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Bayesian SVAR
From Disruption to Integration: Cryptocurrency Prices, Financial Fluctuations, and Macroeconomy
Crypto shocks explain 18% of equity, 27% of commodity, and 18% of long-horizon inflation variance — evidence of Bitcoin’s systemic importance.
Zhengyang Chen
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Modeling Inflation Expectations in Forward-Looking Interest Rate and Money Growth Rules
In the vast majority of specifications of the foreward-looking policy feedback rule, money growth is a better policy indicator than a short-term interest rate.
Zhengyang Chen
,
Victor J. Valcarcel
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