Principal Researcher
Financial Stability Department, Bank of Canada
Email: zlu[at]bankofcanada[dot]ca
Office Tel: +1-613-782-1409
Research Interests: Econometric Methods, Empirical Economics/Finance
Profiles: Bank of Canada; Google Scholar
Search Frictions and Market Power in the Deposit Market: Theory and Estimation (with Michael Choi, Amina Enkhbold, Guillaume Rocheteau), draft available upon request.
Flagship Entry in Online Marketplaces (with Ginger Zhe Jin, Xiaolu Zhou, Lu Fang), [PDF], accepted by Journal of Industrial Economics.
How Banks Create Gridlock in Payment Systems to Save Liquidity: The Case of Canada (with Rodney Garratt and Phoebe Tian) [Bank of Canada Staff Working Paper] [PDF], accepted by Journal of Money, Credit and Banking.
Estimating Discrete Choice Demand Models with Sparse Market-Product Shocks (with Kenichi Shimizu), [Bank of Canada Staff Working Paper, draft on arXiv].
Physician Agency and the Zero-Markup Drug Policy in China: Evidence from a Structural Model (with Qifan Huang and Castiel Chen Zhuang), [PDF], R&R at Health Economics.
The Consequence of Tax Evasion on China’s Housing Market: A Structural Model Approach (with Sisi Zhang and Daxuan Zhao).
Semi-Nonparametric Estimation of Random Coefficient Logit Model for Aggregate Demand (with Xiaoxia Shi and Jing Tao), Journal of Econometrics, [DOI], August 2023.
From LVTS to Lynx: Quantitative Assessment of Payment System Transition (with Ajit Desai, Hiru Rodrigo, Jacob Sharples, Phoebe Tian, Nellie Zhang), Journal of Payments Strategy & Systems, [Central Banking coverage], April 2023.
Estimating Demand for Differentiated Products with Zeroes in Market Share Data (with Amit Gandhi and Xiaoxia Shi), Quantitative Economics, [DOI], May 2023, [Replication files], 2025 QE Best Paper Prize.
Transmission of Cyber Risk Through the Canadian Wholesale Payment System (with Anneke Kosse), [Bank of Canada Staff Working Paper], accepted by Journal of Financial Market Infrastructures, February 2023.
Estimating Multinomial Choice Models with Unobserved Choice Sets, Journal of Econometrics, [DOI], February 2022.
The Effects of Government Licensing on E-Commerce: Evidence from Alibaba (with Ginger Zhe Jin, Xiaolu Zhou, Chunxiao Li), Journal of Law and Economics, [DOI], February 2022.
Quantifying the economic benefits of payment modernization: the case of the large-value payment system (with Neville Arjani and Fuchun Li), [Payment Canada Discussion Papers], [Bank of Canada Staff Working Paper], Journal of Financial Market Infrastructures, October 2022.
Examining the Impact of Cooling Measures on China's New Home Market (with Sisi Zhang and Jian Hong), China Economic Review [DOI], June 2021.
Not too much nor too little: Salience bias in mobile plan choices (with Haofeng Jin, Liqiang Huang and Junsheng Dou), Telecommunications Policy [DOI], May 2021.
Predicting Payment Migration in Canada (with Anneke Kosse and Gabriel Xerri), Journal of Financial Market Infrastructures [DOI], March 2021.
Three things we learned about the Lynx payment system (with Nikil Chande, Hiru Rodrigo and Phoebe Tian), Financial Stability Hub, 2023.
Measuring the Effectiveness of Salespeople: Evidence from a Cold-Drink Market (with Haofeng Jin), [Bank of Canada Staff Working Paper], August 2021.
An Economic Perspective on Payments Migration (with Anneke Kosse and Gabriel Xerri), [Bank of Canada Staff Working Paper], June 2020.