customs data from China and the UK shows most changes are driven by demand rather than supply-related shocks.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Firm dynamics, International topics, Trade integration JEL Code(s): F, F1, F12, F14, L, L1, L11

Monetary Policy Transmission amid Demand Reallocations

Staff Working Paper 2024-42 Julien Bengui, Lu Han, Gaelan MacKenzie
We analyze the transmission of monetary policy during different phases of a sectoral demand reallocation episode when there are frictions to increasing production in a sector. Monetary policy is more effective in reducing inflation when a larger proportion of sectors are expanding or expect to expand in the near future.
Content Type(s): Staff research, Staff working papers Research Topic(s): Domestic demand and components, Inflation and prices, Monetary policy transmission JEL Code(s): E, E1, E12, E2, E24, E3, E31, E5, E52

Markups and Inflation in Oligopolistic Markets: Evidence from Wholesale Price Data

Staff Working Paper 2024-20 Patrick Alexander, Lu Han, Oleksiy Kryvtsov, Ben Tomlin
We study how the interaction of market power and nominal price rigidity influences inflation dynamics. We find that pass-through declines with price stickiness when markets are concentrated, which implies a lower slope of the New Keynesian Phillips curve.
Content Type(s): Staff research, Staff working papers Research Topic(s): Firm dynamics, Inflation and prices, Market structure and pricing, Monetary policy transmission JEL Code(s): D, D4, D43, E, E3, E31, L, L1, L13, L8, L81

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Journal publications

Refereed Journals

Monetary Policy Transmission amid Demand Reallocations
(with Julien Bengui and Gaelan MacKenzie), International Journal of Central Banking, 2025

The Pro-competitive Effects of Trade Agreements
(with Meredith Crowley and Thomas Prayer), Journal of International Economics, 2024

Invoicing and Pricing-to-Market: Evidence on International Pricing by UK Exporters
(with Giancarlo Corsetti and Meredith Crowley), Journal of International Economics, 2022

The Looming Threat of Tariff Hikes: Entry into Exporting under Trade Agreement Renegotiation (with Meredith Crowley and Oliver Exton), AEA: Papers and Proceedings, 2020

Other Research

Markups and Inflation in Oligopolistic Markets: Evidence from Wholesale Price Data
(with Patrick Alexander, Oleksiy Kryvtsov, and Ben Tomlin), R&R at American Economic Journal: Macroeconomics

Markets and Markups: A New Empirical Framework and Evidence on Exporters from China
(with Giancarlo Corsetti, Meredith Crowley, and Huasheng Song), R&R at Journal of Political Economy: Macroeconomics

Renegotiation of Trade Agreements and Firm Exporting Decisions: Evidence from the Impact of Brexit on UK Exports
(with Meredith Crowley and Oliver Exton), R&R at European Economic Review

Dominant Currency Dynamics: Evidence on Dollar-invoicing from UK Exporters
(with Meredith Crowley and Minkyu Son)

The Swift Decline of the British Pound: Evidence from UK Trade-invoicing after the Brexit Vote
(with Meredith Crowley and Minkyu Son)

Trade Wars and the Reallocation of Market Power in Global Export Markets
(with Chuan-Han Cheng, Giancarlo Corsetti, and Meredith Crowley)