Zheng Liu

Federal Reserve Banks - Federal Reserve Bank of San Francisco

101 Market Street

San Francisco, CA 94105

United States

SCHOLARLY PAPERS

26

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1,600

SSRN CITATIONS
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Top 6,607

in Total Papers Citations

171

CROSSREF CITATIONS

28

Scholarly Papers (26)

1.

Do Credit Constraints Amplify Macroeconomic Fluctuations?

FRB Atlanta Working Paper No. 2010-1
Number of pages: 40 Posted: 23 Mar 2015
Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 134 (291,633)
Citation 15

Abstract:

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credit constraints, collateral asset, housing prices, investment, financial multiplier, business cycle, structural estimation

2.

Why Does the Cyclical Behavior of Real Wages Change Over Time?

FRB of Kansas City Working Paper No. 02-09
Number of pages: 38 Posted: 16 Apr 2003
Federal Reserve Bank of PhiladelphiaVanderbilt University - College of Arts and Science - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Universite du Quebec a Montreal
Downloads 123 (310,838)
Citation 13

Abstract:

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Real Wage Cyclicality, Staggered Price and Wage Setting, Input-Output Structure

3.

Gains from International Monetary Policy Coordination: Does it Pay to Be Different?

ECB Working Paper No. 514
Number of pages: 55 Posted: 26 Aug 2005
Zheng Liu and Evi Pappa
Federal Reserve Banks - Federal Reserve Bank of San Francisco and London School of Economics & Political Science (LSE)
Downloads 113 (330,085)

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International Policy Coordination, Optimal Monetary Policy, Asymmetric Structures, Terms-of-Trade Bias

4.

Temptation and Self-Control: Some Evidence from the Consumer Expenditure Survey

Number of pages: 33 Posted: 01 Feb 2005
Federal Reserve Bank of PhiladelphiaVanderbilt University - College of Arts and Science - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Fudan University - School of Management
Downloads 112 (332,158)
Citation 2

Abstract:

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Temptation, Self-control, Gul-Pesendorfer preferences, Asset pricing

5.
Downloads 111 (334,225)

A Theory of Housing Demand Shocks

FRB Atlanta Working Paper No. 2019-4
Number of pages: 40 Posted: 28 Mar 2019 Last Revised: 29 Apr 2020
Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 88 (391,762)

Abstract:

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price-rent puzzle, heterogeneity, marginal agent, cutoff point, liquidity premium, price-to-rent ratio, collateral constraints

A Theory of Housing Demand Shocks

NBER Working Paper No. w25667
Number of pages: 41 Posted: 19 Mar 2019 Last Revised: 18 Feb 2022
Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 23 (690,678)

Abstract:

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6.

Automation, Market Concentration, and the Labor Share

Number of pages: 36 Posted: 17 Mar 2022 Last Revised: 06 Apr 2022
Hamid Firooz, Zheng Liu and Yajie Wang
Department of Economics, University of Rochester, Federal Reserve Banks - Federal Reserve Bank of San Francisco and University of Rochester
Downloads 110 (336,329)

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Automation, market concentration, labor share, markup, reallocation, heterogeneous firms

7.

Bank Risk-Taking, Credit Allocation, and Monetary Policy Transmission: Evidence from China

Number of pages: 75 Posted: 12 Oct 2020 Last Revised: 17 May 2022
Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), Federal Reserve Banks - Federal Reserve Bank of San Francisco, Central University of Finance and Economics (CUFE) - School of Finance and Peking University HSBC Business School
Downloads 107 (342,664)

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Bank risk-taking, banking regulations, monetary policy, credit misallocation, productivity, China

8.

What Explains the Effects of Technology Shocks on Labor Market Dynamics?

Number of pages: 29 Posted: 27 Sep 2004
Zheng Liu and Louis Phaneuf
Federal Reserve Banks - Federal Reserve Bank of San Francisco and Universite du Quebec a Montreal
Downloads 105 (347,007)

Abstract:

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Technology shock, employment, real wage, sticky price, business cycle

9.

Openness and Equilibrium Determinacy Under Interest Rate Rules

Number of pages: 43 Posted: 14 Jan 2003
Fiorella De Fiore and Zheng Liu
Bank for International Settlements (BIS) - Monetary and Economic Department and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 92 (377,834)
Citation 1

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Indeterminacy, Interest Rate Rules, Small Open Economy, Terms of Trade

10.

Technology Shocks and Labor Market Dynamics: Some Evidence and Theory

Number of pages: 37 Posted: 14 Jan 2006
Zheng Liu and Louis Phaneuf
Federal Reserve Banks - Federal Reserve Bank of San Francisco and Universite du Quebec a Montreal
Downloads 77 (419,835)
Citation 4

Abstract:

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Technology Shock, Employment, Wages, Prices, Business Cycle

11.
Downloads 62 (470,443)
Citation 61

Land-Price Dynamics and Macroeconomic Fluctuations

NBER Working Paper No. w17045
Number of pages: 44 Posted: 16 May 2011 Last Revised: 28 Jan 2022
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 33 (619,244)
Citation 17

Abstract:

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Land-Price Dynamics and Macroeconomic Fluctuations

FRB Atlanta Working Paper No. 2011-11
Number of pages: 43 Posted: 22 Mar 2015
Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 29 (645,672)
Citation 33

Abstract:

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land prices, collateral assets, investment, dynamic multiplier, propagation mechanism, co-movements

12.

Bank Risk-Taking and Monetary Policy Transmission: Evidence from China

BOFIT Discussion Paper No. 15/2021
Number of pages: 62 Posted: 30 Oct 2021 Last Revised: 18 Nov 2021
Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), Federal Reserve Banks - Federal Reserve Bank of San Francisco, Central University of Finance and Economics (CUFE) - School of Finance and Peking University HSBC Business School
Downloads 57 (489,654)

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bank risk-taking, banking regulations, risk-weighting, monetary policy, difference-in-difference, China

13.

Multiple Stages of Processing and the Quantity Anomaly in International Business Cycle Models

FRB of Kansas City Working Paper No. 04-05, FRB Philadelphia Working Paper No. 04-8
Number of pages: 40 Posted: 05 Aug 2004
Federal Reserve Bank of PhiladelphiaVanderbilt University - College of Arts and Science - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 54 (501,704)
Citation 2

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Stages of Processing, Monopolistic Competition, Local Currency Pricing, Welfare

14.

Production Interdependence and Welfare

Number of pages: 41 Posted: 05 Aug 2004
Federal Reserve Bank of PhiladelphiaVanderbilt University - College of Arts and Science - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 53 (505,848)

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Stages of Processing, Monopolistic Competition, Local Currency Pricing, Welfare

15.

Gains from Coordination in a Multi-Sector Open Economy: Does it Pay to Be Different?

IGIER Working Paper No. 296
Number of pages: 48 Posted: 18 Dec 2005
Zheng Liu and Evi Pappa
Federal Reserve Banks - Federal Reserve Bank of San Francisco and London School of Economics & Political Science (LSE)
Downloads 50 (518,697)
Citation 2

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Optimal Monetary Policy, International Policy Coordination, Multiple Sectors, Asymmetric Structures, Sticky Prices

16.

Learning, Adaptive Expectations, and Technology Shocks

FRB of Atlanta Working Paper No. 2008-20
Number of pages: 38 Posted: 13 Nov 2008
Federal Reserve Bank of PhiladelphiaVanderbilt University - College of Arts and Science - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Federal Reserve Bank of Atlanta
Downloads 41 (561,139)
Citation 9

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self-confirming equilibrium, amplification, labor market dynamics, wealth and substitution effects, hump-shaped responses

17.

Vertical Production and Trade Interdependence and Welfare

FRB Philadelphia Working Paper No. 05-15
Number of pages: 40 Posted: 01 Sep 2005
Federal Reserve Bank of PhiladelphiaVanderbilt University - College of Arts and Science - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 41 (561,139)

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Vertical production and trade, monopolistic competition, terms-of-trade, welfare

18.

Sources of Macroeconomic Fluctuations: A Regime-Switching DSGE Approach

FRB Atlanta Working Paper No. 2009-3a
Number of pages: 75 Posted: 19 Mar 2015
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 39 (571,295)
Citation 16

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systematic analysis, regime switching, depreciation shock, efficient estimation methods

19.

Land Prices and Unemployment

FRB Atlanta Working Paper No. 2013-6
Number of pages: 45 Posted: 22 Mar 2015
Zheng Liu, Jianjun Miao and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Boston University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 35 (592,949)
Citation 2

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Housing and labor markets, volatility, match value of employment, marginal utility of consumption, credit channel, labor channel

20.

Turbulent Business Cycles

HKUST Business School Research Paper No. 2022-059
Number of pages: 61 Posted: 27 Apr 2022 Last Revised: 11 May 2022
Ding Dong, Zheng Liu and Pengfei Wang
Hong Kong University of Science & Technology (HKUST) - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Peking University HSBC Business School
Downloads 21 (685,155)

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Turbulence, heterogeneous firms, financial frictions, reallocation, productivity, business cycles

21.

Asymmetric Expectation Effects of Regime Shifts and the Great Moderation

FRB Atlanta Working Paper No. 2007-23
Number of pages: 48 Posted: 23 Feb 2015
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 21 (685,155)
Citation 2

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structural breaks, expectations formation, monetary policy regime, macroeconomic volatility, Lucas critique

22.

Do Nominal Rigidities Matter for the Transmission of Technology Shocks?

CIRPEE Working Paper 08-37
Number of pages: 23 Posted: 24 Jun 2009
Zheng Liu and Louis Phaneuf
Federal Reserve Banks - Federal Reserve Bank of San Francisco and Universite du Quebec a Montreal
Downloads 20 (692,747)

Abstract:

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technology shock, nominal rigidities, monetary policy

23.

Capital Flows and Income Inequality

Number of pages: 55 Posted: 30 Mar 2022
Zheng Liu, Mark M. Spiegel and JINGYI ZHANG
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of San Francisco - Economic Research Department and Shanghai University of Finance and Economics
Downloads 13 (750,435)

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Capital flows, income distribution, heterogeneous agents, capital-skill complementarity, financial frictions, small open economy

24.

Land Prices and Unemployment

NBER Working Paper No. w19382
Number of pages: 46 Posted: 30 Aug 2013 Last Revised: 18 Jun 2022
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Banks - Federal Reserve Bank of San Francisco, Boston University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 9 (786,885)
Citation 7

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25.

Temptation and Self-Control: Some Evidence and Applications

Posted: 25 Jul 2008
Federal Reserve Bank of PhiladelphiaVanderbilt University - College of Arts and Science - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of San Francisco and affiliation not provided to SSRN

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Temptation, Self-Control, Limited Participation, Asset Pricing, Welfare

26.

Inflation Targeting: What Inflation Rate to Target?

Journal of Monetary Economics, Vol. 52, No. 8, pp. 1435-1462, November 2005
Posted: 20 Sep 2004
Federal Reserve Bank of PhiladelphiaVanderbilt University - College of Arts and Science - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of San Francisco

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Inflation targeting, CPI, PPI, Optimal monetary policy, Implementation, Welfare