Chenzi Xu
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Hello and welcome to my website! I am an assistant professor of economics at UC Berkeley. Prior to joining Berkeley, I was an assistant professor of finance at Stanford GSB.

My research is on international macroeconomics and finance, banking, and trade, often through the lens of economic history.

I am affiliated with the NBER and CEPR. I am an Associate Editor at the Journal of Political Economy.

Please email me if you are interested in part-time research assistance opportunities.


UPDATE:
My coauthors and I are excited to introduce the Global Macro Database, which introduces a panel dataset of 46 macroeconomic variables across 243 countries from historical records beginning in the year 1084 to projections through the year 2030. See the paper here.

I am co-organizing the following conference:
NBER Summer Institute IFM Data Session on July 7 in Cambridge, MA with Jesse Schreger (Columbia GSB). Submission deadline is March 20, 2025.

PUBLICATIONS

"Reshaping Global Trade: The Immediate and Long-Term Effects of Bank Failures"

Quarterly Journal of Economics (2022)

Bibtex   •   Abstract   •   Draft   •   Online Appendix   •   Replication

Publisher Version (Open Access)

Awards: AQR Top Finance Graduate Award, BlackRock Applied Research Prize Finalist, French Finance Association Research Prize, Economic History Society New Researcher Prize, World Economic History Congress Poster Prize

Media: Econimate VideoTrade Talks PodcastTelegraph UKEconomistMicroeconomic InsightsHoover InstituteStanford GSB Insights


"Banking Crises in Historical Perspective"

Annual Review of Financial Economics (2023)

with Carola Frydman
Bibtex   •   Abstract   •   Draft  •   Slides

Publisher Version (Open Access)

Media: Alternatives EconomiquesNBER DAE Program Report


"Real Effects of Supplying Safe Private Money"

Journal of Financial Economics (2024)

with He Yang
Bibtex   •   Abstract   •   Draft   •   Online Appendix   •   Replication

Publisher Version

Awards: WFA Cubist Systematic Strategies PhD Candidate Award for Outstanding Research

Media: VoxEUStanford GSB Insights


"Currency Development Through Liquidity Provision"

American Economic Association Papers & Proceedings (2025)

with Antonio Coppola and Arvind Krishnamurthy
Bibtex   •   Abstract  •   Draft

Publisher Version

Media: Central Banking

RESEARCH

"Liquidity, Debt Denomination, and Currency Dominance"

Journal of Finance R&R

with Antonio Coppola and Arvind Krishnamurthy
Bibtex   •   Abstract  •   Draft

Media: Stanford GSB Insights


"EXIM's Exit: Industrial Policy, Export Credit Agencies, and Capital Allocation"

with Adrien Matray, Karsten Mueller, and Poorya Kabir
Bibtex   •   Abstract  •   Draft

Media: VoxEUStanford GSB Insights


"The Global Macro Database: A New Historical International Macroeconomic Database"

with Karsten Mueller, Mohamed Lehbib, Ziliang Chen
Bibtex   •   Abstract   •   Draft


"Dollar Upheaval: This Time is Different"

with Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig, Robert Richmond
Bibtex   •   Abstract   •   Draft


"Branching Out: Capital Mobility and Long-Run Growth"

with Sarah Quincy
Bibtex   •   Abstract   •   Draft


"Entry, Exit, and Aggregation in Trade Data: A New Estimator"

with Paul Beaumont and Adrien Matray
Abstract


"Origins of Serial Sovereign Default"

with Sasha Indarte
Abstract

Funding: NSF Grant #2117003


"International Banks: Re-Agents of Globalization"

with Wilfried Kisling and Chris M. Meissner
Abstract

Funding: British Academy Leverhulme Grant


Other Writing

"The Dirty Little Secret of Credit Card Rewards Programs"

New York Times Op-Ed (2023)

with Jeffrey Reppucci
Article   •   Video

Interviews

"Office Artifact: Civil War Bond Advertisement"

GSB Insights
Article

© 2022 Chenzi Xu