Zheng Liu

Federal Reserve Banks - Federal Reserve Bank of San Francisco

101 Market Street

San Francisco, CA 94105

United States

  • Federal Reserve Banks - Federal Reserve Bank of San Francisco

SCHOLARLY PAPERS

31

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144

Scholarly Papers (31)

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1.

Local Government Debt and Bank Credit Allocation: Evidence from China

Number of pages: 45 Posted: 07 Jun 2023
Xiaoming Li, Zheng Liu, Yuchao Peng and Zhiwei Xu
University of International Business and Economics (UIBE) - School of International Trade and Economics (SITE), Federal Reserve Banks - Federal Reserve Bank of San Francisco, Central University of Finance and Economics (CUFE) - School of Finance and Fudan University - School of Economics
Downloads 339 (186,783)

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Local Government Debt, Credit Allocation, Bank Risk Management, Misallocation, China

2.

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

Number of pages: 69 Posted: 12 Oct 2020 Last Revised: 24 Sep 2024
Xiaoming Li, Zheng Liu, Yuchao Peng and Zhiwei Xu
University of International Business and Economics (UIBE) - School of International Trade and Economics (SITE), Federal Reserve Banks - Federal Reserve Bank of San Francisco, Central University of Finance and Economics (CUFE) - School of Finance and Fudan University - School of Economics
Downloads 338 (187,338)
Citation 1

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

3.

The Rise of AI Pricing: Trends, Driving Forces, and Implications for Firm Performance

Number of pages: 84 Posted: 11 Nov 2024 Last Revised: 12 Nov 2024
Jonathan J. Adams, Min Fang, Zheng Liu and Yajie Wang
University of Florida, University of Florida - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of San Francisco and University of Missouri at Columbia - Department of Economics
Downloads 320 (198,569)

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Artificial intelligence, AI-powered pricing, monetary policy, technology adoption

4.

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
Xiaoming Li, Zheng Liu, Yuchao Peng and Zhiwei Xu
University of International Business and Economics (UIBE) - School of International Trade and Economics (SITE), Federal Reserve Banks - Federal Reserve Bank of San Francisco, Central University of Finance and Economics (CUFE) - School of Finance and Fudan University - School of Economics
Downloads 275 (232,902)
Citation 4

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

5.

Automation and the Rise of Superstar Firms

Number of pages: 48 Posted: 17 Mar 2022 Last Revised: 06 May 2024
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 Missouri at Columbia - Department of Economics
Downloads 260 (246,570)
Citation 2

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Automation, industry concentration, superstar firms, markup, productivity

6.

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 209 (304,843)
Citation 4

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Technology Shock, Employment, Wages, Prices, Business Cycle

7.

A Theory of Housing Demand Shocks

Downloads 185 (341,317)

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, Peking University HSBC Business School and Federal Reserve Bank of Atlanta
Downloads 135 (446,140)

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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 2023
Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Peking University HSBC Business School and Federal Reserve Bank of Atlanta
Downloads 50 (829,607)

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8.

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, Peking University HSBC Business School and Federal Reserve Bank of Atlanta
Downloads 183 (344,708)
Citation 15

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

9.

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
Kevin X. D. Huang, Kevin X. D. Huang, Zheng Liu and Louis Phaneuf
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 154 (400,460)
Citation 20

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

10.

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

Number of pages: 33 Posted: 01 Feb 2005
Kevin X. D. Huang, Kevin X. D. Huang, Zheng Liu and John Qi Zhu
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 142 (427,576)
Citation 2

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

11.

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 139 (434,811)

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

12.

Reshoring, Automation, and Labor Markets under Trade Uncertainty

Number of pages: 51 Posted: 07 May 2024
Hamid Firooz, Sylvain Leduc and Zheng Liu
Department of Economics, University of Rochester, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 136 (442,378)

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Offshoring, reshoring, automation, robots, uncertainty, unemployment, wages, productivity.

13.

Land-Price Dynamics and Macroeconomic Fluctuations

Downloads 134 (447,627)
Citation 42

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, Peking University HSBC Business School and Federal Reserve Bank of Atlanta
Downloads 67 (716,847)
Citation 25

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

Land-Price Dynamics and Macroeconomic Fluctuations

NBER Working Paper No. w17045
Number of pages: 44 Posted: 16 May 2011 Last Revised: 28 Jan 2023
Zheng Liu, Zheng Liu, Pengfei Wang and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Banks - Federal Reserve Bank of San Francisco, Peking University HSBC Business School and Federal Reserve Bank of Atlanta
Downloads 67 (716,847)
Citation 17

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14.

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 133 (450,350)

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

15.

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 116 (500,782)
Citation 4

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

16.

Turbulent Business Cycles

HKUST Business School Research Paper No. 2022-059
Number of pages: 74 Posted: 27 Apr 2022 Last Revised: 06 Sep 2023
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 113 (510,707)

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

17.

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 93 (585,038)
Citation 4

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

18.

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 82 (631,163)
Citation 2

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

19.

Sources of Macroeconomic Fluctuations: A Regime-Switching DSGE Approach

FRB Atlanta Working Paper No. 2009-3a
Number of pages: 75 Posted: 19 Mar 2015
Zheng Liu, Daniel F. Waggoner and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 76 (658,600)
Citation 22

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

20.

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
Kevin X. D. Huang, Kevin X. D. Huang and Zheng Liu
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 76 (658,600)
Citation 2

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

21.

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 74 (668,307)
Citation 2

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

22.

Learning, Adaptive Expectations, and Technology Shocks

FRB of Atlanta Working Paper No. 2008-20
Number of pages: 38 Posted: 13 Nov 2008
Kevin X. D. Huang, Kevin X. D. Huang, Zheng Liu and Tao A. Zha
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 74 (668,307)
Citation 9

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

23.

Production Interdependence and Welfare

Number of pages: 41 Posted: 05 Aug 2004
Kevin X. D. Huang, Kevin X. D. Huang and Zheng Liu
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 72 (678,278)

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

24.

Vertical Production and Trade Interdependence and Welfare

FRB Philadelphia Working Paper No. 05-15
Number of pages: 40 Posted: 01 Sep 2005
Kevin X. D. Huang, Kevin X. D. Huang and Zheng Liu
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 70 (688,524)

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

25.

Inflation Disagreement Weakens the Power of Monetary Policy

Downloads 55 (789,945)

Inflation Disagreement Weakens the Power of Monetary Policy

FEDS Working Paper No. 2024-94
Number of pages: 63 Posted: 18 Dec 2024
Ding Dong, Zheng Liu, Pengfei Wang and Min Wei
Hong Kong University of Science & Technology (HKUST) - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of San Francisco, Peking University and Board of Governors of the Federal Reserve System
Downloads 37 (963,137)

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Inflation disagreement, Inflation expectations, Heterogeneous beliefs, Borrowing constraints, Monetary policy transmission, Forward guidance puzzle

INFLATION DISAGREEMENT WEAKENS THE POWER OF MONETARY POLICY

Federal Reserve Bank of San Francisco, Working Paper Series, volume 2024, issue 27, 2024[10.24148/wp2024-27]
Number of pages: 73 Posted: 13 Dec 2024
Zheng Liu, Ding Dong, Pengfei Wang and Min Wei
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Hong Kong Baptist University, Peking University HSBC Business School and Board of Governors of the Federal Reserve System
Downloads 18 (1,167,371)

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Inflation disagreement, Inflation expectations, heterogeneous beliefs, borrowing constraints, monetary policy, forward guidance

26.

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
Zheng Liu, Daniel F. Waggoner and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 49 (818,541)
Citation 2

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

27.

Fiscal Stimulus Under Average Inflation Targeting

Number of pages: 46 Posted: 24 Apr 2023
Zheng Liu, Jianjun Miao and Dongling Su
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Boston University - Department of Economics and Shanghai University of Finance and Economics
Downloads 39 (900,613)

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Average inflation targeting, fiscal multiplier, monetary policy rules, fiscal policy rules, DSGE model

28.

Land Prices and Unemployment

NBER Working Paper No. w19382
Number of pages: 46 Posted: 30 Aug 2013 Last Revised: 18 Jun 2023
Zheng Liu, Zheng Liu, Jianjun Miao and Tao A. Zha
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 38 (909,686)
Citation 7

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29.

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 36 (928,346)

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technology shock, nominal rigidities, monetary policy

30.

Temptation and Self-Control: Some Evidence and Applications

Posted: 25 Jul 2008
Kevin X. D. Huang, Kevin X. D. Huang, Zheng Liu and Qi Zhu
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

31.

Inflation Targeting: What Inflation Rate to Target?

Journal of Monetary Economics, Vol. 52, No. 8, pp. 1435-1462, November 2005
Posted: 20 Sep 2004
Kevin X. D. Huang, Kevin X. D. Huang and Zheng Liu
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