Jing Zhang

Senior Economist

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(312) 322-5379

Jing Zhang is a senior economist on the macroeconomics team in the research department at the Federal Reserve Bank of Chicago. Her research focuses a variety of topics in international economics and macroeconomics, including international financial market frictions, currency and financial crisis, international capital flows, international risk-sharing, sovereign debt and sovereign defaults, fiscal policy in open economies, structural change in an open economy, the evolution and impact of global comparative advantage, household portfolio rebalancing in a general equilibrium, firm financing and growth dynamics and adverse selection in labor markets. Her research has appeared in Econometrica, the Journal of Monetary Economics, the Journal of International Economics, American Economic Journal: Macroeconomics, the European Economics Review, the IMF Economic Review and Economic Policy. She serves as an associate editor at the Journal of Economic Dynamics and Control.


Prior to joining the department in 2013, Zhang was an assistant professor of economics at the University of Michigan. Zhang received her Ph.D. in economics from the University of Minnesota.

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Working Papers
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With Andrei Levchenko, 2014 “External rebalancing, structural adjustment and real exchange rates in developing Asia,” in Asia and Global Production Networks, B. Ferrarini and D. Hummels (eds.), Cheltenhan, UK: Edward Elgar, forthcoming, pp. 215-248.


With Julian di Giovanni and Andrei A. Levchenko, 2014, “The global welfare impact of China: Trade integration and technological change,” American Economic Journal: Macroeconomics, Vol. 6, No. 3, July, pp. 153-183.


With Andrei Levchenko, 2014, “Ricardian productivity differences and the gains from trade,” European Economic Review, Vol. 65, January, pp. 45-65.


With Kei-Mu Yi and Tim Uy, 2013,“Structural change in an open economy,” Journal of Monetary Economics, Vol. 60, No. 6, September, pp. 667-682.


With Andrei Levchenko, 2013, “The global labor market impact of emerging giants: A quantitative assessment,” IMF Economic Review, Vol. 61, No. 3, August, pp. 479-519.

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Papers Under Review or Revision

With Andrei A. Levchenko, 2013, "The evolution of comparative advantage: Measurement and welfare implications," under revision for Review of Economic Studies.


With Chris L. House, 2013, "Layoff, lemons and temps," under revision.


With Yun Jung Kim and Linda Tesar, 2013, "The impact of foreign liabilities on small firms: Firm-level evidence from the Korean crisis," under revision.


With Miles S. Kimball, Matthew D. Shapiro and Tyler Shumway, 2013, "Portfolio rebalancing in general equilibrium," under review.

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