David H Zhang
199 posts
David H Zhang
@dhzecon
Assistant Professor of Finance at @Rice_Biz. Working on issues surrounding inequality and inefficiency in housing finance.
Katılım Ağustos 2017
1.2K Takip Edilen1.1K Takipçiler
“Her methodology would allow regulators to run simulations of how the economy would react to changes in bank leverage restrictions.” Lewis said.
olin.washu.edu/about/news-and…
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@EconTraina @conlon_chris This is an interesting idea, but for what it’s worth BLP hasn’t been particularly successful in out of sample predictions of merger outcomes either: papers.ssrn.com/sol3/papers.cf…. So I see no harm in presenting transformer-based predictions alongside more structural approaches.
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13/ What I'd want to see next: Train on one structural model. Test on a different one.
Train on BLP with Bertrand competition, predict outcomes from a model with Cournot.
(@conlon_chris you're up, PyBLP to the rescue plz)
My guess is it wouldn't work.
(I'd love to be wrong)!
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You can't scale your way to data from counterfactuals that haven't happened.
Nice piece. My read on what it does and doesn't show:
Alex Imas@alexolegimas
New post : Can a Transformer “Learn” Economic Relationships? Revisiting the Lucas Critique in the age of Transformers. with @arpitrage We simulated data from an NK model, fit a transformer, and tested out of sample fit How did it do? Pretty well! Link and thread in reply:
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This is an impressive slide from Hyung Won Chun, and the application to economics/finance feels inevitable to me.
Kawin Ethayarajh@ethayarajh
As an AI faculty now surrounded by economists at Booth, the discussion on scaling and the Lucas critique has been entertaining to watch. IMO the spirit of @arpitrage's claim feels right but double descent isn't the best analogy. Instead, we should look to language understanding:
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You can coach at Michigan if you are a criminal OR if you lose to Ohio State. You can't do both though.
Robert Littal BSO@BSO
The 4 Hours That Ruined Sherrone Moore; The Definitive Timeline on When Michigan Knew, Where Moore Went After He Was Told He Was Fired, and How That Led to Him Being Arrested For Assault (Timeline Breakdown) --> bit.ly/4iNyPFC
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🐎Extremely excited that my paper with Spencer Barnes on asset-pricing evidence of racial discrimination in horse racing is now out in @TheFinancialRev 🎉
doi.org/10.1111/fire.7…
[Also: Not only a great outcome, but an incredibly positive and efficient editorial experience]
⑆Luke Stein⑈@lukestein
@JustinWolfers Because longshots lose more money, they should attract unsophisticated and less informed bettors And that’s exactly where racial/ethnic bias has big pricing impacts! tl;dr: Looks like unsophisticated discriminators drive down returns on long shots with white-named trainers 4/
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David H Zhang retweetledi
Our researchers present a new model of mortgage default that better matches the data. They find that more realistically capturing the tradeoffs between staying in a home versus exiting into the rental market are key to understanding the decision to default clefed.org/4mDX7lU
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Thanks for sharing our paper on the impact of the NAR settlement! We find some changes in buyers’ and sellers’ representation choices, though little effects on commission rates conditional on hiring an agent.
Mark Calabria@MarkCalabria
Measuring the Impact of the NAR Settlement @SSRN papers.ssrn.com/sol3/papers.cf…
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David H Zhang retweetledi
Measuring the Impact of the NAR Settlement @SSRN papers.ssrn.com/sol3/papers.cf…
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Job market done ✅ excited to join @JohnsHopkins as an AP in Fall 2026, after a postdoc at @Princeton IES!
Huge thanks to my amazing advisors @pol_antras, @myrto_kaloup, Jim Stock and Marc Melitz, for their unwavering support. Thrilled to start this new chapter!
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@AnzenFinance Why would anyone buy when USDZ keeps depegging? Who knows if the depeg will wipe out the yield at this point.
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@pascaljnoel If fiscal policy is too expansionary, and the Fed raises interest rates to counteract, the debt servicing costs for the Treasury would become very high! Arguably this is the situation after COVID.
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But another reason to potentially favor going too big over going too small is asymmetry in the Fed’s toolkit. If fiscal policy does too little and the Fed is already at its constraint it is hard to fix. But if fiscal policy ends up being too expansionary the Fed can counteract.
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One thing that confuses me in the debate between @jasonfurman and @econJaredB over the Biden econ policy record, and in particular culpability for inflation, is that the Fed is hardly mentioned.
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Extremely humbled to receive this award, and grateful to all my amazing co-authors, mentors, and family members that made this research possible 😃😃😃
Brown Economics@Brown_Economics
Exciting news! Jon Roth (@jondr44), Assistant Professor of Economics, has been awarded a 2025 Sloan Research Fellowship! This honor recognizes his impactful work in econometrics. Congratulations! Read more: 🔗 brown.edu/news/2025-02-1…
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I’m happy to share that I’m starting a new position as Associate Professor of Finance (with tenure!) at the University of Maryland - Robert H. Smith School of Business! Excited to share such a collegial group!
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This is all very funny:
- Rich people eat eggs that cost 20% material and 80% bullshit marketing
- Poor people eat just eggs, which cost 100% material
- Inflation hits the cost of material more than bullshit marketing
- Hence, rich people never really notice inflation
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