Zhengyang Jiang

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

32

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18,186

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Top 5,146

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298

CROSSREF CITATIONS

26

Scholarly Papers (32)

1.
Downloads 1,944 (14,778)
Citation 6

The U.S. Public Debt Valuation Puzzle

Number of pages: 80 Posted: 04 Mar 2019 Last Revised: 26 May 2023
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 1,874 (15,351)
Citation 3

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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 2023
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 70 (565,652)
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 3
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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 1,597 (19,974)
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 1,285 (27,700)

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exchange rates, fiscal budget, currency risk premium

4.
Downloads 1,186 (31,092)
Citation 2

Personality Differences and Investment Decision-Making

Number of pages: 59 Posted: 03 Jun 2020 Last Revised: 11 Mar 2023
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 1,172 (31,201)
Citation 1

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Personality, Investor Heterogeneity, Social Interaction

Personality Differences and Investment Decision-Making

NBER Working Paper No. w31041
Number of pages: 60 Posted: 20 Mar 2023 Last Revised: 26 Apr 2023
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 14 (972,237)
Citation 1
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5.
Downloads 1,061 (36,483)
Citation 5

A Portfolio Approach to Global Imbalances

NYU Stern School of Business
Number of pages: 79 Posted: 19 Jan 2021 Last Revised: 08 Jun 2023
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 1,059 (36,038)
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: 14 Apr 2023
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 (1,083,049)
Citation 2
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6.
Downloads 1,057 (36,650)
Citation 11

Dollar Safety and the Global Financial Cycle

Stanford University Graduate School of Business Research Paper No. 19-16
Number of pages: 62 Posted: 06 Feb 2019 Last Revised: 19 Aug 2023
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 1,021 (37,966)
Citation 10

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Safe Asset Demand, U.S. Monetary Policy, Convenience Yields, Exchange Rates

Dollar Safety and the Global Financial Cycle

NBER Working Paper No. w27682
Number of pages: 63 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 36 (767,849)
Citation 3

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7.

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 990 (40,228)
Citation 5

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bond pricing, fiscal policy, convenience yield, currency union

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 700 (63,586)
Citation 100

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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: 12 Apr 2023
Zhengyang Jiang, Arvind Krishnamurthy and Hanno Lustig
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business and Stanford University
Downloads 41 (730,533)

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

Journal of Finance forthcoming
Number of pages: 66 Posted: 20 Sep 2021 Last Revised: 26 Oct 2023
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 (61,169)

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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: 16 Apr 2023
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 11 (1,004,296)
Citation 4

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10.

US Fiscal Cycle and the Dollar

Number of pages: 74 Posted: 06 Dec 2018 Last Revised: 05 Oct 2021
Zhengyang Jiang
Downloads 665 (68,770)
Citation 10

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

11.
Downloads 651 (70,996)
Citation 8

Origins of International Factor Structures

NYU Stern School of Business, Forthcoming
Number of pages: 69 Posted: 26 Jun 2019 Last Revised: 17 Oct 2022
Zhengyang Jiang and Robert Richmond
Kellogg School of Management - Department of Finance and New York University (NYU) - Department of Finance
Downloads 648 (70,255)
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: 06 May 2023
Zhengyang Jiang and Robert Richmond
Kellogg School of Management - Department of Finance and New York University (NYU) - Department of Finance
Downloads 3 (1,075,159)
Citation 5
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12.

Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect

Stanford University Graduate School of Business Research Paper, Forthcoming
Number of pages: 55 Posted: 25 May 2021 Last Revised: 30 Aug 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 587 (80,427)
Citation 1

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Exchange Rate Puzzles, Dollar, Convenience Yields, Incomplete Markets

Exorbitant Privilege Gained and Lost: Fiscal Implications

Number of pages: 78 Posted: 05 May 2022 Last Revised: 10 Jun 2023
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 535 (89,447)

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bond pricing, fiscal policy, term structure, convenience yield, exorbitant privilege

Exorbitant Privilege Gained and Lost: Fiscal Implications

NBER Working Paper No. w30059
Number of pages: 56 Posted: 23 May 2022 Last Revised: 14 Apr 2023
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 8 (1,033,046)
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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

14.

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 529 (91,621)

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MMT, Fiscal Theory of the Price Level

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

Number of pages: 33 Posted: 10 Jan 2022 Last Revised: 30 Sep 2023
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 480 (102,148)

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U.S. Treasury, Exorbitant Privilege, Safe Asset Demand

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

NBER Working Paper No. w30089
Number of pages: 34 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 6 (1,051,118)
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Understanding the Strength of the Dollar

Number of pages: 59 Posted: 22 Sep 2022 Last Revised: 02 Jun 2023
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 461 (107,200)

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Dollar, Exchange Rate, Capital Flows, Asset Demand System

Understanding the Strength of the Dollar

NBER Working Paper No. w30558
Number of pages: 43 Posted: 17 Oct 2022 Last Revised: 01 Jul 2023
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 7 (1,042,341)
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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 403 (125,519)

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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: 14 Apr 2023
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 9 (1,023,501)

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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.

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 389 (131,785)
Citation 33

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

19.
Downloads 305 (172,027)
Citation 8

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 242 (215,892)

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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 52 (659,117)
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 2023
Kellogg School of Management - Department of Finance, Stanford University, Columbia University Graduate School of Business and University of Texas, Austin - Department of Finance
Downloads 11 (1,004,296)
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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Citation 7
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The Liquidity Premium of Digital Payment Vehicle

Number of pages: 54 Posted: 16 Mar 2022 Last Revised: 24 May 2023
Zefeng Chen and Zhengyang Jiang
Peking University - Guanghua School of Management, Department of Finance and Kellogg School of Management - Department of Finance
Downloads 268 (194,931)

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Digital Payment, Liquidity Premium, Money Market Fund

The Liquidity Premium of Digital Payment Vehicle

CESifo Working Paper No. 9933
Number of pages: 48 Posted: 19 Sep 2022
Zefeng Chen and Zhengyang Jiang
Peking University - Guanghua School of Management, Department of Finance and Kellogg School of Management - Department of Finance
Downloads 30 (816,545)

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digital payment, liquidity premium, money market fund

21.

Convenience Yields and Asset Pricing Models

Number of pages: 41 Posted: 10 Mar 2022 Last Revised: 02 Jun 2023
Zhengyang Jiang and Robert Richmond
Kellogg School of Management - Department of Finance and New York University (NYU) - Department of Finance
Downloads 283 (185,954)

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

22.

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 266 (198,055)

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fiscal policy, debt sustainability, term structure, convenience yield

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
New York University (NYU) - Leonard N. Stern School of Business, Kellogg School of Management - Department of Finance, New York University (NYU) - Department of Finance and Universitaet Mannheim
Downloads 166 (305,343)
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: 28 Jun 2023
New York University (NYU) - Leonard N. Stern School of Business, Kellogg School of Management - Department of Finance, New York University (NYU) - Department of Finance and Universitaet Mannheim
Downloads 20 (909,306)
Citation 1

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Market Incompleteness and Exchange Rate Spill-over

Number of pages: 53 Posted: 08 Jun 2021 Last Revised: 24 Jul 2023
Zhengyang Jiang
Downloads 177 (288,771)

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Incomplete Markets, Exchange Rate Disconnect, Common Currency Factors

Market Incompleteness and Exchange Rate Spill-Over

NBER Working Paper No. w30856
Number of pages: 46 Posted: 23 Jan 2023 Last Revised: 13 Apr 2023
Zhengyang Jiang
Downloads 6 (1,051,118)
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Implications of Asset Market Data for Equilibrium Models of Exchange Rates

Number of pages: 35 Posted: 29 Nov 2023
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 60 (619,450)

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Exchange Rate Cyclicality, Exchange Rate Predictability, Incomplete Markets, International Risk-Sharing

Implications of Asset Market Data for Equilibrium Models of Exchange Rates

NBER Working Paper No. w31851
Number of pages: 36 Posted: 13 Nov 2023
Kellogg School of Management - Department of Finance, Stanford Graduate School of Business and Stanford University
Downloads 2 (1,082,280)
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Slow-Moving Capital, Bond Valuation, Quantitative Tightening

27.

Exorbitant Privilege: A Safe-Asset View

Number of pages: 38 Posted: 09 Nov 2023 Last Revised: 27 Nov 2023
Zhengyang Jiang
Downloads 42 (712,169)

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International Monetary System, Exorbitant Privilege, Reserve Assets

28.

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 15 (928,522)

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

29.

Reserve Asset Competition and the Global Fiscal Cycle

Number of pages: 36
Zhengyang Jiang and Robert Richmond
Kellogg School of Management - Department of Finance and New York University (NYU) - Department of Finance
Downloads 15

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Government Debt, Reserve Assets, Exorbitant Privilege

30.

The Reserve Supply Channel of Unconventional Monetary Policy

NBER Working Paper No. w31693
Number of pages: 65 Posted: 18 Sep 2023
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 6 (32,041)
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31.

Fiscal Capacity: An Asset Pricing Perspective

Annual Review of Financial Economics, Vol. 15, pp. 197-219, 2023
Posted: 07 Nov 2023
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

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32.

The Reserve Supply Channel of Unconventional Monetary Policy

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 71 Posted: 25 Sep 2020
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 1,157

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