Finance Prof @KelloggSchool, @IMFNews Consultant, @JIntlEcon Associate Editor, @nberpubs
Joined December 2020
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Zhengyang Jiang retweeted
Intermediated debt markets give rise to two-tiered liquidity effects at currency and asset market levels. Government policies to join a currency area affect competition in asset markets, from @ProfJiang nber.org/papers/w35541
Zhengyang Jiang retweeted
Dollar erosion: The macroeconomic consequences of losing reserve currency status
@ProfJiang @KelloggSchool, @ProfArvindKrish, @HannoLustig @StanfordGSB, Robert Richmond @NYUStern
ow.ly/rNOZ50ZpWSi
Zhengyang Jiang retweeted
Wealth inequality shapes asset demand and asset valuation. Sufficiently high probabilities of falling into extreme poverty lead to asset bubbles, from Xuning Ding and @ProfJiang nber.org/papers/w35393
Zhengyang Jiang retweeted
Quantifying the impact of the loss of reserve currency status in goods and asset markets, from @ProfJiang, @ProfArvindKrish, @HannoLustig, and @rrichmond nber.org/papers/w35328
Zhengyang Jiang retweeted
Safe until crisis: What 300 years of wars reveal about government debt safety
@ProfJiang @KelloggSchool, @HannoLustig @StanfordGSB, @SVNieuwerburgh @Columbia_Biz, @MindyXiaolan @UTexasMcCombs
ow.ly/jJh950YuEhS
Zhengyang Jiang retweeted
While government bonds are safe assets during financial crises, they underperform equities and growth in wars and pandemics. Inflation and financial repression drive the large losses bondholders suffer in these episodes, from @ProfJiang, @HannoLustig, @SVNieuwerburgh, and @MindyXiaolan nber.org/papers/w34820
Zhengyang Jiang retweeted
🎓 Call for Applications | JIE Summer School 2026
📍 Milan (Bocconi University) | 🗓 July 6–8, 2026
Lectures by Cécile Gaubert, Christoph Trebesch, David Hémous, Federica Romei, Christopher Clayton & Natalia Ramondo.
🗓 Deadline: Jan 25, 2026
👉 sciencedirect.com/journal/jo…
Zhengyang Jiang retweeted
Glad to see this come out in the JPE now. Seems relevant. Joint work with an amazing team: @SVNieuwerburgh , @ProfJiang, Mindy Xiaolan and Z. Chen.
Stijn and I ended up in the same vol. as our adviser T. Sargent who first got us thinking about fiscal issues some 25 years ago!.
journals.uchicago.edu/toc/jp…
Zhengyang Jiang retweeted
1/In the Eurozone, unconventional monetary policy leads to large cross-border fiscal transfers because it allows the periphery to borrow from the core at belo-market rates. We quantify these transfers.
Zhengyang Jiang retweeted
Via income pooling and below-market rate cross-border lending, the European Central Bank's unconventional policies created large, persistent transfers from Eurozone core to periphery countries, from Yi-Li Chien, @ProfJiang, Matteo Leombroni, and @HannoLustig nber.org/papers/w34311
Zhengyang Jiang retweeted
In a monetary union, risk-free rates cannot adjust to country-level fiscal positions, leaving credit spreads and convenience yields to respond. The latter is empirically important, from @ProfJiang, @HannoLustig, @SVNieuwerburgh, and @MindyXiaolan nber.org/papers/w34307
Zhengyang Jiang retweeted
Recently accepted by #QJE, “Investor Memory and Biased Beliefs: Evidence from the Field,” by Jiang (@ProfJiang), Liu, Peng (@peng_cameron), and Yan: doi.org/10.1093/qje/qjaf035
Zhengyang Jiang retweeted
Long-term Treasury convenience yields are more sensitive to changes in Treasury supply than short-term Treasury convenience yields, from @ProfJiang, @rrichmond, and Tony Zhang nber.org/papers/w33940
Zhengyang Jiang retweeted
Very excited about this new paper. Using LLMs to analyze at scale and in near real time how firms are reacting to tariffs, export controls, and sanctions. We’ll update this frequently.
Early draft, but if you want a sneak preview i’ll talk about this at 4:30pm PT today during the Dr Hsieh Memorial Lecture at Stanford. You can watch it online.
Zhengyang Jiang retweeted
China's rising presence in international finance, which has long lagged behind its prominence in trade, now interacts with US monetary policy to reshape global financial dynamics, from @ProfJiang nber.org/papers/w33519
Zhengyang Jiang retweeted
@nberpubs IFM Spring Meetings Agenda is out (March 28 2025): nber.org/conferences/interna…
Livestream on Youtube here: youtube.com/nbervideos
Please share with grad students and colleagues.
Zhengyang Jiang retweeted
An incredible data collection and curation effort
🚨 New Paper and Public Good🚨
"The Global Macro Database: A New International Macroeconomic Dataset", joint with @chenzix, Mohammed Lehbib, and Ziliang Chen.
We built the most comprehensive macro database ever—covering 243 countries from 1086-today, integrating 110 sources. 🧵
Zhengyang Jiang retweeted
@JohnsHopkins #Geoeconomics Conf - Call For Papers 👇
Key Dates and Highlights
-Submissions by 01/07/25
-Conference on May 2-3, 2025
-Keynote @m_maggiori
-Policy panel with @pogourinchas
-Lightning-round session for PhDs
-More details here: ssrn.com/index.cfm/en/janda/…
Zhengyang Jiang retweeted
Writeup by @columbiabiz of joint work with @HannoLustig @ProfJiang and @MindyXiaolan
business.columbia.edu/resear…