Heng Chen

heng-chen

Principal Researcher

Heng Chen is a Principal Researcher in the Currency Department at the Bank of Canada. His primary research interests center on the structural identification and estimation of the causal effects of the method of payments on the cash usage. Specific topics include distributional estimations using the longitudinal CFM data. Heng Chen received his PhD in economics from Vanderbilt University.

Contact

Heng Chen

Principal Researcher
Currency
Economic Research and Analysis

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Latest

The Bank of Canada 2015 Retailer Survey on the Cost of Payment Methods: Calibration for Single-Location Retailers

Technical Report No. 109 Heng Chen, Rallye Shen
Calibrated weights are created to (a) reduce the nonresponse bias; (b) reduce the coverage error; and (c) make the weighted estimates from the sample consistent with the target population in terms of certain key variables.
Content Type(s): Technical Reports Topic(s): Digital Currencies, Econometric and statistical methods JEL Code(s): C, C8, C81, C83

The Costs of Point-of-Sale Payments in Canada

Staff Discussion Paper 2017-4 Anneke Kosse, Heng Chen, Marie-Hélène Felt, Valéry Dongmo Jiongo, Kerry Nield, Angelika Welte
This study provides insight into the costs of cash, debit card and credit card payments made at the point of sale in Canada in 2014. For each payment method, it examines the total resource costs, which capture the overall use of resources by society as a whole.
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Bank notes, Digital Currencies, Financial Institutions, Payment clearing and settlement systems JEL Code(s): D, D1, D12, D2, D23, D24, E, E4, E41, E42, G, G2, G21, L, L2

Variance Estimation for Survey-Weighted Data Using Bootstrap Resampling Methods: 2013 Methods-of-Payment Survey Questionnaire

Technical Report No. 104 Heng Chen, Rallye Shen
Sampling units for the 2013 Methods-of-Payment Survey were selected through an approximate stratified random sampling design. To compensate for non-response and non-coverage, the observations are weighted through a raking procedure.
Content Type(s): Technical Reports Topic(s): Econometric and statistical methods JEL Code(s): C, C8, C83

Retail Payment Innovations and Cash Usage: Accounting for Attrition Using Refreshment Samples

Staff Working Paper 2014-27 Heng Chen, Marie-Hélène Felt, Kim Huynh
We exploit the panel dimension of the Canadian Financial Monitor (CFM) data to estimate the impact of retail payment innovations on cash usage. We estimate a semiparametric panel data model that accounts for unobserved heterogeneity and allows for general forms of non-random attrition.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Digital Currencies, Econometric and statistical methods, Financial services JEL Code(s): C, C3, C35, E, E4, E41

Sheep in Wolf’s Clothing: Using the Least Squares Criterion for Quantile Estimation

Staff Working Paper 2014-24 Heng Chen
Estimation of the quantile model, especially with a large data set, can be computationally burdensome. This paper proposes using the Gaussian approximation, also known as quantile coupling, to estimate a quantile model.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C13, C14, C2, C21

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Other

Refereed journals

  • “A Flexible Parametric Approach for Estimating Switching Regime Models and Treatment Effect Parameters”
    (with Yanqin Fan and Jisong Wu), Journal of Econometrics, 181(2), 77-91, 2014.
  • “Sheep in Wolf's Clothing: Using the Least Squares Criterion for Quantile Regression”
    Economics Letters, Volume 125, Issue 3, Pages 426–431, December 2014.
  • “Retail Payment Innovations and Cash Usage: Accounting for Attrition Using Refreshment Samples”
    (with Marie-Helene Felt and Kim Huynh), Journal of Royal Statistical Society: Series A, 2016.
  • “Measuring Consumer Cash Holdings: Lessons from the 2013 Bank of Canada Methods-of-Payment Survey”
    (with Chris Henry, Kim Huynh, Rallye Shen, Kyle Vincent), Survey Practice, 9(4), 2016.
  • “Inference for the Correlation Coefficient between Potential Outcomes in the Gaussian Switching Regime Model”
    (with Yanqin Fan and Ruixuan Liu), Journal of Econometrics, 195(2), 255-270, 2016.

Work in Progress

  • “Within-group Estimators for Fixed Effects Quantile Models with Large N and Large T”.
  • “Set Identification and Estimation of Dynamic Quantile Models from Repeated Cross-Sections”.
  • “Identification and Wavelet Estimation of LATE in a Class of Switching Regime Models”.
    (with Yanqin Fan), R&R at Journal of Econometrics.
  • “Local Polynomial Wavelet Estimation of the Local Average Treatment Effect”.

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Bank Publications

Research Interests

  • Applied econometrics
  • Nonparametric econometrics
  • Partial identification

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Heng Chen

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