SelectedWorks - Qiang Zhang

Selected Works of Qiang Zhang

Economist and Forecaster, Ph.D. in Economics, The Ohio State University

I had been a Reader in Economics at the University of Leicester in England before joining FedEx Corporate Services, Inc. at Memphis, Tennessee in October 2012.  At FedEx, I have been working as a forecaster/applied economist.  Forecasting and predictive analysis have been among my interests since my college years.    

This site contains my published academic research papers, as well as some of my working papers, in the areas of risk preferences, consumption, asset pricing, and inflation dynamics.  Most of my academic research is empirical in nature, but I have occasionally ventured into conceptual or applied theoretical work.  You are welcome to download my papers for personal study only.  Any use for commercial purpose must be based on an agreement with the copyright holder (journals/publishers/me).  

This site is under construction.  More materials will be added later.

Works
About

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About Qiang Zhang

I had been a Reader in Economics at the University of Leicester in England before joining FedEx Corporate Services, Inc. at Memphis, Tennessee in October 2012.  At FedEx, I have been working as a forecaster/applied economist.  Forecasting and predictive analysis have been among my interests since my college years.    

This site contains my published academic research papers, as well as some of my working papers, in the areas of risk preferences, consumption, asset pricing, and inflation dynamics.  Most of my academic research is empirical in nature, but I have occasionally ventured into conceptual or applied theoretical work.  You are welcome to download my papers for personal study only.  Any use for commercial purpose must be based on an agreement with the copyright holder (journals/publishers/me).  

This site is under construction.  More materials will be added later.

Economics

Empirical Macroeconomics, Applied Econometrics, and Financial Economics

Graduate Econometrics and Microeconometrics
Graduate and Undergraduate Macroeconomics
Graduate Principles of Finance
Undergraduate Microeconomics

Forecasting
Revenue Science and Analytics
FedEx Corporate Services
FedEx Express World Headquarters
Memphis, TN 38125-8800

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Do We Know If Prices Are Forward Looking? (Qiang Zhang) Working Paper (2012)

This paper reexamines the debate on the relative importance of forward versus backward looking price-setting behavior in a hybrid Phillips curve model. We first discuss the challenges in identifying the separate e ffectsof expected future ...

Consumption and Market Incompleteness in a Model of Intertemporal Hedging (Qiang Zhang) Working Paper (2011)

I study the implications of a consumption and portfolio choice model featuring intermtemporal hedging for the relationships between market incompleteness and the optimal consumption, the expected instantaneous consumption growth, and welfare. The model is adapted ...

Crisis and Consumption Smoothing (Qiang Zhang and Sung Jin Kang) Annals of Economics and Finance (2007)

We study how the 1997-1998 Asian Financial Crisis affected consumption smoothing across households in Korean prefectures. The crisis caused the cross-sectional mean and volatility of household consumption to fall substantially. We show that such falls ...

Decreasing Relative Risk Aversion, Risk Sharing, and the Permanent Income Hypothesis (Qiang Zhang and Masao Ogaki) Journal of Business & Economic Statistics (Copyright: American Statistical Association) (2004)

This paper develops a method to test the risk sharing hypothesis (RSH) against various versions of the permanent income hypothesis (PIH) while allowing for heterogeneity in risk preferences across households. Using one-year and longer differences ...

Decreasing Relative Risk Aversion and Tests of Risk Sharing (Masao Ogaki and Qiang Zhang) Econometrica (Copyright: Econometric Society) (2001)

The relative risk aversion (RRA) coefficient of a household whose consumption is close to the subsistence level may be very high. For example, if consumption is exactly at the subsistence level, the household may not ...

Asset Pricing with Multiplicative Habit and Power-Expo Preferences (William T. Smith and Qiang Zhang) Economics Letters (Copyright: Elsevier Science) (2007)

Multiplicative habit introduces an additional consumption risk as a determinant of the equity premium, and allows time preference and habit strength, in addition to risk aversion, to affect “the price of risk.” A model combining ...

The Spirit of Capitalism and Asset Pricing: An Empirical Investigation (Qiang Zhang) The B.E. Journal of Macroeconomics (2006)

We extend and test two models of asset pricing that feature status-seeking through accumulation of not only financial and real assets but also human capital. We use weak-identification robust tests to confront these models with ...

Human Capital, Weak Identification, and Asset Pricing (Qiang Zhang) Journal of Money, Credit, and Banking (2006)

I develop a new approach to accounting for human capital and essentially all stock and non-stock wealth in estimating the return on wealth portfolio. Using the estimated return and aggregate U.S. data in weak-identification robust ...