Zhengyang Jiang

Kellogg School of Management - Department of Finance

Assistant Professor

Evanston, IL 60208

United States

http://sites.google.com/site/jayzedwye/

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • Kellogg School of Management - Department of Finance

  • National Bureau of Economic Research (NBER)

SCHOLARLY PAPERS

25

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99

CROSSREF CITATIONS

15

Scholarly Papers (25)

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1.

The U.S. Public Debt Valuation Puzzle

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
Zhengyang Jiang, Hanno N. Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zhengyang Jiang, hlustig@stanford.edu Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Kellogg School of Management - Department of Finance
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
Kellogg School of Management - Department of Finance
Downloads 1,123 (27,238)

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exchange rates, fiscal budget, currency risk premium

4.

Dollar Safety and the Global Financial Cycle

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
Zhengyang Jiang, Arvind Krishnamurthy and hlustig@stanford.edu Lustig
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
Zhengyang Jiang, Hanno N. Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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.

A Portfolio Approach to Global Imbalances

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.

Foreign Safe Asset Demand and the Dollar Exchange Rate

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
Kellogg School of Management - Department of Finance
Downloads 582 (66,349)
Citation 2

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

11.

Origins of International Factor Structures

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
Zhengyang Jiang, Hanno N. Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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

13.

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

Downloads 424 ( 97,458)

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
Zhengyang Jiang, Hanno N. Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zhengyang Jiang, hlustig@stanford.edu Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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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14.

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

Downloads 376 (111,824)

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
Zhengyang Jiang, Arvind Krishnamurthy and hlustig@stanford.edu Lustig
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
Zhengyang Jiang, Arvind Krishnamurthy, Hanno N. Lustig and Jialu Sun
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
Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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

18.

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

Downloads 203 (208,742)

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

Number of pages: 25 Posted: 06 Apr 2022
Zhengyang Jiang, Hanno N. Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zhengyang Jiang, hlustig@stanford.edu Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zhengyang Jiang, hlustig@stanford.edu Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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

19.

Exorbitant Privilege Gained and Lost: Fiscal Implications

Downloads 139 (286,907)

Exorbitant Privilege Gained and Lost: Fiscal Implications

Number of pages: 55 Posted: 05 May 2022 Last Revised: 10 May 2022
Zefeng Chen, Zhengyang Jiang, Hanno N. Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zefeng Chen, Zhengyang Jiang, hlustig@stanford.edu Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zefeng Chen, Zhengyang Jiang, hlustig@stanford.edu Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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

20.

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

Downloads 137 (290,118)
Citation 1

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
Viral V. Acharya, Viral V. Acharya, Zhengyang Jiang, Robert Richmond and Ernst-Ludwig von Thadden
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
Viral V. Acharya, Viral V. Acharya, Zhengyang Jiang, Robert Richmond and Ernst-Ludwig von Thadden
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.

Manufacturing Risk-free Government Debt

Downloads 112 (336,095)
Citation 3

Manufacturing Risk-free Government Debt

Number of pages: 64 Posted: 08 Jul 2020 Last Revised: 26 Feb 2022
Zhengyang Jiang, Hanno N. Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zhengyang Jiang, hlustig@stanford.edu Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Zhengyang Jiang, hlustig@stanford.edu Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan
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
Kellogg School of Management - Department of Finance
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
Viral V. Acharya, Zhengyang Jiang, Robert Richmond and Ernst-Ludwig von Thadden
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