Zhengyang Jiang

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

25

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12,133

SSRN CITATIONS
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Top 10,737

in Total Papers Citations

99

CROSSREF CITATIONS

15

Scholarly Papers (25)

1.
Downloads 1,477 ( 18,137)
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 1,438 (18,529)
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 (590,586)
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 1,429 (19,079)
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 1,123 (27,238)

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exchange rates, fiscal budget, currency risk premium

4.
Downloads 749 ( 47,870)
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 733 (48,620)
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 (760,430)
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 721 (50,345)
Citation 1

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bond pricing, fiscal policy, convenience yield, currency union

6.
Downloads 673 ( 55,158)
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 (54,657)
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 (914,864)
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7.
Downloads 672 ( 55,260)
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 650 (56,908)
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 (707,999)

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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 622 (61,131)
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 602 (63,594)

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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 (66,349)
Citation 2

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

11.
Downloads 555 ( 70,459)
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 (69,840)
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 (931,525)
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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 427 (96,668)

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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 420 (97,640)

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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 (887,028)
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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 371 (112,644)

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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 (874,764)
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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 (118,143)
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 310 (138,287)

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Exchange Rate Puzzles, Dollar, Convenience Yields, Incomplete Markets

17.

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 (204,164)

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fiscal policy, debt sustainability, term structure, convenience yield

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 198 (214,352)

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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 (874,764)
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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

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 134 (296,216)

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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 (874,764)
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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 (314,130)
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 (789,510)

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21.
Downloads 112 (336,095)
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 68 (459,978)

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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 (585,104)
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 (887,028)
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 98 (367,384)

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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 93 (379,646)

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

24.

Market Incompleteness and Exchange Rate Spill-over

Number of pages: 45 Posted: 08 Jun 2021 Last Revised: 01 Mar 2022
Zhengyang Jiang
Downloads 36 (594,198)

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Incomplete Markets, Exchange Rate Disconnect, Common Exchange Rate Factors

25.

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 (820,319)

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