Professional Experience

• • Economist and Senior Economist

    Board of Governors of the Federal Reserve System

  • 2000 - present

• • Visiting Professor of Finance

    Sloan School of Management, Massachusetts Institute of Technology

  • 2007

• • Lecturer

    Department of Economics, Duke University

  • 1999 - 2000

• • Consultant

    Development Research Center of the State Council, China

  • 1993 - 1994

• • Administrator

    Nandan County, Guangxi Province, China

  • 1989 - 1990

Publications

• Miao, Jianjun, Bin Wei, and Hao Zhou (2012). "Ambiguity Aversion and Variance Premium," Working Papers Series WP2012-009. Boston University, Department of Economics.
• Mueller, Philippe, Andrea Vedolin, and Hao Zhou (2011). "Short Run Bond Risk Premia," FMG Discussion Papers 686. Financial Markets Group.
• Bali, Turan G., and Hao Zhou (2011). "Risk, Uncertainty, and Expected Returns," Finance and Economics Discussion Series 2011-45. Board of Governors of the Federal Reserve System (U.S.).
• Bollerslev, Tim, James Marrone, Lai Xu, and Hao Zhou (2011). "Stock Return Predictability and Variance Risk Premia: Statistical Inference and International Evidence," Finance and Economics Discussion Series 2011-52. Board of Governors of the Federal Reserve System (U.S.).
• Huang, Xin, Hao Zhou, and Haibin Zhu (2011). "Systemic Risk Contributions," Finance and Economics Discussion Series 2011-08. Board of Governors of the Federal Reserve System (U.S.).
• Wang, Hao, Hao Zhou, and Yi Zhou (2010). "Credit Default Swap Spreads and Variance Risk Premia," Finance and Economics Discussion Series 2011-02. Board of Governors of the Federal Reserve System (U.S.).
• Zhou, Hao (2010). "Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty," Finance and Economics Discussion Series 2010-14. Board of Governors of the Federal Reserve System (U.S.).
• Han, Song, and Hao Zhou (2008). "Effects of Liquidity on the Nondefault Component of Corporate Yield Spreads: Evidence from Intraday Transactions Data," Finance and Economics Discussion Series 2008-40. Board of Governors of the Federal Reserve System (U.S.).
• Huang, Jing-zhi, and Hao Zhou (2008). "Specification Analysis of Structural Credit Risk Models," Finance and Economics Discussion Series 2008-55. Board of Governors of the Federal Reserve System (U.S.).
• Huang, Xin, Hao Zhou, and Haibin Zhu (Forthcoming). "Assessing the Systemic Risk of a Heterogeneous Portfolio of Banks during the Recent Financial Crisis," Journal of Financial Stability.
• Bollerslev, Tim, George Tauchen, and Hao Zhou (forthcoming). "Expected Stock Returns and Variance Risk Premia," Review of Financial Studies.
• Tauchen, George, and Hao Zhou (forthcoming). "Realized Jumps on Financial Markets and Predicting Credit Spreads," Journal of Econometrics.
• Zhang, Benjamin Yibin, Hao Zhou, and Haibin Zhu (forthcoming). "Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms," Review of Financial Studies.
• Zhou, Hao, and Jonathan Wright (forthcoming). "Bond Risk Premia and Realized Jump Risk," Journal of Banking and Finance.
• Bollerslev, Tim, Michael Gibson, and Hao Zhou (2011). "Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities," Journal of Econometrics, vol. 160, no. 1, pp. 235-245.
• Zhou, Hao, and Xin and Zhu Huang Haibin (2009). "A Framework for Assessing the Systemic Risk of Major Financial Institutions," Journal of Banking and Finance, vol. 11, pp. 2036-2049.
• Bollerslev, Tim, and Hao Zhou (2006). "Volatility Puzzles: A Simple Framework for Gauging Return-Volatility Regressions," Journal of Econometrics, vol. 131, no. 1-2, pp. 123-150.
• Bansal, Ravi, George Tauchen, and Hao Zhou (2004). "Regime Shifts, Risk Premiums in the Term Structure, and the Business Cycle," Journal of Business and Economic Statistics, vol. 22, no. 4, pp. 396-409.
• Bollerslev, Tim, and Hao Zhou (2004). "Corrigendum to Estimating Stochastic Volatility Diffusion using Conditional Moments of Integrated Volatility," Journal of Econometrics, vol. 119, no. 1, pp. 221-222.
• Zhou, Hao (2003). "Ito Conditional Moment Generator and the Estimation of Short-Rate Processes," Journal of Financial Econometrics, vol. 1, no. 2, pp. 250-271.
• Bansal, Ravi, and Hao Zhou (2002). "Term Structure of Interest Rates with Regime Shifts," Journal of Finance, vol. 57, no. 5, pp. 1997-2043.
• Bollerslev, Tim, and Hao Zhou (2002). "Estimating Stochastic Volatility Diffusion using Conditional Moments of Integrated Volatility," Journal of Econometrics, vol. 109, no. 1, pp. 33-65.
• Zhou, Hao (2002). "Numerical Techniques for Maximum Likelihood Estimation of Continuous-Time Diffusion Processes: Comment," Journal of Business and Economic Statistics, vol. 20, no. 3, pp. 333-335.
• Zhou, Hao (2001). "Finite Sample Properties of EMM, GMM, QMLE and MLE for a Square-Root Interest Rate Diffusion Model," Journal of Computational Finance, vol. 5, no. 2, pp. 89-122.
• Zhou, Hao (2000). "Essays on Models of the Term Structure of Interest Rates and Econometric Methods for Continuous Time Stochastic Processes," Ph.D dissertation, Duke University.
• Yang, Dennis Tao, and Hao Zhou (1999). "Rural-Urban Disparity and Sectoral Labour Allocation in China," Journal of Development Studies, vol. 35, no. 3, pp. 105-133.

Presentations

• conference

  2012

  Carefin-Bocconi Conference "The effect of tighter regulatory requirements on bank profitability and risk-taking incentives"

  The Systemic Risk of European Banks during the Financial and Sovereign Debt Crises

• conference

  2012

  Volatility Institute Conference at NYU Stern

  Predicting Stock Returns with Variance Risk Premia: Statistical Inference and International Evidence

• conference

  2012

  European Summer Symposium in Financial Markets (Asset Pricing) in Gerzensee

  Predicting Stock Returns with Variance Risk Premia: Statistical Inference and International Evidence

• conference

  2012

  McGill/IFM2 Financial Risk Management Conference

  Stock Return Volatility and Capital Structure Decisions

• conference

  2012

  Risk Management Conference at National University of Singapore

  Stock Return Volatility and Capital Structure Decisions

• conference

  2012

  Five Star Financial Forum in Beijing

  Stock Return Volatility and Capital Structure Decisions

• conference

  2012

  FDIC Annual Derivative and Risk Management Conference

  Short-Run Bond Risk Premia

• conference

  2012

  China International Conference in Finance in Chongqing

  Short-Run Bond Risk Premia

• conference

  2012

  Singapore International Conference on Finance

  Risk, Uncertainty, and Expected Returns

• conference

  2012

  China International Conference in Finance in Chongqing

  Risk, Uncertainty, and Expected Returns

• conference

  2012

  Norwegian Business School Workshop on Time-Varying Expected Returns

  Risk, Uncertainty, and Expected Returns

• seminar

  2012

  Cheung Kong Graduate School of Business

  Risk, Uncertainty, and Expected Returns

• conference

  2012

  Finance Down Under Conference in Melbourne

  Risk, Uncertainty, and Expected Returns

Other Activities