Zhengyang Jiang

Sharing my Lecture Notes on International Finance for my PhD class. Mostly my own study notes, with efforts to clean up and organize with a coherent structure. I learned a ton from writing it, and I hope this is useful to others as well. Comments welcome! papers.ssrn.com/sol3/papers.cf…

While government bonds are safe assets during financial crises, they underperform equities and growth in wars and pandemics. Inflation and financial repression drive the large losses bondholders suffer in these episodes, from @ProfJiang, @HannoLustig, @SVNieuwerburgh, and @MindyXiaolan nber.org/papers/w34820

Deeply honored to serve as an external consultant for the IMF. In a rapidly changing global landscape, the IMF’s mission is ever more vital. I look forward to working with IMF colleagues to contribute, in my own small way, to promoting global economic stability and development.

🎓 Call for Applications | JIE Summer School 2026 📍 Milan (Bocconi University) | 🗓 July 6–8, 2026 Lectures by Cécile Gaubert, Christoph Trebesch, David Hémous, Federica Romei, Christopher Clayton & Natalia Ramondo. 🗓 Deadline: Jan 25, 2026 👉 sciencedirect.com/journal/journa…

Glad to see this come out in the JPE now. Seems relevant. Joint work with an amazing team: @SVNieuwerburgh , @ProfJiang, Mindy Xiaolan and Z. Chen. Stijn and I ended up in the same vol. as our adviser T. Sargent who first got us thinking about fiscal issues some 25 years ago!. journals.uchicago.edu/toc/jpe/current

@NicolaLimodio That would be great! Will let you know when I’m in town

@ProfJiang Very interesting paper @ProfJiang, my colleague Florian Nagler and I are working on a related idea. It would be lovely to touch base at some point and pick your brain!

Happy to see our Manufacturing Risk-free Government Debt out in JFE! We develop a Modigliani-Miller counterpart for govt finance: to manufacture risk-free debt, govt must shift risk onto taxpayers; to insure taxpayers, its debt must carry more risk. Three is no free lunch.

@CFCamerer Thanks Colin! I was in your class at Caltech many years ago. I'm still doing some behavioral research :)

Clever and important

with @HannoLustig, @SVNieuwerburgh, Mindy Xiaolan. Link: sciencedirect.com/science/articl…

@JohnHCochrane Thanks John! Great article

Comments on “What does it Take? Quantifying Cross-Country Transfers in the Eurozone” by YiLi Chien, Zhengyang Jiang, Matteo Leombroni, and Hanno Lustig. grumpy-economist.com/p/euro-transfe…

1/In the Eurozone, unconventional monetary policy leads to large cross-border fiscal transfers because it allows the periphery to borrow from the core at belo-market rates. We quantify these transfers.

Via income pooling and below-market rate cross-border lending, the European Central Bank's unconventional policies created large, persistent transfers from Eurozone core to periphery countries, from Yi-Li Chien, @ProfJiang, Matteo Leombroni, and @HannoLustig nber.org/papers/w34311

In a monetary union, risk-free rates cannot adjust to country-level fiscal positions, leaving credit spreads and convenience yields to respond. The latter is empirically important, from @ProfJiang, @HannoLustig, @SVNieuwerburgh, and @MindyXiaolan nber.org/papers/w34307

Underlying the "whatever-it-takes", monetary guarantee lies a cross-country, fiscal transfer from Eurozone core to periphery. New paper with YiLi Chien, @matteoleombroni and @HannoLustig.

Tariff revenue vs federal deficit

Recently accepted by #QJE, “Investor Memory and Biased Beliefs: Evidence from the Field,” by Jiang (@ProfJiang), Liu, Peng (@peng_cameron), and Yan: doi.org/10.1093/qje/qj…

@MCroce_MacroFin @MajoArteaga @SDABocconiAC Thanks, Max! It was my pleasure. Very interesting paper!

In a few hours, the-one-&-only @MajoArteaga will present "International Climate News" at the #NBER SI, IFM group 👇 papers.ssrn.com/sol3/papers.cf… Many thanks to @ProfJiang for discussing this WP! Cheers from @SDABocconiAC, Mumbai 🤪

Long-term Treasury convenience yields are more sensitive to changes in Treasury supply than short-term Treasury convenience yields, from @ProfJiang, @rrichmond, and Tony Zhang nber.org/papers/w33940

@YufanHuang07 this is from State Administration of Foreign Exchange's International Investment Position data

@ProfJiang Prof. Jiang, whats the source of your Figure 1? That China debt figure looks way too large

Interested in Corporate Finance? Development Economics? Macro-Finance? In the past 15 years, China has become the largest lender, developer and investor, expanding beyond its traditional role as a major trade partner. THE NEXT "CHINA SHOCK" IS STILL A CHINA SHOCK.

Look forward to the IMIM online seminar tomorrow! I'll be talking about monetary-fiscal coordination with international hegemon. sites.google.com/view/imimsemin…

It is crucial to understand its pros and cons, how it changes global financial intermediation, and what new institution, contract, and friction it creates. Full paper: papers.ssrn.com/sol3/papers.cf…