Staff Economists

Zhu Wang

headshot of Zhu Wang

My research interests include macroeconomics, industry dynamics and productivity, banking, payments and financial systems.

Professional Experience

Zhu Wang is a senior economist in the Research Department. His research has been published in several economic journals, including the American Economic Review, the Review of Economic Dynamics, and the International Journal of Industrial Organization.

Prior to joining the Richmond Fed in June 2011, Wang worked as a senior economist in the Research Department of the Federal Reserve Bank of Kansas City.


Ph.D., University of Chicago, 2004
M.A., Rutgers University, 1999
B.A., Beijing University (China), 1996

Curriculum vitae

"Ad-Valorem Platform Fees, Indirect Taxes and Efficient Price Discrimination" (with Julian Wright). RAND Journal of Economics (forthcoming).

"Innovation, Deregulation, and the Life Cycle of a Financial Service Industry" (with Fumiko Hayashi and Bin Grace Li). Review of Economic Dynamics (forthcoming).

"Payment Choice and Currency Use: Insights from Two Billion Retail Transactions" (with Alexander Wolman). Journal of Monetary Economics 84 (December 2016): 94-115.

"Price Cap Regulation in a Two-sided Market: Intended and Unintended Consequences." International Journal of Industrial Organization 45 (March 2016): 28-37.

"Why Do Payment Card Networks Charge Proportional Fees?" (with Oz Shy). American Economic Review 101, no. 4 (June 2011): 1575-1590.

"Market Structure and Payment Card Pricing: What Drives the Interchange?" International Journal of Industrial Organization 28, no. 1 (January 2010): 86-98.

"Income Distribution, Market Size and the Evolution of Industry." Review of Economic Dynamics 11, no. 3 (July 2008): 542-565.

"Technological Innovation and Market Turbulence: The Dot-com Experience." Review of Economic Dynamics 10, no. 1 (January 2007): 78-105.

December 2015, No. 15-12

Did the Durbin Amendment Reduce Merchant Costs? Evidence from Survey Results

Zhu Wang and Renee Haltom

October 2013, No. 13-10

Welfare Analysis of Debit Card Interchange Fee Regulation

Zhu Wang and Tim Sablik

February 2013, No. 13-02

Why Do Debit Card Networks Charge Percentage Fees?

Zhu Wang and David A. Price

October 2012, No. 12-10

Explaining an Industry Cluster: The Case of U.S. Car Makers from 1895-1969

Zhu Wang and David A. Price

Contact Us


Zhu Wang
(804) 697-8247