Xiaoqing Zhou

Senior Economist

Xiaoqing Zhou is a Senior Economist in the Financial Stability Department at the Bank of Canada. She received her Ph.D. in economics from the University of Michigan. Her research interests include the interaction between housing and credit markets, household finance, macroeconomics, and energy economics.

Contact

Xiaoqing Zhou

Senior Economist
Financial Stability
Financial Studies

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

Latest

Home Equity Extraction and the Boom-Bust Cycle in Consumption and Residential Investment

Staff Working Paper 2018-6 Xiaoqing Zhou
The consumption boom-bust cycle in the 2000s coincided with large fluctuations in the volume of home equity borrowing. Contrary to conventional wisdom, I show that homeowners largely borrowed for residential investment and not consumption.

Modeling Fluctuations in the Global Demand for Commodities

Staff Working Paper 2018-4 Lutz Kilian, Xiaoqing Zhou
It is widely understood that the real price of globally traded commodities is determined by the forces of demand and supply. One of the main determinants of the real price of commodities is shifts in the demand for commodities associated with unexpected fluctuations in global real economic activity.

Is the Discretionary Income Effect of Oil Price Shocks a Hoax?

Staff Working Paper 2017-50 Christiane Baumeister, Lutz Kilian, Xiaoqing Zhou
The transmission of oil price shocks has been a question of central interest in macroeconomics since the 1970s. There has been renewed interest in this question after the large and persistent fall in the real price of oil in 2014–16. In the context of this debate, Ramey (2017) makes the striking claim that the existing literature on the transmission of oil price shocks is fundamentally confused about the question of how to quantify the effect of oil price shocks.

Are Product Spreads Useful for Forecasting? An Empirical Evaluation of the Verleger Hypothesis

Staff Working Paper 2013-25 Christiane Baumeister, Lutz Kilian, Xiaoqing Zhou
Notwithstanding a resurgence in research on out-of-sample forecasts of the price of oil in recent years, there is one important approach to forecasting the real price of oil which has not been studied systematically to date.

See More

Other

Journal Publications:

  • "Modeling Fluctuations in the Global Demand for Commodities",
    (with Lutz Kilian), forthcoming: Journal of International Money and Finance.
  • "Is the Discretionary Income Effect of Oil Price Shocks a Hoax?"
    (with Christiane Baumeister and Lutz Kilian), Energy Journal, 39, SI2, 117-137, 2018.
  • "Are Product Spreads Useful for Forecasting? An Empirical Evaluation of the Verleger Hypothesis"
    (with Christiane Baumeister and Lutz Kilian), Macroeconomic Dynamics, 22(3), 562-580, April 2018.

Education

  • Ph.D. Economics, University of Michigan, 2017

Research Interests

  • Macroeconomics
  • Household Finance
  • Energy Economics

About

Follow the Bank