Guihai Zhao

Senior Economist

Guihai Zhao is a Senior Economist in the Financial Markets Department at the Bank of Canada. He is a financial economist whose research interests include asset pricing and monetary economics. Guihai Zhao received his PhD in economics from Boston University.


Senior Economist
Financial Markets
Monetary Policy Analysis and Research

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9


Ambiguity, Nominal Bond Yields and Real Bond Yields

Staff Working Paper 2018-24 Guihai Zhao
Equilibrium bond-pricing models rely on inflation being bad news for future growth to generate upward-sloping nominal yield curves. We develop a model that can generate upward-sloping nominal and real yield curves by instead using ambiguity about inflation and growth.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Asset Pricing, Financial markets, Interest rates JEL Code(s): E, E4, E43, G, G0, G00, G1, G12

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  • Ph.D., Boston University (2016)

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