About

Zhengyang Jiang is an Associate Professor of Finance at the Kellogg School of Management, Northwestern University. His primary research focuses on international finance and macroeconomics, studying exchange rates, capital flows, the valuation and sustainability of public debt, and the architecture of the international monetary system. He is also interested in the cognitive processes underlying expectation formation and financial decision-making. Jiang has published his research in peer-reviewed journals such as Econometrica, Journal of Political Economy, Quarterly Journal of Economics, Review of Economics Studies, Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Monetary Economics, Management Science, and IMF Economic Review. His work has been featured and interviewed by prominent outlets including the Wall Street Journal, Financial Times, and Yahoo Finance, and has been cited in the 2022 and 2025 Economic Report of the President. Jiang received his Ph.D. in finance from Stanford Graduate School of Business and his bachelor’s degree in mathematics and business economics from the California Institute of Technology. He has held positions as an Assistant Professor of Finance at Kellogg from 2018 to 2022 before becoming an Associate Professor in 2022. His awards include the Yuki Arai Faculty Research Prize, Engelbert Dockner Fellow, Best Paper Awards at various conferences, and the Nasdaq Award for the Best Paper on Asset Pricing. Jiang also serves as an Associate Editor for the Journal of International Economics and has been a referee for several leading economic journals.

Research topics

• Computer Science
• Business
• Financial economics
• Economics
• Finance
• Microeconomics
• Monetary economics

Selected publications

• Financial Interdependence and Currency Internationalization

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Are Government Bonds Safe in Times of War and Pandemic? 

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Are Government Bonds Safe in Times of War and Pandemic?

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Convenience Lost

  SSRN Electronic Journal · 2025-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• Convenience Lost

  National Bureau of Economic Research · 2025-06-01 · 4 citations

  reportOpen access1st authorCorresponding

  We show long-term Treasury convenience yields are more sensitive to changes in Treasury supply than short-term Treasury convenience yields.The fiscal expansion in the past two decades and the resultant increase in Treasury supply depressed convenience yields heterogeneously across maturities-driving them close to zero for short-term Treasurys and into negative territory for long-term Treasurys.As a result, the aggregate seigniorage revenue earned by the U.S. from issuing safe and liquid financial assets has declined by a third.Issuing only short-term Treasurys could preserve the seigniorage revenue earned from Treasury convenience yields but would expose the government to more rollover risk.

  PublisherDOI

• Exorbitant Privilege Gained and Lost: Fiscal Implications

  Journal of Political Economy · 2025-08-20 · 5 citations

  article
  PublisherDOI

• Investor Memory and Biased Beliefs: Evidence from the Field

  The Quarterly Journal of Economics · 2025-07-28 · 16 citations

  articleOpen access1st authorCorresponding

  Abstract We survey a large, representative sample of retail investors in China to elicit their memories of stock market investments and their return expectations. We merge these survey data with administrative transaction data to test a model in which investors selectively recall past experiences to form their beliefs. Our analysis uncovers new facts about investor memory and highlights similarity-based recall as a key mechanism of belief formation in financial markets. A rising market prompts investors to recall their past experiences more positively, leading to more optimistic forecasts of future returns. Recalled experiences can explain cross-investor variation in return expectations and, in our setting, dominate actual experiences in their explanatory power. In the transaction data, we confirm that recalled experiences are reflected in investors’ trading decisions through a belief channel.

  PublisherDOI

• China's Overseas Lending in Global Finance Cycle

  National Bureau of Economic Research · 2025-02-01 · 3 citations

  reportOpen access1st authorCorresponding

  China's rising presence in international finance, which has long lagged behind its prominence in international trade, is now reshaping global financial dynamics.Using a large sample of developing countries, this paper documents that countries more reliant on China's lending are less exposed to the global financial cycle in exchange rates, equity prices, bond yields, and capital flows.These countries were not less exposed before China became a major lender, and trade linkages to China do not explain these results.Since China lends primarily in dollar, the exposure reduction is not through the traditional channel of mitigating currency mismatch.These findings suggest that international lending plays a unique role in insulating developing countries from global shocks, and through this channel U.S. and Chinese policies interact to shape global financial outcomes.

  PublisherDOI

• Convenience Lost

  SSRN Electronic Journal · 2025-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• China's Overseas Lending in Global Finance Cycle

  SSRN Electronic Journal · 2025-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

Frequent coauthors

• Stijn Van Nieuwerburgh

  Graduate School USA

  132 shared

• Mindy Z. Xiaolan

  67 shared

• Hanno Lustig

  62 shared

• Arvind Krishnamurthy

  Stanford University

  50 shared

• Robert Richmond

  42 shared

• Ernst‐Ludwig von Thadden

  Centre for Economic Policy Research

  30 shared

• Viral V. Acharya

  National Bureau of Economic Research

  30 shared

• Hanno N. Lustig

  National Bureau of Economic Research

  23 shared

Awards & honors

• Yuki Arai Faculty Research Prize, NYU Stern School of Busine…
• Engelbert Dockner Fellow, Institute for Capital Market Resea…
• Best Paper Award, Vienna Symposium on Foreign Exchange Marke…
• Behavioral Finance Best Paper Award, China Financial Researc…
• Nasdaq Award for the Best Paper on Asset Pricing, Western Fi…