Zhengyang Jiang

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

25

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Top 4,848

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12,187

SSRN CITATIONS
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Top 10,414

in Total Papers Citations

102

CROSSREF CITATIONS

16

Scholarly Papers (25)

1.
Downloads 1,482 ( 18,077)
Citation 5

The U.S. Public Debt Valuation Puzzle

Number of pages: 68 Posted: 04 Mar 2019 Last Revised: 16 Feb 2022
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 1,443 (18,451)
Citation 2

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government debt maturity, fiscal policy, term structure, interest rate risk

The U.S. Public Debt Valuation Puzzle

NBER Working Paper No. w26583
Number of pages: 69 Posted: 24 Dec 2019 Last Revised: 19 Feb 2022
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 39 (591,410)
Citation 1

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The U.S. Public Debt Valuation Puzzle

CEPR Discussion Paper No. DP16082
Number of pages: 71 Posted: 14 May 2021
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
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Citation 1
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2.

Currency Returns in Different Time Zones

Institute of Global Finance Working Paper No. 11, 28th Australasian Finance and Banking Conference
Number of pages: 28 Posted: 04 Jun 2015 Last Revised: 25 Jan 2019
Zhengyang Jiang
Downloads 1,432 (19,041)
Citation 1

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Exchange Rates; Currency Risk Premia; Long-Run Risks

3.

Fiscal Cyclicality and Currency Risk Premia

Number of pages: 53 Posted: 25 Oct 2017 Last Revised: 26 May 2021
Zhengyang Jiang
Downloads 1,124 (27,287)

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exchange rates, fiscal budget, currency risk premium

4.
Downloads 751 ( 47,949)
Citation 6

Dollar Safety and the Global Financial Cycle

Stanford University Graduate School of Business Research Paper No. 19-16
Number of pages: 58 Posted: 06 Feb 2019 Last Revised: 01 Aug 2022
Zhengyang Jiang, Arvind Krishnamurthy and Hanno N. Lustig
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business and Stanford Graduate School of Business
Downloads 735 (48,695)
Citation 5

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Covered interest rate parity, exchange rates, safe asset demand, convenience yields

Dollar Safety and the Global Financial Cycle

NBER Working Paper No. w27682
Number of pages: 57 Posted: 17 Aug 2020 Last Revised: 20 Feb 2022
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business and Stanford University
Downloads 16 (761,572)
Citation 2

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5.

Bond Convenience Yields in the Eurozone Currency Union

Columbia Business School Research Paper Forthcoming
Number of pages: 43 Posted: 30 Mar 2021 Last Revised: 09 Jun 2022
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 724 (50,155)
Citation 1

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bond pricing, fiscal policy, convenience yield, currency union

6.
Downloads 673 ( 55,226)
Citation 1

A Portfolio Approach to Global Imbalances

NYU Stern School of Business
Number of pages: 78 Posted: 19 Jan 2021 Last Revised: 08 Jun 2022
Zhengyang Jiang, Robert Richmond and Tony Zhang
Kellogg School of Management - Department of Finance, New York University (NYU) - Department of Finance and Board of Governors of the Federal Reserve System
Downloads 671 (54,730)
Citation 1

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Capital flows, global imbalances, savings glut, monetary policy

A Portfolio Approach to Global Imbalances

NBER Working Paper No. w30253
Number of pages: 79 Posted: 18 Jul 2022 Last Revised: 23 Jul 2022
Zhengyang Jiang, Robert Richmond and Tony Zhang
Kellogg School of Management - Department of Finance, New York University (NYU) - Department of Finance and Board of Governors of the Federal Reserve System
Downloads 2 (916,852)
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7.
Downloads 673 ( 55,226)
Citation 22

Foreign Safe Asset Demand and the Dollar Exchange Rate

Stanford University Graduate School of Business Research Paper No. 18-16, Journal of Finance, Forthcoming
Number of pages: 98 Posted: 21 Mar 2018 Last Revised: 21 Sep 2020
Zhengyang Jiang, Arvind Krishnamurthy and Hanno N. Lustig
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business and Stanford Graduate School of Business
Downloads 651 (56,869)
Citation 11

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Covered Interest Rate Parity, Exchange Rates, Safe Asset Demand, Convenience Yields

Foreign Safe Asset Demand and the Dollar Exchange Rate

NBER Working Paper No. w24439
Number of pages: 98 Posted: 26 Mar 2018 Last Revised: 11 Apr 2022
Zhengyang Jiang, Arvind Krishnamurthy and Hanno Lustig
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business and Stanford University
Downloads 22 (709,008)

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8.

Personality Differences and Investment Decision-Making

Number of pages: 52 Posted: 03 Jun 2020 Last Revised: 27 Jan 2022
Zhengyang Jiang, Cameron Peng and Hongjun Yan
Kellogg School of Management - Department of Finance, London School of Economics & Political Science (LSE) - Department of Finance and DePaul University
Downloads 627 (60,485)
Citation 1

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Personality, Investor Heterogeneity, Social Interaction

9.

The Reserve Supply Channel of Unconventional Monetary Policy

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 60 Posted: 25 Sep 2020 Last Revised: 09 May 2022
William Diamond, Zhengyang Jiang and Yiming Ma
University of Pennsylvania - Finance Department, Kellogg School of Management - Department of Finance and Columbia University - Columbia Business School
Downloads 607 (63,155)

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Financial Intermediation, Quantitative Easing, Deposit Competition, Balance Sheet Cost, Structural Estimation

10.

US Fiscal Cycle and the Dollar

Number of pages: 74 Posted: 06 Dec 2018 Last Revised: 05 Oct 2021
Zhengyang Jiang
Downloads 582 (66,460)
Citation 2

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Currency Risk Premium; Dollar; US Fiscal Condition; Reserve Asset.

11.
Downloads 555 ( 70,566)
Citation 4

Origins of International Factor Structures

NYU Stern School of Business
Number of pages: 72 Posted: 26 Jun 2019 Last Revised: 07 Jul 2022
Zhengyang Jiang and Robert Richmond
Kellogg School of Management - Department of Finance and New York University (NYU) - Department of Finance
Downloads 554 (69,958)
Citation 5

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International Comovements, Exchange Rates, Trade Networks

Origins of International Factor Structures

NBER Working Paper No. w30319
Number of pages: 73 Posted: 08 Aug 2022 Last Revised: 13 Aug 2022
Zhengyang Jiang and Robert Richmond
Kellogg School of Management - Department of Finance and New York University (NYU) - Department of Finance
Downloads 1 (933,540)
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12.

What Determines the Government’s Funding Costs when r=g? Unpleasant Fiscal Asset Pricing Arithmetic

Number of pages: 9 Posted: 29 Mar 2021 Last Revised: 21 Apr 2021
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 430 (96,021)

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MMT, Fiscal Theory of the Price Level

What Drives Variation in the U.S. Debt/Output Ratio? The Dogs that Didn't Bark

Number of pages: 51 Posted: 20 Sep 2021 Last Revised: 02 Aug 2022
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 421 (97,509)

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fiscal policy, bond pricing.

What Drives Variation in the U.S. Debt/Output Ratio? The Dogs that Didn't Bark

NBER Working Paper No. w29351
Number of pages: 46 Posted: 11 Oct 2021 Last Revised: 11 May 2022
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 4 (888,754)
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The Rest of the World's Dollar-Weighted Return on U.S. Treasurys

Number of pages: 23 Posted: 10 Jan 2022 Last Revised: 14 Apr 2022
Zhengyang Jiang, Arvind Krishnamurthy and Hanno N. Lustig
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business and Stanford Graduate School of Business
Downloads 375 (111,469)

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safe assets, exorbitant privilege

The Rest of the World's Dollar-Weighted Return on U.S. Treasurys

NBER Working Paper No. w30089
Number of pages: 25 Posted: 30 May 2022 Last Revised: 04 Jun 2022
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business and Stanford University
Downloads 5 (876,474)
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15.

Foreign Safe Asset Demand for U.S. Treasurys and the Dollar

American Economic Review P&P, Forthcoming, Stanford University Graduate School of Business Research Paper No. 18-1
Number of pages: 55 Posted: 11 Dec 2017 Last Revised: 25 Mar 2018
Zhengyang Jiang, Arvind Krishnamurthy and Hanno N. Lustig
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business and Stanford Graduate School of Business
Downloads 358 (118,308)
Citation 20

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Covered Interest Rate Parity, exchange rates, safe asset demand, convenience yields

16.

Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect

Stanford University Graduate School of Business Research Paper, Forthcoming
Number of pages: 53 Posted: 25 May 2021 Last Revised: 30 Jun 2022
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business, Stanford Graduate School of Business and Northwestern University, Kellogg School of Management
Downloads 312 (137,002)

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Exchange Rate Puzzles, Dollar, Convenience Yields, Incomplete Markets

Measuring U.S. Fiscal Capacity using Discounted Cash Flow Analysis

Number of pages: 25 Posted: 06 Apr 2022
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 204 (207,919)

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fiscal capacity, deficit projections, convenience yields

Measuring U.S. Fiscal Capacity Using Discounted Cash Flow Analysis

NBER Working Paper No. w29902
Number of pages: 26 Posted: 18 Apr 2022 Last Revised: 23 Apr 2022
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 5 (876,474)
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Measuring U.S. Fiscal Capacity Using Discounted Cash Flow Analysis

CEPR Discussion Paper No. DP17341
Number of pages: 28 Posted: 23 Jun 2022
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
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fiscal capacity, Fiscal policy

18.

Quantifying U.S. Treasury Investor Optimism

Columbia Business School Research Paper Forthcoming
Number of pages: 29 Posted: 01 Mar 2021 Last Revised: 14 Jun 2021
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 208 (204,443)

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fiscal policy, debt sustainability, term structure, convenience yield

Exorbitant Privilege Gained and Lost: Fiscal Implications

Number of pages: 55 Posted: 05 May 2022 Last Revised: 10 May 2022
Peking University - Guanghua School of Management, Department of Finance, Kellogg School of Management - Department of Finance, Stanford Graduate School of Business, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 139 (289,954)

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exorbitant privilege, fiscal capacity

Exorbitant Privilege Gained and Lost: Fiscal Implications

NBER Working Paper No. w30059
Number of pages: 56 Posted: 23 May 2022 Last Revised: 29 May 2022
Peking University - Guanghua School of Management, Department of Finance, Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 5 (876,474)
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Exorbitant Privilege Gained and Lost: Fiscal Implications

CEPR Discussion Paper No. DP17340
Number of pages: 58 Posted: 23 Jun 2022
Peking University - Guanghua School of Management, Department of Finance, Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
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Fiscal policy

Divided We Fall: International Health and Trade Coordination During a Pandemic

NYU Stern School of Business Research Paper Series
Number of pages: 67 Posted: 01 Dec 2020 Last Revised: 07 Jul 2022
ProfessorNew York University - Leonard N. Stern School of Business, Kellogg School of Management - Department of Finance, New York University (NYU) - Department of Finance and Universitaet Mannheim
Downloads 124 (314,546)
Citation 1

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International Trade, Tariffs, SIR model, COVID-19, Health policies, Terms of trade

Divided We Fall: International Health and Trade Coordination During a Pandemic

NBER Working Paper No. w28176
Number of pages: 56 Posted: 07 Dec 2020 Last Revised: 27 Jun 2022
ProfessorNew York University - Leonard N. Stern School of Business, Kellogg School of Management - Department of Finance, New York University (NYU) - Department of Finance and Universitaet Mannheim
Downloads 13 (790,739)

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21.
Downloads 114 (332,420)
Citation 3

Manufacturing Risk-free Government Debt

Number of pages: 64 Posted: 08 Jul 2020 Last Revised: 26 Feb 2022
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 70 (453,540)

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fiscal policy, bond pricing

Manufacturing Risk-Free Government Debt

CESifo Working Paper No. 8902
Number of pages: 68 Posted: 03 Mar 2021
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 40 (585,932)
Citation 1

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Manufacturing Risk-Free Government Debt

NBER Working Paper No. w27786
Number of pages: 65 Posted: 11 Sep 2020 Last Revised: 04 Jun 2022
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 4 (888,754)
Citation 2

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Manufacturing Risk-Free Government Debt

CEPR Discussion Paper No. DP16304
Number of pages: 68 Posted: 14 Jul 2021
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
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22.

The Liquidity Premium of Digital Payment Vehicle

Number of pages: 42 Posted: 16 Mar 2022 Last Revised: 22 Apr 2022
Zefeng Chen and Zhengyang Jiang
Peking University - Guanghua School of Management, Department of Finance and Kellogg School of Management - Department of Finance
Downloads 101 (363,072)

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Digital Payment, Money Market Fund, Chinese Economy

23.

Hansen-Jagannathan Bounds with Convenience Yields

Number of pages: 21 Posted: 10 Mar 2022
Zhengyang Jiang and Robert Richmond
Kellogg School of Management - Department of Finance and New York University (NYU) - Department of Finance
Downloads 95 (374,999)

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Bond Returns, convenience yields, sharpe ratios, Hansen-Jagannathan bound

24.

Divided We Fall: International Health and Trade Coordination During a Pandemic

Number of pages: 67 Posted: 03 Aug 2022
New York University (NYU) - New York University, Kellogg School of Management - Department of Finance, New York University (NYU) - Department of Finance and Universitaet Mannheim
Downloads 7 (821,731)

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International trade, Terms of trade, SIR Model, COVID-19, Containment Policies, International Coordination, Nash Equilibrium

25.
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Incomplete Markets, Exchange Rate Disconnect, Common Exchange Rate Factors