Dalton Rongxuan Zhang
Dalton Rongxuan Zhang
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I am a 6th year Ph.D. candidate in Economics at Northwestern University, specializing in macroeconomics.
My research studies how product and labor market power interact with asset markets to shape aggregate outcomes and inequality, with an emphasis on heterogeneity across households and firms. I also study business cycle dynamics, with a focus on monetary–fiscal policy and bounded rationality.
Here is my CV
Job Market Paper
Job Market Paper
The Asset Market Channel of Market Power
with Michael Cai
Business Cycles, Expectations, and Monetary Fiscal Policy
Business Cycles, Expectations, and Monetary Fiscal Policy
Monetary-Fiscal Interactions: A Reappraisal
with George-Marios Angeletos, Chen Lian and Christian Wolf
Selected Presentations: European Central Bank*; Federal Reserve Bank of Minneapolis*; SED 2026 Plenary Session*
From RANK to HANK, without FIRE
with George-Marios Angeletos and Joao Guerreiro
Selected Presentations: 2025 World Congress of the Econometric Society Plenary Session*
Anatomy of Subjective Macroeconomic Expectations
with Jose Lara
Presentations: NBER Summer Institute 2026, Econometric Society North America*, Midwest Macro*
with Xiaojie Liu
Revise and Resubmit, Journal of Monetary Economics
Presentations: Econometric Society World Congress, CUHK-CERP Imperfect Expectation, Federal Reserve Bank of Chicago
Market Power, Firm Dynamics and Asset Markets
Market Power, Firm Dynamics and Asset Markets
Price Markups or Wage Markdowns?
with Kevin Ren,
Presentations: Econometric Society World Congress 2025*
The Rise of Negative Earnings and Demand Shifting Investment
with Jacob Toner Gosselin (slide)
Presentations: Federal Reserve Board of Governors*
Market Power, Expectations, and Asset Prices
with Kevin Ren
Working in Progress
Working in Progress
A Macroeconomic Model of Casual Discovery: Endogenizing Narratives
with Hiro Endo
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