Donghai Zhang
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Published Papers:
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1. Information Frictions, Monetary Policy, and the Paradox of Price Flexibility 2021 
    
with Shengliang Ou and Renbin Zhang
     
Journal of Monetary Economics 120, 70-82
     Local copy: click here. Older version: SSRN Working Paper
    PwC 3535 Finance Forum Best Paper Award 
     Outstanding Research Paper Award 2021, China Information Economics Society

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2. Term Structure, Forecast Revision and the Signaling Channel of Monetary Policy 2022
​​     Journal of the European Economic Association 20 (4), 1522–1553
     Local copy: click here
      
Online Appendix.


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3. Bubbly Firm Dynamics and Aggregate Fluctuations 2022
​    with Haozhou Tang
    Journal of Monetary Economics 
     Local copy: click here. 
    
Online Appendix. 


​Working Papers:
1. Assessing Macroeconomic Tail Risk,  Jan 2022 (Reject and resubmit)
     with Francesca Loria and Christian Matthes.
    First version 2019,  FEDS Working Paper
2. Quantifying the Federal Reserve's Objectives Using a Structural Vector Autoregressive Model, March 2021 (Submitted)
     with Shengliang Ou
     ​First version 2020,  SSRN Working Paper
3. The Ambiguous Signaling Channel of Monetary Policy, May 2022 (Submitted)
     First version 2017, SSRN Working Paper
4. The Return of Greenspan: Mumbling with Great Incoherence, Dec 2022 (Submitted)
      with Shengliang Ou and Renbin Zhang.
      
First version April 2022, SSRN Working Paper
5. Rolled-over Credit Cycles, Nov 2022 (submitted)
​     with
Haozhou Tang. SSRN Working Paper
6. Monetary Policy, Firm Heterogeneity, and the Distribution of Investment Rates, Dec 2022 (submitted)
      with Matthias Gnewuch. SSRN Working Paper
7. The Markup Elasticity of Monetary Non-Neutrality, Nov 2022 (Submitted)
       with Christian Höynck and ​​Minghao Li. SSRN Working Paper


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