The department is excited to welcome Zhifeng Cai as a new assistant professor in Fall 2017. He is a macroeconomist whose research focuses on the role of financial frictions in shaping aggregate fluctuations. His current work studies how a persistent slump in real-estate prices could contribute to a secular stagnation such as that observed after the 2008 financial crisis. Another line of his research investigates the implications of rising income inequality on college tuition. He received his PhD in Economics from the University of Minnesota.