Dalton Rongxuan Zhang
Dalton Rongxuan Zhang
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I am a 5th 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
Market power creates two opposing asset market forces:
Redistribution that creates excess asset demand; Asset creation creates excess asset supply.Derive an analytical characterization (sufficient statistic) for how market power affects the long run interest rate.
In U.S. data, redistribution dominates asset creation. Following the observed increase in markup:
r* decreases by 220 basis points. Output is nearly unchanged, instead of falling by about 15 percent in a fixed return benchmark.The cost of market power reappears mainly as inequality even when aggregate output is largely stabilized.
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
From RANK to HANK, without FIRE with George-Marios Angeletos and Joao Guerreiro
Anatomy of Subjective Macroeconomic Expectations with Jose Lara
Confusion and Inflation with Xiaojie Liu
Market Power, Firm Dynamics and Asset Markets
Market Power, Firm Dynamics and Asset Markets
Price Markups or Wage Markdowns? with Kevin Ren,
The Rise of Negative Earnings and Demand Shifting Investment with Jacob Toner Gosselin
Market Power, Expectations, and Asset Prices with Kevin Ren
Working in Progress
Working in Progress
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