Xu Zhang - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T15:33:44+00:00Extreme Weather and Low-Income Household Finance: Evidence from Payday Loans
https://www.bankofcanada.ca/2024/01/staff-working-paper-2024-1/
This paper explores the impact of extreme weather exposures on the financial outcomes of low-income households. Our findings highlight the heightened financial vulnerability of low-income households to environmental shocks and underscore the need for targeted policies.2024-01-08T12:15:49+00:00enExtreme Weather and Low-Income Household Finance: Evidence from Payday Loans2024-01-08Climate changeCredit and credit aggregatesStaff Working Paper 2024-1https://www.bankofcanada.ca/wp-content/uploads/2024/01/swp2024-1.pdfExtreme Weather and Low-Income Household Finance: Evidence from Payday LoansShihan XieVictoria Wenxin XieXu ZhangJanuary 2024GG5QQ5Q54Monetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan Areas
https://www.bankofcanada.ca/2023/12/staff-working-paper-2023-62/
We find that minority households see greater declines in housing returns and entries into homeownership than White households after a tightening of monetary policy. Our findings emphasize the unintended consequences of monetary policy on racial inequality in the housing market.2023-12-28T13:37:09+00:00enMonetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan Areas2023-12-28Central bank researchHousingMonetary policyStaff Working Paper 2023-62https://www.bankofcanada.ca/wp-content/uploads/2023/12/swp2023-62.pdfMonetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan AreasQi LiXu ZhangDecember 2023EE4E40E5E52RR0R00How Do People View Price and Wage Inflation?
https://www.bankofcanada.ca/2022/07/staff-working-paper-2022-34/
This paper examines household-level data from the Canadian Survey of Consumer Expectations (CSCE) to understand households’ expectations about price and wage inflation, how those expectations link to views about labour market conditions and the subsequent impact on households’ outlook for real spending growth.2022-07-22T12:45:13+00:00enHow Do People View Price and Wage Inflation?2022-07-22Inflation and pricesMonetary policy communicationsStaff Working Paper 2022-34https://www.bankofcanada.ca/wp-content/uploads/2022/07/swp2022-34.pdfStaff Working Paper 2022-34Monica JainOlena KostyshynaXu ZhangJuly 2022CC8C83DD8D84EE2E21E24E3E31More Than Words: Fed Chairs’ Communication During Congressional Testimonies
https://www.bankofcanada.ca/2022/05/staff-working-paper-2022-20/
We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Increases in the Chair’s text-, voice-, or face-emotion indices during these testimonies generally raise stock prices and lower their volatility.2022-05-05T10:38:08+00:00enMore Than Words: Fed Chairs’ Communication During Congressional Testimonies2022-05-05Central bank researchFinancial marketsMonetary policy communicationsStaff Working Paper 2022-20https://www.bankofcanada.ca/wp-content/uploads/2022/05/swp2022-20.pdfMore Than Words: Fed Chairs’ Communication During Congressional TestimoniesMichelle AlexopoulosXinfen HanOleksiy KryvtsovXu ZhangMay 2022EE5E52E58E7E71Evaluating the Effects of Forward Guidance and Large-scale Asset Purchases
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-54/
I propose a novel method to identify and estimate the macroeconomic effects of forward guidance and large-scale asset purchases (LSAP) for each FOMC announcement. I find that LSAP is more important than forward guidance in influencing output and inflation. LSAP puts upward pressure on short-term yields, so it should always be used in conjunction with forward guidance.2021-11-04T14:23:41+00:00enEvaluating the Effects of Forward Guidance and Large-scale Asset Purchases2021-11-04Business fluctuations and cyclesCentral bank researchEconometric and statistical methodsInterest ratesStaff Working Paper 2021-54https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-54.pdfStaff Working Paper 2021-54Xu ZhangNovember 2021EE5GG0A New Measure of Monetary Policy Shocks
https://www.bankofcanada.ca/2021/06/staff-working-paper-2021-29/
Combining various high frequency financial data with central bank projections, I construct a new measure of monetary policy shocks not predictable by the public information preceding a central bank’s announcements. I then study the causal effects of monetary policy on the macro economy.2021-06-21T14:33:29+00:00enA New Measure of Monetary Policy Shocks2021-06-21Business fluctuations and cyclesCentral bank researchEconometric and statistical methodsInterest ratesMonetary policyStaff Working Paper 2021-29https://www.bankofcanada.ca/wp-content/uploads/2021/06/swp2021-29.pdfStaff Working Paper 2021-29Xu ZhangJune 2021EE5GG0