Tony Zhang

Tony Zhang

Associate Professor of Finance

W.P. Carey School of Business

Arizona State University

Tony Zhang is an Associate Professor of Finance at Arizona State University’s W.P. Carey School of Business. Previously, he was a Principal Economist and Group Manager at the Federal Reserve Board of Governors and an Assistant Professor of Finance at Boston University’s Questrom School of Business. He received his PhD in Financial Economics from the University of Chicago Booth School of Business in 2018.

His research focuses on international finance, asset pricing, and macroeconomics. His work has been published in top economics and finance journals such as the Journal of Finance, the Review of Financial Studies, the Review of Economic Studies, the Journal of Financial Economics, and the Brookings Papers on Economic Activity. His research has been recognized with the Nasdaq Award for Best Paper on Asset Pricing at the Western Finance Association and the Best Paper Award at the Vienna Symposium on Foreign Exchange Markets.

Education
  • PhD in Financial Economics, 2018

    University of Chicago, Booth School of Business

Convenience Lost with Zhengyang Jiang and Robert Richmond Journal of Financial Economics, August 2026
Openness, Integration, and the International Monetary Order with Tarek A. Hassan, Thomas M. Mertens, and Jingye Wang Economic Policy: PEGI, Spring 2026
Trade War and the Dollar Anchor with Tarek A. Hassan, Thomas M. Mertens, and Jingye Wang Brookings Papers on Economic Activity, Fall 2025
Understanding the Strength of the Dollar with Zhengyang Jiang and Robert Richmond Journal of Financial Economics, June 2025
The Hedging Channel of Exchange Rate Determination with Gordon Y. Liao Review of Financial Studies 38(1), 2025, pp. 1–38
A Portfolio Approach to Global Imbalances with Zhengyang Jiang and Robert Richmond Journal of Finance 79(3), 2024, pp. 2025–2076
A Risk-based Theory of Exchange Rate Stabilization with Tarek A. Hassan and Thomas M. Mertens The Review of Economic Studies, June 2022
The Economics of Currency Risk with Tarek A. Hassan Annual Review of Economics 13, 2021, pp. 281–307
Not So Disconnected: Exchange Rates and the Capital Stock with Tarek A. Hassan and Thomas M. Mertens Journal of International Economics 99, 2016, pp. S43–S57
How Well-Anchored are Long-term Inflation Expectations in Latin America? with Patrice Robitaille and Brent Weisberg FEDS Note, Board of Governors of the Federal Reserve System, December 20, 2024
Evaluating Forecast Performance of Market-Based Measures of Inflation Expectations in Europe with Shaily Acharya, Nira Harikrishnan, and Thomas M. Mertens FEDS Note, Board of Governors of the Federal Reserve System, July 19, 2024