Ph.D. student focusing on asset pricing and macroeconomics
2023 BB90 Recipient
Long duration assets, like the stock market or 10-year bonds, respond strongly to monetary policy. However, that is a puzzle for modern macro-finance models. In theory, changes in monetary policy should not affect the stock market (a perpetual asset) or 10-year bonds, yet empirically they do. Steven Zheng aims to gain insight into this puzzle by estimating the channel through which monetary policy moves asset prices using novel intraday stock and bond decompositions.
