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Zheng Liu

Senior Policy Advisor and Center Director · Federal Reserve Bank of San Francisco

Senior Policy Advisor and Director of the Center for Pacific Basin Studies at the Federal Reserve Bank of San Francisco. Works on macroeconomics, monetary policy and the Chinese economy.

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Published Journal of Monetary Economics Online 1 Apr 2026 Published Apr 2026

The crowding-in effects of local government debt in China

Xiaoming Li · Zheng Liu · Yuchao Peng · Zhiwei Xu

This paper asks how changes in the composition (not the size) of Chinese local government debt influence bank risk-taking, credit allocation between privately owned enterprises (POEs) and state-owned …

Fiscal Policy Banking Credit Public Finance Free Read ↗

Published Journal of Monetary Economics Published Oct 2025

Turbulent business cycles

Ding Dong · Zheng Liu · Pengfei Wang

Firm-level evidence shows that recessions are characterized not just by aggregate downturns but by a sharp rise in turbulence—a reshuffling of firms' productivity rankings in which high-productivity …

Business Cycles Financial Frictions Heterogeneous Agent Macro