J. Christina Wang is a Senior Economist in the Research Department at the Federal Reserve Bank of Boston. Ms. Wang’s current research interests are in refining a consistent measure of the output of financial institutions and use it to estimate the productivity and returns to scale in the production of financial services both over time and across countries. This research should help answer if there is an optimal scale of bank operations, and how it compares to the current distribution of bank sizes. Ms. Wang is also interested in understanding the nature of liquidity risk, in particular how the time-varying price of liquidity and credit risk affects banks' funding cost and in turn credit supply, and how to regulate liquidity risk optimally. Ms. Wang earned her B.A. in economics at Tsinghua University, China. She earned her M.A. in economics at the University of Western Ontario, Canada, and her Ph.D. in economics at the University of Michigan.