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Research Areas
Macro Finance
Liu, Zheng

Senior Research Advisor
Federal Reserve Bank of San Francisco


Educational Background

Ph.D., Economics, University of Minnesota


Professor Liu is a Research Advisor of Macroeconomic Research in Federal Reserve Bank of San Francisco. Prior to joining Federal Reserve Bank of San Francisco, he was Associate Professor of Economics (with tenure) at Emory University. He received his Ph.D. in Economics from University of Minnesota in 1997.

Honors / Achievements

Best Paper Award (second prize) for “Asymmetric Expectation Effects of Regime Shifts and the Great Moderation,” presented at the conference on “The Phillips Curve and the Natural Rate of Unemployment” organized by the Kiel Institute for the World Economy, Kiel, Germany, June 3 – 4, 2007

Short BIO

Professor Liu has been a Visiting Scholar at the European Central Bank and a number of Federal Reserve Banks.He was also a visiting scholar at the University of Minnesota and Boston University.Professor Liu’s research focuses on Macroeconomics, Monetary Economics, and International Finance. His articles have appeared in the American Economic Review, Journal of Monetary Economics, Review of Economic Dynamics, and other leading academic journals. His current research studies connections between financial sectors and the macro economy, optimal monetary policy, and the Chinese economy.


  • “Land-Price Dynamics and Macroeconomic Fluctuations” (with Pengfei Wang and Tao Zha), forthcoming in Econometrica.

    “The Transmission of Productivity Shocks: What Do We Learn about DSGE Modeling?” (with Louis Phaneuf), forthcoming in Annales d'Economie et de Statistique (Annals of Economics and Statistics).

    “Should the Central Bank be Concerned about Housing Prices?” (with Karsten Jeske), forthcoming in Macroeconomic Dynamics.

    “Sources of the Macroeconomic Fluctuations: A Regime-Switching DSGE Approach” (with Tao Zha and Dan Waggoner), Quantitative Economics 2(2), July 2011, pp.251-301.

     “Asymmetric Expectation Effects of Regime Shifts in Monetary Policy” (with Dan Waggoner and Tao Zha), Review of Economic Dynamics 12, April 2009, pp. 284-303.

     “Learning, Adaptive Expectations, and Technology Shocks” (with Kevin Huang and Tao Zha), Economic Journal 119, March 2009, pp.377-405.

     “Gains from International Monetary Policy Coordination: Does It Pay to be Different?” (with E. Pappa), Journal of Economic Dynamics and Control, Vol. 32(7), July 2008, pp. 2085-2117.

    “Investment-Specific Technological Change, Skill Accumulation, and Wage Inequality” (with Hui He), Review of Economic Dynamics, Vol. 11(2), April 2008, pp. 314-334.

     “Technology Shocks and Labor Market Dynamics: Some Evidence and Theory” (with L. Phaneuf), Journal of Monetary Economics, Vol. 54(8), November 2007, pp. 2534-2553.

     “Business Cycles with Staggered Prices and International Trade in Intermediate Inputs” (with K. Huang), Journal of Monetary Economics, Vol. 54(4), May 2007, pp. 1271-1289.

    “Sellers’ Local Currency Pricing or Buyers’ Local Currency Pricing: Does It Matter for International Welfare Analysis?” (with K. Huang),Journal of Economic Dynamics and Control, Volume 30(7), July 2006, pp. 1183-1213.

    “Inflation Targeting: What Inflation Rate to Target?” (with K. Huang), Journal of Monetary Economics, Volume 52(8), November 2005, pp. 1435-1462.

     “Does Trade Openness Matter for Aggregate Instability?” (with F. De Fiore), Journal of Economic Dynamics and Control, Volume 29(7), July 2005, pp. 1165-1192 (lead article).

     “Why Does the Cyclical Behavior of Real Wages Change Over Time?” (with K. Huang and L.Phaneuf), American Economic Review, Volume 94 (4), September 2004, pp. 836-856.

     “Input-Output Structure and Nominal Rigidity: The Persistence Problem Revisited” (with K. Huang), Macroeconomic Dynamics, Volume 8 (2), April 2004, pp. 188 – 206.

     “Staggered Price-Setting, Staggered Wage-Setting, and Business Cycle Persistence” (with K. Huang), Journal of Monetary Economics, Volume 49 (2), March 2002, pp. 405 - 433.

    “Production Chains and General Equilibrium Aggregate Dynamics” (with K. Huang), Journal of Monetary Economics, Volume 48 (2), October 2001, pp. 437 - 462.

    “Seasonal Cycles, Business Cycles, and Monetary Policy,” Journal of Monetary Economics, Volume 46 (2), October 2000, pp. 441 - 464.