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Haoyang Liu

Senior Research Economist and Advisor
Federal Reserve Bank of Dallas

Haoyang LiuHaoyang Liu is a senior research economist and advisor 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.

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.