Economists
Haoyang Liu
Principal Research Economist
Federal Reserve Bank of Dallas
Federal Reserve Bank of Dallas
Haoyang Liu is a principle research economist at the Federal Reserve Bank of Dallas. He specializes in real estate and econometrics.
Before joining the Bank in 2022, he was a research economist at the Federal Reserve Bank of New York. Prior to that, he was an assistant professor of finance at Florida State University.
Liu earned a BS in electrical engineering from Shanghai Jiao Tong University, a PhD in applied mathematics from the University of California at Davis and a PhD in real estate from the University of California at Berkeley.
Publications
- “Asset Pricing with Cohort-Based Trading in MBS Markets,” with Wei Li, Nicola Fusari and Zhaogang Song, Journal of Finance, forthcoming.
- “Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom,” with James Conklin, Scott Frame and Kristopher Gerardi, Journal of Financial Intermediation, January 2021, 100906. https://doi.org/10.1016/j.jfi.2021.100906.
- “Errors in the Dependent Variable of Quantile Regression Models,” with Jerry Hausman, Ye Luo and Christopher Palmer, Econometrica, vol. 89, no. 2, March 2021, pp. 849–73. https://doi.org/10.3982/ECTA14667.
- “On Marcenko-Pastur Law for Linear Time Series,” with Debashis Paul and Alexander Aue, Annals of Statistics, vol. 43, no. 2, April 2015, pp. 675–712. https://doi.org/10.1214/14-AOS1294.
Working Papers
- “Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel,” with Dean Parker and Rodney Ramcharan.
- “Dealers and the Dealer of Last Resort: Evidence from MBS Markets in the COVID-19 Crisis,” with Jiakai Chen, Asani Sarkar and Zhaogang Song, Federal Reserve Bank of New York Staff Reports 933, July 2020, revised October 2021.
- “Moving to Better Opportunities? Housing Market Responses to the Top X Percent Policy,” with Yang Song and Xiaohan Zhang.
- “Credit Supply Shocks, Housing Demand, and Borrowing Behavior,” with James Conklin and Calvin Zhang.
- “Are Stated Expectations Actual Beliefs? New Evidence for the Beliefs Channel of Investment Demand,” with Christopher Palmer.
- “Defragmenting Markets: Evidence from Agency MBS,” with Zhaogang Song and James Vickery, Federal Reserve Bank of New York Staff Reports 965, May 2021.
- “Can Housing Compete with Financial Assets? Evidence from the Horse’s Mouth,” with Andrew Haughwout and Xiaohan Zhang.