Zhengyang Jiang

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Articles

Reserve Asset Competition and the Global Fiscal Cycle

Aug 16, 2024 | nber.org | Zhengyang Jiang |Robert Richmond

We thank Myeongrok Doh and Yudan Ying for excellent research assistance. For helpful discussions and comments we thank Ian Dew-Becker, Hanno Lustig, Holger Mueller, Theresa Kuchler, Tony Zhang, and seminar and conference participants. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Related
Dollar Safety and the Global Financial Cycle

Jul 22, 2024 | kellogg.northwestern.edu | Zhengyang Jiang |Hanno Lustig

Home | Faculty & Research Overview | Research U.S. monetary policy shocks have an outsized impact on the world economy, a phenomenon that is described by Rey’s (2013) “global financial cycle”. In contrast, shocks in foreign countries have smaller impacts on the U.S. We build a model to rationalize these facts based on the special demand for dollar safe assets.
What Drives Variation in the U.S. Debt‐to‐Output Ratio? The Dogs that Did not Bark

Jun 11, 2024 | onlinelibrary.wiley.com | Zhengyang Jiang |Hanno Lustig |Stijn Van Nieuwerburgh |Mindy Z. Xiaolan

Supporting Information REFERENCES , 2018, Psychology-based models of asset prices and trading volume, in B. Douglas Bernheim, Stefano DellaVigna, and David Laibson, eds.: Handbook of Behavioral Economics: Foundations and Applications, Elsevier, North Holland, Netherlands. , and , 2018, The fiscal theory of the price level in a world of low interest rates, Journal of Economic Dynamics and Control 89, 5–22.
Exorbitant Privilege: A Safe-Asset View

May 10, 2024 | nber.org | Zhengyang Jiang

Skip to main content Zhengyang Jiang gratefully acknowledges the research support from the William and Mary Breen Fund at the Kellogg School of Management, Northwestern University. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. Related
A Portfolio Approach to Global Imbalances

Apr 9, 2024 | onlinelibrary.wiley.com | Zhengyang Jiang |Robert Richmond |Tony Zhang

Supporting Information Filename Description jofi13333-sup-0001-InternetAppendix.pdf327.8 KB Appendix S1: Internet Appendix. jofi13333-sup-0002-ReplicationCode.zip104.6 MB Replication Code. REFERENCES , and , 2018, Capital flow management with multiple instruments, Technical report, National Bureau of Economic Research. , , , , et al., 2018, Should we be concerned again about us current account sustainability? Technical report, IFDP Notes.
Implications of Asset Market Data for Equilibrium Models of Exchange Rates

Nov 9, 2023 | nber.org | Zhengyang Jiang |Hanno Lustig

First draft: Feb. 2023. We are especially grateful to Andy Atkeson for his help on the first draft. For comments and feedback, we thank participants of the FRB-Dallas-University of Houston-Banco de Mexico conference Manuel Amador, Mike Chernov, Sebastian Di Tella, Ben Hebert, Matteo Maggiori, Juan Pablo Niccolini, Chris Tonetti, Monika Piazzesi, Martin Schneider, and Chenzi Xu. We thank Xuning Ding for excellent research assistance.
How Your Personality Shapes Your Portfolio

Oct 1, 2023 | insight.kellogg.northwestern.edu | Zhengyang Jiang

Consider two investors who are both trying to build wealth. One chooses a portfolio with lots of high-risk, high-reward stocks. Another opts for U.S. treasury bonds—one of the safest investments in the world. Why, despite having similar goals, do they approach the market in such different ways? Researchers have looked at characteristics like age, wealth, intelligence, and financial literacy and found that these factors don’t fully explain the wide variety of investment choices and outcomes.