Tao A. Zha

Federal Reserve Bank of Atlanta

Senior Economist and Policy Advisor

1000 Peachtree Street N.E.

Atlanta, GA 30309-4470

United States

Emory University

201 Dowman Drive

Atlanta, GA 30322

United States

SCHOLARLY PAPERS

59

DOWNLOADS
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SSRN RANKINGS

Top 11,211

in Total Papers Downloads

5,153

SSRN CITATIONS
Rank 867

SSRN RANKINGS

Top 867

in Total Papers Citations

1,081

CROSSREF CITATIONS

192

Scholarly Papers (59)

1.

Markov-Switching Structural Vector Autoregressions: Theory and Application

FRB of Atlanta Working Paper No. 2005-27
Number of pages: 48 Posted: 19 Dec 2005
Federal Reserve Bank of Atlanta - Research Department, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 689 (44,988)
Citation 2

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Markov switching, regime changes, volatility, identification

2.

Were There Regime Switches in U.S. Monetary Policy?

FRB of Atlanta Working Paper No. 2004-14
Number of pages: 42 Posted: 22 Aug 2004
Christopher A. Sims and Tao A. Zha
Princeton University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 254 (144,826)
Citation 353

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Counterfactuals, Lucas critique, policy rule, monetary targeting, simultaneity, volatility, model comparison

3.

A Gibbs Simulator for Restricted VAR Models

FRB of Atlanta Working Paper No. 2000-3
Number of pages: 25 Posted: 02 May 2000
Daniel F. Waggoner and Tao A. Zha
Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 230 (159,522)
Citation 2

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4.
Downloads 209 (174,678)
Citation 30

Trends and Cycles in China's Macroeconomy

FRB Atlanta Working Paper No. 2015-5
Number of pages: 74 Posted: 02 Jul 2015
Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), Emory University - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 136 (253,411)

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reallocation, between-sector effect, total factor productivity growth, heavy versus light sectors, long-term versus short-term loans, labor share, lending frictions, incentive compatibility

Trends and Cycles in China's Macroeconomy

Number of pages: 76 Posted: 11 May 2018
Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), Emory University - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 52 (458,218)
Citation 6

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Reallocation, between-sector effect, TFP growth, heavy vs. light sectors, long-term vs. short-term loans, labor share, lending frictions, incentive compatibility

Trends and Cycles in China's Macroeconomy

NBER Working Paper No. w21244
Number of pages: 75 Posted: 08 Jun 2015
Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), Emory University - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 21 (627,120)
Citation 18

Abstract:

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5.

Estimating and Forecasting Disease Scenarios for Covid-19 with an Sir Model

NBER Working Paper No. w27335
Number of pages: 150 Posted: 10 Jun 2020 Last Revised: 11 Mar 2021
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 199 (182,835)
Citation 4

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Does Fiscal Policy Matter for Stock-Bond Return Correlation?

Number of pages: 49 Posted: 28 Jan 2018 Last Revised: 07 May 2021
Erica X. N. Li, Tao A. Zha, Ji Zhang and Hao Zhou
Cheung Kong Graduate School of Business, Federal Reserve Bank of Atlanta, Tsinghua University - PBC School of Finance and Tsinghua University - PBC School of Finance
Downloads 189 (191,487)
Citation 1

Abstract:

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Stock-bond return correlation, consumption-inflation correlation, fiscal-monetary policy regime, bond risk premium, technology shock, investment shock

Stock-Bond Return Correlation, Bond Risk Premium Fundamental, and Fiscal-Monetary Policy Regime

NBER Working Paper No. w27861
Number of pages: 55 Posted: 28 Sep 2020 Last Revised: 15 Feb 2021
Erica X. N. Li, Tao A. Zha, Ji Zhang and Hao Zhou
Cheung Kong Graduate School of Business, Federal Reserve Bank of Atlanta, Tsinghua University - PBC School of Finance and Tsinghua University - PBC School of Finance
Downloads 6 (745,891)
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7.

Evaluating Wall Street Journal Survey Forecasters: A Multivariate Approach

FRB of Atlanta Working Paper No. 2002-8
Number of pages: 24 Posted: 17 Aug 2002
Independent, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 189 (191,582)
Citation 6

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Wall Street Journal, joint forecast, probability, ranking, correlation, variance, multivariate assessment

8.

Normalization in Econometrics

FRB of Atlanta Working Paper No. 2004-13
Number of pages: 69 Posted: 22 Aug 2004
University of California at San Diego, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 168 (212,166)
Citation 15

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Normalization, mixture distributions, vector autoregressions, cointegration, regime switching, numerical Bayesian methods, small sample distributions, weak identification

9.

Structural Vector Autoregressions: Theory of Identification and Algorithms for Inference

Federal Reserve Bank of Atlanta Working Paper No. 2008-18
Number of pages: 69 Posted: 16 Nov 2008
Federal Reserve Bank of Atlanta - Research Department, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 155 (227,115)
Citation 115

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linear and nonlinear restrictions, global identification, almost everywhere, rank conditions, orthogonal rotation, transformation, simultaneity

10.

Assessing Simple Policy Rules: A View from a Complete Macro Model

FRB of Atlanta Working Paper No. 2000-19
Number of pages: 57 Posted: 01 Feb 2001
Eric M. Leeper and Tao A. Zha
University of Virginia and Federal Reserve Bank of Atlanta
Downloads 152 (230,751)
Citation 16

Abstract:

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monetary policy, identification, New Keynesian, policy analysis, VAR

11.
Downloads 145 (239,784)
Citation 6

Four Stylized Facts About Covid-19

NBER Working Paper No. w27719
Number of pages: 44 Posted: 25 Aug 2020
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 129 (263,887)
Citation 6

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Four Stylized Facts about COVID-19

FRB Atlanta Working Paper No. 2020-15
Number of pages: 43 Posted: 22 Apr 2021
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 16 (664,718)

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COVID-19; death; dispersion; NPI policy; reproduction number; transmission rate

12.
Downloads 135 (254,019)
Citation 12

Perturbation Methods for Markov-Switching DSGE Models

Federal Reserve Bank of Kansas City Working Paper No. RWP 13-01
Number of pages: 35 Posted: 08 Mar 2013 Last Revised: 21 Nov 2015
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Atlanta - Research Department, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 100 (316,942)
Citation 5

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Perturbation Methods for Markov-Switching DSGE Models

FRB Atlanta Working Paper No. 2014-16
Number of pages: 39 Posted: 04 Apr 2015
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Atlanta - Research Department, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 20 (634,389)

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partition principle, naive perturbation, uncertainty, Taylor series, high-order expansion, time-varying coefficients, nonlinearity, Gröbner bases

Perturbation Methods for Markov-Switching DSGE Models

NBER Working Paper No. w20390
Number of pages: 39 Posted: 25 Aug 2014 Last Revised: 20 Mar 2021
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Atlanta - Research Department, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 11 (704,846)
Citation 3

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Perturbation Methods for Markov-Switching DSGE Models

CEPR Discussion Paper No. DP9464
Number of pages: 88 Posted: 08 May 2013
Federal Reserve Banks - Federal Reserve Bank of San Francisco, Federal Reserve Bank of Atlanta - Research Department, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 4 (763,012)
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DSGE, Markov-Switching, Perturbation

What We Learn from China's Rising Shadow Banking: Exploring the Nexus of Monetary Tightening and Banks' Role in Entrusted Lending

FRB Atlanta Working Paper No. 2016-1
Number of pages: 63 Posted: 01 Feb 2016
Kaiji Chen, Jue Ren and Tao A. Zha
Emory University - Department of Economics, Texas Christian University - M.J. Neeley School of Business and Federal Reserve Bank of Atlanta
Downloads 109 (298,634)

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Regulatory arbitrage, asset pricing, institutional asymmetry, entrusted loans, risk taking, shadow loans, bank loans, nonloan investment, nonbank trustees, small banks, large banks, balance sheet, optimal decisions

What We Learn from China&Apos;S Rising Shadow Banking: Exploring the Nexus of Monetary Tightening and Banks&Apos; Role in Entrusted Lending

NBER Working Paper No. w21890
Number of pages: 64 Posted: 20 Jan 2016 Last Revised: 25 Apr 2021
Kaiji Chen, Jue Ren and Tao A. Zha
Emory University - Department of Economics, Texas Christian University - M.J. Neeley School of Business and Federal Reserve Bank of Atlanta
Downloads 22 (619,738)
Citation 1

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14.

Methods for Inference in Large Multiple-Equation Markov-Switching Models

FRB of Atlanta Working Paper No. 2006-22
Number of pages: 46 Posted: 09 Feb 2007
Princeton University - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 128 (264,411)
Citation 50

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volatility, coefficient changes, discontinuous shifts, Lucas critique, independent Markov processes

15.

Normalization, Probability Distribution, and Impulse Responses

Working Paper Number 97-11
Number of pages: 21 Posted: 22 Feb 1998
Daniel F. Waggoner and Tao A. Zha
Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 128 (264,411)
Citation 4

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16.
Downloads 123 (272,451)
Citation 9

The Conquest of South American Inflation

FRB of Atlanta Working Paper No. 2006-20
Number of pages: 61 Posted: 26 Nov 2006
New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, Princeton University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 91 (336,930)
Citation 8

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self-conirming equilibria, rational expectations, adaptation, inflation, seigniorage, deficits, escape dynamics

The Conquest of South American Inflation

NBER Working Paper No. w12606
Number of pages: 61 Posted: 23 Oct 2006 Last Revised: 08 Mar 2007
New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, Princeton University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 32 (553,779)
Citation 1

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17.

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 117 (282,535)
Citation 15

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

18.

MCMC Method for Markov Mixture Simultaneous-Equation Models: A Note

FRB of Atlanta Working Paper No. 2004-15
Number of pages: 21 Posted: 22 Aug 2004
Christopher A. Sims and Tao A. Zha
Princeton University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 112 (291,301)
Citation 4

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Simultaneity, identification, time variation, volatility, Bayesian method

19.

Transparency, Expectations, and Forecasts

ECB Working Paper No. 637, FRB of Atlanta Working Paper No. 2006-3
Number of pages: 52 Posted: 26 Apr 2006
Federal Reserve Bank of Richmond, Independent, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 107 (300,804)

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Transparency, common errors, idiosyncratic errors

20.

Trends in Velocity and Policy Expectations

FRB Atlanta Working Paper 97-7
Number of pages: 39 Posted: 04 Jan 1998
University of Virginia, Clemson University - John E. Walker Department of Economics and Federal Reserve Bank of Atlanta
Downloads 105 (304,649)
Citation 2

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21.
Downloads 91 (334,233)
Citation 17

Forecasting China's Economic Growth and Inflation

FRB Atlanta Working Paper No. 2016-7
Number of pages: 24 Posted: 14 Jul 2016 Last Revised: 30 Aug 2017
Federal Reserve Banks - Federal Reserve Bank of Atlanta, Federal Reserve Bank of Atlanta and Shanghai Jiao Tong University (SJTU)
Downloads 68 (400,626)
Citation 4

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out of sample, policy projections, scenario analysis, probability bands, density forecasts, random walk, Bayesian priors

Forecasting China&Apos;S Economic Growth and Inflation

NBER Working Paper No. w22402
Number of pages: 25 Posted: 11 Jul 2016 Last Revised: 19 Mar 2021
Federal Reserve Banks - Federal Reserve Bank of Atlanta, Federal Reserve Bank of Atlanta and Shanghai Jiao Tong University (SJTU)
Downloads 23 (612,530)
Citation 6

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Indeterminacy in a Forward-Looking Regime-Switching Model

FRB of Atlanta Working Paper No. 2006-19
Number of pages: 16 Posted: 26 Nov 2006
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 55 (446,535)
Citation 2

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policy rule, inflation, serial dependence, multiple equilibria, regime switching

Indeterminacy in a Forward Looking Regime Switching Model

NBER Working Paper No. w12540
Number of pages: 16 Posted: 02 Oct 2006 Last Revised: 31 Dec 2006
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 19 (641,903)

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Indeterminacy in a Forward Looking Regime Switching Model

CEPR Discussion Paper No. 5919
Number of pages: 18 Posted: 29 Dec 2006
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 14 (680,539)
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Indeterminacy, regime switching, Taylor Principle

23.

Likelihood-Preserving Normalization in Multiple Equation Models

FRB of Atlanta Working Paper No. 2000-8
Number of pages: 28 Posted: 10 Oct 2000
Daniel F. Waggoner and Tao A. Zha
Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 83 (353,535)
Citation 4

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Bayesian methods, causal analysis, supply and demand, simultaneity, likelihood shape, equilibrium effects

24.
Downloads 81 (358,732)
Citation 1

Macroeconomic Effects of China's Financial Policies

FRB Atlanta Working Paper No. 2018-12
Number of pages: 40 Posted: 28 Jan 2019 Last Revised: 29 Apr 2020
Kaiji Chen and Tao A. Zha
Emory University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 68 (400,626)
Citation 1

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marketized tools, regime change, growth, investment, capital intensity, local governments, regulations, shadow banking, debts, real estate, preferential credits, industrialization, SOEs, POEs, heavy and light sectors, monetary stimulus, trends and cycles

Macroeconomic Effects of China&Apos;S Financial Policies

NBER Working Paper No. w25222
Number of pages: 41 Posted: 05 Nov 2018
Kaiji Chen and Tao A. Zha
Emory University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 13 (688,626)

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Understanding the New Keynesian Model When Monetary Policy Switches Regimes

FRB Atlanta Working Paper No. 2007-12
Number of pages: 24 Posted: 27 Dec 2007
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 55 (446,535)

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active and passive regimes, indeterminacy, cross-regime spillovers, conditioning, expectations formation, inflation hawk, inflation dove

Understanding the New-Keynesian Model When Monetary Policy Switches Regimes

NBER Working Paper No. w12965
Number of pages: 24 Posted: 15 Mar 2007 Last Revised: 30 Mar 2007
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 26 (591,365)

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26.

Minimal State Variable Solutions to Markov-Switching Rational Expectations Models

FRB of Atlanta Working Paper No. 2008-23
Number of pages: 30 Posted: 13 Nov 2008
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 78 (366,810)
Citation 52

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regime switching, volatility, rational expectations

27.
Downloads 77 (369,565)

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 62 (420,765)

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

A Theory of Housing Demand Shocks

NBER Working Paper No. w25667
Number of pages: 41 Posted: 19 Mar 2019 Last Revised: 18 Feb 2021
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 15 (672,605)

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28.

The Nexus of Monetary Policy and Shadow Banking in China

NBER Working Paper No. w23377
Number of pages: 96 Posted: 08 May 2017
Kaiji Chen, Jue Ren and Tao A. Zha
Emory University - Department of Economics, Texas Christian University - M.J. Neeley School of Business and Federal Reserve Bank of Atlanta
Downloads 75 (375,163)
Citation 31

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29.

Generalizing the Taylor Principle: Comment

Federal Reserve Bank of Atlanta Working Paper 2008-19
Number of pages: 14 Posted: 16 Nov 2008
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 71 (386,648)
Citation 7

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bounded solutions, multiple fundamental equilibria, historical dependence

Impacts of Monetary Stimulus on Credit Allocation and Macroeconomy: Evidence from China

FRB Atlanta Working Paper No. 2016-9
Number of pages: 52 Posted: 26 Sep 2016 Last Revised: 21 Oct 2017
Emory University - Department of Economics, Federal Reserve Bank of Atlanta, Federal Reserve Banks - Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 54 (450,339)
Citation 2

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asymmetric credit allocation, endogenous regime switching, debt-to-GDP ratio, heavy GDP, heavy loans, real estate, land prices, GDP growth target, nonlinear effects

Impacts of Monetary Stimulus on Credit Allocation and the Macroeconomy: Evidence from China

NBER Working Paper No. w22650
Number of pages: 53 Posted: 20 Sep 2016 Last Revised: 01 Oct 2016
Emory University - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Atlanta, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 13 (688,626)
Citation 1

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31.
Downloads 61 (418,361)
Citation 37

Modest Policy Interventions

NBER Working Paper No. w9192
Number of pages: 41 Posted: 14 Sep 2002 Last Revised: 13 Feb 2021
Eric M. Leeper and Tao A. Zha
University of Virginia and Federal Reserve Bank of Atlanta
Downloads 28 (578,050)
Citation 13

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Modest Policy Interventions

FRB Atlanta Working Paper Series No. 99-22
Number of pages: 66 Posted: 25 Jan 2015
Eric M. Leeper and Tao A. Zha
University of Virginia and Federal Reserve Bank of Atlanta
Downloads 20 (634,389)
Citation 27

Abstract:

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monetary policy, identification, forecasting, policy analysis, VAR, Lucas critique

Modest Policy Interventions

FRB Atlanta Working Paper No. 2002-19
Number of pages: 41 Posted: 23 Feb 2015
Eric M. Leeper and Tao A. Zha
University of Virginia and Federal Reserve Bank of Atlanta
Downloads 13 (688,626)

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monetary policy, identification, forecasting, policy analysis, VAR, Lucas critique

Shocks and Government Beliefs: The Rise and Fall of American Inflation

NBER Working Paper No. w10764
Number of pages: 50 Posted: 29 Sep 2004 Last Revised: 07 Jul 2014
New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, Princeton University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 46 (483,490)
Citation 1

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Shocks and Government Beliefs: The Rise and Fall of American Inflation

FRB Atlanta Working Paper No. 2004-22
Number of pages: 41 Posted: 23 Feb 2015
New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, Princeton University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 14 (680,539)
Citation 32

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updating beliefs, policy evaluation, self-confirming equilibrium, Nash inflation, Ramsey outcomes

Understanding Markov-Switching Rational Expectations Models

NBER Working Paper No. w14710
Number of pages: 27 Posted: 17 Feb 2009 Last Revised: 13 Mar 2021
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 41 (506,663)
Citation 3

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Understanding Markov-Switching Rational Expectations Models

FRB Atlanta Working Paper 2009-5
Number of pages: 26 Posted: 17 Mar 2015
University of California, Los Angeles (UCLA) - Department of Economics, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 18 (649,457)
Citation 15

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stability, nonlinearity, unique equilibrium, cross-regime indeterminacy, expectations formation, necessary and sufficient conditions

34.

Conditional Forecasts in Dynamic Multivariate Models

FRB Atlanta Working Paper Series No. 98-22
Number of pages: 43 Posted: 25 Jan 2015
Daniel F. Waggoner and Tao A. Zha
Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 56 (435,928)
Citation 26

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conditional forecasts, hard and soft conditions, Bayesian methods, probability distribution, error bands, likelihood

35.
Downloads 54 (443,209)
Citation 59

Land-Price Dynamics and Macroeconomic Fluctuations

NBER Working Paper No. w17045
Number of pages: 44 Posted: 16 May 2011 Last Revised: 28 Jan 2021
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, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 28 (578,050)
Citation 17

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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 26 (591,365)
Citation 41

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

36.

The Dynamic Striated Metropolis-Hastings Sampler for High-Dimensional Models

FRB Atlanta Working Paper No. 2014-21
Number of pages: 35 Posted: 04 Apr 2015
Daniel F. Waggoner, Hongwei Wu and Tao A. Zha
Federal Reserve Bank of Atlanta, Federal Reserve Banks - Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 50 (458,396)
Citation 7

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dynamic striation adjustments, simultaneous equations, Phillips curve, winding ridges, multiple peaks, independent striated draws, irregular posterior distribution, importance weights, tempered posterior density, effective sample size

37.

Assessing the Macroeconomic Impact of Bank Intermediation Shocks: A Structural Approach

FRB Atlanta Working Paper No. 2015-8
Number of pages: 43 Posted: 07 Sep 2017
Kaiji Chen and Tao A. Zha
Emory University - Department of Economics and Federal Reserve Bank of Atlanta
Downloads 44 (483,173)
Citation 1

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intermediation cost, credit supply channel, micro bank-level data, call report, senior loan officers, identification, supply and demand, intermediation costs, endogenous monitoring activities

38.

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, Zheng Liu and Tao A. Zha
Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Federal Reserve Bank of Atlanta
Downloads 37 (514,840)
Citation 9

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

Liquidity Premia, Price-Rent Dynamics, and Business Cycles

FRB Atlanta Working Paper No. 2014-15
Number of pages: 54 Posted: 04 Apr 2015
Jianjun Miao, Pengfei Wang and Tao A. Zha
Boston University - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 28 (578,050)
Citation 3

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asset pricing, financial frictions, working capital, cutoff productivity, heterogeneous firms, endogenous TFP, house price, liquidity constraint

Discount Shock, Price-Rent Dynamics, and the Business Cycle

NBER Working Paper No. w20377
Number of pages: 56 Posted: 18 Aug 2014 Last Revised: 16 Apr 2021
Jianjun Miao, Pengfei Wang and Tao A. Zha
Boston University - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
Downloads 8 (729,262)

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40.

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 35 (524,684)
Citation 16

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

41.

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 33 (534,982)
Citation 2

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

42.

Empirical Analysis of Policy Interventions

NBER Working Paper No. w9063
Number of pages: 40 Posted: 11 Jul 2002 Last Revised: 19 Jul 2002
Eric M. Leeper and Tao A. Zha
University of Virginia and Federal Reserve Bank of Atlanta
Downloads 30 (550,937)
Citation 2

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43.

Quantifying the Half-Life of Deviations from PPP: The Role of Economic Priors

FRB Atlanta Working Paper Series No. 99-21
Number of pages: 35 Posted: 25 Jan 2015
Lutz Kilian and Tao A. Zha
Federal Reserve Banks - Federal Reserve Bank of Dallas and Federal Reserve Bank of Atlanta
Downloads 27 (568,405)
Citation 12

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purchasing power parity, half-life, mean reversion, persistence, likelihood

44.

Stock-Bond Return Correlation, Bond Risk Premium Fundamentals, and Fiscal-Monetary Policy Regime

FRB Atlanta Working Paper No. 2020-19
Number of pages: 54 Posted: 20 Apr 2021
Erica X. N. Li, Tao A. Zha, Ji Zhang and Hao Zhou
Cheung Kong Graduate School of Business, Federal Reserve Bank of Atlanta, Tsinghua University - PBC School of Finance and Tsinghua University - PBC School of Finance
Downloads 22 (600,547)

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stock-bond return correlation, consumption-inflation correlation, fiscal-monetary policy regime, bond risk premium, technology shock, investment shock

45.

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 18 (627,573)
Citation 2

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

46.

Confronting Model Misspecification in Macroeconomics

NBER Working Paper No. w17791
Number of pages: 52 Posted: 27 Jan 2012 Last Revised: 11 Feb 2021
Daniel F. Waggoner and Tao A. Zha
Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 17 (634,482)
Citation 10

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47.

Confronting Model Misspecification in Macroeconomics

FRB Atlanta Working Paper No. 2010-18a
Number of pages: 51 Posted: 23 Mar 2015
Daniel F. Waggoner and Tao A. Zha
Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
Downloads 16 (641,438)
Citation 1

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Markov-switching mixture, heterogenous models, regime-dependent weights, model uncertainty, parameter uncertainty, impulse responses, policy analysis

Cyclical Lending Standards: A Structural Analysis

FRB Atlanta Working Paper No. 2020-6
Number of pages: 53 Posted: 23 May 2020
Kaiji Chen, Patrick C. Higgins and Tao A. Zha
Emory University - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
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endogenous regime switching, asymmetric credit allocation, land prices, heavy GDP, debt-to-GDP ratio, nonlinear effects, GDP growth target, heavy loans, real estate

Cyclical Lending Standards: A Structural Analysis

NBER Working Paper No. w27214
Number of pages: 54 Posted: 26 May 2020
Kaiji Chen, Patrick C. Higgins and Tao A. Zha
Emory University - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
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Discount Shock, Price-Rent Dynamics, and the Business Cycle

FRB Atlanta Working Paper No. 2020-7
Number of pages: 43 Posted: 23 May 2020
Jianjun Miao, Pengfei Wang and Tao A. Zha
Boston University - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
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comovements, liquidity premium, stochastic discount factor, asset pricing, production economy, heterogenous firms, endogenous TFP, general equilibrium

Discount Shock, Price–Rent Dynamics, and the Business Cycle

International Economic Review, Vol. 61, Issue 3, pp. 1229-1252, 2020
Number of pages: 24 Posted: 30 Sep 2020
Jianjun Miao, Pengfei Wang and Tao A. Zha
Boston University - Department of Economics, HKUST, Department of Economics and Federal Reserve Bank of Atlanta
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Monetary Stimulus Amidst the Infrastructure Investment Spree: Evidence from China's Loan-Level Data

NBER Working Paper No. w27763
Number of pages: 81 Posted: 31 Aug 2020
Emory University - Department of Economics, Renmin University of China, Federal Reserve Banks - Federal Reserve Bank of Atlanta, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
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51.

Land Prices and Unemployment

NBER Working Paper No. w19382
Number of pages: 46 Posted: 30 Aug 2013 Last Revised: 04 Jul 2014
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
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Citation 7

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52.

Monetary Stimulus Amid the Infrastructure Investment Spree: Evidence from China's Loan-Level Data

FRB Atlanta Working Paper No. 2020-16
Number of pages: 80 Posted: 20 Apr 2021
Emory University - Department of Economics, Renmin University of China, Federal Reserve Banks - Federal Reserve Bank of Atlanta, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Atlanta
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infrastructure investment; monetary policy transmission; fiscal shocks; policy interaction; credit reallocation; LGFVs

53.

Aggregate and Distributional Impacts of Ltv Policy: Evidence from China's Micro Data

NBER Working Paper No. w28092
Number of pages: 74 Posted: 16 Nov 2020 Last Revised: 17 Nov 2020
Kaiji Chen, Qing Wang, Tong Xu and Tao A. Zha
Emory University - Department of Economics, Southwestern University of Finance and Economics (SWUFE), Emory University and Federal Reserve Bank of Atlanta
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54.

Does Monetary Policy Generate Recessions?

Federal Reserve Bank of Atlanta Working Paper 98-12
Posted: 04 Sep 1998
Christopher A. Sims and Tao A. Zha
Princeton University - Department of Economics and Federal Reserve Bank of Atlanta

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56.

Identifying Monetary Policy in a Small Open Economy Under Flexible Exchange Rates

Federal Reserve Bank of Atlanta Working Paper 95-7
Posted: 09 May 1998
David O. Cushman and Tao A. Zha
Westminster College - Department of Economics and BusinessWestminster College, Dept. of Economics and Business and Federal Reserve Bank of Atlanta

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57.

Error Bands for Impulse Responses

Federal Reserve Bank of Atlanta WP 95-6
Posted: 06 May 1998
Christopher A. Sims and Tao A. Zha
Princeton University - Department of Economics and Federal Reserve Bank of Atlanta

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58.

Bayesian Methods for Dynamic Multivariate Models

FRB Atlanta Working Paper No. 96-13
Posted: 04 Feb 1997
Christopher A. Sims and Tao A. Zha
Princeton University - Department of Economics and Federal Reserve Bank of Atlanta

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59.

Identification, Vector Autoregression, and Block Recursion

Federal Reserve Bank of Atlanta Working Paper No. 96-8
Posted: 24 Sep 1996
Tao A. Zha
Federal Reserve Bank of Atlanta

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