My "unofficial" name is Byron Tsang, and 曾國平 in Chinese.

  • Associate Professor, Department of Economics, Virginia Tech
  • Faculty Fellow, Global Forum on Urban and Regional Resilience, Virginia Tech
  • Member, Economic Research Centre, Hong Kong Institute of Asia-Pacific Studies, Hong Kong

Address: Dept. of Economics, Virginia Tech, Pamplin Hall (0316), Blacksburg, VA 24061    Phone: (540) 231-5942 (Office)      Email: byrontkp at

Curriculum Vitae  (PDF version)    

Current Research Interests: Housing Economics, Exchange Rates, Macroeconomics and Finance, Monetary History of Hong Kong.

Behavioral Econ Reading Group 


Working Papers
1. How Do People Trade Lucas Trees? (August 2017, with Gerelt Tserenjigmidsubmitted)
2. Frequency Dependence in a Real-Time Monetary Policy Rule (August 2017, with R. Ashley and R.J. Verbruggesubmitted)
3. Global Effects of U.S. Dividend Income Tax (July 2017, with Tat-kei Lai and Travis Ngsubmitted)
4. What Cycles? Data Detrending in DSGE Models (June 2017, with Xiaojin Sun, submitted)
5. Asset Prices with Random Investor Types (May 2017, with Gerelt Tserenjigmid, submitted[Online Appendix]
6. What Can Regulators Deregulate? The Case of Electricity (March 2017, with Tin Cheuk Leung and Kevin K. Tsui)
7. Intensity-Based Permit Quotas and the Business Cycle: Does Flexibility Pay Off?  (October 2013, with O. Kuusela and G. S. Amacher)
10. Risk and Expectations in Exchange Rates: Evidence from Cross-Country Yield Curves (June 2016, with Y. Chen and B. Nam) (an updated and substantially revised version of " Risk and Expectations in Exchange Rate Determination: A Macro-Finance Approach" in 2012)
11. Home Bias in Currency Forecasts (May 2010, with Y. Chen and W.J. Tsay)

Work in Progress
1. Are Housing Market Crashes All Alike? (with Xiaojin Sun) -- coming soon!
2. Import Competition and Mortgage Origination (with Tat-kei Lai and Travis Ng)
3. Bid-Rigging in Housing Renovations (with Tin Cheuk Leung and Kevin K. Tsui) -- coming soon!
4. Forecast Exchange Rates with Generalized Principal Components (with Karo Solat) -- coming soon!


ECON5016 Money and Price Level II (Fall 2017, graduate)

Commentaries in Chinese: Please go to the Facebook page or the blog for the articles.

Commentaries in English: I have recently started writing for IPP Review (Singapore), and my articles can be accessed here

I am also the co-owner of the blog Fictional Economics.